# EDGAR Filing Document

**Accession Number:** 0000722574
**File Stem:** 0000722574-25-000265
**Filing Date:** 2025-12
**Character Count:** 728196
**Document Hash:** 30220ee0f4951899006e620037d30ac9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000722574-25-000265.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000722574-25-000265

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY ADVISOR SERIES I
- **CENTRAL INDEX KEY:** 0000722574

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03785
- **FILM NUMBER:** 251589789

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY ADVISOR SERIES 1
- **DATE OF NAME CHANGE:** 19930706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY BROAD STREET TRUST
- **DATE OF NAME CHANGE:** 19920820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY ADVISOR EQUITY PORTFOLIO GROWTH
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Fidelity Advisor Floating Rate High Income Fund (Series ID: S000017683)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000048858 | Class A                                 | FFRAX           |
| C000048860 | Class C                                 | FFRCX           |
| C000048861 | Class M                                 | FFRTX           |
| C000048862 | Class I                                 | FFRIX           |
| C000048863 | Fidelity Floating Rate High Income Fund | FFRHX           |
| C000205047 | Class Z                                 | FIQSX           |

### Fidelity Advisor Capital & Income Fund (Series ID: S000017684)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000048864 | Class M      | FAHYX           |
| C000048865 | Class I      | FAHCX           |
| C000048866 | Class A      | FAHDX           |
| C000048868 | Class C      | FAHEX           |
| C000205048 | Class Z      | FIQTX           |

### Fidelity Advisor Value Fund (Series ID: S000017687)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000048879 | Class A      | FAVFX           |
| C000048881 | Class C      | FCVFX           |
| C000048882 | Class M      | FTVFX           |
| C000048883 | Class I      | FVIFX           |
| C000177521 | Class Z      | FVLZX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-03785</u>

<u>Fidelity Advisor Series I</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;October 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;October 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Fund<br> **Fidelity Advisor® Value Fund Class Z : FVLZX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $70  | 0.68% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending October 31, 2025, according to the S&P 500 index, extending a historically fast rebound that began in early April. The advance has been supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, led by industrials. Also hurting our result was stock selection in financials, primarily within the financial services industry, and health care, primarily within the health care equipment & services industry.

• The biggest individual relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained 525%. The second-largest relative detractor was an overweight in Acadia Healthcare (-50%). This period we increased our investment in Acadia Healthcare. Another notable relative detractor was an overweight in Vestis (-61%).

• In contrast, the biggest contributors to performance versus the benchmark were stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry. Picks in information technology, primarily within the technology hardware & equipment industry, and materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+224%). This was a stake we established this period. The stock was the fund's biggest holding at period end. A non-benchmark stake in Siemens Energy gained roughly 195% and was the second-largest relative contributor. This period we decreased our position in Siemens Energy. A non-benchmark stake in First Quantum Minerals gained about 61% and notably helped. The company was among our largest holdings this period.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials.

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

**CUMULATIVE PERFORMANCE**

February 1, 2017 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10891<br>| $10416<br>| $11400<br>| $10734<br>| $17805<br>| $16584<br>| $16773<br>| $22008<br>|
| Russell Midcap® Value Index<br>| $10000 | $10684<br>| $10701<br>| $11780<br>| $10963<br>| $16290<br>| $14633<br>| $14111<br>| $18914<br>|
| Russell 3000® Index<br>| $10000 | $11422<br>| $12175<br>| $13818<br>| $15220<br>| $21902<br>| $18284<br>| $19816<br>| $27318<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118599_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 5.95% | 16.78% | 10.16% |
| Russell Midcap® Value Index | 7.86%<br>| 13.23%<br>| 8.49% |
| Russell 3000® Index | 20.81%<br>| 16.74%<br>| 14.62% |

---

**A** From February 1, 2017

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $322579918<br>|
| Number of Holdings | 271<br>|
| Total Advisory Fee | $2536067<br>|
| Portfolio Turnover | 68%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Financials | 14.5 |
| Health Care | 11.8 |
| Consumer Discretionary | 10.8 |
| Energy | 9.4 |
| Utilities | 7.0 |
| Information Technology | 6.9 |
| Materials | 6.5 |
| Real Estate | 6.3 |
| Consumer Staples | 3.5 |
| Communication Services | 1.7 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1316_20251031_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 5.2 |
| Puerto Rico | 0.7 |
| United Kingdom | 0.7 |
| Germany | 0.7 |
| Zambia | 0.6 |
| France | 0.6 |
| Hong Kong | 0.4 |
| Belgium | 0.4 |
| Others | 1.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1316_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 1.5<br>|
| PG&E Corp | 1.3<br>|
| Eversource Energy | 1.2<br>|
| First Solar Inc | 1.0<br>|
| Sempra | 0.9<br>|
| AES Corp/The | 0.9<br>|
| Phillips 66 | 0.9<br>|
| Iron Mountain Inc | 0.9<br>|
| Flowserve Corp | 0.9<br>|
| UGI Corp | 0.8<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1316_20251031_2.jpg)<br>| ![](img118599_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913929.101 2890-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Fund<br> **Fidelity Advisor® Value Fund Class M : FTVFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $136  | 1.32% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending October 31, 2025, according to the S&P 500 index, extending a historically fast rebound that began in early April. The advance has been supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, led by industrials. Also hurting our result was stock selection in financials, primarily within the financial services industry, and health care, primarily within the health care equipment & services industry.

• The biggest individual relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained 525%. The second-largest relative detractor was an overweight in Acadia Healthcare (-50%). This period we increased our investment in Acadia Healthcare. Another notable relative detractor was an overweight in Vestis (-61%).

• In contrast, the biggest contributors to performance versus the benchmark were stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry. Picks in information technology, primarily within the technology hardware & equipment industry, and materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+224%). This was a stake we established this period. The stock was the fund's biggest holding at period end. A non-benchmark stake in Siemens Energy gained roughly 195% and was the second-largest relative contributor. This period we decreased our position in Siemens Energy. A non-benchmark stake in First Quantum Minerals gained about 61% and notably helped. The company was among our largest holdings this period.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9870<br>| $11724<br>| $11137<br>| $12110<br>| $11317<br>| $18652<br>| $17261<br>| $17346<br>| $22613<br>| $23802<br>|
| Russell Midcap® Value Index<br>| $10000 | $10784<br>| $12630<br>| $12650<br>| $13925<br>| $12959<br>| $19257<br>| $17298<br>| $16681<br>| $22359<br>| $24116<br>|
| Russell 3000® Index<br>| $10000 | $10424<br>| $12924<br>| $13776<br>| $15635<br>| $17221<br>| $24782<br>| $20688<br>| $22422<br>| $30910<br>| $37343<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118600_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 1.58% | 15.21%<br>| 9.06% |
| Class M (without 3.50% sales charge) | 5.26% | 16.03% | 9.45% |
| Russell Midcap® Value Index | 7.86%<br>| 13.23%<br>| 9.20% |
| Russell 3000® Index | 20.81%<br>| 16.74%<br>| 14.08% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $322579918<br>|
| Number of Holdings | 271<br>|
| Total Advisory Fee | $2536067<br>|
| Portfolio Turnover | 68%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Financials | 14.5 |
| Health Care | 11.8 |
| Consumer Discretionary | 10.8 |
| Energy | 9.4 |
| Utilities | 7.0 |
| Information Technology | 6.9 |
| Materials | 6.5 |
| Real Estate | 6.3 |
| Consumer Staples | 3.5 |
| Communication Services | 1.7 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1316_20251031_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 5.2 |
| Puerto Rico | 0.7 |
| United Kingdom | 0.7 |
| Germany | 0.7 |
| Zambia | 0.6 |
| France | 0.6 |
| Hong Kong | 0.4 |
| Belgium | 0.4 |
| Others | 1.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1316_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 1.5<br>|
| PG&E Corp | 1.3<br>|
| Eversource Energy | 1.2<br>|
| First Solar Inc | 1.0<br>|
| Sempra | 0.9<br>|
| AES Corp/The | 0.9<br>|
| Phillips 66 | 0.9<br>|
| Iron Mountain Inc | 0.9<br>|
| Flowserve Corp | 0.9<br>|
| UGI Corp | 0.8<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1316_20251031_2.jpg)<br>| ![](img118600_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913927.101 1319-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Fund<br> **Fidelity Advisor® Value Fund Class I : FVIFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $83  | 0.80% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending October 31, 2025, according to the S&P 500 index, extending a historically fast rebound that began in early April. The advance has been supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, led by industrials. Also hurting our result was stock selection in financials, primarily within the financial services industry, and health care, primarily within the health care equipment & services industry.

• The biggest individual relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained 525%. The second-largest relative detractor was an overweight in Acadia Healthcare (-50%). This period we increased our investment in Acadia Healthcare. Another notable relative detractor was an overweight in Vestis (-61%).

• In contrast, the biggest contributors to performance versus the benchmark were stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry. Picks in information technology, primarily within the technology hardware & equipment industry, and materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+224%). This was a stake we established this period. The stock was the fund's biggest holding at period end. A non-benchmark stake in Siemens Energy gained roughly 195% and was the second-largest relative contributor. This period we decreased our position in Siemens Energy. A non-benchmark stake in First Quantum Minerals gained about 61% and notably helped. The company was among our largest holdings this period.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10282<br>| $12290<br>| $11739<br>| $12836<br>| $12071<br>| $20000<br>| $18601<br>| $18781<br>| $24611<br>| $26040<br>|
| Russell Midcap® Value Index<br>| $10000 | $10784<br>| $12630<br>| $12650<br>| $13925<br>| $12959<br>| $19257<br>| $17298<br>| $16681<br>| $22359<br>| $24116<br>|
| Russell 3000® Index<br>| $10000 | $10424<br>| $12924<br>| $13776<br>| $15635<br>| $17221<br>| $24782<br>| $20688<br>| $22422<br>| $30910<br>| $37343<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118601_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 5.81% | 16.62% | 10.04% |
| Russell Midcap® Value Index | 7.86%<br>| 13.23%<br>| 9.20% |
| Russell 3000® Index | 20.81%<br>| 16.74%<br>| 14.08% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $322579918<br>|
| Number of Holdings | 271<br>|
| Total Advisory Fee | $2536067<br>|
| Portfolio Turnover | 68%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Financials | 14.5 |
| Health Care | 11.8 |
| Consumer Discretionary | 10.8 |
| Energy | 9.4 |
| Utilities | 7.0 |
| Information Technology | 6.9 |
| Materials | 6.5 |
| Real Estate | 6.3 |
| Consumer Staples | 3.5 |
| Communication Services | 1.7 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1316_20251031_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 5.2 |
| Puerto Rico | 0.7 |
| United Kingdom | 0.7 |
| Germany | 0.7 |
| Zambia | 0.6 |
| France | 0.6 |
| Hong Kong | 0.4 |
| Belgium | 0.4 |
| Others | 1.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1316_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 1.5<br>|
| PG&E Corp | 1.3<br>|
| Eversource Energy | 1.2<br>|
| First Solar Inc | 1.0<br>|
| Sempra | 0.9<br>|
| AES Corp/The | 0.9<br>|
| Phillips 66 | 0.9<br>|
| Iron Mountain Inc | 0.9<br>|
| Flowserve Corp | 0.9<br>|
| UGI Corp | 0.8<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1316_20251031_2.jpg)<br>| ![](img118601_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913928.101 1320-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Fund<br> **Fidelity Advisor® Value Fund Class C : FCVFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $188  | 1.84% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending October 31, 2025, according to the S&P 500 index, extending a historically fast rebound that began in early April. The advance has been supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, led by industrials. Also hurting our result was stock selection in financials, primarily within the financial services industry, and health care, primarily within the health care equipment & services industry.

• The biggest individual relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained 525%. The second-largest relative detractor was an overweight in Acadia Healthcare (-50%). This period we increased our investment in Acadia Healthcare. Another notable relative detractor was an overweight in Vestis (-61%).

• In contrast, the biggest contributors to performance versus the benchmark were stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry. Picks in information technology, primarily within the technology hardware & equipment industry, and materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+224%). This was a stake we established this period. The stock was the fund's biggest holding at period end. A non-benchmark stake in Siemens Energy gained roughly 195% and was the second-largest relative contributor. This period we decreased our position in Siemens Energy. A non-benchmark stake in First Quantum Minerals gained about 61% and notably helped. The company was among our largest holdings this period.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10172<br>| $12024<br>| $11357<br>| $12280<br>| $11419<br>| $18723<br>| $17237<br>| $17237<br>| $22531<br>| $23771<br>|
| Russell Midcap® Value Index<br>| $10000 | $10784<br>| $12630<br>| $12650<br>| $13925<br>| $12959<br>| $19257<br>| $17298<br>| $16681<br>| $22359<br>| $24116<br>|
| Russell 3000® Index<br>| $10000 | $10424<br>| $12924<br>| $13776<br>| $15635<br>| $17221<br>| $24782<br>| $20688<br>| $22422<br>| $30910<br>| $37343<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118602_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 3.79% | 15.44%<br>| 9.04% |
| Class C | 4.72% | 15.44% | 9.04% |
| Russell Midcap® Value Index | 7.86%<br>| 13.23%<br>| 9.20% |
| Russell 3000® Index | 20.81%<br>| 16.74%<br>| 14.08% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $322579918<br>|
| Number of Holdings | 271<br>|
| Total Advisory Fee | $2536067<br>|
| Portfolio Turnover | 68%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Financials | 14.5 |
| Health Care | 11.8 |
| Consumer Discretionary | 10.8 |
| Energy | 9.4 |
| Utilities | 7.0 |
| Information Technology | 6.9 |
| Materials | 6.5 |
| Real Estate | 6.3 |
| Consumer Staples | 3.5 |
| Communication Services | 1.7 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1316_20251031_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 5.2 |
| Puerto Rico | 0.7 |
| United Kingdom | 0.7 |
| Germany | 0.7 |
| Zambia | 0.6 |
| France | 0.6 |
| Hong Kong | 0.4 |
| Belgium | 0.4 |
| Others | 1.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1316_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 1.5<br>|
| PG&E Corp | 1.3<br>|
| Eversource Energy | 1.2<br>|
| First Solar Inc | 1.0<br>|
| Sempra | 0.9<br>|
| AES Corp/The | 0.9<br>|
| Phillips 66 | 0.9<br>|
| Iron Mountain Inc | 0.9<br>|
| Flowserve Corp | 0.9<br>|
| UGI Corp | 0.8<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1316_20251031_2.jpg)<br>| ![](img118602_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913926.101 1318-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Value Fund<br> **Fidelity Advisor® Value Fund Class A : FAVFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $111  | 1.08% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending October 31, 2025, according to the S&P 500 index, extending a historically fast rebound that began in early April. The advance has been supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, led by industrials. Also hurting our result was stock selection in financials, primarily within the financial services industry, and health care, primarily within the health care equipment & services industry.

• The biggest individual relative detractor this period was avoiding Robinhood Markets, a benchmark component that gained 525%. The second-largest relative detractor was an overweight in Acadia Healthcare (-50%). This period we increased our investment in Acadia Healthcare. Another notable relative detractor was an overweight in Vestis (-61%).

• In contrast, the biggest contributors to performance versus the benchmark were stock picking and an underweight in real estate, primarily within the equity real estate investment trusts industry. Picks in information technology, primarily within the technology hardware & equipment industry, and materials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+224%). This was a stake we established this period. The stock was the fund's biggest holding at period end. A non-benchmark stake in Siemens Energy gained roughly 195% and was the second-largest relative contributor. This period we decreased our position in Siemens Energy. A non-benchmark stake in First Quantum Minerals gained about 61% and notably helped. The company was among our largest holdings this period.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9663<br>| $11511<br>| $10966<br>| $11953<br>| $11207<br>| $18515<br>| $17173<br>| $17298<br>| $22611<br>| $23855<br>|
| Russell Midcap® Value Index<br>| $10000 | $10784<br>| $12630<br>| $12650<br>| $13925<br>| $12959<br>| $19257<br>| $17298<br>| $16681<br>| $22359<br>| $24116<br>|
| Russell 3000® Index<br>| $10000 | $10424<br>| $12924<br>| $13776<br>| $15635<br>| $17221<br>| $24782<br>| $20688<br>| $22422<br>| $30910<br>| $37343<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118603_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -0.56% | 14.94%<br>| 9.08% |
| Class A (without 5.75% sales charge) | 5.50% | 16.31% | 9.73% |
| Russell Midcap® Value Index | 7.86%<br>| 13.23%<br>| 9.20% |
| Russell 3000® Index | 20.81%<br>| 16.74%<br>| 14.08% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $322579918<br>|
| Number of Holdings | 271<br>|
| Total Advisory Fee | $2536067<br>|
| Portfolio Turnover | 68%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.5 |
| Financials | 14.5 |
| Health Care | 11.8 |
| Consumer Discretionary | 10.8 |
| Energy | 9.4 |
| Utilities | 7.0 |
| Information Technology | 6.9 |
| Materials | 6.5 |
| Real Estate | 6.3 |
| Consumer Staples | 3.5 |
| Communication Services | 1.7 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1316_20251031_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 5.2 |
| Puerto Rico | 0.7 |
| United Kingdom | 0.7 |
| Germany | 0.7 |
| Zambia | 0.6 |
| France | 0.6 |
| Hong Kong | 0.4 |
| Belgium | 0.4 |
| Others | 1.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1316_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 1.5<br>|
| PG&E Corp | 1.3<br>|
| Eversource Energy | 1.2<br>|
| First Solar Inc | 1.0<br>|
| Sempra | 0.9<br>|
| AES Corp/The | 0.9<br>|
| Phillips 66 | 0.9<br>|
| Iron Mountain Inc | 0.9<br>|
| Flowserve Corp | 0.9<br>|
| UGI Corp | 0.8<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1316_20251031_2.jpg)<br>| ![](img118603_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913925.101 1316-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Capital & Income Fund<br> **Fidelity Advisor® Capital & Income Fund Class Z : FIQTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $63  | 0.59% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending October 31, 2025, according to the ICE BofA US High Yield Constrained Index, extending a rebound that began in early April. The advance has been supported by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.05% and contributed to performance versus the benchmark, the ICE BofA US High Yield Constrained Index, for the fiscal year. By industry, security selection was the primary contributor, led by technology & electronics. Security selection in basic industry and telecommunications also boosted the fund's relative result.

• The top individual relative contributor was an overweight in EchoStar (+50%). The company was the fund's largest holding. A second notable relative contributor was a non-benchmark stake in Comfort Systems USA (+147%). The company was one of the biggest holdings at period end. Another notable relative contributor was a non-benchmark stake in Nvidia (+53%), also a top holding.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in technology & electronics. Our choices in financial services also hampered the fund's relative result, as did an underweight in health care. Lastly, the fund's position in cash detracted.

• A non-benchmark stake in Monday.com returned -29% and was the biggest individual relative detractor. The second-largest relative detractor was a non-benchmark stake in Apollo Global Management (-12%). Another notable relative detractor was an overweight in ON Semiconductor (-14%).

• Notable changes in positioning include lower allocations to the capital goods and leisure industries.

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9622<br>| $10371<br>| $10661<br>| $13032<br>| $11668<br>| $12304<br>| $14542<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $9813<br>| $10630<br>| $10890<br>| $12058<br>| $10679<br>| $11299<br>| $13162<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $9913<br>| $11039<br>| $11697<br>| $11754<br>| $9898<br>| $10016<br>| $11138<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118614_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 12.68% | 8.98% | 7.22% |
| ICE® BofA® US High Yield Constrained Index | 8.03%<br>| 5.48%<br>| 5.09% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.44% |

---

**A** From October 2, 2018

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2682880925<br>|
| Number of Holdings | 738<br>|
| Total Advisory Fee | $16062575<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 4.8 |
| BB | 18.3 |
| B | 24.8 |
| CCC,CC,C | 10.0 |
| Not Rated | 5.6 |
| Equities | 20.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 24.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 10.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 20.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 46.6 |
| Common Stocks | 19.9 |
| Bank Loan Obligations | 11.0 |
| Preferred Securities | 3.3 |
| Alternative Funds | 2.2 |
| Preferred Stocks | 1.0 |
| Asset-Backed Securities | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img218_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 46.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 19.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bank Loan Obligations - 11.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Canada | 1.6 |
| United Kingdom | 1.5 |
| France | 1.4 |
| Taiwan | 0.8 |
| Australia | 0.5 |
| Netherlands | 0.5 |
| China | 0.4 |
| Zambia | 0.4 |
| Others | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Private Credit Company LLC | 2.2<br>|
| EchoStar Corp | 1.9<br>|
| TransDigm Inc | 1.9<br>|
| Energy Transfer LP | 1.9<br>|
| NVIDIA Corp | 1.8<br>|
| Comfort Systems USA Inc | 1.3<br>|
| LBM Acquisition LLC | 1.3<br>|
| X Corp | 1.2<br>|
| Tenet Healthcare Corp | 1.2<br>|
| Meta Platforms Inc Class A | 1.1<br>|
|  | 15.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Fidelity Advisor® High Income Advantage Fund to Fidelity Advisor® Capital & Income Fund during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img218_20251031_2.jpg)<br>| ![](img118614_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913815.101 3278-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Capital & Income Fund<br> **Fidelity Advisor® Capital & Income Fund Class M : FAHYX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $100  | 0.94% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending October 31, 2025, according to the ICE BofA US High Yield Constrained Index, extending a rebound that began in early April. The advance has been supported by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.05% and contributed to performance versus the benchmark, the ICE BofA US High Yield Constrained Index, for the fiscal year. By industry, security selection was the primary contributor, led by technology & electronics. Security selection in basic industry and telecommunications also boosted the fund's relative result.

• The top individual relative contributor was an overweight in EchoStar (+50%). The company was the fund's largest holding. A second notable relative contributor was a non-benchmark stake in Comfort Systems USA (+147%). The company was one of the biggest holdings at period end. Another notable relative contributor was a non-benchmark stake in Nvidia (+53%), also a top holding.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in technology & electronics. Our choices in financial services also hampered the fund's relative result, as did an underweight in health care. Lastly, the fund's position in cash detracted.

• A non-benchmark stake in Monday.com returned -29% and was the biggest individual relative detractor. The second-largest relative detractor was a non-benchmark stake in Apollo Global Management (-12%). Another notable relative detractor was an overweight in ON Semiconductor (-14%).

• Notable changes in positioning include lower allocations to the capital goods and leisure industries.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9600 | $10205<br>| $11502<br>| $11563<br>| $12418<br>| $12719<br>| $15497<br>| $13831<br>| $14545<br>| $17136<br>| $19231<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11018<br>| $12025<br>| $12129<br>| $13138<br>| $13459<br>| $14904<br>| $13199<br>| $13966<br>| $16268<br>| $17575<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10507<br>| $10692<br>| $10484<br>| $11674<br>| $12370<br>| $12429<br>| $10467<br>| $10592<br>| $11778<br>| $12544<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118615_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 4.00% sales charge)  | 7.73% | 7.74%<br>| 6.76% |
| Class M (without 4.00% sales charge) | 12.22% | 8.62% | 7.19% |
| ICE® BofA® US High Yield Constrained Index | 8.03%<br>| 5.48%<br>| 5.80% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.29% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2682880925<br>|
| Number of Holdings | 738<br>|
| Total Advisory Fee | $16062575<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 4.8 |
| BB | 18.3 |
| B | 24.8 |
| CCC,CC,C | 10.0 |
| Not Rated | 5.6 |
| Equities | 20.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 24.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 10.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 20.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 46.6 |
| Common Stocks | 19.9 |
| Bank Loan Obligations | 11.0 |
| Preferred Securities | 3.3 |
| Alternative Funds | 2.2 |
| Preferred Stocks | 1.0 |
| Asset-Backed Securities | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img218_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 46.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 19.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bank Loan Obligations - 11.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Canada | 1.6 |
| United Kingdom | 1.5 |
| France | 1.4 |
| Taiwan | 0.8 |
| Australia | 0.5 |
| Netherlands | 0.5 |
| China | 0.4 |
| Zambia | 0.4 |
| Others | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Private Credit Company LLC | 2.2<br>|
| EchoStar Corp | 1.9<br>|
| TransDigm Inc | 1.9<br>|
| Energy Transfer LP | 1.9<br>|
| NVIDIA Corp | 1.8<br>|
| Comfort Systems USA Inc | 1.3<br>|
| LBM Acquisition LLC | 1.3<br>|
| X Corp | 1.2<br>|
| Tenet Healthcare Corp | 1.2<br>|
| Meta Platforms Inc Class A | 1.1<br>|
|  | 15.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's name changed from Fidelity Advisor® High Income Advantage Fund to Fidelity Advisor® Capital & Income Fund during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img218_20251031_2.jpg)<br>| ![](img118615_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913813.101 218-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Capital & Income Fund<br> **Fidelity Advisor® Capital & Income Fund Class I : FAHCX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $74  | 0.70% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending October 31, 2025, according to the ICE BofA US High Yield Constrained Index, extending a rebound that began in early April. The advance has been supported by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.05% and contributed to performance versus the benchmark, the ICE BofA US High Yield Constrained Index, for the fiscal year. By industry, security selection was the primary contributor, led by technology & electronics. Security selection in basic industry and telecommunications also boosted the fund's relative result.

• The top individual relative contributor was an overweight in EchoStar (+50%). The company was the fund's largest holding. A second notable relative contributor was a non-benchmark stake in Comfort Systems USA (+147%). The company was one of the biggest holdings at period end. Another notable relative contributor was a non-benchmark stake in Nvidia (+53%), also a top holding.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in technology & electronics. Our choices in financial services also hampered the fund's relative result, as did an underweight in health care. Lastly, the fund's position in cash detracted.

• A non-benchmark stake in Monday.com returned -29% and was the biggest individual relative detractor. The second-largest relative detractor was a non-benchmark stake in Apollo Global Management (-12%). Another notable relative detractor was an overweight in ON Semiconductor (-14%).

• Notable changes in positioning include lower allocations to the capital goods and leisure industries.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10654<br>| $12044<br>| $12141<br>| $13073<br>| $13425<br>| $16396<br>| $14665<br>| $15449<br>| $18259<br>| $20534<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11018<br>| $12025<br>| $12129<br>| $13138<br>| $13459<br>| $14904<br>| $13199<br>| $13966<br>| $16268<br>| $17575<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10507<br>| $10692<br>| $10484<br>| $11674<br>| $12370<br>| $12429<br>| $10467<br>| $10592<br>| $11778<br>| $12544<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118616_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 12.46% | 8.87% | 7.46% |
| ICE® BofA® US High Yield Constrained Index | 8.03%<br>| 5.48%<br>| 5.80% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.29% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2682880925<br>|
| Number of Holdings | 738<br>|
| Total Advisory Fee | $16062575<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 4.8 |
| BB | 18.3 |
| B | 24.8 |
| CCC,CC,C | 10.0 |
| Not Rated | 5.6 |
| Equities | 20.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 24.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 10.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 20.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 46.6 |
| Common Stocks | 19.9 |
| Bank Loan Obligations | 11.0 |
| Preferred Securities | 3.3 |
| Alternative Funds | 2.2 |
| Preferred Stocks | 1.0 |
| Asset-Backed Securities | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img218_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 46.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 19.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bank Loan Obligations - 11.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Canada | 1.6 |
| United Kingdom | 1.5 |
| France | 1.4 |
| Taiwan | 0.8 |
| Australia | 0.5 |
| Netherlands | 0.5 |
| China | 0.4 |
| Zambia | 0.4 |
| Others | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Private Credit Company LLC | 2.2<br>|
| EchoStar Corp | 1.9<br>|
| TransDigm Inc | 1.9<br>|
| Energy Transfer LP | 1.9<br>|
| NVIDIA Corp | 1.8<br>|
| Comfort Systems USA Inc | 1.3<br>|
| LBM Acquisition LLC | 1.3<br>|
| X Corp | 1.2<br>|
| Tenet Healthcare Corp | 1.2<br>|
| Meta Platforms Inc Class A | 1.1<br>|
|  | 15.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's name changed from Fidelity Advisor® High Income Advantage Fund to Fidelity Advisor® Capital & Income Fund during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img218_20251031_2.jpg)<br>| ![](img118616_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913817.101 644-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Capital & Income Fund<br> **Fidelity Advisor® Capital & Income Fund Class C : FAHEX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $179  | 1.70% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending October 31, 2025, according to the ICE BofA US High Yield Constrained Index, extending a rebound that began in early April. The advance has been supported by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.05% and contributed to performance versus the benchmark, the ICE BofA US High Yield Constrained Index, for the fiscal year. By industry, security selection was the primary contributor, led by technology & electronics. Security selection in basic industry and telecommunications also boosted the fund's relative result.

• The top individual relative contributor was an overweight in EchoStar (+50%). The company was the fund's largest holding. A second notable relative contributor was a non-benchmark stake in Comfort Systems USA (+147%). The company was one of the biggest holdings at period end. Another notable relative contributor was a non-benchmark stake in Nvidia (+53%), also a top holding.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in technology & electronics. Our choices in financial services also hampered the fund's relative result, as did an underweight in health care. Lastly, the fund's position in cash detracted.

• A non-benchmark stake in Monday.com returned -29% and was the biggest individual relative detractor. The second-largest relative detractor was a non-benchmark stake in Apollo Global Management (-12%). Another notable relative detractor was an overweight in ON Semiconductor (-14%).

• Notable changes in positioning include lower allocations to the capital goods and leisure industries.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10551<br>| $11808<br>| $11777<br>| $12554<br>| $12759<br>| $15432<br>| $13664<br>| $14248<br>| $16782<br>| $18841<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11018<br>| $12025<br>| $12129<br>| $13138<br>| $13459<br>| $14904<br>| $13199<br>| $13966<br>| $16268<br>| $17575<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10507<br>| $10692<br>| $10484<br>| $11674<br>| $12370<br>| $12429<br>| $10467<br>| $10592<br>| $11778<br>| $12544<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118617_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 10.36% | 7.80%<br>| 6.54% |
| Class C | 11.36% | 7.80% | 6.54% |
| ICE® BofA® US High Yield Constrained Index | 8.03%<br>| 5.48%<br>| 5.80% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.29% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2682880925<br>|
| Number of Holdings | 738<br>|
| Total Advisory Fee | $16062575<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 4.8 |
| BB | 18.3 |
| B | 24.8 |
| CCC,CC,C | 10.0 |
| Not Rated | 5.6 |
| Equities | 20.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 24.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 10.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 20.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 46.6 |
| Common Stocks | 19.9 |
| Bank Loan Obligations | 11.0 |
| Preferred Securities | 3.3 |
| Alternative Funds | 2.2 |
| Preferred Stocks | 1.0 |
| Asset-Backed Securities | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img218_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 46.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 19.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bank Loan Obligations - 11.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Canada | 1.6 |
| United Kingdom | 1.5 |
| France | 1.4 |
| Taiwan | 0.8 |
| Australia | 0.5 |
| Netherlands | 0.5 |
| China | 0.4 |
| Zambia | 0.4 |
| Others | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Private Credit Company LLC | 2.2<br>|
| EchoStar Corp | 1.9<br>|
| TransDigm Inc | 1.9<br>|
| Energy Transfer LP | 1.9<br>|
| NVIDIA Corp | 1.8<br>|
| Comfort Systems USA Inc | 1.3<br>|
| LBM Acquisition LLC | 1.3<br>|
| X Corp | 1.2<br>|
| Tenet Healthcare Corp | 1.2<br>|
| Meta Platforms Inc Class A | 1.1<br>|
|  | 15.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's name changed from Fidelity Advisor® High Income Advantage Fund to Fidelity Advisor® Capital & Income Fund during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img218_20251031_2.jpg)<br>| ![](img118617_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913816.101 521-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Capital & Income Fund<br> **Fidelity Advisor® Capital & Income Fund Class A : FAHDX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $100  | 0.95% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending October 31, 2025, according to the ICE BofA US High Yield Constrained Index, extending a rebound that began in early April. The advance has been supported by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.05% and contributed to performance versus the benchmark, the ICE BofA US High Yield Constrained Index, for the fiscal year. By industry, security selection was the primary contributor, led by technology & electronics. Security selection in basic industry and telecommunications also boosted the fund's relative result.

• The top individual relative contributor was an overweight in EchoStar (+50%). The company was the fund's largest holding. A second notable relative contributor was a non-benchmark stake in Comfort Systems USA (+147%). The company was one of the biggest holdings at period end. Another notable relative contributor was a non-benchmark stake in Nvidia (+53%), also a top holding.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in technology & electronics. Our choices in financial services also hampered the fund's relative result, as did an underweight in health care. Lastly, the fund's position in cash detracted.

• A non-benchmark stake in Monday.com returned -29% and was the biggest individual relative detractor. The second-largest relative detractor was a non-benchmark stake in Apollo Global Management (-12%). Another notable relative detractor was an overweight in ON Semiconductor (-14%).

• Notable changes in positioning include lower allocations to the capital goods and leisure industries.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9600 | $10205<br>| $11506<br>| $11564<br>| $12420<br>| $12720<br>| $15499<br>| $13833<br>| $14547<br>| $17133<br>| $19235<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11018<br>| $12025<br>| $12129<br>| $13138<br>| $13459<br>| $14904<br>| $13199<br>| $13966<br>| $16268<br>| $17575<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10507<br>| $10692<br>| $10484<br>| $11674<br>| $12370<br>| $12429<br>| $10467<br>| $10592<br>| $11778<br>| $12544<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118618_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 4.00% sales charge)  | 7.78% | 7.74%<br>| 6.76% |
| Class A (without 4.00% sales charge) | 12.27% | 8.62% | 7.20% |
| ICE® BofA® US High Yield Constrained Index | 8.03%<br>| 5.48%<br>| 5.80% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.29% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2682880925<br>|
| Number of Holdings | 738<br>|
| Total Advisory Fee | $16062575<br>|
| Portfolio Turnover | 22%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 4.8 |
| BB | 18.3 |
| B | 24.8 |
| CCC,CC,C | 10.0 |
| Not Rated | 5.6 |
| Equities | 20.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 24.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 10.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 20.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 46.6 |
| Common Stocks | 19.9 |
| Bank Loan Obligations | 11.0 |
| Preferred Securities | 3.3 |
| Alternative Funds | 2.2 |
| Preferred Stocks | 1.0 |
| Asset-Backed Securities | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 15.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img218_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 46.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 19.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bank Loan Obligations - 11.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 15.6 |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Canada | 1.6 |
| United Kingdom | 1.5 |
| France | 1.4 |
| Taiwan | 0.8 |
| Australia | 0.5 |
| Netherlands | 0.5 |
| China | 0.4 |
| Zambia | 0.4 |
| Others | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img218_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Private Credit Company LLC | 2.2<br>|
| EchoStar Corp | 1.9<br>|
| TransDigm Inc | 1.9<br>|
| Energy Transfer LP | 1.9<br>|
| NVIDIA Corp | 1.8<br>|
| Comfort Systems USA Inc | 1.3<br>|
| LBM Acquisition LLC | 1.3<br>|
| X Corp | 1.2<br>|
| Tenet Healthcare Corp | 1.2<br>|
| Meta Platforms Inc Class A | 1.1<br>|
|  | 15.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's name changed from Fidelity Advisor® High Income Advantage Fund to Fidelity Advisor® Capital & Income Fund during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img218_20251031_2.jpg)<br>| ![](img118618_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913814.101 258-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Advisor® Floating Rate High Income Fund<br> **Fidelity® Floating Rate High Income Fund : FFRHX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Floating Rate High Income Fund  | $66  | 0.64% |

---

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

• Floating-rate bank loans achieved a solid gain for the 12 months ending October 31, 2025. The category rose in the first four months of the period, but declined in March and April on concerns about the potential for a global trade war. Loans sharply reversed course after the Trump administration relaxed its position on tariffs, rising from May 1 through October 31, aided by an improved outlook for economic growth, generally healthy CLO origination and steady flows into retail funds.

• Against this backdrop, the fund's core investment in floating-rate leveraged loans rose 6.68% and contributed to performance versus the Morningstar LSTA US Performing Loans Index for the fiscal year. By industry, the biggest detractor from performance versus the benchmark was security selection in oil & gas. Also hurting our result was security selection in electronics/electrical and food products.

• The biggest individual relative detractor was an overweight in New Fortress Energy (-45%). A second notable relative detractor was a non-benchmark stake in Del Monte Foods (-35%). A non-benchmark stake in Aventiv Technologies returned roughly -30% and notably hurt.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in chemicals & plastics. Security selection and underweights in automotive and business equipment & services also boosted the fund's relative performance.

• Not owning First Brands, a benchmark component that returned -65%, was the top individual relative contributor. A second notable relative contributor was an overweight in Altice France (+29%). It was among our largest holdings. An overweight in Naked Juice (-17%) also helped.

• Notable changes in positioning include increased exposure to the all telecom industry and a lower allocation to chemicals & plastics.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Floating Rate High Income Fund<br>| $10000 | $10628<br>| $11128<br>| $11574<br>| $11913<br>| $11895<br>| $13035<br>| $12802<br>| $14209<br>| $15653<br>| $16590<br>|
| Morningstar® LSTA® US Performing Loans<br>| $10000 | $10662<br>| $11222<br>| $11758<br>| $12053<br>| $12305<br>| $13399<br>| $13150<br>| $14753<br>| $16355<br>| $17402<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10507<br>| $10692<br>| $10484<br>| $11674<br>| $12370<br>| $12429<br>| $10467<br>| $10592<br>| $11778<br>| $12544<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118628_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Floating Rate High Income Fund | 5.99% | 6.88% | 5.19% |
| Morningstar® LSTA® US Performing Loans | 6.40%<br>| 7.18%<br>| 5.70% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.29% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15049730042<br>|
| Number of Holdings | 623<br>|
| Total Advisory Fee | $96684326<br>|
| Portfolio Turnover | 58%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 1.5 |
| BB | 20.7 |
| B | 58.3 |
| CCC,CC,C | 7.8 |
| Not Rated | 7.4 |
| Equities | 1.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 58.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |
| 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. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 90.4 |
| Corporate Bonds | 3.6 |
| Common Stocks | 1.6 |
| Alternative Funds | 0.8 |
| Asset-Backed Securities | 0.5 |
| Preferred Securities | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img161_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| United Kingdom | 2.8 |
| Canada | 1.6 |
| France | 1.2 |
| Netherlands | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Luxembourg | 0.3 |
| Sweden | 0.3 |
| Switzerland | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.5<br>|
| Fertitta Entertainment LLC/NV | 1.2<br>|
| Acrisure LLC | 1.2<br>|
| Lumen Technologies Inc | 1.1<br>|
| Clydesdale Acquisition Holdings Inc | 1.1<br>|
| Altice France SA | 1.1<br>|
| X Corp | 1.1<br>|
| Polaris Newco LLC | 1.1<br>|
| Caesars Entertainment Inc | 1.0<br>|
|  | 14.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img161_20251031_2.jpg)<br>| ![](img118628_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913809.101 814-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Advisor® Floating Rate High Income Fund<br> **Fidelity Advisor® Floating Rate High Income Fund Class Z : FIQSX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $60  | 0.58% |

---

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

• Floating-rate bank loans achieved a solid gain for the 12 months ending October 31, 2025. The category rose in the first four months of the period, but declined in March and April on concerns about the potential for a global trade war. Loans sharply reversed course after the Trump administration relaxed its position on tariffs, rising from May 1 through October 31, aided by an improved outlook for economic growth, generally healthy CLO origination and steady flows into retail funds.

• Against this backdrop, the fund's core investment in floating-rate leveraged loans rose 6.68% and contributed to performance versus the Morningstar LSTA US Performing Loans Index for the fiscal year. By industry, the biggest detractor from performance versus the benchmark was security selection in oil & gas. Also hurting our result was security selection in electronics/electrical and food products.

• The biggest individual relative detractor was an overweight in New Fortress Energy (-45%). A second notable relative detractor was a non-benchmark stake in Del Monte Foods (-35%). A non-benchmark stake in Aventiv Technologies returned roughly -30% and notably hurt.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in chemicals & plastics. Security selection and underweights in automotive and business equipment & services also boosted the fund's relative performance.

• Not owning First Brands, a benchmark component that returned -65%, was the top individual relative contributor. A second notable relative contributor was an overweight in Altice France (+29%). It was among our largest holdings. An overweight in Naked Juice (-17%) also helped.

• Notable changes in positioning include increased exposure to the all telecom industry and a lower allocation to chemicals & plastics.

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9974<br>| $10271<br>| $10272<br>| $11249<br>| $11066<br>| $12289<br>| $13547<br>|
| Morningstar® LSTA® US Performing Loans<br>| $10000 | $9991<br>| $10242<br>| $10456<br>| $11386<br>| $11174<br>| $12536<br>| $13897<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $9913<br>| $11039<br>| $11697<br>| $11754<br>| $9898<br>| $10016<br>| $11138<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118629_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 5.93% | 6.92% | 5.23% |
| Morningstar® LSTA® US Performing Loans | 6.40%<br>| 7.18%<br>| 5.68% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.44% |

---

**A** From October 2, 2018

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15049730042<br>|
| Number of Holdings | 623<br>|
| Total Advisory Fee | $96684326<br>|
| Portfolio Turnover | 58%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 1.5 |
| BB | 20.7 |
| B | 58.3 |
| CCC,CC,C | 7.8 |
| Not Rated | 7.4 |
| Equities | 1.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 58.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |
| 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. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 90.4 |
| Corporate Bonds | 3.6 |
| Common Stocks | 1.6 |
| Alternative Funds | 0.8 |
| Asset-Backed Securities | 0.5 |
| Preferred Securities | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img161_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| United Kingdom | 2.8 |
| Canada | 1.6 |
| France | 1.2 |
| Netherlands | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Luxembourg | 0.3 |
| Sweden | 0.3 |
| Switzerland | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.5<br>|
| Fertitta Entertainment LLC/NV | 1.2<br>|
| Acrisure LLC | 1.2<br>|
| Lumen Technologies Inc | 1.1<br>|
| Clydesdale Acquisition Holdings Inc | 1.1<br>|
| Altice France SA | 1.1<br>|
| X Corp | 1.1<br>|
| Polaris Newco LLC | 1.1<br>|
| Caesars Entertainment Inc | 1.0<br>|
|  | 14.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img161_20251031_2.jpg)<br>| ![](img118629_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913808.101 3277-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Advisor® Floating Rate High Income Fund<br> **Fidelity Advisor® Floating Rate High Income Fund Class M : FFRTX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $96  | 0.93% |

---

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

• Floating-rate bank loans achieved a solid gain for the 12 months ending October 31, 2025. The category rose in the first four months of the period, but declined in March and April on concerns about the potential for a global trade war. Loans sharply reversed course after the Trump administration relaxed its position on tariffs, rising from May 1 through October 31, aided by an improved outlook for economic growth, generally healthy CLO origination and steady flows into retail funds.

• Against this backdrop, the fund's core investment in floating-rate leveraged loans rose 6.68% and contributed to performance versus the Morningstar LSTA US Performing Loans Index for the fiscal year. By industry, the biggest detractor from performance versus the benchmark was security selection in oil & gas. Also hurting our result was security selection in electronics/electrical and food products.

• The biggest individual relative detractor was an overweight in New Fortress Energy (-45%). A second notable relative detractor was a non-benchmark stake in Del Monte Foods (-35%). A non-benchmark stake in Aventiv Technologies returned roughly -30% and notably hurt.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in chemicals & plastics. Security selection and underweights in automotive and business equipment & services also boosted the fund's relative performance.

• Not owning First Brands, a benchmark component that returned -65%, was the top individual relative contributor. A second notable relative contributor was an overweight in Altice France (+29%). It was among our largest holdings. An overweight in Naked Juice (-17%) also helped.

• Notable changes in positioning include increased exposure to the all telecom industry and a lower allocation to chemicals & plastics.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9725 | $10297<br>| $10748<br>| $11134<br>| $11437<br>| $11384<br>| $12422<br>| $12177<br>| $13479<br>| $14807<br>| $15649<br>|
| Morningstar® LSTA® US Performing Loans<br>| $10000 | $10662<br>| $11222<br>| $11758<br>| $12053<br>| $12305<br>| $13399<br>| $13150<br>| $14753<br>| $16355<br>| $17402<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10507<br>| $10692<br>| $10484<br>| $11674<br>| $12370<br>| $12429<br>| $10467<br>| $10592<br>| $11778<br>| $12544<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118630_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 2.75% sales charge)  | 2.78% | 5.98%<br>| 4.58% |
| Class M (without 2.75% sales charge) | 5.68% | 6.57% | 4.87% |
| Morningstar® LSTA® US Performing Loans | 6.40%<br>| 7.18%<br>| 5.70% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.29% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15049730042<br>|
| Number of Holdings | 623<br>|
| Total Advisory Fee | $96684326<br>|
| Portfolio Turnover | 58%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 1.5 |
| BB | 20.7 |
| B | 58.3 |
| CCC,CC,C | 7.8 |
| Not Rated | 7.4 |
| Equities | 1.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 58.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |
| 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. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 90.4 |
| Corporate Bonds | 3.6 |
| Common Stocks | 1.6 |
| Alternative Funds | 0.8 |
| Asset-Backed Securities | 0.5 |
| Preferred Securities | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img161_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| United Kingdom | 2.8 |
| Canada | 1.6 |
| France | 1.2 |
| Netherlands | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Luxembourg | 0.3 |
| Sweden | 0.3 |
| Switzerland | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.5<br>|
| Fertitta Entertainment LLC/NV | 1.2<br>|
| Acrisure LLC | 1.2<br>|
| Lumen Technologies Inc | 1.1<br>|
| Clydesdale Acquisition Holdings Inc | 1.1<br>|
| Altice France SA | 1.1<br>|
| X Corp | 1.1<br>|
| Polaris Newco LLC | 1.1<br>|
| Caesars Entertainment Inc | 1.0<br>|
|  | 14.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img161_20251031_2.jpg)<br>| ![](img118630_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913812.101 872-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Advisor® Floating Rate High Income Fund<br> **Fidelity Advisor® Floating Rate High Income Fund Class I : FFRIX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $70  | 0.68% |

---

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

• Floating-rate bank loans achieved a solid gain for the 12 months ending October 31, 2025. The category rose in the first four months of the period, but declined in March and April on concerns about the potential for a global trade war. Loans sharply reversed course after the Trump administration relaxed its position on tariffs, rising from May 1 through October 31, aided by an improved outlook for economic growth, generally healthy CLO origination and steady flows into retail funds.

• Against this backdrop, the fund's core investment in floating-rate leveraged loans rose 6.68% and contributed to performance versus the Morningstar LSTA US Performing Loans Index for the fiscal year. By industry, the biggest detractor from performance versus the benchmark was security selection in oil & gas. Also hurting our result was security selection in electronics/electrical and food products.

• The biggest individual relative detractor was an overweight in New Fortress Energy (-45%). A second notable relative detractor was a non-benchmark stake in Del Monte Foods (-35%). A non-benchmark stake in Aventiv Technologies returned roughly -30% and notably hurt.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in chemicals & plastics. Security selection and underweights in automotive and business equipment & services also boosted the fund's relative performance.

• Not owning First Brands, a benchmark component that returned -65%, was the top individual relative contributor. A second notable relative contributor was an overweight in Altice France (+29%). It was among our largest holdings. An overweight in Naked Juice (-17%) also helped.

• Notable changes in positioning include increased exposure to the all telecom industry and a lower allocation to chemicals & plastics.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10623<br>| $11116<br>| $11543<br>| $11875<br>| $11851<br>| $12981<br>| $12757<br>| $14140<br>| $15572<br>| $16498<br>|
| Morningstar® LSTA® US Performing Loans<br>| $10000 | $10662<br>| $11222<br>| $11758<br>| $12053<br>| $12305<br>| $13399<br>| $13150<br>| $14753<br>| $16355<br>| $17402<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10507<br>| $10692<br>| $10484<br>| $11674<br>| $12370<br>| $12429<br>| $10467<br>| $10592<br>| $11778<br>| $12544<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118631_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 5.94% | 6.84% | 5.13% |
| Morningstar® LSTA® US Performing Loans | 6.40%<br>| 7.18%<br>| 5.70% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.29% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15049730042<br>|
| Number of Holdings | 623<br>|
| Total Advisory Fee | $96684326<br>|
| Portfolio Turnover | 58%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 1.5 |
| BB | 20.7 |
| B | 58.3 |
| CCC,CC,C | 7.8 |
| Not Rated | 7.4 |
| Equities | 1.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 58.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |
| 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. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 90.4 |
| Corporate Bonds | 3.6 |
| Common Stocks | 1.6 |
| Alternative Funds | 0.8 |
| Asset-Backed Securities | 0.5 |
| Preferred Securities | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img161_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| United Kingdom | 2.8 |
| Canada | 1.6 |
| France | 1.2 |
| Netherlands | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Luxembourg | 0.3 |
| Sweden | 0.3 |
| Switzerland | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.5<br>|
| Fertitta Entertainment LLC/NV | 1.2<br>|
| Acrisure LLC | 1.2<br>|
| Lumen Technologies Inc | 1.1<br>|
| Clydesdale Acquisition Holdings Inc | 1.1<br>|
| Altice France SA | 1.1<br>|
| X Corp | 1.1<br>|
| Polaris Newco LLC | 1.1<br>|
| Caesars Entertainment Inc | 1.0<br>|
|  | 14.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img161_20251031_2.jpg)<br>| ![](img118631_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913807.101 279-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Advisor® Floating Rate High Income Fund<br> **Fidelity Advisor® Floating Rate High Income Fund Class C : FFRCX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $172  | 1.68% |

---

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

• Floating-rate bank loans achieved a solid gain for the 12 months ending October 31, 2025. The category rose in the first four months of the period, but declined in March and April on concerns about the potential for a global trade war. Loans sharply reversed course after the Trump administration relaxed its position on tariffs, rising from May 1 through October 31, aided by an improved outlook for economic growth, generally healthy CLO origination and steady flows into retail funds.

• Against this backdrop, the fund's core investment in floating-rate leveraged loans rose 6.68% and contributed to performance versus the Morningstar LSTA US Performing Loans Index for the fiscal year. By industry, the biggest detractor from performance versus the benchmark was security selection in oil & gas. Also hurting our result was security selection in electronics/electrical and food products.

• The biggest individual relative detractor was an overweight in New Fortress Energy (-45%). A second notable relative detractor was a non-benchmark stake in Del Monte Foods (-35%). A non-benchmark stake in Aventiv Technologies returned roughly -30% and notably hurt.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in chemicals & plastics. Security selection and underweights in automotive and business equipment & services also boosted the fund's relative performance.

• Not owning First Brands, a benchmark component that returned -65%, was the top individual relative contributor. A second notable relative contributor was an overweight in Altice France (+29%). It was among our largest holdings. An overweight in Naked Juice (-17%) also helped.

• Notable changes in positioning include increased exposure to the all telecom industry and a lower allocation to chemicals & plastics.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10519<br>| $10911<br>| $11220<br>| $11429<br>| $11292<br>| $12244<br>| $11900<br>| $13071<br>| $14358<br>| $15174<br>|
| Morningstar® LSTA® US Performing Loans<br>| $10000 | $10662<br>| $11222<br>| $11758<br>| $12053<br>| $12305<br>| $13399<br>| $13150<br>| $14753<br>| $16355<br>| $17402<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10507<br>| $10692<br>| $10484<br>| $11674<br>| $12370<br>| $12429<br>| $10467<br>| $10592<br>| $11778<br>| $12544<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118632_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 3.92% | 5.77%<br>| 4.26% |
| Class C | 4.90% | 5.77% | 4.26% |
| Morningstar® LSTA® US Performing Loans | 6.40%<br>| 7.18%<br>| 5.70% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.29% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15049730042<br>|
| Number of Holdings | 623<br>|
| Total Advisory Fee | $96684326<br>|
| Portfolio Turnover | 58%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 1.5 |
| BB | 20.7 |
| B | 58.3 |
| CCC,CC,C | 7.8 |
| Not Rated | 7.4 |
| Equities | 1.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 58.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |
| 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. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 90.4 |
| Corporate Bonds | 3.6 |
| Common Stocks | 1.6 |
| Alternative Funds | 0.8 |
| Asset-Backed Securities | 0.5 |
| Preferred Securities | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img161_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| United Kingdom | 2.8 |
| Canada | 1.6 |
| France | 1.2 |
| Netherlands | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Luxembourg | 0.3 |
| Sweden | 0.3 |
| Switzerland | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.5<br>|
| Fertitta Entertainment LLC/NV | 1.2<br>|
| Acrisure LLC | 1.2<br>|
| Lumen Technologies Inc | 1.1<br>|
| Clydesdale Acquisition Holdings Inc | 1.1<br>|
| Altice France SA | 1.1<br>|
| X Corp | 1.1<br>|
| Polaris Newco LLC | 1.1<br>|
| Caesars Entertainment Inc | 1.0<br>|
|  | 14.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img161_20251031_2.jpg)<br>| ![](img118632_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913811.101 871-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Advisor® Floating Rate High Income Fund<br> **Fidelity Advisor® Floating Rate High Income Fund Class A : FFRAX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $96  | 0.93% |

---

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

• Floating-rate bank loans achieved a solid gain for the 12 months ending October 31, 2025. The category rose in the first four months of the period, but declined in March and April on concerns about the potential for a global trade war. Loans sharply reversed course after the Trump administration relaxed its position on tariffs, rising from May 1 through October 31, aided by an improved outlook for economic growth, generally healthy CLO origination and steady flows into retail funds.

• Against this backdrop, the fund's core investment in floating-rate leveraged loans rose 6.68% and contributed to performance versus the Morningstar LSTA US Performing Loans Index for the fiscal year. By industry, the biggest detractor from performance versus the benchmark was security selection in oil & gas. Also hurting our result was security selection in electronics/electrical and food products.

• The biggest individual relative detractor was an overweight in New Fortress Energy (-45%). A second notable relative detractor was a non-benchmark stake in Del Monte Foods (-35%). A non-benchmark stake in Aventiv Technologies returned roughly -30% and notably hurt.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in chemicals & plastics. Security selection and underweights in automotive and business equipment & services also boosted the fund's relative performance.

• Not owning First Brands, a benchmark component that returned -65%, was the top individual relative contributor. A second notable relative contributor was an overweight in Altice France (+29%). It was among our largest holdings. An overweight in Naked Juice (-17%) also helped.

• Notable changes in positioning include increased exposure to the all telecom industry and a lower allocation to chemicals & plastics.

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

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9725 | $10307<br>| $10760<br>| $11147<br>| $11440<br>| $11389<br>| $12442<br>| $12197<br>| $13484<br>| $14811<br>| $15654<br>|
| Morningstar® LSTA® US Performing Loans<br>| $10000 | $10662<br>| $11222<br>| $11758<br>| $12053<br>| $12305<br>| $13399<br>| $13150<br>| $14753<br>| $16355<br>| $17402<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10507<br>| $10692<br>| $10484<br>| $11674<br>| $12370<br>| $12429<br>| $10467<br>| $10592<br>| $11778<br>| $12544<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118633_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 2.75% sales charge)  | 2.78% | 5.97%<br>| 4.58% |
| Class A (without 2.75% sales charge) | 5.69% | 6.57% | 4.88% |
| Morningstar® LSTA® US Performing Loans | 6.40%<br>| 7.18%<br>| 5.70% |
| Bloomberg U.S. Universal Bond Index | 6.51%<br>| 0.28%<br>| 2.29% |

---

---

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

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15049730042<br>|
| Number of Holdings | 623<br>|
| Total Advisory Fee | $96684326<br>|
| Portfolio Turnover | 58%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 1.5 |
| BB | 20.7 |
| B | 58.3 |
| CCC,CC,C | 7.8 |
| Not Rated | 7.4 |
| Equities | 1.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 58.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |
| 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. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 90.4 |
| Corporate Bonds | 3.6 |
| Common Stocks | 1.6 |
| Alternative Funds | 0.8 |
| Asset-Backed Securities | 0.5 |
| Preferred Securities | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img161_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| United States | 91.3 |
| United Kingdom | 2.8 |
| Canada | 1.6 |
| France | 1.2 |
| Netherlands | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Luxembourg | 0.3 |
| Sweden | 0.3 |
| Switzerland | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img161_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.5<br>|
| Fertitta Entertainment LLC/NV | 1.2<br>|
| Acrisure LLC | 1.2<br>|
| Lumen Technologies Inc | 1.1<br>|
| Clydesdale Acquisition Holdings Inc | 1.1<br>|
| Altice France SA | 1.1<br>|
| X Corp | 1.1<br>|
| Polaris Newco LLC | 1.1<br>|
| Caesars Entertainment Inc | 1.0<br>|
|  | 14.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img161_20251031_2.jpg)<br>| ![](img118633_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913810.101 861-TSRA-1225 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, October 31, 2025, Fidelity Advisor Series I (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

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

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

**<u>October 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;<br>Fidelity Advisor Capital & Income Fund | &nbsp;&nbsp;$68400  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Advisor Floating Rate High Income Fund | &nbsp;&nbsp;$80900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Advisor Value Fund | &nbsp;&nbsp;$44100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6700  | &nbsp;&nbsp;$600  |

---

**<u>October 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;<br>Fidelity Advisor Capital & Income Fund | &nbsp;&nbsp;$65800  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9700  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity Advisor Floating Rate High Income Fund | &nbsp;&nbsp;$78000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9700  | &nbsp;&nbsp;$1700  |
| &nbsp;&nbsp;Fidelity Advisor Value Fund | &nbsp;&nbsp;$42500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$11200  | &nbsp;&nbsp;$1000  |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>October 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>October 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp; $125000  | &nbsp;&nbsp; $125000  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1970400 | &nbsp;&nbsp;$2929500 |

---

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

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>October 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>October 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2454500  | &nbsp;&nbsp;$3383800  |

---

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

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

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

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

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

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

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

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

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

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

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

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Fidelity Advisor® Value Fund**

**Annual Report**

**October 31, 2025**

![](img118402_1.jpg)

![](img118402_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FAV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Value Fund](#Sub_Sec_Fund_1316_FAV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1316_FAV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FAV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FAV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FAV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FAV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FAV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FAV-ANN)** |

---

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

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity Advisor® Value Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Syensqo SA  | 17030 | 1406267 |
| CANADA - 5.2%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Gildan Activewear Inc  | 28940 | 1687642 |
| Energy - 2.5% |  |  |
| Oil, Gas & Consumable Fuels - 2.5% |  |  |
| Canadian Natural Resources Ltd  | 37103 | 1186989 |
| Cenovus Energy Inc  | 88025 | 1487428 |
| Cenovus Energy Inc (United States)  | 31300 | 529596 |
| Imperial Oil Ltd (b) | 17806 | 1574870 |
| Imperial Oil Ltd (United States)  | 4500 | 396945 |
| Secure Waste Infrastructure Corp  | 118384 | 1477954 |
| South Bow Corp  | 36558 | 948259 |
|  |  | 7602041 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.2% |  |  |
| Onex Corp Subordinate Voting Shares  | 7496 | 652035 |
| Financial Services - 0.2% |  |  |
| ECN Capital Corp  | 382188 | 760261 |
| TOTAL FINANCIALS |  | 1412296 |
| Industrials - 1.0% |  |  |
| Ground Transportation - 0.3% |  |  |
| TFI International Inc  | 11039 | 992019 |
| Machinery - 0.7% |  |  |
| ATS Corp (c) | 42440 | 1167399 |
| NFI Group Inc (c) | 106551 | 1089402 |
|  |  | 2256801 |
| TOTAL INDUSTRIALS |  | 3248820 |
| Materials - 0.8% |  |  |
| Chemicals - 0.5% |  |  |
| Methanex Corp (United States)  | 36113 | 1419963 |
| Metals & Mining - 0.1% |  |  |
| Algoma Steel Group Inc (United States) (b) | 81880 | 341440 |
| Paper & Forest Products - 0.2% |  |  |
| Interfor Corp (c) | 124059 | 699659 |
| TOTAL MATERIALS |  | 2461062 |
| TOTAL CANADA |  | 16411861 |
| FRANCE - 0.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| JCDecaux SE  | 24018 | 437136 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Vallourec SACA  | 82548 | 1536180 |
| TOTAL FRANCE |  | 1973316 |
| GERMANY - 0.7%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BioNTech SE ADR (c) | 6698 | 695989 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Siemens Energy AG (c) | 11914 | 1484310 |
| TOTAL GERMANY |  | 2180299 |
| HONG KONG - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Prudential PLC  | 103501 | 1439501 |
| ISRAEL - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (c) | 60514 | 1239327 |
| MEXICO - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| Grupo Televisa SAB ADR  | 247209 | 652632 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TGS ASA  | 77560 | 670756 |
| PORTUGAL - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Galp Energia SGPS SA  | 69500 | 1393499 |
| PUERTO RICO - 0.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Liberty Latin America Ltd Class C (c) | 91784 | 726011 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Popular Inc  | 14281 | 1591904 |
| TOTAL PUERTO RICO |  | 2317915 |
| SPAIN - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (d)(e) | 24860 | 773935 |
| SWITZERLAND - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| UBS Group AG  | 16950 | 647248 |
| UNITED KINGDOM - 0.7%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Subsea 7 SA  | 28180 | 514677 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| SSE PLC  | 69652 | 1754730 |
| TOTAL UNITED KINGDOM |  | 2269407 |
| UNITED STATES - 88.0%  |  |  |
| Communication Services - 1.0% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| ZoomInfo Technologies Inc (c) | 95282 | 1069064 |
| Media - 0.7% |  |  |
| Nexstar Media Group Inc (b) | 8685 | 1699915 |
| Thryv Holdings Inc (b)(c) | 65771 | 507094 |
|  |  | 2207009 |
| TOTAL COMMUNICATION SERVICES |  | 3276073 |
| Consumer Discretionary - 10.3% |  |  |
| Automobile Components - 0.4% |  |  |
| Patrick Industries Inc  | 13824 | 1442811 |
| Diversified Consumer Services - 0.4% |  |  |
| Driven Brands Holdings Inc (c) | 96200 | 1380469 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Carnival Corp (c) | 22570 | 650693 |
| Hilton Grand Vacations Inc (c) | 41305 | 1712092 |
|  |  | 2362785 |
| Household Durables - 2.7% |  |  |
| Mohawk Industries Inc (c) | 13317 | 1513344 |
| Newell Brands Inc  | 211660 | 719644 |
| PulteGroup Inc  | 13422 | 1608895 |
| Somnigroup International Inc  | 20901 | 1658285 |
| TopBuild Corp (c) | 4060 | 1715269 |
| Whirlpool Corp (b) | 15547 | 1113632 |
|  |  | 8329069 |
| Leisure Products - 1.8% |  |  |
| BRP Inc Subordinate Voting Shares  | 25626 | 1607483 |
| Brunswick Corp/DE (b) | 23697 | 1566609 |
| Hasbro Inc  | 22130 | 1688740 |
| YETI Holdings Inc (b)(c) | 28631 | 973168 |
|  |  | 5836000 |
| Specialty Retail - 3.1% |  |  |
| Academy Sports & Outdoors Inc  | 16589 | 794447 |
| Bath & Body Works Inc  | 71644 | 1753845 |
| Gap Inc/The  | 42828 | 978620 |
| Lithia Motors Inc Class A  | 6097 | 1914946 |
| Murphy USA Inc  | 3430 | 1228626 |
| Signet Jewelers Ltd (b) | 15461 | 1528320 |
| Upbound Group Inc  | 80884 | 1567532 |
|  |  | 9766336 |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| Capri Holdings Ltd (c) | 69607 | 1444345 |
| PVH Corp (b) | 18657 | 1461404 |
| Samsonite Group SA (d)(e) | 502470 | 1050695 |
|  |  | 3956444 |
| TOTAL CONSUMER DISCRETIONARY |  | 33073914 |
| Consumer Staples - 3.5% |  |  |
| Beverages - 0.9% |  |  |
| Keurig Dr Pepper Inc  | 47833 | 1299144 |
| Primo Brands Corp Class A  | 80229 | 1762631 |
|  |  | 3061775 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Dollar Tree Inc (c) | 13872 | 1374993 |
| Grocery Outlet Holding Corp (c) | 57750 | 785978 |
| Sprouts Farmers Market Inc (c) | 1130 | 89224 |
|  |  | 2250195 |
| Food Products - 1.8% |  |  |
| Bunge Global SA  | 19732 | 1866647 |
| Darling Ingredients Inc (c) | 54642 | 1751276 |
| Ingredion Inc  | 17570 | 2027754 |
|  |  | 5645677 |
| Personal Care Products - 0.1% |  |  |
| Kenvue Inc  | 23650 | 339850 |
| TOTAL CONSUMER STAPLES |  | 11297497 |
| Energy - 5.6% |  |  |
| Energy Equipment & Services - 2.1% |  |  |
| Atlas Energy Solutions Inc (b) | 61719 | 764081 |
| Baker Hughes Co Class A  | 16100 | 779401 |
| Expro Group Holdings NV (c) | 128697 | 1747705 |
| Kodiak Gas Services Inc  | 20550 | 757884 |
| Tenaris SA  | 57480 | 1142408 |
| Weatherford International PLC  | 23339 | 1719851 |
|  |  | 6911330 |
| Oil, Gas & Consumable Fuels - 3.5% |  |  |
| Antero Resources Corp (c) | 10673 | 329902 |
| Cheniere Energy Inc  | 1447 | 306764 |
| Core Natural Resources Inc  | 21664 | 1711456 |
| Delek US Holdings Inc  | 44769 | 1690477 |
| Diamondback Energy Inc  | 4295 | 615001 |
| Kinder Morgan Inc  | 29200 | 764748 |
| Phillips 66  | 19540 | 2660177 |
| Range Resources Corp  | 13895 | 493967 |
| Targa Resources Corp  | 11231 | 1730023 |
| Valero Energy Corp  | 5200 | 881712 |
|  |  | 11184227 |
| TOTAL ENERGY |  | 18095557 |
| Financials - 13.0% |  |  |
| Banks - 2.5% |  |  |
| East West Bancorp Inc  | 15868 | 1612189 |
| First Citizens BancShares Inc/NC Class A  | 921 | 1680660 |
| First Citizens BancShares Inc/NC Class B  | 210 | 346500 |
| First Horizon Corp  | 4400 | 93984 |
| KeyCorp  | 77268 | 1359144 |
| Webster Financial Corp  | 31730 | 1809879 |
| Western Alliance Bancorp  | 13721 | 1061319 |
|  |  | 7963675 |
| Capital Markets - 2.2% |  |  |
| Ameriprise Financial Inc  | 3755 | 1700151 |
| BGC Group Inc Class A  | 148273 | 1355215 |
| Blue Owl Capital Inc Class A  | 58440 | 921599 |
| Raymond James Financial Inc  | 9625 | 1527199 |
| State Street Corp  | 14455 | 1671865 |
|  |  | 7176029 |
| Consumer Finance - 2.1% |  |  |
| Ally Financial Inc  | 42531 | 1657433 |
| Credit Acceptance Corp (c) | 2410 | 1078089 |
| OneMain Holdings Inc  | 32449 | 1920657 |
| PROG Holdings Inc  | 30009 | 868160 |
| SLM Corp  | 49758 | 1336002 |
|  |  | 6860341 |
| Financial Services - 3.4% |  |  |
| Apollo Global Management Inc  | 12317 | 1531126 |
| Corpay Inc (c) | 3350 | 872173 |
| Fiserv Inc (c) | 6550 | 436819 |
| Global Payments Inc  | 19071 | 1482961 |
| NCR Atleos Corp (c) | 38851 | 1433602 |
| PennyMac Financial Services Inc  | 13431 | 1689754 |
| Voya Financial Inc  | 23510 | 1750555 |
| WEX Inc (c) | 11724 | 1710297 |
|  |  | 10907287 |
| Insurance - 2.8% |  |  |
| Ambac Financial Group Inc (c) | 54458 | 447100 |
| Assurant Inc  | 6674 | 1413019 |
| First American Financial Corp  | 28464 | 1779285 |
| Primerica Inc  | 5631 | 1463328 |
| Reinsurance Group of America Inc  | 13114 | 2392781 |
| Travelers Companies Inc/The  | 5550 | 1490841 |
|  |  | 8986354 |
| TOTAL FINANCIALS |  | 41893686 |
| Health Care - 11.2% |  |  |
| Biotechnology - 0.4% |  |  |
| Centessa Pharmaceuticals PLC ADR (c) | 656 | 16334 |
| Exact Sciences Corp (c) | 4561 | 295052 |
| Insmed Inc (c) | 399 | 75650 |
| Legend Biotech Corp ADR (c) | 3173 | 102805 |
| Moderna Inc (c) | 24323 | 660614 |
| United Therapeutics Corp (c) | 408 | 181735 |
| Viking Therapeutics Inc (c) | 879 | 33472 |
| Viridian Therapeutics Inc (c) | 2816 | 66542 |
|  |  | 1432204 |
| Health Care Equipment & Supplies - 3.1% |  |  |
| Align Technology Inc (c) | 787 | 108512 |
| Baxter International Inc  | 51982 | 960108 |
| Becton Dickinson & Co  | 5790 | 1034731 |
| Cooper Cos Inc/The (c) | 3516 | 245804 |
| GE HealthCare Technologies Inc  | 7035 | 527273 |
| Globus Medical Inc Class A (c) | 1252 | 75607 |
| Haemonetics Corp (c) | 22970 | 1148730 |
| Hologic Inc (c) | 1486 | 109830 |
| Lantheus Holdings Inc (c) | 26062 | 1503517 |
| QuidelOrtho Corp (c) | 61999 | 1673353 |
| ResMed Inc (b) | 728 | 179729 |
| Solventum Corp (c) | 29635 | 2046000 |
| STERIS PLC  | 928 | 218730 |
| Zimmer Biomet Holdings Inc  | 2345 | 235813 |
|  |  | 10067737 |
| Health Care Providers & Services - 3.9% |  |  |
| Acadia Healthcare Co Inc (b)(c) | 78062 | 1678333 |
| AdaptHealth Corp (c) | 182385 | 1639641 |
| BrightSpring Health Services Inc (c) | 51640 | 1706702 |
| Cencora Inc  | 1746 | 589816 |
| Centene Corp (c) | 5301 | 187496 |
| Cigna Group/The  | 1510 | 369059 |
| CVS Health Corp  | 22585 | 1765018 |
| Encompass Health Corp  | 2419 | 275403 |
| Henry Schein Inc (c) | 1269 | 80201 |
| Humana Inc  | 1351 | 375835 |
| LifeStance Health Group Inc (c) | 5700 | 27930 |
| Molina Healthcare Inc (c) | 10467 | 1602079 |
| PACS Group Inc (c) | 101685 | 1228355 |
| Quest Diagnostics Inc  | 2486 | 437412 |
| Surgery Partners Inc (c) | 3598 | 78904 |
| Tenet Healthcare Corp (c) | 1010 | 208555 |
|  |  | 12250739 |
| Health Care Technology - 0.0% |  |  |
| Veeva Systems Inc Class A (c) | 135 | 39312 |
| Life Sciences Tools & Services - 2.2% |  |  |
| Agilent Technologies Inc  | 3507 | 513285 |
| Avantor Inc (c) | 8314 | 98270 |
| Bruker Corp  | 22435 | 873619 |
| Fortrea Holdings Inc (c) | 105429 | 1102787 |
| ICON PLC (c) | 10840 | 1862529 |
| Illumina Inc (c) | 1290 | 159367 |
| IQVIA Holdings Inc (c) | 10037 | 2172609 |
| Revvity Inc (b) | 2467 | 230887 |
| West Pharmaceutical Services Inc  | 457 | 128906 |
|  |  | 7142259 |
| Pharmaceuticals - 1.6% |  |  |
| Elanco Animal Health Inc (c) | 57343 | 1270147 |
| GSK PLC ADR  | 16540 | 775064 |
| Jazz Pharmaceuticals PLC (c) | 10294 | 1416866 |
| Royalty Pharma PLC Class A  | 5677 | 213115 |
| Viatris Inc  | 144624 | 1498305 |
|  |  | 5173497 |
| TOTAL HEALTH CARE |  | 36105748 |
| Industrials - 19.0% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Textron Inc  | 28480 | 2301469 |
| Air Freight & Logistics - 1.4% |  |  |
| FedEx Corp  | 4976 | 1263008 |
| Forward Air Corp Class A (b)(c) | 34260 | 644431 |
| GXO Logistics Inc (c) | 31674 | 1780396 |
| United Parcel Service Inc Class B  | 7370 | 710615 |
|  |  | 4398450 |
| Building Products - 1.5% |  |  |
| Masterbrand Inc (b)(c) | 112210 | 1417212 |
| Owens Corning  | 6660 | 847885 |
| Tecnoglass Inc  | 21064 | 1256046 |
| UFP Industries Inc  | 15649 | 1441743 |
|  |  | 4962886 |
| Commercial Services & Supplies - 1.6% |  |  |
| Brink's Co/The  | 14620 | 1625159 |
| GEO Group Inc/The (c) | 32430 | 550337 |
| HNI Corp  | 35223 | 1441325 |
| MillerKnoll Inc  | 54010 | 843636 |
| Vestis Corp  | 161622 | 848516 |
|  |  | 5308973 |
| Construction & Engineering - 1.1% |  |  |
| Centuri Holdings Inc (c) | 43731 | 882928 |
| Fluor Corp (c) | 28089 | 1369901 |
| WillScot Holdings Corp  | 55190 | 1200383 |
|  |  | 3453212 |
| Electrical Equipment - 0.9% |  |  |
| Acuity Inc  | 3371 | 1230583 |
| Regal Rexnord Corp  | 11957 | 1684622 |
|  |  | 2915205 |
| Ground Transportation - 1.9% |  |  |
| Ryder System Inc  | 9792 | 1657100 |
| Saia Inc (c) | 6125 | 1791563 |
| U-Haul Holding Co Class N  | 31753 | 1539703 |
| XPO Inc (c) | 8609 | 1238576 |
|  |  | 6226942 |
| Machinery - 5.0% |  |  |
| Allison Transmission Holdings Inc  | 23557 | 1944630 |
| CNH Industrial NV Class A  | 124953 | 1310757 |
| Cummins Inc  | 5123 | 2242236 |
| Flowserve Corp  | 38659 | 2638478 |
| Gates Industrial Corp PLC (c) | 77331 | 1707468 |
| JBT Marel Corp  | 11100 | 1399710 |
| Oshkosh Corp  | 13891 | 1712621 |
| Terex Corp  | 38217 | 1758746 |
| Timken Co/The (b) | 13946 | 1094900 |
|  |  | 15809546 |
| Passenger Airlines - 0.7% |  |  |
| Delta Air Lines 1991 Series J Pass Through Trust  | 37690 | 2162652 |
| Professional Services - 2.8% |  |  |
| Amentum Holdings Inc (b)(c) | 83847 | 1879012 |
| Concentrix Corp (b) | 26827 | 1081396 |
| First Advantage Corp (b)(c) | 95727 | 1209032 |
| Genpact Ltd  | 32010 | 1221182 |
| KBR Inc  | 42187 | 1807291 |
| Maximus Inc  | 10710 | 890215 |
| Science Applications International Corp  | 8200 | 768422 |
|  |  | 8856550 |
| Trading Companies & Distributors - 1.4% |  |  |
| GATX Corp (b) | 7770 | 1218725 |
| Herc Holdings Inc (b) | 14958 | 2124784 |
| McGrath RentCorp  | 10332 | 1110069 |
|  |  | 4453578 |
| TOTAL INDUSTRIALS |  | 60849463 |
| Information Technology - 6.9% |  |  |
| Electronic Equipment, Instruments & Components - 2.0% |  |  |
| Arrow Electronics Inc (c) | 15206 | 1696229 |
| Avnet Inc  | 28120 | 1362414 |
| Crane NXT Co (b) | 31305 | 1980042 |
| Insight Enterprises Inc (c) | 10479 | 1047900 |
| Vontier Corp  | 8830 | 339955 |
|  |  | 6426540 |
| IT Services - 1.0% |  |  |
| ASGN Inc (c) | 22313 | 998730 |
| EPAM Systems Inc (c) | 6400 | 1046656 |
| GoDaddy Inc Class A (c) | 8280 | 1102316 |
|  |  | 3147702 |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| First Solar Inc (c) | 11769 | 3141617 |
| ON Semiconductor Corp (c) | 38039 | 1904993 |
|  |  | 5046610 |
| Software - 0.3% |  |  |
| NCR Voyix Corp (c) | 101989 | 1163694 |
| Technology Hardware, Storage & Peripherals - 2.0% |  |  |
| Sandisk Corp/DE  | 8610 | 1716231 |
| Western Digital Corp  | 32171 | 4832407 |
|  |  | 6548638 |
| TOTAL INFORMATION TECHNOLOGY |  | 22333184 |
| Materials - 4.7% |  |  |
| Chemicals - 1.4% |  |  |
| Avient Corp  | 6800 | 218076 |
| Corteva Inc  | 20885 | 1283174 |
| Ingevity Corp (c) | 17000 | 913240 |
| Minerals Technologies Inc  | 1800 | 102150 |
| Mosaic Co/The  | 45090 | 1237721 |
| RPM International Inc  | 3800 | 415264 |
| Westlake Corp (b) | 3543 | 243794 |
|  |  | 4413419 |
| Construction Materials - 0.4% |  |  |
| GCC SAB de CV  | 53708 | 515731 |
| Martin Marietta Materials Inc  | 1387 | 850370 |
|  |  | 1366101 |
| Containers & Packaging - 1.1% |  |  |
| International Paper Co  | 12622 | 487714 |
| O-I Glass Inc (c) | 70491 | 795843 |
| Smurfit WestRock PLC  | 64146 | 2368271 |
|  |  | 3651828 |
| Metals & Mining - 1.7% |  |  |
| Constellium SE (c) | 143169 | 2252048 |
| Reliance Inc  | 7907 | 2233174 |
| Steel Dynamics Inc  | 5412 | 848602 |
|  |  | 5333824 |
| Paper & Forest Products - 0.1% |  |  |
| Louisiana-Pacific Corp  | 4663 | 406193 |
| TOTAL MATERIALS |  | 15171365 |
| Real Estate - 6.3% |  |  |
| Health Care REITs - 1.4% |  |  |
| American Healthcare REIT Inc  | 35935 | 1628574 |
| Ventas Inc  | 30906 | 2280554 |
| Welltower Inc  | 4195 | 759463 |
|  |  | 4668591 |
| Industrial REITs - 1.1% |  |  |
| EastGroup Properties Inc  | 8341 | 1455755 |
| Prologis Inc  | 9308 | 1155030 |
| Rexford Industrial Realty Inc  | 21134 | 873256 |
|  |  | 3484041 |
| Real Estate Management & Development - 1.0% |  |  |
| Compass Inc Class A (c) | 195263 | 1505478 |
| Jones Lang LaSalle Inc (c) | 5588 | 1704843 |
|  |  | 3210321 |
| Residential REITs - 0.5% |  |  |
| Sun Communities Inc  | 13600 | 1721760 |
| Specialized REITs - 2.3% |  |  |
| CubeSmart  | 12130 | 456937 |
| Equinix Inc  | 1940 | 1641259 |
| Iron Mountain Inc  | 25724 | 2648287 |
| Lamar Advertising Co Class A  | 8694 | 1031021 |
| Outfront Media Inc  | 90160 | 1594930 |
|  |  | 7372434 |
| TOTAL REAL ESTATE |  | 20457147 |
| Utilities - 6.5% |  |  |
| Electric Utilities - 3.6% |  |  |
| Constellation Energy Corp  | 5694 | 2146638 |
| Evergy Inc  | 17572 | 1349705 |
| Eversource Energy  | 52072 | 3843435 |
| PG&E Corp  | 264665 | 4224054 |
|  |  | 11563832 |
| Gas Utilities - 0.8% |  |  |
| UGI Corp  | 73315 | 2450920 |
| Independent Power and Renewable Electricity Producers - 1.2% |  |  |
| AES Corp/The  | 201208 | 2790755 |
| Vistra Corp  | 6050 | 1139215 |
|  |  | 3929970 |
| Multi-Utilities - 0.9% |  |  |
| Sempra  | 33228 | 3054982 |
| TOTAL UTILITIES |  | 20999704 |
| TOTAL UNITED STATES |  | 283553338 |
| ZAMBIA - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| First Quantum Minerals Ltd (c) | 97749 | 2029483 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $273,083,879) |  | <br> **318958784** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/29/2026 (g) | 3.83 | 20000 | 19819 |
| US Treasury Bills 0% 11/13/2025 (g) | 4.16 | 20000 | 19979 |
| US Treasury Bills 0% 12/11/2025 (g) | 3.98 | 90000 | 89632 |
| US Treasury Bills 0% 12/26/2025 (g) | 3.93 | 40000 | 39770 |
| US Treasury Bills 0% 12/4/2025 (g) | 3.97 | 20000 | 19933 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $189,082) |  |  | **189133** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.18 | 2734371 | 2734917 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.18 | 13610777 | 13612138 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $16,347,041) |  |  | **16347055** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.0%**<br> (Cost $289,620,002)<br>| <br>**335494972** |
| **NET OTHER ASSETS (LIABILITIES) - (4.0)%**  | **(12915054)** |
| **NET ASSETS - 100.0%** | **322579918** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 5 | 12/19/2025 | 1628850 | (31355) | (31355) |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

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

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

(c) Non-income producing.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,824,630 or 0.6% of net assets.

(e) 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 $1,824,630 or 0.6% of net assets.

(f) 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.

(g) 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 $189,133.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5080273 | 107854332 | 110199648 | 141796 | (41) | 1 | 2734917 | 2734371 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 11851163 | 108618012 | 106857037 | 61358 | - | - | 13612138 | 13610777 | 0.1% |
| Total | 16931436 | 216472344 | 217056685 | 203154 | (41) | 1 | 16347055 |  |  |

---

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

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 5865787 | 5091852 | 773935 | - |
| Consumer Discretionary | 34761556 | 33710861 | 1050695 | - |
| Consumer Staples | 11297497 | 11297497 | - | - |
| Energy | 29812710 | 28670302 | 1142408 | - |
| Financials | 46984635 | 45545134 | 1439501 | - |
| Health Care | 38041064 | 38041064 | - | - |
| Industrials | 65582593 | 64098283 | 1484310 | - |
| Information Technology | 22333184 | 22333184 | - | - |
| Materials | 21068177 | 21068177 | - | - |
| Real Estate | 20457147 | 20457147 | - | - |
| Utilities | 22754434 | 20999704 | 1754730 | - |
|  **U.S. Treasury Obligations** | 189133 | - | 189133 | - |
|  **Money Market Funds** | 16347055 | 16347055 | - | - |
| **Total Investments in Securities:** | 335494972 | 327660260 | 7834712 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (31355) | (31355) | - | - |
| Total Liabilities | (31355) | (31355) | - | - |
| **Total Derivative Instruments:** | (31355) | (31355) | - | - |

---

**Value of Derivative Instruments**

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

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | - | (31355) |
| **Total Equity Risk**  | - | (31355) |
| **Total Value of Derivatives** | - | (31355) |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $18,138,934) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $273,272,961) | $319147917 |  |
| Fidelity Central Funds (cost $16,347,041) | 16347055 |  |
| Total Investment in Securities (cost $289,620,002) |  | $335494972 |
| Foreign currency held at value (cost $2,539) |  | 2528 |
| Receivable for investments sold |  | 1238381 |
| Receivable for fund shares sold |  | 262001 |
| Dividends receivable |  | 189765 |
| Distributions receivable from Fidelity Central Funds |  | 12996 |
| Receivable for daily variation margin on futures contracts |  | 10932 |
| Prepaid expenses |  | 365 |
| **Total assets** |  | 337211940 |
| **Liabilities** |  |  |
| Payable to custodian bank | $193129 |  |
| Payable for investments purchased  | 378953 |  |
| Payable for fund shares redeemed | 162616 |  |
| Accrued management fee | 187352 |  |
| Distribution and service plan fees payable | 41025 |  |
| Other payables and accrued expenses | 57156 |  |
| Collateral on securities loaned | 13611791 |  |
| **Total liabilities** |  | 14632022 |
| **Net Assets**  |  | $322579918 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $254500350 |
| Total accumulated earnings (loss) |  | 68079568 |
| **Net Assets** |  | $322579918 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($101,134,299 ÷ 2,780,561 shares)(a) |  | $36.37 |
| Maximum offering price per share (100/94.25 of $36.37) |  | $38.59 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($25,685,939 ÷ 716,266 shares)(a) |  | $35.86 |
| Maximum offering price per share (100/96.50 of $35.86) |  | $37.16 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($10,496,211 ÷ 312,908 shares)(a) |  | $33.54 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($125,066,103 ÷ 3,391,233 shares) |  | $36.88 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($60,197,366 ÷ 1,629,352 shares) |  | $36.95 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $6314703 |
| Interest  |  | 9330 |
| Income from Fidelity Central Funds (including $61,358 from security lending)  |  | 203154 |
| **Total income** |  | 6527187 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $2326229 |  |
| Performance adjustment | 209838 |  |
| Distribution and service plan fees | 493973 |  |
| Custodian fees and expenses | 54381 |  |
| Independent trustees' fees and expenses | 1417 |  |
| Registration fees | 86716 |  |
| Audit fees | 62090 |  |
| Legal | 5692 |  |
| Miscellaneous | 3308 |  |
| **Total expenses** |  | 3243644 |
| **Net Investment income (loss)** |  | 3283543 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 27344640 |  |
| Fidelity Central Funds | (41) |  |
| Foreign currency transactions | 7723 |  |
| Futures contracts | 15666 |  |
| Total net realized gain (loss) |  | 27367988 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (12107831) |  |
| Fidelity Central Funds  | 1 |  |
| Unfunded commitments | 77516 |  |
| Assets and liabilities in foreign currencies | 1610 |  |
| Futures contracts | (47768) |  |
| Total change in net unrealized appreciation (depreciation) |  | (12076472) |
| **Net gain (loss)** |  | 15291516 |
| **Net increase (decrease) in net assets resulting from operations** |  | $18575059 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3283543 | $3112531 |
| &nbsp;&nbsp;Net realized gain (loss) | 27367988<br>| 53302093<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (12076472) | 37328285<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 18575059<br>| 93742909<br>|
| Distributions to shareholders | (42775215)<br>| (3454881)<br>|
| Share transactions - net increase (decrease) | (33245341)<br>| (15354393)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (57445497)<br>| 74933635<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 380025415 | 305091780<br>|
| &nbsp;&nbsp;End of period | $322579918 | $380025415 |

---

**Financial Highlights** 

**Fidelity Advisor® Value Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.63 | $29.81 | $29.71 | $33.55 | $20.40 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .26  | .23  | .24  | .11  |
| Net realized and unrealized gain (loss)  | 1.79  | 8.85  | (.01)  | (2.61)  | 13.15  |
| Total from investment operations  | 2.07  | 9.11  | .22  | (2.37)  | 13.26  |
| Distributions from net investment income  | (.25)  | (.29)  | (.12)  | (.24)  | (.11)  |
| Distributions from net realized gain  | (4.08)  | -  | -  | (1.24)  | -  |
| Total distributions  | (4.33)  | (.29)  | (.12)  | (1.47) C | (.11)  |
| Net asset value, end of period  | $36.37 | $38.63 | $29.81 | $29.71 | $33.55 |
| **Total Return** D,E | 5.50% <br>| 30.72%  | .73%  | (7.25)%  | 65.21%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.08%  | 1.21%  | 1.22%  | 1.15%  | 1.21%  |
| Expenses net of fee waivers, if any  | 1.08% <br>| 1.15%  | 1.15%  | 1.15%  | 1.20%  |
| Expenses net of all reductions, if any  | 1.08%  | 1.15%  | 1.15%  | 1.15%  | 1.20%  |
| Net investment income (loss)  | .80%  | .71%  | .74%  | .76%  | .35%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $101134 | $103887 | $86044 | $108439 | $100604 |
| Portfolio turnover rate H | 68% <br>| 80%  | 75%  | 67%  | 64%  |

---

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

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

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

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

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

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

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

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

**Fidelity Advisor® Value Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.14 | $29.45 | $29.34 | $33.13 | $20.15 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .17  | .15  | .16  | .03  |
| Net realized and unrealized gain (loss)  | 1.77  | 8.74  | - C | (2.57)  | 13.01  |
| Total from investment operations  | 1.96  | 8.91  | .15  | (2.41)  | 13.04  |
| Distributions from net investment income  | (.16)  | (.22)  | (.04)  | (.15)  | (.06)  |
| Distributions from net realized gain  | (4.08)  | -  | -  | (1.24)  | -  |
| Total distributions  | (4.24)  | (.22)  | (.04)  | (1.38) D | (.06)  |
| Net asset value, end of period  | $35.86 | $38.14 | $29.45 | $29.34 | $33.13 |
| **Total Return** E,F | 5.26% <br>| 30.36%  | .49%  | (7.46)%  | 64.81%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.32%  | 1.45%  | 1.46%  | 1.40%  | 1.47%  |
| Expenses net of fee waivers, if any  | 1.32% <br>| 1.40%  | 1.40%  | 1.40%  | 1.45%  |
| Expenses net of all reductions, if any  | 1.32%  | 1.40%  | 1.39%  | 1.40%  | 1.45%  |
| Net investment income (loss)  | .56%  | .46%  | .49%  | .51%  | .10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $25686 | $26299 | $21708 | $22540 | $23323 |
| Portfolio turnover rate I | 68% <br>| 80%  | 75%  | 67%  | 64%  |

---

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

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

C*Amount represents less than $.005 per share.*

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

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

**Fidelity Advisor® Value Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.92 | $27.73 | $27.73 | $31.45 | $19.18 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | (.01)  | - C | - C | (.12)  |
| Net realized and unrealized gain (loss)  | 1.66  | 8.24  | - C | (2.43)  | 12.39  |
| Total from investment operations  | 1.67  | 8.23  | - C  | (2.43)  | 12.27  |
| Distributions from net investment income  | -  | (.04)  | -  | (.08)  | -  |
| Distributions from net realized gain  | (4.05)  | -  | -  | (1.21)  | -  |
| Total distributions  | (4.05)  | (.04)  | -  | (1.29)  | -  |
| Net asset value, end of period  | $33.54 | $35.92 | $27.73 | $27.73 | $31.45 |
| **Total Return** D,E | 4.72% <br>| 29.70%  | -%  | (7.94)%  | 63.97%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.84%  | 1.97%  | 2.00%  | 1.93%  | 2.01%  |
| Expenses net of fee waivers, if any  | 1.84% <br>| 1.90%  | 1.90%  | 1.90%  | 1.96%  |
| Expenses net of all reductions, if any  | 1.84%  | 1.90%  | 1.90%  | 1.90%  | 1.96%  |
| Net investment income (loss)  | .04%  | (.04)%  | (.01)%  | -% H | (.41)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10496 | $12489 | $11802 | $14661 | $15726 |
| Portfolio turnover rate I | 68% <br>| 80%  | 75%  | 67%  | 64%  |

---

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

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

C*Amount represents less than $.005 per share.*

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

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

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

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

H*Amount represents less than .005%.*

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

**Fidelity Advisor® Value Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.12 | $30.19 | $30.09 | $33.96 | $20.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .35  | .31  | .32  | .20  |
| Net realized and unrealized gain (loss)  | 1.82  | 8.96  | (.02)  | (2.63)  | 13.30  |
| Total from investment operations  | 2.21  | 9.31  | .29  | (2.31)  | 13.50  |
| Distributions from net investment income  | (.36)  | (.38)  | (.19)  | (.33)  | (.18)  |
| Distributions from net realized gain  | (4.08)  | -  | -  | (1.24)  | -  |
| Total distributions  | (4.45) C | (.38)  | (.19)  | (1.56) C | (.18)  |
| Net asset value, end of period  | $36.88 | $39.12 | $30.19 | $30.09 | $33.96 |
| **Total Return** D | 5.81% <br>| 31.04%  | .97%  | (6.99)%  | 65.68%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .80%  | .93%  | .94%  | .88%  | .92%  |
| Expenses net of fee waivers, if any  | .80% <br>| .90%  | .90%  | .88%  | .92%  |
| Expenses net of all reductions, if any  | .80%  | .90%  | .90%  | .88%  | .92%  |
| Net investment income (loss)  | 1.08%  | .96%  | .99%  | 1.02%  | .63%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $125066 | $160791 | $134095 | $170764 | $104393 |
| Portfolio turnover rate G | 68% <br>| 80%  | 75%  | 67%  | 64%  |

---

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

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

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

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

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

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

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

**Fidelity Advisor® Value Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.15 | $30.21 | $30.10 | $33.96 | $20.63 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .41  | .36  | .36  | .25  |
| Net realized and unrealized gain (loss)  | 1.83  | 8.95  | (.01)  | (2.62)  | 13.28  |
| Total from investment operations  | 2.26  | 9.36  | .35  | (2.26)  | 13.53  |
| Distributions from net investment income  | (.37)  | (.42)  | (.24)  | (.36)  | (.20)  |
| Distributions from net realized gain  | (4.08)  | -  | -  | (1.24)  | -  |
| Total distributions  | (4.46) C | (.42)  | (.24)  | (1.60)  | (.20)  |
| Net asset value, end of period  | $36.95 | $39.15 | $30.21 | $30.10 | $33.96 |
| **Total Return** D | 5.95% <br>| 31.21%  | 1.14%  | (6.86)%  | 65.88%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .68%  | .81%  | .82%  | .76%  | .77%  |
| Expenses net of fee waivers, if any  | .68% <br>| .75%  | .75%  | .75%  | .77%  |
| Expenses net of all reductions, if any  | .68%  | .75%  | .75%  | .75%  | .77%  |
| Net investment income (loss)  | 1.20%  | 1.11%  | 1.14%  | 1.16%  | .78%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $60197 | $76560 | $51443 | $81306 | $45835 |
| Portfolio turnover rate G | 68% <br>| 80%  | 75%  | 67%  | 64%  |

---

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

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Advisor Value Fund (the Fund) is a fund of Fidelity Advisor Series I (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, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. 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. 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 October 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $69220299 |
| **Gross unrealized depreciation**  | <u>(26330156)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$42890143</u> |
| **Tax Cost**  | <u>$292604829</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2937393</u> |
| **Undistributed long-term capital gain**  | <u>$22250834</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$42891341</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $6476338 | $3454881 |
| **Long-term Capital Gains**  | <u>36298877</u> | <u>-</u> |
| **Total**  | <u>$42775215</u> | <u>$3454881</u> |

---

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

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

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

**4. Derivative Instruments.**

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

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

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

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Value Fund** | 233961777 | 306821428 |

---

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

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

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

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .70 |
| **Class C** | .72 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .70 |
| **Class C** | .72 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Advisor Value Fund** | Russell Midcap Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .06%.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 253997 | 4768 |
| **Class M** | .25% | .25% | 127900 | 1826 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>112076</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11999</u> |
|  |  |  | <u>493973</u> | <u>18593</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 31439 |
| **Class M** | 861 |
| **Class C**A | <u>198</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>32498</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Value Fund** | 11285 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Value Fund** | 22361010 | 13415587 | 2459674 |

---

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Value Fund** | 482 |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Value Fund** | 6527 | 113 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Value Fund** | 5022395 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Advisor Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $11640133 | $808936 |
| Class M | 2912579 | 153984 |
| Class C | 1398720 | 16469 |
| Class I | 19389083 | 1762612 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7434700</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>712880</u> |
| Total  | <u>$42775215</u> | <u>$3454881</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Advisor Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 337632 | 358651 | $11849873 | $13097539 |
| Reinvestment of distributions | 318647 | 24101 | 11445786 | 794616 |
| Shares redeemed | <u>(565266)</u> | <u>(579500)</u> | <u>(19655235)</u> | <u>(20872534)</u> |
| Net increase (decrease) | <u>91013</u> | <u>(196748)</u> | <u>$3640424</u> | <u>$(6980379)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 34273 | 52688 | $1159339 | $1876916 |
| Reinvestment of distributions | 81234 | 4679 | 2882980 | 152627 |
| Shares redeemed | <u>(88795)</u> | <u>(104966)</u> | <u>(3064108)</u> | <u>(3715843)</u> |
| Net increase (decrease) | <u>26712</u> | <u>(47599)</u> | <u>$978211</u> | <u>$(1686300)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 43448 | 52752 | $1443703 | $1771421 |
| Reinvestment of distributions | 41821 | 532 | 1394729 | 16405 |
| Shares redeemed | <u>(120018)</u> | <u>(131244)</u> | <u>(3854144)</u> | <u>(4385543)</u> |
| Net increase (decrease) | <u>(34749)</u> | <u>(77960)</u> | <u>$(1015712)</u> | <u>$(2597717)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1145221 | 1734233 | $41911524 | $62212163 |
| Reinvestment of distributions | 529710 | 52545 | 19244373 | 1750267 |
| Shares redeemed | <u>(2394198)</u> | <u>(2117453)</u> | <u>(84633903)</u> | <u>(77231297)</u> |
| Net increase (decrease) | <u>(719267)</u> | <u>(330675)</u> | <u>$(23478006)</u> | <u>$(13268867)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 355416 | 662893 | $12349691 | $24345656 |
| Reinvestment of distributions | 182116 | 19285 | 6621737 | 641991 |
| Shares redeemed | <u>(863796)</u> | <u>(429455)</u> | <u>(32341686)</u> | <u>(15808777)</u> |
| Net increase (decrease) | <u>(326264)</u> | <u>252723</u> | <u>$(13370258)</u> | <u>$9178870</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Value Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Value Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 12, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $22,516,866, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed in December, during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $111,875 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 71%; Class M designates 83%; Class C designates 100%; Class I designates 60%; and Class Z designates 59% of the dividends distributed in December, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 89.59%; Class M designates 100%; Class C designates 100%; Class I designates 75.44%; and Class Z designates 74.31% of the dividends distributed in December, during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

Class A designates 6.58%; Class M designates 0%; Class C designates 0%; Class I designates 5.54%; and Class Z designates 5.46% of the dividends distributed in December, during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Advisor Value Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates 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, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account 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.

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

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of Class I of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Class I of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Class I of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Class I of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Class I of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that the total expense ratio of Class I of the fund ranked above the total peer group competitive median due to the fund's positive performance adjustment.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of Class I is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Class I as the basis for the performance adjustment. The Board noted that Class I is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

<u>Other Contractual Arrangements</u>. The Board considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and Class Z of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.15%, 1.40%, 1.90%, 0.90%, and 0.75% through February 28, 2026.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118402_4.jpg)<br>

1.808899.121 FAV-ANN-1225

**Fidelity Advisor® Capital & Income Fund**

**(formerly Fidelity Advisor® High Income Advantage Fund)**

**Annual Report**

**October 31, 2025**

![](img118405_1.jpg)

![](img118405_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_HY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Capital & Income Fund](#Sub_Sec_Fund_218_HY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements218_HY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_HY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_HY-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_HY-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_HY-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_HY-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_HY-ANN)** |

---

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

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity Advisor® Capital & Income Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 2.2%** | &nbsp;&nbsp;**Alternative Funds - 2.2%** | &nbsp;&nbsp;**Alternative Funds - 2.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (b)(c)<br>(Cost $61,482,497)<br>| 6289403 | **59390203** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Brant Point CLO 2024-5 Ltd Series 2024-5A Class E, CME Term SOFR 3 month Index + 6.7%, 10.5844% 10/20/2037 (d)(e)(f) | 250000 | 253373 |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (d)(e)(f) | 349000 | 351330 |
| OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 6.6936% 1/16/2037 (d)(e)(f) | 250000 | 249848 |
| TOTAL BAILIWICK OF JERSEY |  | 854551 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| 720 East CLO IV Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.5%, 10.4045% 4/15/2037 (d)(e)(f) | 250000 | 251790 |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1074% 10/22/2037 (d)(e)(f) | 207000 | 210208 |
| Arini US Clo II Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 5.65%, 9.9371% 3/31/2038 (d)(e)(f) | 150000 | 150904 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (d)(e)(f) | 186000 | 188787 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0302% 7/20/2038 (d)(e)(f) | 150000 | 150347 |
| Bayard Pk Clo Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2154% 7/24/2038 (d)(e)(f) | 305000 | 312056 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (d)(e)(f) | 202000 | 202719 |
| Bbam US Clo III Ltd Series 2025-3A Class DR, 9.1416% 10/15/2038 (e)(f) | 160000 | 159131 |
| Benefit Street Partners Clo Xxxix Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.5545% 4/15/2038 (d)(e)(f) | 276000 | 277520 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.6074% 4/22/2038 (d)(e)(f) | 291000 | 292161 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.6344% 10/20/2037 (d)(e)(f) | 162000 | 163335 |
| Carlyle US Clo 2025-2 Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 11.046% 7/25/2038 (d)(e)(f) | 250000 | 255395 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (d)(e)(f) | 194000 | 195291 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.12% 7/21/2038 (d)(e)(f) | 412000 | 423890 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (d)(e)(f) | 168000 | 167878 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.4545% 10/15/2036 (d)(e)(f) | 926000 | 931898 |
| Diameter Cap Clo 7 Ltd / Diameter Cap Clo 7 LLC Series 2024-7A Class D, CME Term SOFR 3 month Index + 6.1%, 9.9844% 7/20/2037 (d)(e)(f) | 484000 | 487078 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 8.0045% 4/15/2038 (d)(e)(f) | 184000 | 184226 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (d)(e)(f) | 283000 | 284692 |
| Galaxy XXV CLO Ltd Series 2025-25A Class ERR, CME Term SOFR 3 month Index + 5.75%, 9.608% 4/25/2036 (d)(e)(f) | 100000 | 99742 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5202% 7/20/2037 (d)(e)(f) | 100000 | 101500 |
| Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (f) | 150000 | 153241 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.9045% 7/15/2037 (d)(e)(f) | 165000 | 166063 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 7/20/2036 (d)(e)(f) | 189000 | 190561 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 10/20/2037 (d)(e)(f) | 192000 | 193500 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.4344% 7/20/2037 (d)(e)(f) | 230000 | 231157 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.4844% 10/20/2037 (d)(e)(f) | 363000 | 366320 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (d)(e)(f) | 127000 | 128016 |
| Palmer Square Loan Funding 2025-2 Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 8.7877% 7/15/2033 (d)(e)(f) | 273000 | 271378 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (d)(e)(f) | 428000 | 425093 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.6844% 4/20/2038 (d)(e)(f) | 113000 | 112763 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (d)(e)(f) | 344000 | 347373 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 8076013 |
| UNITED STATES - 0.0%  |  |  |
| Goldentree Loan Management US Clo 7 Ltd Series 2024-7A Class ERR, CME Term SOFR 3 month Index + 5.25%, 9.1344% 4/20/2034 (d)(e)(f) | 250000 | 249388 |
| Obra Clo 1 Ltd / Obra Clo 1 LLC Series 2024-1A Class D2, 8.259% 1/20/2038 (f) | 150000 | 151974 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.6344% 1/20/2038 (d)(e)(f) | 150000 | 152700 |
| TOTAL UNITED STATES |  | 554062 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $9,402,957) |  | <br> **9484626** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 11.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 11.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 11.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2401% 8/1/2030 (d)(e)(g) | 388779 | 363672 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Kronos Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 7/8/2031 (d)(e)(g) | 2457855 | 1782461 |
| TOTAL CANADA |  | 2146133 |
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5131% 5/23/2030 (d)(e)(g) | 1501238 | 1507332 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (d)(e)(g) | 2845960 | 2837821 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.2065% 10/1/2032 (d)(e)(g) | 2135000 | 2081625 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Klockner Pentaplast of America Inc Tranche 1ST LIEN AE TL 1LN, term loan 14.0018% 10/27/2025 (e)(g)(h) | 19387 | 19387 |
| Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 9.0185% 2/12/2026 (d)(e)(g) | 181925 | 76978 |
|  |  | 96365 |
| TOTAL LUXEMBOURG |  | 2177990 |
| NETHERLANDS - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Building Products - 0.1% |  |  |
| Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 1/17/2032 (d)(e)(g) | 2949979 | 2953136 |
| SWITZERLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (d)(e)(g) | 1979850 | 1655650 |
| UNITED KINGDOM - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6989% 2/7/2028 (d)(e)(g) | 7579125 | 7618612 |
| UNITED STATES - 10.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.3531% 3/25/2026 (d)(e)(g) | 1042633 | 695957 |
| Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.2649% 3/25/2026 (d)(e)(g)(h) | 138322 | 145411 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 1 month Index + 10%, 14.1552% 3/25/2026 (d)(e)(g) | 287516 | 300934 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.7631% 3/25/2026 (d)(e)(g)(h) | 27649 | 27649 |
|  |  | 1169951 |
| Media - 0.0% |  |  |
| Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 6/24/2029 (d)(e)(g) | 111263 | 110879 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3291% 1/31/2029 (d)(e)(g) | 969825 | 955278 |
|  |  | 1066157 |
| TOTAL COMMUNICATION SERVICES |  | 2236108 |
| Consumer Discretionary - 1.6% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 5/6/2030 (d)(e)(g) | 425708 | 425443 |
| Broadline Retail - 0.0% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/23/2032 (d)(e)(g) | 1136248 | 1135066 |
| Distributors - 0.0% |  |  |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.0015% 6/20/2031 (d)(e)(g) | 465485 | 460443 |
| Diversified Consumer Services - 0.2% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3928% 3/4/2028 (d)(e)(g) | 4101120 | 3414183 |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.9773% 5/15/2028 (d)(e)(g) | 2634732 | 2635548 |
|  |  | 6049731 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/29/2029 (d)(e)(g) | 7222551 | 7213812 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (d)(e)(g) | 1603038 | 1544255 |
|  |  | 8758067 |
| Household Durables - 0.1% |  |  |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (d)(e)(g) | 2125000 | 2117924 |
| Specialty Retail - 1.0% |  |  |
| Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.4919% 10/16/2031 (d)(e)(g) | 831616 | 835084 |
| Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7515% 12/4/2031 (d)(e)(g) | 471424 | 467889 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.881% 6/6/2031 (d)(e)(g) | 24102746 | 23234083 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (d)(e)(g) | 265000 | 265699 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 1/30/2031 (d)(e)(g) | 348403 | 347375 |
|  |  | 25150130 |
| TOTAL CONSUMER DISCRETIONARY |  | 44096804 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Naked Juice LLC Tranche EXCH FLSO FL20 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.3515% 1/24/2029 (d)(e)(g) | 258650 | 195281 |
| Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5015% 1/24/2029 (d)(e)(g) | 168264 | 169176 |
|  |  | 364457 |
| Food Products - 0.0% |  |  |
| Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 2/12/2031 (d)(e)(g) | 350578 | 348944 |
| TOTAL CONSUMER STAPLES |  | 713401 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 12/30/2027 (d)(e)(g) | 350633 | 351071 |
| EPIC Crude Services LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3404% 10/15/2031 (d)(e)(g) | 301765 | 302950 |
| Mesquite Energy Inc 1LN, term loan 0% (e)(g)(h)(i) | 721000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (d)(e)(g)(h)(i) | 1670606 | 0 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (d)(e)(g) | 3968149 | 1772216 |
|  |  | 2426237 |
| Financials - 1.3% |  |  |
| Capital Markets - 0.2% |  |  |
| Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/31/2031 (d)(e)(g) | 1188091 | 1191512 |
| Focus Financial Partners LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 9/15/2031 (d)(e)(g) | 4282638 | 4292017 |
| PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7515% 11/26/2031 (d)(e)(g) | 298500 | 298252 |
|  |  | 5781781 |
| Financial Services - 0.4% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 7/1/2032 (d)(e)(g) | 2320000 | 2264900 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 7/31/2031 (d)(e)(g) | 2125000 | 2128188 |
| Orion US Finco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4274% 10/8/2032 (d)(e)(g) | 215000 | 215942 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7035% 2/20/2032 (d)(e)(g) | 5027400 | 5028204 |
|  |  | 9637234 |
| Insurance - 0.7% |  |  |
| Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 6/21/2032 (d)(e)(g) | 2681615 | 2680783 |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 11/6/2030 (d)(e)(g) | 1974209 | 1970754 |
| Alera Group Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 5/31/2032 (d)(e)(g) | 615000 | 617940 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 9/19/2031 (d)(e)(g) | 6431313 | 6422888 |
| CRC Insurance Group LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.7515% 5/6/2032 (d)(e)(g) | 2273684 | 2301537 |
| CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7515% 5/6/2031 (d)(e)(g) | 381532 | 380849 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.12% 6/20/2030 (d)(e)(g) | 4676256 | 4690706 |
|  |  | 19065457 |
| TOTAL FINANCIALS |  | 34484472 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2146% 1/15/2031 (d)(e)(g) | 538650 | 541478 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/23/2028 (d)(e)(g) | 5393081 | 5397503 |
|  |  | 5938981 |
| Health Care Providers & Services - 0.0% |  |  |
| Phoenix Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 11/15/2028 (d)(e)(g) | 913927 | 916165 |
| Health Care Technology - 0.5% |  |  |
| AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 2/15/2029 (d)(e)(g) | 4208451 | 4186736 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.8843% 5/1/2031 (d)(e)(g) | 6831322 | 6569477 |
|  |  | 10756213 |
| Pharmaceuticals - 0.1% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.2146% 10/8/2030 (d)(e)(g) | 3167063 | 3142138 |
| Amneal Pharmaceuticals LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 8/2/2032 (d)(e)(g) | 235000 | 236664 |
|  |  | 3378802 |
| TOTAL HEALTH CARE |  | 20990161 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| TransDigm Group Inc Tranche M 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5015% 8/19/2032 (d)(e)(g) | 3855000 | 3855848 |
| TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.5015% 1/19/2032 (d)(e)(g) | 1816650 | 1817649 |
|  |  | 5673497 |
| Commercial Services & Supplies - 0.6% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 2/13/2032 (d)(e)(g) | 3387975 | 3379505 |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 12/21/2028 (d)(e)(g) | 2716165 | 2712770 |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.5015% 2/15/2031 (d)(e)(g) | 1034250 | 876765 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7962% 8/1/2030 (d)(e)(g) | 5050113 | 4452533 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7019% 6/21/2028 (d)(e)(g) | 393600 | 394092 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.0115% 4/11/2029 (d)(e)(g) | 2427750 | 2342172 |
| Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.281% 11/30/2028 (d)(e)(g) | 306086 | 306086 |
| Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.281% 11/30/2028 (d)(e)(g) | 23693 | 23693 |
| Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.0791% 12/10/2026 (d)(e)(g) | 669387 | 668550 |
|  |  | 15156166 |
| Machinery - 0.1% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3084% 9/13/2032 (d)(e)(g) | 330000 | 331511 |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0646% 3/25/2031 (d)(e)(g) | 1019475 | 1017182 |
|  |  | 1348693 |
| Passenger Airlines - 0.0% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1344% 5/28/2032 (d)(e)(g) | 208950 | 209577 |
| United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.1958% 2/22/2031 (d)(e)(g) | 376107 | 376644 |
|  |  | 586221 |
| Professional Services - 0.0% |  |  |
| Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 9/29/2031 (d)(e)(g) | 844000 | 842734 |
| TOTAL INDUSTRIALS |  | 23607311 |
| Information Technology - 4.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 7/12/2032 (d)(e)(g) | 249613 | 249770 |
| Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 8/18/2031 (d)(e)(g) | 524700 | 526815 |
|  |  | 776585 |
| IT Services - 1.2% |  |  |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (e)(g) | 497287 | 409849 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 3/20/2032 (d)(e)(g) | 985050 | 984538 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (g) | 20545000 | 20593075 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (d)(e)(g) | 10826505 | 10546207 |
|  |  | 32533669 |
| Software - 3.1% |  |  |
| Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.5015% 2/23/2032 (d)(e)(g) | 35000 | 35671 |
| Applied Systems Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 2/24/2031 (d)(e)(g) | 1940536 | 1943214 |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 12/11/2028 (d)(e)(g) | 2843453 | 2840496 |
| Avalara Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7353% 3/29/2032 (d)(e)(g) | 4937625 | 4945673 |
| ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.7631% 9/29/2028 (d)(e)(g) | 2267600 | 2269414 |
| KnowBe4 Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5904% 7/26/2032 (d)(e)(g) | 285000 | 284288 |
| McAfee Corp 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 3/1/2029 (d)(e)(g) | 9958200 | 9418764 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2515% 5/3/2028 (d)(e)(g) | 1683582 | 1527228 |
| Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.0904% 7/1/2031 (d)(e)(g) | 4969800 | 4850525 |
| Ping Identity Holding Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 10/31/2032 (d)(e)(g)(j) | 315000 | 315000 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 6/2/2028 (d)(e)(g) | 3480025 | 3323424 |
| Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 10/26/2030 (d)(e)(g) | 2214117 | 2213121 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 8/31/2028 (d)(e)(g) | 17530201 | 17593486 |
| RealPage Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2631% 4/24/2028 (d)(e)(g) | 744000 | 742214 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 9/8/2032 (d)(e)(g) | 1315000 | 1293631 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3383% 2/10/2031 (d)(e)(g) | 15097222 | 15086654 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.0904% 4/14/2031 (d)(e)(g) | 7665917 | 7589257 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (g) | 5087250 | 5309817 |
|  |  | 81581877 |
| TOTAL INFORMATION TECHNOLOGY |  | 114892131 |
| Materials - 1.1% |  |  |
| Chemicals - 0.6% |  |  |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6074% 10/4/2029 (d)(e)(g) | 11840768 | 11715729 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (d)(e)(g) | 4724735 | 4657786 |
|  |  | 16373515 |
| Containers & Packaging - 0.5% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.1396% 4/13/2029 (d)(e)(g) | 12733024 | 12723093 |
| TOTAL MATERIALS |  | 29096608 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5015% 3/29/2030 (d)(e)(g) | 311201 | 312238 |
| Talen Energy Supply LLC Tranche TLB-EXIT 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7329% 5/17/2030 (d)(e)(g) | 95157 | 95170 |
|  |  | 407408 |
| TOTAL UNITED STATES |  | 272950641 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $298,597,384) |  | <br> **293847315** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 19.9%** | &nbsp;&nbsp;**Common Stocks - 19.9%** | &nbsp;&nbsp;**Common Stocks - 19.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (k) | 28400 | 4937880 |
| CHINA - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.4% |  |  |
| BYD Co Ltd H Shares  | 894000 | 11574007 |
| FRANCE - 0.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (h) | 180725 | 3004259 |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 1900 | 1342964 |
| TOTAL FRANCE |  | 4347223 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City International Holdings Ltd ADR (k) | 35600 | 133500 |
| Studio City International Holdings Ltd ADR (f)(k) | 32338 | 121268 |
| TOTAL HONG KONG |  | 254768 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 7900 | 1652048 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 74000 | 22231820 |
| UNITED STATES - 18.2%  |  |  |
| Communication Services - 2.1% |  |  |
| Interactive Media & Services - 1.5% |  |  |
| Alphabet Inc Class A  | 39600 | 11135124 |
| Meta Platforms Inc Class A  | 46200 | 29953770 |
|  |  | 41088894 |
| Media - 0.6% |  |  |
| EchoStar Corp (b)(k) | 84623 | 6335724 |
| EchoStar Corp Class A (k)(l) | 126700 | 9486029 |
|  |  | 15821753 |
| TOTAL COMMUNICATION SERVICES |  | 56910647 |
| Consumer Discretionary - 1.4% |  |  |
| Automobile Components - 0.0% |  |  |
| UC Holdings Inc (h)(k) | 29835 | 0 |
| Broadline Retail - 0.4% |  |  |
| Amazon.com Inc (k) | 43500 | 10623571 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Booking Holdings Inc  | 800 | 4062192 |
| Boyd Gaming Corp  | 74300 | 5785741 |
| New Cotai LLC / New Cotai Capital Corp (b)(h)(k) | 1458195 | 481204 |
|  |  | 10329137 |
| Household Durables - 0.3% |  |  |
| TopBuild Corp (k) | 21700 | 9167816 |
| Specialty Retail - 0.3% |  |  |
| Dick's Sporting Goods Inc  | 15200 | 3366040 |
| Williams-Sonoma Inc  | 22600 | 4392084 |
|  |  | 7758124 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Arena Brands Holding Corp (b)(h) | 42253 | 813370 |
| TOTAL CONSUMER DISCRETIONARY |  | 38692018 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.1% |  |  |
| Celsius Holdings Inc (k) | 39200 | 2361016 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Northeast Grocery Inc (b)(h)(k) | 339746 | 1763282 |
| Southeastern Grocers Inc rights (h)(k) | 250623 | 9819 |
| US Foods Holding Corp (k) | 52700 | 3827074 |
|  |  | 5600175 |
| TOTAL CONSUMER STAPLES |  | 7961191 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Forbes Energy Services Ltd (h)(k) | 65062 | 1 |
| KLX Energy Services Holdings Inc warrants 3/12/2030 (k) | 47972 | 89308 |
| Noble Corp PLC (l) | 1410 | 41383 |
| Superior Energy Services Inc Class A (h)(k) | 17671 | 1122109 |
|  |  | 1252801 |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| California Resources Corp  | 2670 | 125943 |
| Energy Transfer LP  | 223800 | 3766554 |
| EP Energy Corp (h)(k) | 147125 | 238343 |
| Expand Energy Corp  | 490 | 50622 |
| Expand Energy Corp warrants 2/9/2026 (k) | 926 | 82872 |
| Mesquite Energy Inc (h)(k) | 90382 | 18455118 |
|  |  | 22719452 |
| TOTAL ENERGY |  | 23972253 |
| Financials - 2.3% |  |  |
| Capital Markets - 0.4% |  |  |
| Ares Management Corp Class A  | 25400 | 3777234 |
| Blue Owl Capital Inc Class A  | 199700 | 3149269 |
| Moody's Corp  | 5600 | 2689680 |
|  |  | 9616183 |
| Consumer Finance - 0.2% |  |  |
| OneMain Holdings Inc  | 75800 | 4486602 |
| Financial Services - 1.4% |  |  |
| Apollo Global Management Inc  | 108200 | 13450342 |
| Block Inc Class A (k) | 64100 | 4867754 |
| Carnelian Point Holdings LP warrants 6/30/2027 (h)(k) | 118 | 345 |
| Mastercard Inc Class A  | 16000 | 8831840 |
| Rocket Cos Inc Class A  | 16544 | 275623 |
| Visa Inc Class A  | 30800 | 10494792 |
|  |  | 37920696 |
| Insurance - 0.3% |  |  |
| Arthur J Gallagher & Co  | 34500 | 8607405 |
| TOTAL FINANCIALS |  | 60630886 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC warrants (h)(k) | 1505 | 5885 |
| Tenet Healthcare Corp (k) | 15300 | 3159297 |
|  |  | 3165182 |
| Industrials - 4.8% |  |  |
| Building Products - 0.6% |  |  |
| Carlisle Cos Inc  | 5600 | 1820280 |
| Simpson Manufacturing Co Inc  | 13400 | 2365100 |
| Trane Technologies PLC  | 26100 | 11709765 |
|  |  | 15895145 |
| Construction & Engineering - 2.2% |  |  |
| Comfort Systems USA Inc  | 34800 | 33602184 |
| EMCOR Group Inc  | 24300 | 16421454 |
| IES Holdings Inc (k) | 16700 | 6544396 |
| WillScot Holdings Corp  | 97300 | 2116275 |
|  |  | 58684309 |
| Electrical Equipment - 1.8% |  |  |
| Eaton Corp PLC  | 36500 | 13926940 |
| NEXTracker Inc Class A (k) | 149800 | 15162756 |
| nVent Electric PLC  | 51800 | 5923330 |
| Vertiv Holdings Co Class A  | 67400 | 12998764 |
|  |  | 48011790 |
| Machinery - 0.2% |  |  |
| Parker-Hannifin Corp  | 6900 | 5332527 |
| Passenger Airlines - 0.0% |  |  |
| Spirit Aviation Holdings Inc  | 37463 | 13487 |
| Spirit Aviation Holdings Inc  | 8110 | 2919 |
|  |  | 16406 |
| TOTAL INDUSTRIALS |  | 127940177 |
| Information Technology - 4.7% |  |  |
| Communications Equipment - 0.4% |  |  |
| Arista Networks Inc  | 62400 | 9839856 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Coherent Corp (k) | 27500 | 3628900 |
| IT Services - 0.0% |  |  |
| GTT Communications Inc (h)(k) | 11856 | 442229 |
| Semiconductors & Semiconductor Equipment - 3.0% |  |  |
| KLA Corp  | 7600 | 9186424 |
| Marvell Technology Inc  | 45200 | 4237048 |
| Micron Technology Inc  | 29400 | 6578838 |
| MKS Inc  | 27200 | 3908912 |
| NVIDIA Corp  | 230000 | 46572700 |
| ON Semiconductor Corp (k) | 113260 | 5672061 |
| Wolfspeed Inc  | 159185 | 4189749 |
|  |  | 80345732 |
| Software - 1.2% |  |  |
| AppLovin Corp Class A (k) | 6700 | 4270111 |
| Autodesk Inc (k) | 12700 | 3827018 |
| Microsoft Corp  | 31000 | 16052110 |
| Monday.com Ltd (k) | 37100 | 7614404 |
|  |  | 31763643 |
| TOTAL INFORMATION TECHNOLOGY |  | 126020360 |
| Materials - 0.4% |  |  |
| Chemicals - 0.1% |  |  |
| Chemours Co/The  | 138100 | 1849159 |
| Construction Materials - 0.3% |  |  |
| Eagle Materials Inc  | 23600 | 5010752 |
| James Hardie Industries PLC (k) | 87300 | 1827189 |
| Martin Marietta Materials Inc  | 4100 | 2513710 |
|  |  | 9351651 |
| Metals & Mining - 0.0% |  |  |
| Warrior Met Coal Inc  | 692 | 46945 |
| TOTAL MATERIALS |  | 11247755 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 0.4% |  |  |
| Constellation Energy Corp  | 29200 | 11008400 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| PureWest Energy LLC (h)(k) | 3289 | 739 |
| Vistra Corp  | 110700 | 20844810 |
|  |  | 20845549 |
| TOTAL UTILITIES |  | 31853949 |
| TOTAL UNITED STATES |  | 488394418 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $296,302,229) |  | <br> **533392164** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 1.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.0%  |  |  |
| Communication Services - 0.6% |  |  |
| Media - 0.6% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (e) | 6611122 | 15891485 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| New Cotai LLC 5% 2/24/2027 (h) | 1978172 | 2441065 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Coinbase Global Inc 0.25% 4/1/2030  | 1440000 | 1833119 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Wolfspeed Inc 2.5% 6/15/2031 (f) | 1721000 | 3738873 |
| Wolfspeed Inc 2.5% 6/15/2031  | 1521000 | 3304372 |
|  |  | 7043245 |
| TOTAL UNITED STATES |  | 27208914 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $13,257,932) |  | <br> **27208914** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Financial Services - 0.8% |  |  |
| Acrisure Holdings Inc Series A-2 (h)<br>(Cost $20,095,579)<br>| 834534 | **21948244** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 45.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 45.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 45.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (f) | 641000 | 620406 |
| Mineral Resources Ltd 7% 4/1/2031 (f) | 1415000 | 1464886 |
| Mineral Resources Ltd 8% 11/1/2027 (f) | 4725000 | 4825756 |
| Mineral Resources Ltd 8.5% 5/1/2030 (f) | 3095000 | 3226624 |
| Mineral Resources Ltd 9.25% 10/1/2028 (f) | 3435000 | 3601618 |
| TOTAL AUSTRALIA |  | 13739290 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (f) | 1320000 | 1311354 |
| CANADA - 1.3%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (f) | 1630000 | 1600575 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (f) | 5185000 | 4901838 |
| 1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (f) | 5490000 | 5419677 |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (f) | 539000 | 531733 |
|  |  | 12453823 |
| Household Durables - 0.0% |  |  |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC 4.875% 2/15/2030 (f) | 1080000 | 997773 |
| TOTAL CONSUMER DISCRETIONARY |  | 13451596 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (f) | 2140000 | 1587416 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Parkland Corp 4.5% 10/1/2029 (f) | 1145000 | 1105274 |
| Parkland Corp 4.625% 5/1/2030 (f) | 1735000 | 1683250 |
| Parkland Corp 6.625% 8/15/2032 (f) | 1085000 | 1107684 |
| Teine Energy Ltd 6.875% 4/15/2029 (f) | 1145000 | 1142222 |
|  |  | 5038430 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Bombardier Inc 6% 2/15/2028 (f) | 830000 | 831977 |
| Bombardier Inc 7.25% 7/1/2031 (f) | 1030000 | 1093263 |
| Bombardier Inc 7.875% 4/15/2027 (f) | 194000 | 194649 |
| Bombardier Inc 8.75% 11/15/2030 (f) | 1475000 | 1590790 |
|  |  | 3710679 |
| Machinery - 0.0% |  |  |
| ATS Corp 4.125% 12/15/2028 (f) | 1015000 | 981005 |
| Passenger Airlines - 0.0% |  |  |
| Air Canada 3.875% 8/15/2026 (f) | 1240000 | 1230438 |
| TOTAL INDUSTRIALS |  | 5922122 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Open Text Corp 6.9% 12/1/2027 (f) | 1685000 | 1753981 |
| Open Text Holdings Inc 4.125% 12/1/2031 (f) | 780000 | 726177 |
| Open Text Holdings Inc 4.125% 2/15/2030 (f) | 790000 | 754092 |
|  |  | 3234250 |
| Materials - 0.2% |  |  |
| Chemicals - 0.1% |  |  |
| NOVA Chemicals Corp 8.5% 11/15/2028 (f) | 1325000 | 1389053 |
| Containers & Packaging - 0.1% |  |  |
| Cascades Inc/Cascades USA Inc 5.375% 1/15/2028 (f) | 790000 | 789148 |
| Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC 9.5% 5/15/2030 (f) | 1515000 | 1420696 |
|  |  | 2209844 |
| Metals & Mining - 0.0% |  |  |
| Hudbay Minerals Inc 4.5% 4/1/2026 (f) | 905000 | 902653 |
| TOTAL MATERIALS |  | 4501550 |
| TOTAL CANADA |  | 33735364 |
| COLOMBIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (f) | 1250000 | 1011775 |
| FRANCE - 1.1%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Altice France SA 6.5% 10/15/2031 (f) | 392751 | 374429 |
| Altice France SA 6.5% 3/15/2032 (f) | 13091700 | 12536090 |
| Altice France SA 6.875% 10/15/2030 (f) | 2379609 | 2328726 |
| Altice France SA 6.875% 7/15/2032 (f) | 12028962 | 11544982 |
|  |  | 26784227 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (f) | 1902000 | 2021586 |
| TOTAL FRANCE |  | 28805813 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc 5.125% 2/1/2029  | 1920000 | 1241463 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (f) | 235000 | 219195 |
| HONG KONG - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Seaspan Corp 5.5% 8/1/2029 (f) | 1240000 | 1194265 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| CA Magnum Holdings 5.375% 10/31/2026 (f) | 690000 | 686549 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 524000 | 523912 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 865000 | 870355 |
| TOTAL ISRAEL |  | 1394267 |
| LUXEMBOURG - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| Altice Financing SA 5% 1/15/2028 (f) | 1580000 | 1177591 |
| Altice Financing SA 5.75% 8/15/2029 (f) | 4975000 | 3619412 |
| TOTAL LUXEMBOURG |  | 4797003 |
| MACAU - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City Finance Ltd 5% 1/15/2029 (f) | 725000 | 693753 |
| MEXICO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Borr IHC Ltd / Borr Finance LLC 10% 11/15/2028 (f) | 1313110 | 1309827 |
| Borr IHC Ltd / Borr Finance LLC 10.375% 11/15/2030 (f) | 454320 | 449777 |
| TOTAL MEXICO |  | 1759604 |
| NETHERLANDS - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| VZ Secured Financing BV 5% 1/15/2032 (f) | 3855000 | 3502331 |
| Ziggo BV 4.875% 1/15/2030 (f) | 3795000 | 3581909 |
| TOTAL NETHERLANDS |  | 7084240 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (f) | 1925000 | 1969268 |
| SPAIN - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA 4.75% 10/15/2028 (f) | 850000 | 821900 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (f) | 1045000 | 1011851 |
| TOTAL SPAIN |  | 1833751 |
| SWITZERLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (f) | 3610000 | 2565627 |
| TURKEY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (f) | 1895000 | 1893863 |
| UNITED KINGDOM - 1.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (f) | 2875000 | 2660801 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (f) | 710000 | 746304 |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (f) | 1085000 | 1158023 |
|  |  | 1904327 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (f) | 23205000 | 25416692 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (f) | 910000 | 879035 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Rolls-Royce PLC 5.75% 10/15/2027 (f) | 1440000 | 1477067 |
| TOTAL UNITED KINGDOM |  | 32337922 |
| UNITED STATES - 40.1%  |  |  |
| Communication Services - 3.8% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Frontier Communications Holdings LLC 5% 5/1/2028 (f) | 2830000 | 2826248 |
| Frontier Communications Holdings LLC 5.875% 10/15/2027 (f) | 1375000 | 1373942 |
| Level 3 Financing Inc 7% 3/31/2034 (f) | 7055000 | 7248328 |
| WULF Compute LLC 7.75% 10/15/2030 (f) | 5285000 | 5490454 |
|  |  | 16938972 |
| Entertainment - 0.1% |  |  |
| ROBLOX Corp 3.875% 5/1/2030 (f) | 3295000 | 3152899 |
| Media - 3.1% |  |  |
| CSC Holdings LLC 3.375% 2/15/2031 (f) | 4895000 | 2961823 |
| CSC Holdings LLC 4.125% 12/1/2030 (f) | 4630000 | 2847964 |
| CSC Holdings LLC 4.5% 11/15/2031 (f) | 9260000 | 5672243 |
| CSC Holdings LLC 6.5% 2/1/2029 (f) | 2665000 | 1850269 |
| DISH Network Corp 11.75% 11/15/2027 (f) | 9810000 | 10327801 |
| EchoStar Corp 10.75% 11/30/2029  | 24114983 | 26547569 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e) | 7447441 | 7685089 |
| Scripps Escrow II Inc 3.875% 1/15/2029 (f) | 360000 | 325503 |
| Sirius XM Radio LLC 3.875% 9/1/2031 (f) | 1655000 | 1501565 |
| Sirius XM Radio LLC 4% 7/15/2028 (f) | 1695000 | 1647407 |
| Sirius XM Radio LLC 5% 8/1/2027 (f) | 1575000 | 1571345 |
| Univision Communications Inc 4.5% 5/1/2029 (f) | 5610000 | 5272638 |
| Univision Communications Inc 7.375% 6/30/2030 (f) | 6430000 | 6451637 |
| Univision Communications Inc 8.5% 7/31/2031 (f) | 3735000 | 3820177 |
| Univision Communications Inc 9.375% 8/1/2032 (f) | 2380000 | 2512263 |
|  |  | 80995293 |
| TOTAL COMMUNICATION SERVICES |  | 101087164 |
| Consumer Discretionary - 5.2% |  |  |
| Automobile Components - 0.3% |  |  |
| Adient Global Holdings Ltd 7% 4/15/2028 (f) | 960000 | 982638 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (f) | 1920000 | 1966612 |
| Dana Inc 4.25% 9/1/2030  | 1185000 | 1168697 |
| Dana Inc 4.5% 2/15/2032  | 1305000 | 1277241 |
| Hertz Corp/The 12.625% 7/15/2029 (f) | 515000 | 509795 |
| Hertz Corp/The 5.5% (h)(i)(m) | 1505000 | 75250 |
| Hertz Corp/The 6% (h)(i)(m) | 1385000 | 207750 |
| Hertz Corp/The 6.25% (h)(i)(m) | 1605000 | 96300 |
| Hertz Corp/The 7.125% (h)(i)(m) | 1430000 | 228800 |
| Nesco Holdings II Inc 5.5% 4/15/2029 (f) | 1850000 | 1808630 |
|  |  | 8321713 |
| Automobiles - 0.1% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (f) | 615000 | 562279 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (f) | 700000 | 695837 |
| Nissan Motor Acceptance Co LLC 7.05% 9/15/2028 (f) | 310000 | 322508 |
|  |  | 1580624 |
| Broadline Retail - 0.1% |  |  |
| ANGI Group LLC 3.875% 8/15/2028 (f) | 750000 | 689720 |
| Wayfair LLC 7.25% 10/31/2029 (f) | 2330000 | 2409383 |
|  |  | 3099103 |
| Distributors - 0.0% |  |  |
| Windsor Holdings III LLC 8.5% 6/15/2030 (f) | 955000 | 1008170 |
| Diversified Consumer Services - 0.5% |  |  |
| Adtalem Global Education Inc 5.5% 3/1/2028 (f) | 1335000 | 1336128 |
| Service Corp International/US 4% 5/15/2031  | 1610000 | 1524932 |
| TKC Holdings Inc 6.875% 5/15/2028 (f) | 10855000 | 10945803 |
|  |  | 13806863 |
| Hotels, Restaurants & Leisure - 2.5% |  |  |
| Bloomin' Brands Inc / OSI Restaurant Partners LLC 5.125% 4/15/2029 (f) | 715000 | 631336 |
| Boyd Gaming Corp 4.75% 6/15/2031 (f) | 4225000 | 4068210 |
| Boyne USA Inc 4.75% 5/15/2029 (f) | 840000 | 823716 |
| Carnival Corp 4% 8/1/2028 (f) | 9210000 | 9060202 |
| Carnival Corp 5.125% 5/1/2029 (f) | 2145000 | 2171518 |
| Carnival Corp 5.875% 6/15/2031 (f) | 1505000 | 1552107 |
| Carnival Corp 7% 8/15/2029 (f) | 990000 | 1041070 |
| Churchill Downs Inc 5.75% 4/1/2030 (f) | 2330000 | 2337162 |
| Churchill Downs Inc 6.75% 5/1/2031 (f) | 1925000 | 1968199 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (f) | 4710000 | 4506456 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (f) | 4950000 | 4588366 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (f) | 725000 | 701261 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (f) | 1085000 | 1031114 |
| Hilton Domestic Operating Co Inc 4.875% 1/15/2030  | 1180000 | 1178296 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (f) | 1445000 | 1475073 |
| Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (f) | 2020000 | 2084448 |
| Jacobs Entertainment Inc 6.75% 2/15/2029 (f) | 1250000 | 1210938 |
| Light & Wonder International Inc 7.5% 9/1/2031 (f) | 970000 | 1006931 |
| Lindblad Expeditions LLC 7% 9/15/2030 (f) | 1445000 | 1471693 |
| MGM Resorts International 4.75% 10/15/2028  | 1470000 | 1460122 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (f) | 3025000 | 3140354 |
| Neogen Food Safety Corp 8.625% 7/20/2030 (f) | 775000 | 819718 |
| Papa John's International Inc 3.875% 9/15/2029 (f) | 765000 | 743320 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.625% 9/1/2029 (f) | 2410000 | 1458050 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.875% 9/1/2031 (f) | 370000 | 205350 |
| Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (f) | 1295000 | 1305163 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (f) | 2030000 | 2095031 |
| SeaWorld Parks & Entertainment Inc 5.25% 8/15/2029 (f) | 1665000 | 1633059 |
| Station Casinos LLC 4.625% 12/1/2031 (f) | 1300000 | 1221110 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (f) | 625000 | 624383 |
| VOC Escrow Ltd 5% 2/15/2028 (f) | 5510000 | 5494711 |
| Yum! Brands Inc 4.625% 1/31/2032  | 1530000 | 1494076 |
|  |  | 64602543 |
| Household Durables - 0.5% |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 4/1/2030 (f) | 1240000 | 1167273 |
| LGI Homes Inc 8.75% 12/15/2028 (f) | 975000 | 1013995 |
| Newell Brands Inc 6.375% 5/15/2030  | 1000000 | 950000 |
| Newell Brands Inc 6.625% 9/15/2029  | 1095000 | 1070860 |
| Newell Brands Inc 8.5% 6/1/2028 (f) | 1260000 | 1292655 |
| Somnigroup International Inc 3.875% 10/15/2031 (f) | 2230000 | 2060452 |
| Somnigroup International Inc 4% 4/15/2029 (f) | 2545000 | 2450970 |
| TopBuild Corp 3.625% 3/15/2029 (f) | 755000 | 728033 |
| TopBuild Corp 5.625% 1/31/2034 (f) | 1595000 | 1601469 |
| Tri Pointe Homes Inc 5.7% 6/15/2028  | 1965000 | 1983145 |
|  |  | 14318852 |
| Specialty Retail - 1.1% |  |  |
| Asbury Automotive Group Inc 4.5% 3/1/2028  | 492000 | 487955 |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (f) | 6520000 | 6332917 |
| Asbury Automotive Group Inc 4.75% 3/1/2030  | 489000 | 477958 |
| Asbury Automotive Group Inc 5% 2/15/2032 (f) | 1535000 | 1478117 |
| Bath & Body Works Inc 6.625% 10/1/2030 (f) | 4585000 | 4712633 |
| Bath & Body Works Inc 6.75% 7/1/2036  | 1340000 | 1386947 |
| Bath & Body Works Inc 7.5% 6/15/2029  | 1135000 | 1164303 |
| LBM Acquisition LLC 6.25% 1/15/2029 (f) | 2880000 | 2626934 |
| LBM Acquisition LLC 9.5% 6/15/2031 (f) | 4510000 | 4718588 |
| LCM Investments Holdings II LLC 8.25% 8/1/2031 (f) | 1160000 | 1220480 |
| Park River Holdings Inc 8% 3/15/2031 (f) | 980000 | 1008855 |
| PetSmart LLC / PetSmart Finance Corp 7.5% 9/15/2032 (f) | 2645000 | 2638255 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (f) | 1995000 | 2085042 |
|  |  | 30338984 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Crocs Inc 4.125% 8/15/2031 (f) | 825000 | 757473 |
| Crocs Inc 4.25% 3/15/2029 (f) | 1110000 | 1068657 |
| Kontoor Brands Inc 4.125% 11/15/2029 (f) | 760000 | 722086 |
|  |  | 2548216 |
| TOTAL CONSUMER DISCRETIONARY |  | 139625068 |
| Consumer Staples - 1.9% |  |  |
| Beverages - 0.0% |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (f) | 810000 | 810498 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (f) | 4630000 | 4412657 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (f) | 4225000 | 4216186 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (f) | 6100000 | 6024126 |
| C&S Group Enterprises LLC 5% 12/15/2028 (f) | 1110000 | 1012243 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (f) | 5770000 | 6041241 |
| Performance Food Group Inc 4.25% 8/1/2029 (f) | 1160000 | 1131285 |
| Performance Food Group Inc 5.5% 10/15/2027 (f) | 1353000 | 1353290 |
| US Foods Inc 4.625% 6/1/2030 (f) | 1070000 | 1050020 |
| US Foods Inc 7.25% 1/15/2032 (f) | 985000 | 1033431 |
|  |  | 26274479 |
| Food Products - 0.8% |  |  |
| Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (f) | 855000 | 850034 |
| Darling Ingredients Inc 5.25% 4/15/2027 (f) | 2655000 | 2649139 |
| Darling Ingredients Inc 6% 6/15/2030 (f) | 2040000 | 2061822 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (f) | 1895000 | 2000123 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (f) | 1315000 | 1415030 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (f) | 1720000 | 1661246 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (f) | 860000 | 819855 |
| Post Holdings Inc 4.5% 9/15/2031 (f) | 6170000 | 5794052 |
| Post Holdings Inc 4.625% 4/15/2030 (f) | 2050000 | 1987562 |
| Post Holdings Inc 5.5% 12/15/2029 (f) | 865000 | 865434 |
| Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625% 3/1/2029 (f) | 1070000 | 1025228 |
|  |  | 21129525 |
| Household Products - 0.0% |  |  |
| Spectrum Brands Inc 3.875% 3/15/2031 (f) | 257000 | 207849 |
| Personal Care Products - 0.1% |  |  |
| BellRing Brands Inc 7% 3/15/2030 (f) | 2425000 | 2500449 |
| Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC 4.75% 1/15/2029 (f) | 1240000 | 1222561 |
|  |  | 3723010 |
| TOTAL CONSUMER STAPLES |  | 52145361 |
| Energy - 6.0% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| Diamond Foreign Asset Co / Diamond Finance LLC 8.5% 10/1/2030 (f) | 985000 | 1045716 |
| KLX Energy Services Holdings Inc CME Term SOFR 1 month Index + 8.5%, 12.6739% 3/12/2030 pay-in-kind (d)(e)(f) | 2399227 | 2231281 |
| Nabors Industries Inc 9.125% 1/31/2030 (f) | 1950000 | 2049119 |
| Nabors Industries Ltd 7.5% 1/15/2028 (f) | 1360000 | 1366310 |
| Noble Finance II LLC 8% 4/15/2030 (f) | 960000 | 996329 |
| SESI LLC 7.875% 9/30/2030 (f) | 1070000 | 1050099 |
| Transocean International Ltd 7.875% 10/15/2032 (f) | 730000 | 751790 |
| Transocean International Ltd 8.25% 5/15/2029 (f) | 775000 | 779537 |
| Transocean International Ltd 8.5% 5/15/2031 (f) | 7275000 | 7222724 |
| Transocean International Ltd 8.75% 2/15/2030 (f) | 3532500 | 3706755 |
| Transocean Titan Financing Ltd 8.375% 2/1/2028 (f) | 1600429 | 1644634 |
| Valaris Ltd 8.375% 4/30/2030 (f) | 975000 | 1016834 |
|  |  | 23861128 |
| Oil, Gas & Consumable Fuels - 5.1% |  |  |
| Alpha Natural Resources Inc 9.75% (h)(i) | 1770000 | 0 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 6/15/2029 (f) | 1205000 | 1204249 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 1/15/2028 (f) | 1705000 | 1704331 |
| California Resources Corp 8.25% 6/15/2029 (f) | 1085000 | 1128684 |
| Chesapeake Energy Corp 7% (h)(i) | 840000 | 0 |
| Chesapeake Energy Corp 8% (h)(i) | 480000 | 0 |
| Chesapeake Energy Corp 8% (h)(i) | 300000 | 0 |
| CITGO Petroleum Corp 6.375% 6/15/2026 (f) | 1105000 | 1106334 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (f) | 4325000 | 4497555 |
| Civitas Resources Inc 8.625% 11/1/2030 (f) | 1985000 | 2052178 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (f) | 900000 | 861481 |
| CNX Resources Corp 6% 1/15/2029 (f) | 690000 | 692772 |
| CNX Resources Corp 7.375% 1/15/2031 (f) | 890000 | 921240 |
| Comstock Resources Inc 5.875% 1/15/2030 (f) | 4426000 | 4212264 |
| Comstock Resources Inc 6.75% 3/1/2029 (f) | 7095000 | 7033555 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (f) | 4245000 | 4199898 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (f) | 2610000 | 2823903 |
| CVR Energy Inc 5.75% 2/15/2028 (f) | 3170000 | 3137431 |
| CVR Energy Inc 8.5% 1/15/2029 (f) | 6890000 | 7061134 |
| DCP Midstream Operating LP 8.125% 8/16/2030  | 130000 | 149641 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (f) | 2645000 | 2657998 |
| DT Midstream Inc 4.125% 6/15/2029 (f) | 1215000 | 1189068 |
| DT Midstream Inc 4.375% 6/15/2031 (f) | 1215000 | 1179466 |
| Energy Transfer LP 5.625% 5/1/2027 (f) | 12200000 | 12202156 |
| Energy Transfer LP 6% 2/1/2029 (f) | 8530000 | 8636684 |
| Expand Energy Corp 4.875% (h)(i) | 2950000 | 0 |
| Expand Energy Corp 5.375% 3/15/2030  | 1665000 | 1689549 |
| Expand Energy Corp 5.75% (h)(i) | 1890000 | 0 |
| Expand Energy Corp 5.875% 2/1/2029 (f) | 2735000 | 2741630 |
| Expand Energy Corp 6.75% 4/15/2029 (f) | 1150000 | 1159391 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (f) | 885000 | 897532 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (f) | 1235000 | 1291115 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (f) | 1345000 | 1310007 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (f) | 1570000 | 1566464 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (f) | 890000 | 895853 |
| HF Sinclair Corp 5% 2/1/2028  | 1060000 | 1060892 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (f) | 310000 | 310521 |
| Kinetik Holdings LP 5.875% 6/15/2030 (f) | 1335000 | 1344978 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (f) | 1085000 | 1047289 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (f) | 675000 | 628159 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (f) | 1970000 | 1918785 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (f) | 1950000 | 1987420 |
| Occidental Petroleum Corp 7.2% 3/15/2029  | 545000 | 587434 |
| ONEOK Inc 5.375% 6/1/2029  | 650000 | 669384 |
| ONEOK Inc 6.5% 9/1/2030 (f) | 2725000 | 2915277 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  | 3845000 | 3817093 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (f) | 4245000 | 4264226 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (f) | 2555000 | 2708647 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (f) | 1165000 | 1165000 |
| SM Energy Co 6.625% 1/15/2027  | 850000 | 850549 |
| SM Energy Co 6.75% 9/15/2026  | 845000 | 845776 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  | 1710000 | 1656476 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  | 1320000 | 1294318 |
| Sunoco LP / Sunoco Finance Corp 6% 4/15/2027  | 4740000 | 4747239 |
| Sunoco LP / Sunoco Finance Corp 7% 9/15/2028 (f) | 985000 | 1015831 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (f) | 95000 | 94427 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (f) | 1620000 | 1592693 |
| Talos Production Inc 9% 2/1/2029 (f) | 880000 | 904798 |
| Talos Production Inc 9.375% 2/1/2031 (f) | 1000000 | 1022689 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.875% 2/1/2031  | 1405000 | 1408250 |
| Venture Global Calcasieu 3.875% 8/15/2029 (f) | 1035000 | 980448 |
| Venture Global Calcasieu 4.125% 8/15/2031 (f) | 1035000 | 956892 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (f) | 5110000 | 5352485 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (f) | 5110000 | 5412058 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (f) | 2275000 | 2501815 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (f) | 2325000 | 2623560 |
|  |  | 137888972 |
| TOTAL ENERGY |  | 161750100 |
| Financials - 4.6% |  |  |
| Capital Markets - 0.5% |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (f) | 2115000 | 2107469 |
| Coinbase Global Inc 3.375% 10/1/2028 (f) | 4600000 | 4375398 |
| Coinbase Global Inc 3.625% 10/1/2031 (f) | 2715000 | 2426588 |
| Hightower Holding LLC 6.75% 4/15/2029 (f) | 785000 | 785831 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (f) | 1240000 | 1204989 |
| MSCI Inc 3.25% 8/15/2033 (f) | 1245000 | 1112916 |
| MSCI Inc 4% 11/15/2029 (f) | 900000 | 877955 |
|  |  | 12891146 |
| Consumer Finance - 1.3% |  |  |
| Ally Financial Inc 8% 11/1/2031  | 16223000 | 18469188 |
| Ally Financial Inc 8% 11/1/2031  | 3105000 | 3523612 |
| OneMain Finance Corp 4% 9/15/2030  | 720000 | 669592 |
| OneMain Finance Corp 5.375% 11/15/2029  | 9325000 | 9251153 |
| OneMain Finance Corp 6.625% 1/15/2028  | 1185000 | 1215094 |
| OneMain Finance Corp 7.125% 3/15/2026  | 1632000 | 1642646 |
| OneMain Finance Corp 7.875% 3/15/2030  | 985000 | 1038131 |
|  |  | 35809416 |
| Financial Services - 0.8% |  |  |
| Block Inc 3.5% 6/1/2031  | 1615000 | 1503707 |
| Block Inc 5.625% 8/15/2030 (f) | 2370000 | 2405808 |
| Block Inc 6% 8/15/2033 (f) | 1870000 | 1912068 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (f) | 4005000 | 4020019 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 3415000 | 2937179 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  | 5030000 | 4942977 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  | 1165000 | 1164338 |
| MGIC Investment Corp 5.25% 8/15/2028  | 1040000 | 1039954 |
| NCR Atleos Corp 9.5% 4/1/2029 (f) | 1480000 | 1598289 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (f) | 840000 | 867580 |
|  |  | 22391919 |
| Insurance - 2.0% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (f) | 6240000 | 6177683 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (f) | 1155000 | 1184522 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (f) | 1055000 | 1091163 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (f) | 4685000 | 4881025 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (f) | 1470000 | 1447659 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (f) | 1290000 | 1286424 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (f) | 7995000 | 8025325 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (f) | 5690000 | 5793308 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (f) | 1680000 | 1740057 |
| AmWINS Group Inc 4.875% 6/30/2029 (f) | 1205000 | 1163779 |
| HUB International Ltd 5.625% 12/1/2029 (f) | 5635000 | 5618189 |
| HUB International Ltd 7.25% 6/15/2030 (f) | 6265000 | 6540647 |
| HUB International Ltd 7.375% 1/31/2032 (f) | 2495000 | 2585874 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (f) | 3590000 | 3710182 |
| USI Inc/NY 7.5% 1/15/2032 (f) | 1300000 | 1345968 |
|  |  | 52591805 |
| TOTAL FINANCIALS |  | 123684286 |
| Health Care - 3.0% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (f) | 860000 | 816797 |
| Bausch + Lomb Corp 8.375% 10/1/2028 (f) | 1970000 | 2058650 |
| Hologic Inc 4.625% 2/1/2028 (f) | 645000 | 643494 |
|  |  | 3518941 |
| Health Care Providers & Services - 2.1% |  |  |
| CHS/Community Health Systems Inc 10.875% 1/15/2032 (f) | 3150000 | 3395795 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (f) | 2860000 | 2553126 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (f) | 2625000 | 2460616 |
| CHS/Community Health Systems Inc 6% 1/15/2029 (f) | 1085000 | 1074149 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (f) | 2485000 | 2087938 |
| DaVita Inc 3.75% 2/15/2031 (f) | 535000 | 491195 |
| DaVita Inc 4.625% 6/1/2030 (f) | 4545000 | 4388907 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (f) | 1620000 | 1535530 |
| HealthEquity Inc 4.5% 10/1/2029 (f) | 895000 | 870968 |
| Molina Healthcare Inc 3.875% 11/15/2030 (f) | 1360000 | 1254493 |
| Molina Healthcare Inc 3.875% 5/15/2032 (f) | 1730000 | 1559841 |
| Owens & Minor Inc 4.5% 3/31/2029 (f) | 1065000 | 819585 |
| Tenet Healthcare Corp 4.25% 6/1/2029  | 8360000 | 8173341 |
| Tenet Healthcare Corp 4.375% 1/15/2030  | 6245000 | 6094960 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 4600000 | 4685332 |
| Tenet Healthcare Corp 6.25% 2/1/2027  | 9945000 | 9961492 |
| Tenet Healthcare Corp 6.75% 5/15/2031  | 990000 | 1027105 |
|  |  | 52434373 |
| Health Care Technology - 0.0% |  |  |
| IQVIA Inc 5% 10/15/2026 (f) | 1125000 | 1123278 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (f) | 1365000 | 1308694 |
| Charles River Laboratories International Inc 4% 3/15/2031 (f) | 1545000 | 1456553 |
| Charles River Laboratories International Inc 4.25% 5/1/2028 (f) | 485000 | 479495 |
|  |  | 3244742 |
| Pharmaceuticals - 0.7% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (f) | 11930000 | 12470543 |
| Jazz Securities DAC 4.375% 1/15/2029 (f) | 1635000 | 1601966 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (f) | 3525000 | 3353745 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (f) | 2410000 | 1847354 |
|  |  | 19273608 |
| TOTAL HEALTH CARE |  | 79594942 |
| Industrials - 6.3% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| ATI Inc 4.875% 10/1/2029  | 845000 | 840612 |
| ATI Inc 5.125% 10/1/2031  | 750000 | 743600 |
| ATI Inc 7.25% 8/15/2030  | 975000 | 1023820 |
| Moog Inc 4.25% 12/15/2027 (f) | 480000 | 474655 |
| TransDigm Inc 4.625% 1/15/2029  | 4860000 | 4780287 |
| TransDigm Inc 4.875% 5/1/2029  | 15000000 | 14861895 |
| TransDigm Inc 6.25% 1/31/2034 (f) | 840000 | 868138 |
| TransDigm Inc 6.375% 3/1/2029 (f) | 4505000 | 4606363 |
| TransDigm Inc 6.625% 3/1/2032 (f) | 1005000 | 1039249 |
| TransDigm Inc 6.75% 1/31/2034 (f) | 3175000 | 3290199 |
| TransDigm Inc 6.75% 8/15/2028 (f) | 8160000 | 8323200 |
| TransDigm Inc 6.875% 12/15/2030 (f) | 7770000 | 8066915 |
| TransDigm Inc 7.125% 12/1/2031 (f) | 1950000 | 2034369 |
|  |  | 50953302 |
| Air Freight & Logistics - 0.1% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (f) | 2390000 | 2443237 |
| Building Products - 0.2% |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (f) | 355000 | 354129 |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (f) | 890000 | 906673 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (f) | 1540000 | 1580737 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (f) | 590000 | 572476 |
| Shea Homes LP / Shea Homes Funding Corp 4.75% 4/1/2029  | 1070000 | 1047185 |
|  |  | 4461200 |
| Commercial Services & Supplies - 2.0% |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (f) | 846000 | 828597 |
| Artera Services LLC 8.5% 2/15/2031 (f) | 11700000 | 10096972 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (f) | 7245000 | 6970955 |
| Clean Harbors Inc 6.375% 2/1/2031 (f) | 790000 | 809369 |
| CoreCivic Inc 8.25% 4/15/2029  | 5765000 | 6071150 |
| GEO Group Inc/The 10.25% 4/15/2031  | 2575000 | 2819890 |
| GEO Group Inc/The 8.625% 4/15/2029  | 3605000 | 3804422 |
| GFL Environmental Inc 4% 8/1/2028 (f) | 1275000 | 1247271 |
| GFL Environmental Inc 4.75% 6/15/2029 (f) | 1625000 | 1607846 |
| GFL Environmental Inc 6.75% 1/15/2031 (f) | 1450000 | 1516883 |
| Madison IAQ LLC 4.125% 6/30/2028 (f) | 1535000 | 1503025 |
| Madison IAQ LLC 5.875% 6/30/2029 (f) | 1225000 | 1200385 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (f) | 10180000 | 10052750 |
| Reworld Holding Corp 4.875% 12/1/2029 (f) | 4810000 | 4519686 |
| Williams Scotsman Inc 7.375% 10/1/2031 (f) | 985000 | 1030902 |
|  |  | 54080103 |
| Construction & Engineering - 0.4% |  |  |
| Arcosa Inc 4.375% 4/15/2029 (f) | 1075000 | 1045973 |
| Pike Corp 5.5% 9/1/2028 (f) | 5980000 | 5967268 |
| Pike Corp 8.625% 1/31/2031 (f) | 2445000 | 2608855 |
|  |  | 9622096 |
| Electrical Equipment - 0.0% |  |  |
| Sensata Technologies BV 4% 4/15/2029 (f) | 1530000 | 1491043 |
| Ground Transportation - 0.2% |  |  |
| Uber Technologies Inc 4.5% 8/15/2029 (f) | 3730000 | 3720939 |
| XPO Inc 6.25% 6/1/2028 (f) | 960000 | 978948 |
| XPO Inc 7.125% 2/1/2032 (f) | 1470000 | 1545852 |
|  |  | 6245739 |
| Machinery - 0.3% |  |  |
| Allison Transmission Inc 5.875% 6/1/2029 (f) | 1265000 | 1275651 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (e)(f) | 3060000 | 3285418 |
| Chart Industries Inc 7.5% 1/1/2030 (f) | 2500000 | 2607253 |
|  |  | 7168322 |
| Passenger Airlines - 0.7% |  |  |
| Allegiant Travel Co 7.25% 8/15/2027 (f) | 1018000 | 1029443 |
| American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (f) | 3155000 | 3228188 |
| American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (f) | 3235000 | 3375017 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 4/20/2029 (f) | 4820000 | 4863125 |
| United Airlines Inc 4.375% 4/15/2026 (f) | 3965000 | 3956812 |
| United Airlines Inc 4.625% 4/15/2029 (f) | 3180000 | 3149538 |
|  |  | 19602123 |
| Professional Services - 0.4% |  |  |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (f) | 6410000 | 5979998 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (f) | 1605000 | 1532682 |
| ION Platform Finance US Inc / ION Platform Finance SARL 9.5% 5/30/2029 (f) | 1580000 | 1614514 |
| TriNet Group Inc 3.5% 3/1/2029 (f) | 1135000 | 1065855 |
|  |  | 10193049 |
| Trading Companies & Distributors - 0.1% |  |  |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (f) | 1465000 | 1556913 |
| TOTAL INDUSTRIALS |  | 167817127 |
| Information Technology - 3.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Coherent Corp 5% 12/15/2029 (f) | 1350000 | 1335558 |
| CPI CG Inc 10% 7/15/2029 (f) | 996000 | 1048290 |
| Lightning Power LLC 7.25% 8/15/2032 (f) | 2145000 | 2272108 |
| TTM Technologies Inc 4% 3/1/2029 (f) | 1135000 | 1096105 |
|  |  | 5752061 |
| IT Services - 1.3% |  |  |
| ASGN Inc 4.625% 5/15/2028 (f) | 1350000 | 1325873 |
| CoreWeave Inc 9% 2/1/2031 (f) | 4355000 | 4367738 |
| CoreWeave Inc 9.25% 6/1/2030 (f) | 7750000 | 7825377 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (f) | 6860000 | 6532066 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (f) | 1495000 | 1493300 |
| Sabre GLBL Inc 11.125% 7/15/2030 (f) | 5095000 | 4814775 |
| Twilio Inc 3.625% 3/15/2029  | 6425000 | 6171415 |
| Twilio Inc 3.875% 3/15/2031  | 1340000 | 1268247 |
|  |  | 33798791 |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ON Semiconductor Corp 3.875% 9/1/2028 (f) | 5500000 | 5351475 |
| Synaptics Inc 4% 6/15/2029 (f) | 900000 | 863894 |
| Wolfspeed Inc 12% 6/15/2031 pay-in-kind (e) | 1923166 | 1653923 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (e)(f) | 1181656 | 1301298 |
|  |  | 9170590 |
| Software - 1.4% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (f) | 10820000 | 10901669 |
| Crowdstrike Holdings Inc 3% 2/15/2029  | 1130000 | 1076698 |
| Elastic NV 4.125% 7/15/2029 (f) | 3785000 | 3648446 |
| Fair Isaac Corp 4% 6/15/2028 (f) | 1530000 | 1499473 |
| NCR Voyix Corp 5% 10/1/2028 (f) | 750000 | 742724 |
| NCR Voyix Corp 5.125% 4/15/2029 (f) | 1081000 | 1069790 |
| PTC Inc 4% 2/15/2028 (f) | 915000 | 900504 |
| UKG Inc 6.875% 2/1/2031 (f) | 1505000 | 1549184 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 14735000 | 15474978 |
|  |  | 36863466 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (f) | 3160000 | 3357362 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (f) | 2045000 | 2176622 |
|  |  | 5533984 |
| TOTAL INFORMATION TECHNOLOGY |  | 91118892 |
| Materials - 2.2% |  |  |
| Chemicals - 0.8% |  |  |
| Ingevity Corp 3.875% 11/1/2028 (f) | 1515000 | 1459839 |
| LSB Industries Inc 6.25% 10/15/2028 (f) | 3360000 | 3312437 |
| Olin Corp 5% 2/1/2030  | 1555000 | 1512245 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (f) | 3370000 | 3228308 |
| Olympus Water US Holding Corp 7.125% 10/1/2027 (f) | 1070000 | 1089057 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (f) | 5340000 | 5315272 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (f) | 1035000 | 1023689 |
| SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (f) | 1985000 | 1981530 |
| Scotts Miracle-Gro Co/The 4% 4/1/2031  | 1530000 | 1416400 |
| Tronox Inc 4.625% 3/15/2029 (f) | 1705000 | 1048197 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (f) | 950000 | 951809 |
|  |  | 22338783 |
| Construction Materials - 0.2% |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (f) | 3925000 | 4133020 |
| Containers & Packaging - 0.7% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (f) | 760000 | 725067 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (f) | 1515000 | 1412450 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (f) | 890000 | 892294 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (f) | 1060000 | 1064234 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (f) | 7325000 | 7339980 |
| Crown Americas LLC / Crown Americas Capital Corp V 4.25% 9/30/2026  | 1210000 | 1202201 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (f) | 825000 | 821123 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (f) | 1125000 | 1056962 |
| Mauser Packaging Solutions Holding Co 7.875% 4/15/2027 (f) | 950000 | 952496 |
| Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (f) | 950000 | 962352 |
| Trident TPI Holdings Inc 12.75% 12/31/2028 (f) | 950000 | 1014014 |
|  |  | 17443173 |
| Metals & Mining - 0.5% |  |  |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 (f) | 1980000 | 1927221 |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (f) | 835000 | 882544 |
| Arsenal AIC Parent LLC 8% 10/1/2030 (f) | 1145000 | 1216390 |
| Cleveland-Cliffs Inc 4.625% 3/1/2029 (f) | 3200000 | 3127176 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (f) | 1480000 | 1399128 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (f) | 2000000 | 2093658 |
| Commercial Metals Co 3.875% 2/15/2031  | 780000 | 728233 |
| Compass Minerals International Inc 6.75% 12/1/2027 (f) | 1138000 | 1143815 |
| Kaiser Aluminum Corp 4.625% 3/1/2028 (f) | 1575000 | 1573825 |
| Roller Bearing Co of America Inc 4.375% 10/15/2029 (f) | 610000 | 597767 |
|  |  | 14689757 |
| TOTAL MATERIALS |  | 58604733 |
| Real Estate - 1.8% |  |  |
| Diversified REITs - 0.5% |  |  |
| Iron Mountain Information Management Services Inc 5% 7/15/2032 (f) | 1295000 | 1251775 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (f) | 1120000 | 1004078 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 4.75% 4/15/2028 (f) | 4258000 | 4161712 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (f) | 2070000 | 1937367 |
| Vici Properties LP / Vici Note Co Inc 3.875% 2/15/2029 (f) | 1445000 | 1411924 |
| Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (f) | 3015000 | 3007882 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (f) | 1720000 | 1705747 |
|  |  | 14480485 |
| Health Care REITs - 0.4% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 1445000 | 1020264 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 9710000 | 9342230 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (f) | 1600000 | 1676293 |
|  |  | 12038787 |
| Real Estate Management & Development - 0.3% |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (f) | 2040000 | 2221266 |
| Greystar Real Estate Partners LLC 7.75% 9/1/2030 (f) | 860000 | 909366 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (f) | 1416000 | 1414132 |
| Taylor Morrison Communities Inc 5.75% 1/15/2028 (f) | 2100000 | 2130671 |
| Taylor Morrison Communities Inc 5.875% 6/15/2027 (f) | 1490000 | 1504882 |
| Weekley Homes LLC / Weekley Finance Corp 4.875% 9/15/2028 (f) | 675000 | 659243 |
|  |  | 8839560 |
| Specialized REITs - 0.6% |  |  |
| Iron Mountain Inc 4.5% 2/15/2031 (f) | 2975000 | 2853462 |
| Iron Mountain Inc 4.875% 9/15/2029 (f) | 3800000 | 3750217 |
| SBA Communications Corp 3.125% 2/1/2029  | 1695000 | 1602270 |
| SBA Communications Corp 3.875% 2/15/2027  | 6375000 | 6303682 |
|  |  | 14509631 |
| TOTAL REAL ESTATE |  | 49868463 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 1.7% |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (f) | 850000 | 769695 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (f) | 1705000 | 1578897 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (f) | 970000 | 964569 |
| NRG Energy Inc 3.375% 2/15/2029 (f) | 665000 | 632386 |
| NRG Energy Inc 3.625% 2/15/2031 (f) | 1320000 | 1232201 |
| NRG Energy Inc 3.875% 2/15/2032 (f) | 171000 | 158701 |
| NRG Energy Inc 5.75% 1/15/2028  | 2765000 | 2774814 |
| NRG Energy Inc 5.75% 1/15/2034 (f) | 2135000 | 2151907 |
| NRG Energy Inc 6% 1/15/2036 (f) | 4270000 | 4347063 |
| NRG Energy Inc 6% 2/1/2033 (f) | 760000 | 775262 |
| NRG Energy Inc 6.25% 11/1/2034 (f) | 910000 | 936941 |
| Pacific Gas and Electric Co 3.75% 7/1/2028  | 400000 | 393187 |
| Pacific Gas and Electric Co 3.95% 12/1/2047  | 885000 | 664955 |
| Pacific Gas and Electric Co 4% 12/1/2046  | 2184000 | 1651259 |
| PG&E Corp 5% 7/1/2028  | 10140000 | 10069300 |
| PG&E Corp 5.25% 7/1/2030  | 1150000 | 1138046 |
| Vistra Operations Co LLC 4.375% 5/1/2029 (f) | 3105000 | 3048724 |
| Vistra Operations Co LLC 5% 7/31/2027 (f) | 3565000 | 3566929 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (f) | 4435000 | 4436441 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (f) | 1965000 | 2085325 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (f) | 980000 | 1008093 |
|  |  | 44384695 |
| Gas Utilities - 0.0% |  |  |
| Suburban Propane Partners LP/Suburban Energy Finance Corp 5% 6/1/2031 (f) | 1610000 | 1525223 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (f) | 1610000 | 1628710 |
| Sunnova Energy Corp 11.75% (f)(i) | 2950000 | 14750 |
| Sunnova Energy Corp 5.875% (f)(i) | 485000 | 2425 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (f) | 1610000 | 1650973 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (f) | 1610000 | 1667483 |
|  |  | 4964341 |
| TOTAL UTILITIES |  | 50874259 |
| TOTAL UNITED STATES |  | 1076170395 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (f) | 1405000 | 1458969 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (f) | 5740000 | 6005476 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (f) | 2390000 | 2523577 |
| TOTAL ZAMBIA |  | 9988022 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,221,758,617) |  | <br> **1224432783** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Strategy Inc 9% (n)<br>(Cost $5,557,155)<br>| 62660 | **6229656** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 3.3%** | &nbsp;&nbsp;**Preferred Securities - 3.3%** | &nbsp;&nbsp;**Preferred Securities - 3.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 3.3%  |  |  |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Energy Transfer LP 6.5% (e)(m) | 1945000 | 2011594 |
| Energy Transfer LP 6.625% (e)(m) | 8261000 | 8364325 |
| Energy Transfer LP Series G, 7.125% (e)(m) | 17355000 | 18426715 |
| Mesquite Energy Inc 7.25% (h)(i)(m) | 6264000 | 626 |
|  |  | 28803260 |
| Financials - 2.0% |  |  |
| Banks - 1.1% |  |  |
| Bank of America Corp 5.875% (e)(m) | 14280000 | 14542324 |
| Bank of America Corp 6.25% (e)(m) | 3115000 | 3171814 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 6.7303% (d)(e)(m) | 3555000 | 3577601 |
| Wells Fargo & Co 7.625% (e)(m) | 5740000 | 6183613 |
|  |  | 27475352 |
| Capital Markets - 0.6% |  |  |
| Goldman Sachs Group Inc/The 5.3% (e)(m) | 15000000 | 15359487 |
| Consumer Finance - 0.0% |  |  |
| Ally Financial Inc 4.7% (e)(m) | 945000 | 888380 |
| Insurance - 0.3% |  |  |
| Alliant Holdings LP 10.5% (e)(h)(m) | 8524537 | 8642995 |
| TOTAL FINANCIALS |  | 52366214 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Edison International 5% (e)(m) | 455000 | 446739 |
| Edison International 5.375% (e)(m) | 5885000 | 5867675 |
|  |  | 6314414 |
| TOTAL UNITED STATES |  | 87483888 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $91,909,072) |  | <br> **87483888** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 15.1%** | &nbsp;&nbsp;**Money Market Funds - 15.1%** | &nbsp;&nbsp;**Money Market Funds - 15.1%** | &nbsp;&nbsp;**Money Market Funds - 15.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (o) | 4.18 | 396530723 | 396610029 |
| Fidelity Securities Lending Cash Central Fund (o)(p) | 4.18 | 9498700 | 9499650 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $406,109,584) |  |  | **406109679** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $2,424,473,006)<br>| <br>**2669527472** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **13353453** |
| **NET ASSETS - 100.0%** | **2682880925** |

---

**Legend**

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

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $68,783,783 or 2.6% of net assets.

(c) Affiliated fund.

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $987,102,920 or 36.8% of net assets.

(g) 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.

(h) Level 3 security.

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

(j) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

(k) Non-income producing.

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

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

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

(o) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Arena Brands Holding Corp | 6/18/1997 - 7/13/1998 | 1538320 |
| EchoStar Corp | 9/30/2024 | 2372829 |
| Fidelity Private Credit Company LLC | 4/28/2022 - 10/6/2025 | 62278472 |
| New Cotai LLC / New Cotai Capital Corp | 9/11/2020 | 7223534 |
| Northeast Grocery Inc | 11/8/2021 | 135178 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 260674449 | 554758242 | 418822361 | 12671008 | (301) | - | 396610029 | 396530723 | 0.7% |
| Fidelity Securities Lending Cash Central Fund | 1231650 | 61784033 | 53516033 | 38289 | - | - | 9499650 | 9498700 | 0.0% |
| Total | 261906099 | 616542275 | 472338394 | 12709297 | (301) | - | 406109679 |  |  |

---

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

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

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

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 51761865 | 11183329 | - | 8162353 | - | (2759016) | 59390203 | 6289403 |
|  | 51761865 | 11183329 | - | 8162353 | - | (2759016) | 59390203 |  |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 59390203 | - | 59390203 | - |
|  **Asset-Backed Securities** | 9484626 | - | 9484626 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 5073929 | - | 4900869 | 173060 |
| Consumer Discretionary | 44460476 | - | 44460476 | - |
| Consumer Staples | 2495862 | - | 2495862 | - |
| Energy | 10044849 | - | 10044849 | - |
| Financials | 36566097 | - | 36566097 | - |
| Health Care | 20990161 | - | 20990161 | - |
| Industrials | 26560447 | - | 26560447 | - |
| Information Technology | 114892131 | - | 114892131 | - |
| Materials | 32355955 | - | 32336568 | 19387 |
| Utilities | 407408 | - | 407408 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 59914906 | 56910647 | - | 3004259 |
| Consumer Discretionary | 51863757 | 49226219 | 1342964 | 1294574 |
| Consumer Staples | 7961191 | 6188090 | - | 1773101 |
| Energy | 23972253 | 3984502 | 172180 | 19815571 |
| Financials | 60630886 | 60630541 | - | 345 |
| Health Care | 3165182 | 3159297 | - | 5885 |
| Industrials | 127940177 | 127940177 | - | - |
| Information Technology | 154842108 | 154399879 | - | 442229 |
| Materials | 11247755 | 11247755 | - | - |
| Utilities | 31853949 | 31853210 | - | 739 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 15891485 | - | 15891485 | - |
| Consumer Discretionary | 2441065 | - | - | 2441065 |
| Financials | 1833119 | - | 1833119 | - |
| Information Technology | 7043245 | - | 7043245 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 21948244 | - | - | 21948244 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 142632630 | - | 142632630 | - |
| Consumer Discretionary | 155674744 | - | 155066644 | 608100 |
| Consumer Staples | 53732777 | - | 53732777 | - |
| Energy | 198967455 | - | 198967455 | - |
| Financials | 123684286 | - | 123684286 | - |
| Health Care | 82690144 | - | 82690144 | - |
| Industrials | 176410581 | - | 176410581 | - |
| Information Technology | 95039691 | - | 95039691 | - |
| Materials | 93845902 | - | 93845902 | - |
| Real Estate | 49868463 | - | 49868463 | - |
| Utilities | 51886110 | - | 51886110 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 6229656 | 6229656 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 28803260 | - | 28802634 | 626 |
| Financials | 52366214 | - | 43723219 | 8642995 |
| Utilities | 6314414 | - | 6314414 | - |
|  **Money Market Funds** | 406109679 | 406109679 | - | - |
| **Total Investments in Securities:** | 2669527472 | 917879652 | 1691477640 | 60170180 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2025 ($)** |
| **Common Stocks** | 13037558 | - | 10262979 | 3431397 | (395231) | - | - | - | 26336703 | 10262979 |
| **Bank Loan Obligations** | - | (526888) | 535603 | 154606 | (968) | 5373 | 24721 | - | 192447 | 8715 |
| **Convertible Preferred Stocks** | - | - | 1852665 | 20095579 | - | - | - | - | 21948244 | 1852665 |
| **Convertible Corporate Bonds** | 3701943 | - | (1372503) | 95475 | - | 16150 | - | - | 2441065 | (1372503) |
| **Preferred Securities** | 8270232 | - | (5407426) | 5780815 | - | - | - | - | 8643621 | (5407426) |
| **Non-Convertible Corporate Bonds** | 4731064 | 142242 | 5650212 | 32658 | (9780697) | (167379) | - | - | 608100 | 608100 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $9,513,762) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,956,880,925) | $2204027590 |  |
| Fidelity Central Funds (cost $406,109,584) | 406109679 |  |
| Other affiliated issuers (cost $61,482,497) | 59390203 |  |
| Total Investment in Securities (cost $2,424,473,006) |  | $2669527472 |
| Cash |  | 345401 |
| Foreign currency held at value (cost $56,507) |  | 54878 |
| Receivable for investments sold |  | 1868427 |
| Receivable for fund shares sold |  | 3045513 |
| Dividends receivable |  | 39900 |
| Interest receivable |  | 25023680 |
| Distributions receivable from Fidelity Central Funds |  | 1421578 |
| Prepaid expenses |  | 2641 |
| Other receivables |  | 8042 |
| **Total assets** |  | 2701337532 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3707597 |  |
| Payable for fund shares redeemed | 2608207 |  |
| Distributions payable | 873824 |  |
| Accrued management fee | 1457044 |  |
| Distribution and service plan fees payable | 231955 |  |
| Other payables and accrued expenses | 78330 |  |
| Collateral on securities loaned | 9499650 |  |
| **Total liabilities** |  | 18456607 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $2682880925 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2416049525 |
| Total accumulated earnings (loss) |  | 266831400 |
| **Net Assets** |  | $2682880925 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($588,593,835 ÷ 46,358,317 shares)(a) |  | $12.70 |
| Maximum offering price per share (100/96.00 of $12.70) |  | $13.23 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($250,496,560 ÷ 19,610,248 shares)(a) |  | $12.77 |
| Maximum offering price per share (100/96.00 of $12.77) |  | $13.30 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($69,849,530 ÷ 5,512,224 shares)(a) |  | $12.67 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,219,547,600 ÷ 103,063,027 shares) |  | $11.83 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($554,393,400 ÷ 46,846,042 shares) |  | $11.83 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $9389048 |
| Affiliated issuers |  | 8162353 |
| Interest  |  | 105072778 |
| Income from Fidelity Central Funds (including $38,289 from security lending)  |  | 12709297 |
| **Total income** |  | 135333476 |
| **Expenses** |  |  |
| Management fee | $16480339 |  |
| Distribution and service plan fees | 2639852 |  |
| Custodian fees and expenses | 20066 |  |
| Independent trustees' fees and expenses | 9473 |  |
| Registration fees | 161084 |  |
| Audit fees | 84381 |  |
| Legal | 9232 |  |
| Miscellaneous | 15906 |  |
| Total expenses before reductions | 19420333 |  |
| Expense reductions | (429851) |  |
| Total expenses after reductions |  | 18990482 |
| **Net Investment income (loss)** |  | 116342994 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 27326974 |  |
| Fidelity Central Funds | (301) |  |
| Foreign currency transactions | 42 |  |
| Total net realized gain (loss) |  | 27326715 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 141850143 |  |
| Affiliated issuers  | (2759016) |  |
| Unfunded commitments | (1825312) |  |
| Assets and liabilities in foreign currencies | (1141) |  |
| Total change in net unrealized appreciation (depreciation) |  | 137264674 |
| **Net gain (loss)** |  | 164591389 |
| **Net increase (decrease) in net assets resulting from operations** |  | $280934383 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $116342994 | $116444137 |
| &nbsp;&nbsp;Net realized gain (loss) | 27326715<br>| 9786819<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 137264674 | 220892198<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 280934383<br>| 347123154<br>|
| Distributions to shareholders | (112595277)<br>| (109086155)<br>|
| Share transactions - net increase (decrease) | 203595128<br>| 221824323<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 371934234<br>| 459861322<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2310946691 | 1851085369<br>|
| &nbsp;&nbsp;End of period | $2682880925 | $2310946691 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.83 | $10.54 | $10.90 | $12.94 | $10.95 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .560  | .593  | .551  | .455  | .382  |
| Net realized and unrealized gain (loss)  | .851  | 1.252  | - C | (1.803)  | 1.989  |
| Total from investment operations  | 1.411  | 1.845  | .551  | (1.348)  | 2.371  |
| Distributions from net investment income  | (.541)  | (.555)  | (.544)  | (.433)  | (.381)  |
| Distributions from net realized gain  | -  | -  | (.367)  | (.259)  | -  |
| Total distributions  | (.541)  | (.555)  | (.911)  | (.692)  | (.381)  |
| Net asset value, end of period  | $12.70 | $11.83 | $10.54 | $10.90 | $12.94 |
| **Total Return** D,E | 12.27% <br>| 17.78%  | 5.16%  | (10.75)%  | 21.85%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .96%  | .99%  | .98%  | 1.01%  | .99%  |
| Expenses net of fee waivers, if any  | .95% <br>| .97%  | .98%  | 1.01%  | .99%  |
| Expenses net of all reductions, if any  | .95%  | .97%  | .98%  | 1.01%  | .99%  |
| Net investment income (loss)  | 4.65%  | 5.18%  | 5.11%  | 3.88%  | 3.07%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $588594 | $537083 | $466886 | $462864 | $565899 |
| Portfolio turnover rate H | 22% <br>| 29%  | 29%  | 29%  | 27%  |

---

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

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

C*Amount represents less than $.0005 per share.*

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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.90 | $10.60 | $10.96 | $13.01 | $11.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .564  | .599  | .556  | .458  | .385  |
| Net realized and unrealized gain (loss)  | .850  | 1.260  | (.001)  | (1.813)  | 1.998  |
| Total from investment operations  | 1.414  | 1.859  | .555  | (1.355)  | 2.383  |
| Distributions from net investment income  | (.544)  | (.559)  | (.548)  | (.436)  | (.383)  |
| Distributions from net realized gain  | -  | -  | (.367)  | (.259)  | -  |
| Total distributions  | (.544)  | (.559)  | (.915)  | (.695)  | (.383)  |
| Net asset value, end of period  | $12.77 | $11.90 | $10.60 | $10.96 | $13.01 |
| **Total Return** C,D | 12.22% <br>| 17.82%  | 5.17%  | (10.75)%  | 21.84%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .96%  | .97%  | .98%  | 1.01%  | .99%  |
| Expenses net of fee waivers, if any  | .94% <br>| .96%  | .97%  | 1.01%  | .99%  |
| Expenses net of all reductions, if any  | .94%  | .96%  | .97%  | 1.01%  | .99%  |
| Net investment income (loss)  | 4.65%  | 5.19%  | 5.11%  | 3.89%  | 3.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $250497 | $244473 | $223836 | $238446 | $299876 |
| Portfolio turnover rate G | 22% <br>| 29%  | 29%  | 29%  | 27%  |

---

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

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

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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.81 | $10.51 | $10.88 | $12.92 | $10.93 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .469  | .506  | .469  | .366  | .286  |
| Net realized and unrealized gain (loss)  | .841  | 1.261  | (.010)  | (1.804)  | 1.988  |
| Total from investment operations  | 1.310  | 1.767  | .459  | (1.438)  | 2.274  |
| Distributions from net investment income  | (.450)  | (.467)  | (.462)  | (.343)  | (.284)  |
| Distributions from net realized gain  | -  | -  | (.367)  | (.259)  | -  |
| Total distributions  | (.450)  | (.467)  | (.829)  | (.602)  | (.284)  |
| Net asset value, end of period  | $12.67 | $11.81 | $10.51 | $10.88 | $12.92 |
| **Total Return** C,D | 11.36% <br>| 17.04%  | 4.27%  | (11.45)%  | 20.95%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.71%  | 1.74%  | 1.76%  | 1.78%  | 1.76%  |
| Expenses net of fee waivers, if any  | 1.70% <br>| 1.72%  | 1.73%  | 1.77%  | 1.76%  |
| Expenses net of all reductions, if any  | 1.70%  | 1.72%  | 1.73%  | 1.77%  | 1.76%  |
| Net investment income (loss)  | 3.90%  | 4.42%  | 4.35%  | 3.12%  | 2.30%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $69850 | $64010 | $54054 | $56047 | $71058 |
| Portfolio turnover rate G | 22% <br>| 29%  | 29%  | 29%  | 27%  |

---

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

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

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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.03 | $9.82 | $10.19 | $12.12 | $10.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .550  | .578  | .539  | .454  | .388  |
| Net realized and unrealized gain (loss)  | .784  | 1.178  | (.007)  | (1.691)  | 1.860  |
| Total from investment operations  | 1.334  | 1.756  | .532  | (1.237)  | 2.248  |
| Distributions from net investment income  | (.534)  | (.546)  | (.535)  | (.434)  | (.388)  |
| Distributions from net realized gain  | -  | -  | (.367)  | (.259)  | -  |
| Total distributions  | (.534)  | (.546)  | (.902)  | (.693)  | (.388)  |
| Net asset value, end of period  | $11.83 | $11.03 | $9.82 | $10.19 | $12.12 |
| **Total Return** C | 12.46% <br>| 18.18%  | 5.35%  | (10.56)%  | 22.13%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .71%  | .75%  | .73%  | .76%  | .74%  |
| Expenses net of fee waivers, if any  | .70% <br>| .73%  | .72%  | .76%  | .74%  |
| Expenses net of all reductions, if any  | .70%  | .73%  | .72%  | .76%  | .74%  |
| Net investment income (loss)  | 4.90%  | 5.42%  | 5.36%  | 4.13%  | 3.32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1219548 | $1018426 | $745215 | $695712 | $903429 |
| Portfolio turnover rate F | 22% <br>| 29%  | 29%  | 29%  | 27%  |

---

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

D*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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*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.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.02 | $9.82 | $10.19 | $12.12 | $10.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .561  | .590  | .549  | .463  | .399  |
| Net realized and unrealized gain (loss)  | .795  | 1.166  | (.007)  | (1.690)  | 1.860  |
| Total from investment operations  | 1.356  | 1.756  | .542  | (1.227)  | 2.259  |
| Distributions from net investment income  | (.546)  | (.556)  | (.545)  | (.444)  | (.399)  |
| Distributions from net realized gain  | -  | -  | (.367)  | (.259)  | -  |
| Total distributions  | (.546)  | (.556)  | (.912)  | (.703)  | (.399)  |
| Net asset value, end of period  | $11.83 | $11.02 | $9.82 | $10.19 | $12.12 |
| **Total Return** C | 12.68% <br>| 18.20%  | 5.45%  | (10.47)%  | 22.25%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .61%  | .65%  | .64%  | .66%  | .64%  |
| Expenses net of fee waivers, if any  | .59% <br>| .63%  | .63%  | .66%  | .64%  |
| Expenses net of all reductions, if any  | .59%  | .63%  | .63%  | .66%  | .64%  |
| Net investment income (loss)  | 5.00%  | 5.51%  | 5.46%  | 4.23%  | 3.42%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $554393 | $446955 | $361094 | $336654 | $363496 |
| Portfolio turnover rate F | 22% <br>| 29%  | 29%  | 29%  | 27%  |

---

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

D*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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*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.*

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Advisor Capital & Income Fund (formerly Fidelity Advisor High Income Advantage Fund) (the Fund) is a fund of Fidelity Advisor Series I (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, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity 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. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the nine month period ended September 30, 2025 was 9.68%.

**4. Significant Accounting Policies.**

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

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Bank Loan Obligations | $192447 | Market approach | Transaction price | $100.00 | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Indicative market price | Evaluated bid | $100.00 - $105.13 / $104.31 | Increase |
| Common Stocks | $26336703 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 4.1 - 7.9 / 5.2 | Increase |
|  |  | Market approach | Transaction price | $0.00 - $2.92 / $2.91 | Increase |
|  |  | Recovery value | Recovery value | $0.00 - $0.22 / $0.05 | Increase |
|  |  | Black scholes | Volatility | 45.0% - 60.0% / 45.2% | Increase |
|  |  |  | Discount rate | 3.5% - 3.7% / 3.7% | Increase |
|  |  |  | Term | 1.3 - 3.7 / 1.4 | Increase |
|  |  | Discounted cash flow | Discount rate | 8.5% - 12.2% / 8.5% | Decrease |
|  |  | Indicative market price | Mid price | $16.50 - $16.79 / $16.62 | Increase |
| Convertible Corporate Bonds | $2441065 | Black scholes | Volatility | 45.0% | Increase |
|  |  |  | Discount rate | 3.7% | Increase |
|  |  |  | Term | 1.3 | Increase |
| Convertible Preferred Stocks | $21948244 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 20.5 | Increase |
| Non-Convertible Corporate Bonds | $608100 | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Indicative market price | Evaluated bid | $5.00 - $16.00 / $12.71 | Increase |
| Preferred Securities | $8643621 | Discounted cash flow | Yield | 9.9% | Decrease |
|  |  | Indicative market price | Evaluated bid | $0.01 | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

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 October 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**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 Advisor Capital & Income Fund** | $8042 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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 foreign currency transactions, defaulted bonds, market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $324322947 |
| **Gross unrealized depreciation**  | <u>(66514773)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$257808174</u> |
| **Tax Cost**  | <u>$2411719298</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$7995643</u> |
| **Undistributed long-term capital gain**  | <u>$1026161</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$257806570</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $112595277 | $109086156 |

---

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

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

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Advisor Capital & Income Fund** | Fidelity Private Credit Company LLC | 5319991 | - |

---

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

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

**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 Advisor Capital & Income Fund** | 502094667 | 472529007 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .70 |
| **Class C** | .73 |
| **Class I** | .71 |
| **Class Z** | .61 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .70 |
| **Class M** | .70 |
| **Class C** | .70 |
| **Class I** | .70 |
| **Class Z** | .60 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 1379565 | 54228 |
| **Class M** | - % | .25% | 608080 | 2928 |
| **Class C** | .75% | .25% | <u>652207</u> | <u>137324</u> |
|  |  |  | <u>2639852</u> | <u>194480</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 74951 |
| **Class M** | 10189 |
| **Class C**A | <u>517</u> |
|  | <u>85657</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Capital & Income Fund** | 980 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Capital & Income Fund** | 7459163 | 1999437 | 670431 |

---

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Capital & Income Fund** | 3270 |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Capital & Income Fund** | 4074 | - | - |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until February 28, 2027. During the period, this waiver reduced the Fund's management fee by $417,764.

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 $12,087.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Advisor Capital & Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $24747739 | $25078208 |
| Class M | 10932497 | 11683271 |
| Class C | 2442242 | 2461395 |
| Class I | 51757888 | 45474839 |
| Class Z | <u>22714911</u> | <u>24388442</u> |
| Total  | <u>$112595277</u> | <u>$109086155</u> |

---

**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** |
|  | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Advisor Capital & Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 10859470 | 9217875 | $131852498 | $105494300 |
| Reinvestment of distributions | 1896801 | 2014106 | 22892698 | 23136995 |
| Shares redeemed | <u>(11801236)</u> | <u>(10144747)</u> | <u>(143000792)</u> | <u>(116368909)</u> |
| Net increase (decrease) | <u>955035</u> | <u>1087234</u> | <u>$11744404</u> | <u>$12262386</u> |
| **Class M** |  |  |  |  |
| Shares sold | 1796565 | 2496793 | $21685791 | $28673865 |
| Reinvestment of distributions | 841914 | 941706 | 10216958 | 10877624 |
| Shares redeemed | <u>(3570643)</u> | <u>(4014473)</u> | <u>(43166045)</u> | <u>(46312852)</u> |
| Net increase (decrease) | <u>(932164)</u> | <u>(575974)</u> | <u>$(11263296)</u> | <u>$(6761363)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1234438 | 1556559 | $14972645 | $17808924 |
| Reinvestment of distributions | 195150 | 205821 | 2348232 | 2358178 |
| Shares redeemed | <u>(1339132)</u> | <u>(1481390)</u> | <u>(16033866)</u> | <u>(16954786)</u> |
| Net increase (decrease) | <u>90456</u> | <u>280990</u> | <u>$1287011</u> | <u>$3212316</u> |
| **Class I** |  |  |  |  |
| Shares sold | 39849495 | 40631234 | $450089652 | $434438865 |
| Reinvestment of distributions | 4153255 | 3778288 | 46718093 | 40500020 |
| Shares redeemed | <u>(33299206)</u> | <u>(27917153)</u> | <u>(370859441)</u> | <u>(297633954)</u> |
| Net increase (decrease) | <u>10703544</u> | <u>16492369</u> | <u>$125948304</u> | <u>$177304931</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 24819501 | 26221220 | $280262923 | $280321281 |
| Reinvestment of distributions | 1543490 | 1930565 | 17400841 | 20717520 |
| Shares redeemed | <u>(20068615)</u> | <u>(24357552)</u> | <u>(221785059)</u> | <u>(265232748)</u> |
| Net increase (decrease) | <u>6294376</u> | <u>3794233</u> | <u>$75878705</u> | <u>$35806053</u> |

---

**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. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Capital & Income Fund (formerly Fidelity Advisor High Income Advantage Fund):

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

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Capital & Income Fund (formerly Fidelity Advisor High Income Advantage Fund) (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 17, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $1,026,161, or, if subsequently determined to be different, the net capital gain of such year.

A total of 2.03% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $87,192,793 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $112,595,277 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Advisor Capital & Income Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates 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, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account 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.

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

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Class I, the Board considered the effective management fee rate for Class I from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

The information provided to the Board indicated that the management fee rate of Class I of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Class I of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its asset-sized peer group median. The Board noted that, although Class I is categorized by Lipper as an institutional class, Class I has no investment minimum, unlike most other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes. The Board considered that, when compared to retail funds and classes, Class I would not be above the total peer group competitive median for 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118405_4.jpg)<br>

1.538463.128 HY-ANN-1225

**Fidelity Advisor® Floating Rate High Income Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118407_1.jpg)

![](img118407_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_AFR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Floating Rate High Income Fund](#Sub_Sec_Fund_161_AFR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements161_AFR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_AFR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_AFR-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AFR-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AFR-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AFR-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AFR-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity Advisor® Floating Rate High Income Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 0.8%** | &nbsp;&nbsp;**Alternative Funds - 0.8%** | &nbsp;&nbsp;**Alternative Funds - 0.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (b)(c)<br>(Cost $127,444,499)<br>| 13031470 | **123054869** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Goldentree Ln Mgmt US Clo 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.5844% 7/20/2037 (d)(e)(f) | 4213000 | 4236947 |
| GoldenTree Loan Management US CLO 21 Ltd Series 2024-21A Class DJ, CME Term SOFR 3 month Index + 4.25%, 8.1344% 7/20/2037 (d)(e)(f) | 2807000 | 2841503 |
| TOTAL BAILIWICK OF JERSEY |  | 7078450 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.5%  |  |  |
| Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.3844% 1/20/2035 (d)(e)(f) | 1068000 | 1058598 |
| Apidos CLO LIII Series 2025-53A Class E, CME Term SOFR 3 month Index + 6.43%, 10.3144% 7/20/2038 (d)(e)(f) | 2178000 | 2230078 |
| Arini US Clo II Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 5.65%, 9.9371% 3/31/2038 (d)(e)(f) | 790000 | 794761 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (d)(e)(f) | 1179000 | 1196664 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0302% 7/20/2038 (d)(e)(f) | 755000 | 756749 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (d)(e)(f) | 1345000 | 1349788 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.6074% 4/22/2038 (d)(e)(f) | 1989000 | 1996932 |
| Birch Grove Clo 4 Ltd Series 2024-4A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.4045% 7/15/2037 (d)(e)(f) | 865000 | 864397 |
| Brant Point Clo Ltd Series 2025-8A Class D1, CME Term SOFR 3 month Index + 2.85%, 6.8119% 3/31/2038 (d)(e)(f) | 3650000 | 3636466 |
| Carlyle US Clo 2025-2 Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 11.046% 7/25/2038 (d)(e)(f) | 1546000 | 1579360 |
| Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2344% 10/20/2037 (d)(e)(f) | 460000 | 469092 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.12% 7/21/2038 (d)(e)(f) | 2671000 | 2748080 |
| Cifc Fdg Ltd / Cifc Fdg LLC Series 2025-5A Class CR, CME Term SOFR 3 month Index + 1.8%, 5.7045% 1/15/2038 (d)(e)(f) | 3140000 | 3147784 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (d)(e)(f) | 1110000 | 1109194 |
| Diameter Cap Ltd / LLC Series 2025-5A Class BR, CME Term SOFR 3 month Index + 1.8%, 5.67% 1/15/2039 (d)(e)(f) | 3500000 | 3503521 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 8.0045% 4/15/2038 (d)(e)(f) | 1268000 | 1269555 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (d)(e)(f) | 1947000 | 1958641 |
| Galaxy XXV CLO Ltd Series 2025-25A Class ERR, CME Term SOFR 3 month Index + 5.75%, 9.608% 4/25/2036 (d)(e)(f) | 472000 | 470785 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5202% 7/20/2037 (d)(e)(f) | 511000 | 518664 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.9045% 7/15/2037 (d)(e)(f) | 1023000 | 1029588 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 7/20/2036 (d)(e)(f) | 1208000 | 1217979 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 10/20/2037 (d)(e)(f) | 1153000 | 1162010 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.4344% 7/20/2037 (d)(e)(f) | 1457000 | 1464332 |
| OHA Credit Partners Ltd Series 2024-18A Class D2, CME Term SOFR 3 month Index + 4.75%, 8.6344% 4/20/2037 (d)(e)(f) | 1952000 | 1971278 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.7035% 2/20/2038 (d)(e)(f) | 6050000 | 6041246 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (d)(e)(f) | 884000 | 891074 |
| Palmer Square Loan Funding 2025-2 Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 8.7877% 7/15/2033 (d)(e)(f) | 1726000 | 1715746 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (d)(e)(f) | 2704000 | 2685632 |
| Palmer Square Loan Funding Ltd Series 2024-3A Class D, CME Term SOFR 3 month Index + 5.4%, 9.6343% 8/8/2032 (d)(e)(f) | 5670000 | 5634188 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.6844% 4/20/2038 (d)(e)(f) | 752000 | 750420 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (d)(e)(f) | 1250000 | 1262258 |
| Tpg Clo Ltd Series 2025-2A Class D1, CME Term SOFR 3 month Index + 3.25%, 3.25% 1/21/2039 (d)(e)(f)(g) | 1500000 | 1502097 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 57986957 |
| UNITED STATES - 0.0%  |  |  |
| Diameter Capital Clo 1 Ltd Series 2024-1A Class DR, CME Term SOFR 3 month Index + 6.15%, 10.0545% 10/15/2037 (d)(e)(f) | 1315000 | 1335957 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.6344% 1/20/2038 (d)(e)(f) | 948000 | 965062 |
| Systima Capital Management LLC Series 2025-SUP2 Class E, U.S. 30-Day Avg. SOFR Index + 4%, 7.8828% 9/25/2032 (d)(e)(f) | 374200 | 374187 |
| TOTAL UNITED STATES |  | 2675206 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $67,460,011) |  | <br> **67740613** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 90.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 90.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 90.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 1.6%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.1% |  |  |
| Bombardier Recreational Products Inc Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 12/13/2029 (e)(f)(h) | 9213663 | 9212834 |
| Bombardier Recreational Products Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 1/22/2031 (e)(f)(h) | 3858407 | 3852620 |
|  |  | 13065454 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| 1011778 BC ULC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 9/20/2030 (e)(f)(h) | 73479292 | 73216971 |
| Four Seasons Hotels Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 9/22/2032 (e)(f)(h) | 28235488 | 28235488 |
| Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2401% 8/1/2030 (e)(f)(h) | 11472712 | 10731805 |
|  |  | 112184264 |
| TOTAL CONSUMER DISCRETIONARY |  | 125249718 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Kronos Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 7/8/2031 (e)(f)(h) | 27159877 | 19696614 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Rockpoint Gas Storage Partners LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3428% 9/18/2031 (e)(f)(h) | 26517088 | 26558454 |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Jones Deslauriers Insurance Management Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.5904% 3/15/2030 (e)(f)(h) | 11336535 | 11315336 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| VetStrategy Canada Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7515% 12/12/2028 (e)(f)(h) | 30220520 | 30318736 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Air Canada Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 3/21/2031 (e)(f)(h) | 11278250 | 11283889 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Groupe Solmax Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.928% 5/29/2028 (e)(f)(h) | 27250275 | 21425801 |
| TOTAL CANADA |  | 245848548 |
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom-Munksjo Oyj 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2631% 2/4/2028 (e)(f)(h) | 6519290 | 6535588 |
| FRANCE - 0.7%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Altice France SA Tranche B13 1LN, term loan CME Term SOFR 1 month Index + 5.375%, 9.3603% 5/14/2029 (e)(f)(h) | 6029165 | 5946264 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (e)(f)(h) | 98802556 | 98519980 |
| TOTAL FRANCE |  | 104466244 |
| GERMANY - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| TK Elevator US Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.1971% 4/30/2030 (e)(f)(h) | 26282570 | 26430541 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Azorra Soar Tlb Finance Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7878% 10/18/2029 (e)(f)(h) | 13171585 | 13215446 |
| HONG KONG - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| Fugue Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.9489% 1/9/2032 (e)(f)(h) | 20369594 | 20395056 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| BYJU's Alpha Inc Tranche B 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (e)(f)(h)(k) | 20791044 | 1091530 |
| BYJU's Alpha Inc Tranche BRIDGE TERM LOAN 1LN, term loan CME Term SOFR 3 month Index + 8%, 12.1634% 4/9/2026 (e)(f)(h)(i) | 119442 | 115858 |
| BYJU's Alpha Inc Tranche DIP TERM 1LN, term loan CME Term SOFR 1 month Index + 8%, 11.9355% 4/9/2026 (e)(f)(h)(i) | 488020 | 473380 |
| BYJU's Alpha Inc Tranche DIP TERM 1LN, term loan CME Term SOFR 1 month Index + 8%, 6.3524% 4/9/2026 (e)(f)(h)(i)(j) | 372291 | 361122 |
| BYJU's Alpha Inc Tranche PREPETITION REIMBURSEMENT TL 1LN, term loan CME Term SOFR 3 month Index + 8%, 12.1634% 4/9/2026 (e)(f)(h)(i) | 551393 | 534851 |
| TOTAL INDIA |  | 2576741 |
| IRELAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Financing BV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.0015% 6/4/2032 (e)(f)(h) | 8782988 | 8728094 |
| LUXEMBOURG - 0.3%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.2065% 10/1/2032 (e)(f)(h) | 26215000 | 25559625 |
| SK Neptune Husky Finance Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 0% (e)(f)(h)(k) | 11864743 | 237295 |
|  |  | 25796920 |
| Materials - 0.1% |  |  |
| Containers & Packaging - 0.1% |  |  |
| Klockner Pentaplast of America Inc Tranche 1ST LIEN AE TL 1LN, term loan 14.0018% 10/27/2025 (e)(h)(i) | 2477611 | 2477611 |
| Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 9.0185% 2/12/2026 (e)(f)(h) | 23250404 | 9837943 |
|  |  | 12315554 |
| TOTAL LUXEMBOURG |  | 38112474 |
| NETHERLANDS - 1.0%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Flora Food Management US Corp Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.31% 12/31/2027 (e)(f)(h) | 10044265 | 9383051 |
| Industrials - 0.7% |  |  |
| Building Products - 0.7% |  |  |
| Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 1/17/2032 (e)(f)(h) | 99866552 | 99973410 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Cyberswift BV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9371% 10/8/2032 (e)(f)(h) | 6535000 | 6539117 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Nouryon Finance BV Tranche B-1 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0358% 4/3/2028 (e)(f)(h) | 12802945 | 12770937 |
| Nouryon Finance BV Tranche B-2 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1615% 4/3/2028 (e)(f)(h) | 9766980 | 9742563 |
|  |  | 22513500 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.2631% 8/30/2028 (e)(f)(h) | 21663740 | 10290276 |
| TOTAL NETHERLANDS |  | 148699354 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Coral-US Co-Borrower LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.1467% 10/15/2029 (e)(f)(h) | 2415000 | 2354939 |
| Coral-US Co-Borrower LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1545% 1/31/2032 (e)(f)(h) | 15954947 | 15420935 |
| TOTAL PUERTO RICO |  | 17775874 |
| SPAIN - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Grifols Worldwide Operations USA Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.0646% 11/15/2027 (e)(f)(h) | 11036000 | 11034676 |
| SWEDEN - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Anticimex Global AB Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 10/31/2031 (e)(f)(h)(l) | 690150 | 692738 |
| Anticimex Global AB Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 3.4%, 7.76% 11/16/2028 (e)(f)(h) | 32608680 | 32713354 |
| Anticimex Global AB Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.76% 11/16/2028 (e)(f)(h) | 4340319 | 4355250 |
| TOTAL SWEDEN |  | 37761342 |
| SWITZERLAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (e)(f)(h) | 37915900 | 31707171 |
| UNITED KINGDOM - 2.7%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Connect Finco SARL Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 12/12/2026 (e)(f)(h) | 587651 | 586328 |
| Entertainment - 0.6% |  |  |
| Crown Finance US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.6292% 12/2/2031 (e)(f)(h) | 86837406 | 86604682 |
| TOTAL COMMUNICATION SERVICES |  | 87191010 |
| Consumer Discretionary - 1.1% |  |  |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| City Football Group Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.5791% 7/21/2030 (e)(f)(h) | 63882718 | 63742815 |
| Entain Holdings Gibraltar Ltd Tranche B5 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 7/31/2032 (e)(f)(h) | 16559000 | 16481338 |
| Entain Holdings Gibraltar Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 10/31/2029 (e)(f)(h) | 27947642 | 27925284 |
| Flutter Entertainment PLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.7515% 11/30/2030 (e)(f)(h) | 54756729 | 54455567 |
|  |  | 162605004 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Boots Group Finco LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.705% 8/30/2032 (e)(f)(h) | 15025000 | 15081344 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6989% 2/7/2028 (e)(f)(h) | 73688004 | 74071918 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Loire Finco Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 1/21/2030 (e)(f)(h) | 10930144 | 10927411 |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| HomeServe USA Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.031% 10/21/2030 (e)(f)(h) | 22876625 | 22871821 |
| Construction & Engineering - 0.3% |  |  |
| Red SPV LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.281% 3/15/2032 (e)(f)(h) | 39820200 | 39670874 |
| TOTAL INDUSTRIALS |  | 62542695 |
| TOTAL UNITED KINGDOM |  | 412419382 |
| UNITED STATES - 82.9%  |  |  |
| Communication Services - 6.1% |  |  |
| Diversified Telecommunication Services - 2.2% |  |  |
| Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.3531% 3/25/2026 (e)(f)(h) | 40229172 | 26852973 |
| Aventiv Technologies LLC 2LN, term loan CME Term SOFR 3 month Index + 8.65%, 0% (e)(f)(h)(k) | 37757012 | 566355 |
| Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.2649% 3/25/2026 (e)(f)(h)(i) | 1964644 | 2065332 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 1 month Index + 10%, 14.1552% 3/25/2026 (e)(f)(h) | 19752929 | 20674798 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.7631% 3/25/2026 (e)(f)(h)(i) | 1066799 | 1066799 |
| Frontier Communications Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.5322% 7/1/2031 (e)(f)(h) | 30734421 | 30676947 |
| Level 3 Financing Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 3/29/2032 (e)(f)(h) | 54025000 | 53930456 |
| Lumen Technologies Inc Tranche A 1LN, term loan CME Term SOFR 1 month Index + 6%, 9.9646% 6/1/2028 (e)(f)(h) | 26381621 | 26711391 |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.4291% 4/16/2029 (e)(f)(h) | 58291527 | 57915547 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.4291% 4/15/2030 (e)(f)(h) | 85566200 | 85032267 |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 10/6/2032 (e)(f)(h) | 31570000 | 31175375 |
|  |  | 336668240 |
| Entertainment - 0.9% |  |  |
| Allen Media LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.6515% 2/10/2027 (e)(f)(h) | 38870030 | 27241283 |
| AP Core Holdings II LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5791% 9/1/2027 (e)(f)(h) | 31346579 | 30680464 |
| AP Core Holdings II LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5791% 9/1/2027 (e)(f)(h) | 30875000 | 30134000 |
| ECL Entertainment LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 8/30/2030 (e)(f)(h) | 12384482 | 12334201 |
| Live Nation Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.0237% 10/21/2032 (e)(f)(h) | 8810000 | 8798987 |
| Sweetwater Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.3291% 8/7/2028 (e)(f)(h) | 25134706 | 25166125 |
|  |  | 134355060 |
| Interactive Media & Services - 0.1% |  |  |
| TripAdvisor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 7/8/2031 (e)(f)(h) | 13579053 | 13086813 |
| Media - 2.4% |  |  |
| Acosta Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.6033% 8/21/2031 (e)(f)(h) | 4992425 | 4948740 |
| Advantage Sales & Marketing Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.4458% 10/28/2027 (e)(f)(h) | 30001235 | 26350985 |
| Charter Comm Operating LLC Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.9853% 12/7/2030 (e)(f)(h) | 8567400 | 8548123 |
| Charter Comm Operating LLC Tranche B5 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2353% 12/15/2031 (e)(f)(h) | 62858708 | 62716020 |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6015% 6/18/2029 (e)(f)(h) | 78720228 | 72398206 |
| Dotdash Meredith Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.6343% 6/16/2032 (e)(f)(h) | 23560000 | 21628080 |
| Gray Media Inc Tranche D 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.2488% 12/1/2028 (e)(f)(h) | 8023478 | 8028132 |
| Nexstar Media Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 6/28/2032 (e)(f)(h) | 28418775 | 28429858 |
| Outfront Media Capital LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.0152% 9/24/2032 (e)(f)(h) | 2310000 | 2307828 |
| Sinclair Television Group Inc Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3.3%, 7.402% 12/31/2029 (e)(f)(h) | 2880525 | 2612291 |
| Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 8.1646% 12/31/2030 (e)(f)(h) | 10500397 | 9479233 |
| Townsquare Media Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.1946% 2/19/2030 (e)(f)(h) | 8141294 | 7133809 |
| Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 6/24/2029 (e)(f)(h) | 5825694 | 5805654 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3291% 1/31/2029 (e)(f)(h) | 25774448 | 25387832 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.5791% 1/31/2029 (e)(f)(h) | 11726563 | 11600502 |
| Versant Media Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 10/23/2030 (e)(f)(h)(l) | 20655000 | 20560400 |
| Virgin Media Bristol LLC Tranche Y 1LN, term loan CME Term SOFR 6 month Index + 3.175%, 7.0523% 3/31/2031 (e)(f)(h) | 37480000 | 36640073 |
|  |  | 354575766 |
| Wireless Telecommunication Services - 0.5% |  |  |
| Crown Subsea Communications Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 1/30/2031 (e)(f)(h) | 58670542 | 58963895 |
| SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.72% 1/25/2031 (e)(f)(h) | 18207223 | 18242363 |
|  |  | 77206258 |
| TOTAL COMMUNICATION SERVICES |  | 915892137 |
| Consumer Discretionary - 15.9% |  |  |
| Automobile Components - 1.1% |  |  |
| American Axle & Manufacturing Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 2/24/2032 (e)(f)(h)(l) | 15285000 | 15170363 |
| American Trailer World Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.8146% 3/3/2028 (e)(f)(h) | 31611513 | 27851007 |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 5/6/2030 (e)(f)(h) | 26215697 | 26199443 |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 1/28/2032 (e)(f)(h) | 53910000 | 54028063 |
| LCI Industries Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 3/25/2032 (e)(f)(h) | 16492229 | 16533459 |
| Novae LLC 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.1515% 12/22/2028 (e)(f)(h) | 11856420 | 11095593 |
| Power Stop LLC 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5475% 1/26/2029 (e)(f)(h) | 18586749 | 14904343 |
|  |  | 165782271 |
| Automobiles - 0.3% |  |  |
| CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5791% 6/3/2028 (e)(f)(h) | 28785923 | 28060806 |
| HarbourVest Partners LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 4/18/2030 (e)(f)(h) | 18617516 | 18617516 |
|  |  | 46678322 |
| Broadline Retail - 2.7% |  |  |
| CNT Holdings I Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.0904% 11/8/2032 (e)(f)(h) | 29157129 | 29195325 |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/23/2032 (e)(f)(h) | 371780791 | 371394139 |
|  |  | 400589464 |
| Distributors - 0.7% |  |  |
| BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 12/11/2030 (e)(f)(h) | 42684345 | 42601965 |
| Gloves Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 5/24/2032 (e)(f)(h) | 32980000 | 32454298 |
| Windsor Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7273% 8/1/2030 (e)(f)(h) | 33888390 | 33803669 |
|  |  | 108859932 |
| Diversified Consumer Services - 1.3% |  |  |
| AI Aqua Merger Sub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.1292% 7/31/2028 (e)(f)(h) | 83986865 | 84140561 |
| KUEHG Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7515% 6/12/2030 (e)(f)(h) | 13065761 | 13014413 |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3928% 3/4/2028 (e)(f)(h) | 114223576 | 95091127 |
|  |  | 192246101 |
| Hotels, Restaurants & Leisure - 6.6% |  |  |
| 19th Holdings Golf LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.4559% 2/7/2029 (e)(f)(h) | 29357187 | 29173704 |
| Aramark Services Inc Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.0299% 6/22/2030 (e)(f)(h) | 21229011 | 21245569 |
| Aramark Services Inc Tranche B9 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 4/6/2028 (e)(f)(h) | 17156494 | 17160097 |
| Arcis Golf LLC 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 11/24/2028 (e)(f)(h) | 17224270 | 17245800 |
| Caesars Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 2/6/2030 (e)(f)(h) | 81997039 | 81245126 |
| Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 2/6/2031 (e)(f)(h) | 61528025 | 60881981 |
| Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.25% 11/1/2031 (e)(f)(h) | 38976033 | 34702701 |
| Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.25% 6/29/2029 (e)(f)(h) | 18445133 | 16900353 |
| Eagle Parent Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 4/2/2029 (e)(f)(h) | 28659020 | 28627782 |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/29/2029 (e)(f)(h) | 173676849 | 173466700 |
| Fitness International LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4646% 2/12/2029 (e)(f)(h) | 8849927 | 8858776 |
| Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 1/28/2032 (e)(f)(h) | 35333334 | 35449228 |
| Golden Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2184% 5/26/2030 (e)(f)(h) | 29051982 | 28761462 |
| Golden State Foods LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.998% 12/4/2031 (e)(f)(h) | 17471305 | 17513760 |
| Herschend Entertainment Co LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 5/27/2032 (e)(f)(h) | 10937588 | 10978603 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 1/17/2031 (e)(f)(h) | 13158488 | 13098222 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 8/2/2028 (e)(f)(h) | 46100720 | 45980859 |
| Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.741% 11/8/2030 (e)(f)(h) | 21135341 | 21178668 |
| Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 10/31/2031 (e)(f)(h) | 27392192 | 25885622 |
| J&J Ventures Gaming LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 4/26/2030 (e)(f)(h) | 31323816 | 30941979 |
| Life Time Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.1059% 11/5/2031 (e)(f)(h) | 27234543 | 27230185 |
| Light & Wonder International Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2869% 4/16/2029 (e)(f)(h) | 15423392 | 15437890 |
| Marriott Ownership Resorts Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 4/1/2031 (e)(f)(h) | 22261582 | 22289409 |
| PCI Gaming Authority Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 7/18/2031 (e)(f)(h) | 8089784 | 8092292 |
| Raising Cane's Restaurants LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 9/18/2031 (e)(f)(h) | 4692600 | 4688705 |
| Sgh2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.508% 8/18/2032 (e)(f)(h) | 12880000 | 12872272 |
| Sizzling Platter LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.9646% 7/2/2032 (e)(f)(h) | 10810149 | 10563569 |
| Sizzling Platter LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 2.5% 7/2/2032 (e)(f)(h)(j) | 2034851 | 1988437 |
| Station Casinos LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 3/14/2031 (e)(f)(h) | 46331316 | 46339192 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (e)(f)(h) | 48755009 | 46967163 |
| United PF Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.602% 12/30/2027 (e)(f)(h) | 3860000 | 2895000 |
| United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.602% 12/30/2026 (e)(f)(h) | 9301490 | 8987564 |
| Whatabrands LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 8/3/2028 (e)(f)(h) | 48206543 | 48293315 |
| Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.0907% 9/3/2029 (e)(f)(h) | 15776494 | 11661511 |
|  |  | 987603496 |
| Household Durables - 0.5% |  |  |
| Madison Safety & Flow LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4684% 9/26/2031 (e)(f)(h) | 5559278 | 5580125 |
| Somnigroup International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 10/24/2031 (e)(f)(h) | 35576487 | 35739427 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (e)(f)(h) | 28500000 | 28405095 |
|  |  | 69724647 |
| Leisure Products - 0.0% |  |  |
| Lids Holdings Inc 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.631% 12/14/2026 (e)(f)(h)(i) | 1633546 | 1617211 |
| Specialty Retail - 2.5% |  |  |
| Academy Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.9988% 11/5/2027 (e)(f)(h) | 5833217 | 5833217 |
| Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.4919% 10/16/2031 (e)(f)(h) | 37458603 | 37614806 |
| Empire Today LLC Tranche EXCH 1ST OUT TLB 1LN, term loan 9.602% 8/3/2029 (e)(h) | 1713263 | 993692 |
| Empire Today LLC Tranche EXCH FLSO TL 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.102% 8/3/2029 (e)(f)(h) | 10422347 | 260558 |
| Empire Today LLC Tranche NEW $1ST OUT TLA 1LN, term loan 9.602% 8/3/2029 (e)(h) | 3251277 | 1885741 |
| Johnstone Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5018% 6/9/2031 (e)(f)(h) | 20215800 | 20237835 |
| Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7515% 12/4/2031 (e)(f)(h) | 5649031 | 5606663 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.881% 6/6/2031 (e)(f)(h) | 18368695 | 17706687 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.031% 6/6/2031 (e)(f)(h) | 21995000 | 21818161 |
| Michaels Cos Inc/The 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5131% 4/15/2028 (e)(f)(h) | 18902481 | 18043364 |
| Needle Holdings LLC Tranche EXIT 1LN, term loan CME Term SOFR 3 month Index + 9.5%, 0% (e)(f)(h)(i)(k) | 1071652 | 833423 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (e)(f)(h) | 16745000 | 16789207 |
| Peer USA LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 0% 9/29/2032 (e)(f)(h)(l) | 18600000 | 18600000 |
| Restoration Hardware Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5791% 10/20/2028 (e)(f)(h) | 27522177 | 26702292 |
| Restoration Hardware Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3146% 10/20/2028 (e)(f)(h) | 14475870 | 14123093 |
| RVR Dealership Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7404% 2/8/2028 (e)(f)(h) | 34428563 | 32266105 |
| Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0462% 9/4/2029 (e)(f)(h) | 69109907 | 64563858 |
| Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3291% 4/16/2028 (e)(f)(h) | 16748324 | 16612328 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 1/30/2031 (e)(f)(h) | 11721712 | 11687132 |
| White Cap Supply Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 10/31/2029 (e)(f)(h) | 48349225 | 48440122 |
|  |  | 380618284 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Varsity Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.0257% 8/26/2031 (e)(f)(h) | 31999800 | 32055800 |
| TOTAL CONSUMER DISCRETIONARY |  | 2385775528 |
| Consumer Staples - 2.8% |  |  |
| Beverages - 0.8% |  |  |
| Celsius Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.4764% 4/1/2032 (e)(f)(h) | 12918889 | 12971340 |
| Naked Juice LLC Tranche EXCH FLSO FL20 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.3515% 1/24/2029 (e)(f)(h) | 35260855 | 26621945 |
| Naked Juice LLC Tranche EXCH FLTO FL30 PIK 1LN, term loan CME Term SOFR 1 month Index + 6%, 10.1015% 1/24/2030 (e)(f)(h) | 6905464 | 2880545 |
| Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5015% 1/24/2029 (e)(f)(h) | 26556605 | 26700543 |
| Primo Brands Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 3/31/2028 (e)(f)(h) | 52395796 | 52524165 |
|  |  | 121698538 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| BJ's Wholesale Club Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.8789% 2/5/2029 (e)(f)(h) | 10200286 | 10247616 |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.0033% 9/20/2030 (e)(f)(h) | 22200000 | 21811500 |
| Froneri US Inc Tranche B-4 1LN, term loan CME Term SOFR 6 month Index + 2%, 6.1971% 9/30/2031 (e)(f)(h) | 17563003 | 17417230 |
| Heritage Grocers Group LLC 1LN, term loan CME Term SOFR 3 month Index + 6.75%, 10.8515% 8/1/2029 (e)(f)(h) | 28386532 | 22410032 |
| JP Intermediate B LLC Tranche TAKEBK TL A 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5015% 3/31/2031 (e)(f)(h)(i) | 7844569 | 6471770 |
| JP Intermediate B LLC Tranche NEW $1ST L TL 1LN, term loan CME Term SOFR 1 month Index + 7%, 11.0015% 9/30/2030 (e)(f)(h)(i) | 2086583 | 2086582 |
| Primary Products Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1855% 4/1/2029 (e)(f)(h) | 22763150 | 21875387 |
|  |  | 102320117 |
| Food Products - 1.2% |  |  |
| Aspire Bakeries Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4684% 12/23/2030 (e)(f)(h) | 17529512 | 17584379 |
| Chobani LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 0% 10/22/2032 (e)(f)(h)(l) | 30950000 | 31008186 |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 0% (e)(f)(h)(k) | 43276858 | 1190114 |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (e)(f)(h)(k) | 6911469 | 3200010 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (e)(f)(h)(k) | 6407647 | 2966740 |
| Del Monte Foods Corp II Inc Tranche TLA DIP, term loan CME Term SOFR 3 month Index + 0.1%, 13.6477% 3/30/2026 (e)(f)(h) | 25396270 | 24253438 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 0.1%, 13.6382% 3/30/2026 (e)(f)(h) | 33256645 | 26106467 |
| Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 2/12/2031 (e)(f)(h) | 32311885 | 32161312 |
| Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5477% 7/12/2032 (e)(f)(h) | 31025000 | 31025000 |
| Wellness Pet LLC Tranche A 1LN, term loan CME Term SOFR 3 month Index + 3.95%, 7.9515% 12/31/2029 (e)(f)(h) | 6980533 | 5479719 |
| Wellness Pet LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0131% 12/31/2029 (e)(f)(h) | 5247308 | 1869353 |
|  |  | 176844718 |
| Personal Care Products - 0.1% |  |  |
| Conair Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.8291% 5/17/2028 (e)(f)(h) | 13994783 | 8210319 |
| Olaplex Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.7989% 2/23/2029 (e)(f)(h) | 6065939 | 5910893 |
|  |  | 14121212 |
| TOTAL CONSUMER STAPLES |  | 414984585 |
| Energy - 2.1% |  |  |
| Oil, Gas & Consumable Fuels - 2.1% |  |  |
| Apro LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6774% 7/9/2031 (e)(f)(h) | 23752457 | 23732742 |
| BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.5791% 3/31/2028 (e)(f)(h) | 8818184 | 8792434 |
| CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.0015% 12/31/2030 (e)(f)(h) | 59727549 | 59808181 |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 12/30/2027 (e)(f)(h) | 9860650 | 9872976 |
| Delek US Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.5646% 11/19/2029 (e)(f)(h) | 22640625 | 22584024 |
| EMG Utica Midstream Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 4/1/2030 (e)(f)(h) | 15296473 | 15372955 |
| EPIC Crude Services LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3404% 10/15/2031 (e)(f)(h) | 14229358 | 14285280 |
| Hamilton Projects Acquiror LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 5/30/2031 (e)(f)(h) | 11034209 | 11067974 |
| Hilcorp Energy I LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.0322% 2/11/2030 (e)(f)(h) | 16795600 | 16806181 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (e)(f)(h) | 120539121 | 53833977 |
| Par Petroleum LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6871% 2/28/2030 (e)(f)(h) | 19117692 | 19136810 |
| Prairie Acquiror LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 8/1/2029 (e)(f)(h) | 9673374 | 9721741 |
| Venture Global Plaquemines LNG LLC 1LN, term loan CME Term SOFR 1 month Index + 2.225%, 6.1896% 5/25/2029 (e)(f)(h) | 50600663 | 50316287 |
| Venture Global Plaquemines LNG LLC 1LN, term loan CME Term SOFR 1 month Index + 2.225%, 6.194% 5/25/2029 (e)(f)(h) | 6329337 | 6281867 |
|  |  | 321613429 |
| Financials - 11.3% |  |  |
| Capital Markets - 2.1% |  |  |
| Broadstreet Partners Group LLC Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 6/13/2031 (e)(f)(h) | 36756918 | 36836681 |
| Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/31/2031 (e)(f)(h) | 53494554 | 53648619 |
| CPI Holdco B LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 5/17/2031 (e)(f)(h) | 26035204 | 26014376 |
| Focus Financial Partners LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 9/15/2031 (e)(f)(h) | 31153442 | 31221668 |
| GTCR Everest Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7515% 9/5/2031 (e)(f)(h) | 35194414 | 35288031 |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0712% 2/3/2032 (e)(f)(h) | 35814086 | 35769318 |
| Jane Street Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.1614% 12/15/2031 (e)(f)(h) | 63267953 | 62639070 |
| PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7515% 11/26/2031 (e)(f)(h) | 19104000 | 19088144 |
| Superannuation & Investments US LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 12/1/2028 (e)(f)(h) | 16312917 | 16349620 |
|  |  | 316855527 |
| Financial Services - 3.5% |  |  |
| ACNR Holdings Inc term loan 13% (e)(h)(i)(m) | 7110795 | 7084485 |
| Boost Newco Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.0015% 1/31/2031 (e)(f)(h) | 81763702 | 81942765 |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 7/1/2032 (e)(f)(h) | 24205000 | 23630131 |
| Corpay Technologies Operating Co LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 0% 10/3/2032 (e)(f)(h)(l) | 21810000 | 21769215 |
| Dragon Buyer Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7515% 9/30/2031 (e)(f)(h) | 15577288 | 15612336 |
| Fusion Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 8%, 12.1015% 6/6/2030 (e)(f)(h) | 16515441 | 16845750 |
| Heubach Holding USA LLC Tranche TL, term loan CME Term SOFR 1 month Index + 10%, 0% (e)(f)(h)(i)(k) | 1317675 | 0 |
| Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 9/22/2032 (e)(f)(h) | 23780000 | 23007150 |
| NCR Atleos Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.0257% 4/16/2029 (e)(f)(h) | 13117579 | 13123088 |
| Neon Maple US Debt Mergersub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 11/17/2031 (e)(f)(h) | 43795200 | 43799580 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 7/31/2031 (e)(f)(h) | 49669957 | 49304386 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 7/31/2031 (e)(f)(h) | 10135000 | 10150203 |
| Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.7146% 2/16/2032 (e)(f)(h) | 12965000 | 12900175 |
| Orion US Finco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4274% 10/8/2032 (e)(f)(h) | 13670000 | 13729875 |
| Priority Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 7/30/2032 (e)(f)(h) | 13915236 | 13890884 |
| Recess Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6154% 2/20/2030 (e)(f)(h) | 20036439 | 20105364 |
| Shift4 Payments LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.5015% 7/6/2032 (e)(f)(h) | 4640000 | 4665149 |
| TKO Worldwide Holdings LLC Tranche B5 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.0378% 11/21/2031 (e)(f)(h) | 20200447 | 20241252 |
| Trans Union LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 6/24/2031 (e)(f)(h) | 21047015 | 21020706 |
| Trans Union LLC Tranche B9 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 6/24/2031 (e)(f)(h) | 12459570 | 12436893 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7035% 2/20/2032 (e)(f)(h) | 104129025 | 104145686 |
|  |  | 529405073 |
| Insurance - 5.7% |  |  |
| Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 6/21/2032 (e)(f)(h) | 17022338 | 17017061 |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 11/6/2030 (e)(f)(h) | 154185042 | 153915218 |
| Alera Group Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 5/31/2032 (e)(f)(h) | 39340000 | 39528045 |
| Alera Group Intermediate Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.4646% 5/31/2033 (e)(f)(h) | 11740000 | 12045710 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 9/19/2031 (e)(f)(h) | 7366538 | 7356887 |
| AmWINS Group Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2515% 1/30/2032 (e)(f)(h) | 41173838 | 41216658 |
| Amynta Agency Borrower Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 12/29/2031 (e)(f)(h) | 18413992 | 18428355 |
| Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0646% 8/19/2028 (e)(f)(h) | 47891980 | 47925983 |
| Asurion LLC Tranche B11 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.3273% 8/19/2028 (e)(f)(h) | 64230967 | 64420449 |
| Asurion LLC Tranche B12 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2146% 9/19/2030 (e)(f)(h) | 59092846 | 58862974 |
| Asurion LLC Tranche B13 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2146% 9/19/2030 (e)(f)(h) | 28957425 | 28824800 |
| Asurion LLC Tranche B3 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.3291% 1/31/2028 (e)(f)(h) | 63157555 | 61785773 |
| Asurion LLC Tranche B4 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.3291% 1/20/2029 (e)(f)(h) | 98816391 | 94067275 |
| Asurion LLC Tranche B9 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3291% 7/31/2027 (e)(f)(h) | 22697357 | 22701669 |
| CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7515% 5/6/2031 (e)(f)(h) | 48087258 | 48001182 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.12% 6/20/2030 (e)(f)(h) | 73247556 | 73473891 |
| Ryan Specialty LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 9/15/2031 (e)(f)(h) | 18476313 | 18484073 |
| USI Inc/NY Tranche C 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 9/29/2030 (e)(f)(h) | 9698334 | 9702407 |
| USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 11/21/2029 (e)(f)(h) | 38037592 | 38075630 |
|  |  | 855834040 |
| TOTAL FINANCIALS |  | 1702094640 |
| Health Care - 7.6% |  |  |
| Health Care Equipment & Supplies - 1.9% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2146% 1/15/2031 (e)(f)(h) | 34373850 | 34554313 |
| Embecta Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 3/30/2029 (e)(f)(h) | 12417124 | 12420973 |
| Insulet Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 8/1/2031 (e)(f)(h) | 54070739 | 54345959 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/23/2028 (e)(f)(h) | 116735398 | 116831122 |
| QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0015% 8/23/2032 (e)(f)(h) | 47930000 | 47585383 |
| Sotera Health Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3404% 5/30/2031 (e)(f)(h) | 16089479 | 16129702 |
|  |  | 281867452 |
| Health Care Providers & Services - 2.6% |  |  |
| Accelerated Health Systems LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.1904% 2/15/2029 (e)(f)(h) | 15820105 | 11706878 |
| Aveanna Healthcare LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7146% 9/17/2032 (e)(f)(h) | 8750000 | 8766888 |
| Charlotte Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2977% 2/11/2028 (e)(f)(h) | 30654563 | 30551257 |
| DaVita Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 5/9/2031 (e)(f)(h) | 33157760 | 33192908 |
| Examworks Bidco Inc Tranche B 1LN, term loan 6.7146% 11/1/2028 (e)(h) | 14698893 | 14755630 |
| Gainwell Acquisition Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.1015% 10/1/2027 (e)(f)(h) | 10609207 | 10503115 |
| Global Medical Response Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.3844% 10/1/2032 (e)(f)(h) | 16240000 | 16302524 |
| HAH Group Holding Co LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.9646% 9/24/2031 (e)(f)(h) | 44153850 | 39556993 |
| Hanger Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 10/23/2031 (e)(f)(h) | 12111836 | 12136060 |
| Hanger Inc Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 4.0922% 10/23/2031 (e)(f)(h)(j) | 1566125 | 1569257 |
| Heartland Dental LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 8/25/2032 (e)(f)(h) | 11623238 | 11638929 |
| ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.0015% 7/3/2028 (e)(f)(h) | 11525966 | 11573568 |
| ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.0015% 7/3/2028 (e)(f)(h) | 2871702 | 2883562 |
| MED ParentCo LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 4/15/2031 (e)(f)(h) | 24822744 | 24917318 |
| National Mentor Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.8213% 3/2/2028 (e)(f)(h) | 20809901 | 20162297 |
| National Mentor Holdings Inc Tranche C 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.8515% 3/2/2028 (e)(f)(h) | 450201 | 436191 |
| Phoenix Guarantor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 2/21/2031 (e)(f)(h) | 18001789 | 18049133 |
| Phoenix Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 11/15/2028 (e)(f)(h) | 41119767 | 41220510 |
| Southern Veterinary Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3654% 12/4/2031 (e)(f)(h) | 49502313 | 49444890 |
| US Anesthesia Partners Inc 2LN, term loan CME Term SOFR 1 month Index + 7.5%, 11.7488% 10/1/2029 (e)(f)(h) | 1410000 | 1248738 |
| US Anesthesia Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2488% 10/1/2028 (e)(f)(h) | 4895254 | 4894764 |
| US Fertility Enterprises LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.5%, 8.5015% 10/11/2031 (e)(f)(h) | 11074142 | 11081119 |
| US Fertility Enterprises LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.4497% 10/11/2031 (e)(f)(h) | 504638 | 504956 |
| US Radiology Specialists Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.7515% 12/15/2027 (e)(f)(h) | 12975003 | 13016653 |
|  |  | 390114138 |
| Health Care Technology - 1.6% |  |  |
| AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 2/15/2029 (e)(f)(h) | 71065983 | 70699282 |
| Cotiviti Inc 1LN, term loan 7.625% 5/1/2031 (h) | 8930000 | 8751399 |
| Cotiviti Inc 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.8843% 3/26/2032 (e)(f)(h) | 20583413 | 19766457 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.8843% 5/1/2031 (e)(f)(h) | 48690724 | 46824409 |
| Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 9/28/2029 (e)(f)(h) | 39646200 | 38992831 |
| Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 11/26/2031 (e)(f)(h) | 56146115 | 55593638 |
|  |  | 240628016 |
| Pharmaceuticals - 1.5% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.2146% 10/8/2030 (e)(f)(h) | 95851439 | 95097088 |
| Amneal Pharmaceuticals LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 8/2/2032 (e)(f)(h) | 22465000 | 22624052 |
| Elanco Animal Health Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 0% 10/28/2032 (e)(f)(h)(l) | 10050000 | 10050000 |
| Endo Finance Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 4/23/2031 (e)(f)(h) | 32925987 | 32711968 |
| Jazz Financing Lux Sarl Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 5/5/2028 (e)(f)(h) | 37028748 | 37100584 |
| Organon & Co Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.241% 5/19/2031 (e)(f)(h) | 33313661 | 30034264 |
|  |  | 227617956 |
| TOTAL HEALTH CARE |  | 1140227562 |
| Industrials - 13.2% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Bleriot US Bidco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.5015% 10/31/2030 (e)(f)(h) | 11684289 | 11702517 |
| Goat Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 1/27/2032 (e)(f)(h) | 13661350 | 13644273 |
| Kaman Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.6601% 2/26/2032 (e)(f)(h) | 50310718 | 50436495 |
| Kaman Corp Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 1.5199% 2/26/2032 (e)(f)(h)(j) | 4757048 | 4768940 |
| Signia Aerospace LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.715% 12/11/2031 (e)(f)(h) | 25044469 | 25028941 |
| Signia Aerospace LLC Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 1% 12/11/2031 (e)(f)(h)(j) | 1217813 | 1217058 |
| TransDigm Group Inc Tranche M 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5015% 8/19/2032 (e)(f)(h) | 27695000 | 27701093 |
| TransDigm Inc Tranche J 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.5015% 2/28/2031 (e)(f)(h) | 15962431 | 15979990 |
| TransDigm Inc Tranche K 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 3/22/2030 (e)(f)(h) | 69539021 | 69592567 |
| TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.5015% 1/19/2032 (e)(f)(h) | 21596850 | 21608728 |
|  |  | 241680602 |
| Air Freight & Logistics - 0.5% |  |  |
| Dynasty Acquisition Co Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/31/2031 (e)(f)(h) | 20876488 | 20903627 |
| Dynasty Acquisition Co Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/31/2031 (e)(f)(h) | 7940750 | 7951073 |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.8146% 11/23/2028 (e)(f)(h) | 11056780 | 10561989 |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.8146% 11/23/2028 (e)(f)(h)(i) | 18866500 | 18828767 |
| Echo Global Logistics Inc 2LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.3146% 11/23/2029 (e)(f)(h)(i) | 8145000 | 8063550 |
| STG Distribution LLC Tranche EXCHANGE FLFO 1LN, term loan CME Term SOFR 1 month Index + 8.35%, 12.3371% 10/3/2029 (e)(f)(h)(i) | 5325493 | 5101822 |
| STG Distribution LLC Tranche EXCHANGE FLSO 1LN, term loan CME Term SOFR 1 month Index + 7.6%, 11.5871% 10/3/2029 (e)(f)(h)(i) | 11339429 | 3004949 |
|  |  | 74415777 |
| Building Products - 1.1% |  |  |
| APi Group DE Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 1/3/2029 (e)(f)(h) | 16107004 | 16118762 |
| AZZ Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 5/14/2029 (e)(f)(h) | 6649706 | 6664668 |
| Chariot Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 9/8/2032 (e)(f)(h) | 17839755 | 17884355 |
| Cornerstone Building Brands Inc 1LN, term loan CME Term SOFR 1 month Index + 5.625%, 9.6572% 8/1/2028 (e)(f)(h) | 3785000 | 3466417 |
| Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3822% 4/12/2028 (e)(f)(h) | 43621529 | 39834744 |
| Cornerstone Building Brands Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5322% 5/15/2031 (e)(f)(h) | 14296297 | 12482526 |
| Emrld Borrower LP Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.25%, 6.4489% 5/31/2030 (e)(f)(h) | 4603463 | 4589514 |
| Emrld Borrower LP Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.1219% 8/4/2031 (e)(f)(h) | 20124796 | 20039668 |
| Griffon Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.0015% 1/24/2029 (e)(f)(h) | 16528442 | 16590424 |
| HP PHRG Borrower LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4%, 8.0015% 2/20/2032 (e)(f)(h) | 30732975 | 29907180 |
| Oscar Acquisitionco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 4/29/2029 (e)(f)(h) | 2455668 | 2206565 |
|  |  | 169784823 |
| Commercial Services & Supplies - 5.3% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 12/21/2028 (e)(f)(h) | 81838361 | 81736063 |
| Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3146% 8/20/2032 (e)(f)(h) | 116735000 | 117147076 |
| ArchKey Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 11/1/2031 (e)(f)(h) | 21008665 | 21118961 |
| ArchKey Holdings Inc Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 4.25% 11/1/2031 (e)(f)(h)(j) | 2436243 | 2449033 |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.5015% 2/15/2031 (e)(f)(h) | 37026398 | 31388388 |
| Bifm CA Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 5/31/2028 (e)(f)(h) | 17240264 | 17278020 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7962% 8/1/2030 (e)(f)(h) | 66067327 | 58249580 |
| Brock Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 9.7515% 5/2/2030 (e)(f)(h) | 8687250 | 8665532 |
| Congruex Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.4904% 5/3/2029 (e)(f)(h) | 27178829 | 22048825 |
| Core & Main LP Tranche E 1LN, term loan CME Term SOFR 6 month Index + 2%, 5.991% 2/9/2031 (e)(f)(h) | 8135721 | 8118799 |
| Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.8404% 8/1/2029 (e)(f)(h) | 48234342 | 48407503 |
| Filtration Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 10/21/2028 (e)(f)(h) | 15654843 | 15710261 |
| GFL ES US LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.6711% 3/3/2032 (e)(f)(h) | 41410000 | 41368590 |
| Madison IAQ LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.4519% 5/6/2032 (e)(f)(h) | 29401313 | 29489516 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7019% 6/21/2028 (e)(f)(h) | 36735992 | 36781912 |
| Neptune Bidco US Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.7615% 10/11/2028 (e)(f)(h) | 7753012 | 7481657 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.0115% 4/11/2029 (e)(f)(h) | 87987362 | 84885808 |
| OMNIA Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3594% 7/25/2030 (e)(f)(h) | 36715712 | 36715712 |
| OPENLANE Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5882% 10/8/2032 (e)(f)(h) | 6615000 | 6615000 |
| Pitney Bowes Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 3/19/2032 (e)(f)(h) | 4475912 | 4463334 |
| Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2518% 11/30/2028 (e)(f)(h) | 11341064 | 11348209 |
| Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.281% 11/30/2028 (e)(f)(h) | 10704360 | 10704360 |
| Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2518% 11/30/2028 (e)(f)(h) | 625989 | 626382 |
| Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.281% 11/30/2028 (e)(f)(h) | 828599 | 828599 |
| RLG Holdings LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7.5%, 11.5791% 7/6/2029 (e)(f)(h) | 2290000 | 792340 |
| Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.0791% 12/10/2026 (e)(f)(h) | 9272892 | 9261301 |
| Vericast Corp 1LN, term loan CME Term SOFR 1 month Index + 7.75%, 11.6219% 6/15/2030 (e)(f)(h) | 13650448 | 13220459 |
| Wash Bidco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 9/10/2032 (e)(f)(h) | 14760000 | 14829224 |
| Wellful Inc Tranche BOOTSTRAP FLSO TL 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.3291% 10/19/2030 (e)(f)(h) | 11650043 | 10346752 |
| Wellful Inc Tranche PRIMING TL 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.0791% 4/19/2030 (e)(f)(h) | 12115766 | 11994609 |
| WMB Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 11/2/2029 (e)(f)(h) | 23630138 | 23497336 |
|  |  | 787569141 |
| Construction & Engineering - 0.4% |  |  |
| Chromalloy Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.49% 3/27/2031 (e)(f)(h) | 15165797 | 15216754 |
| Construction Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 11/3/2031 (e)(f)(h) | 15657446 | 15677018 |
| Pike Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.0791% 1/21/2028 (e)(f)(h) | 15326386 | 15419264 |
| Traverse Midstream Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3404% 2/16/2028 (e)(f)(h) | 9422017 | 9433794 |
| Zekelman Industries Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2652% 1/24/2031 (e)(f)(h) | 11354532 | 11353169 |
|  |  | 67099999 |
| Electrical Equipment - 0.2% |  |  |
| Vertiv Group Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.8792% 8/12/2032 (e)(f)(h) | 33217353 | 33272161 |
| Ground Transportation - 0.3% |  |  |
| Avis Budget Car Rental LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 7/16/2032 (e)(f)(h) | 14708138 | 14512078 |
| Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.7515% 4/10/2031 (e)(f)(h) | 32070718 | 31985089 |
|  |  | 46497167 |
| Machinery - 0.9% |  |  |
| Astro Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1219% 8/30/2032 (e)(f)(h) | 13290000 | 13356450 |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3084% 9/13/2032 (e)(f)(h) | 21045000 | 21141386 |
| Chart Industries Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.4764% 3/15/2030 (e)(f)(h) | 16677597 | 16724461 |
| CPM Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.6343% 9/28/2028 (e)(f)(h) | 10219480 | 10174105 |
| Crown Equipment Corp Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.0477% 10/10/2031 (e)(f)(h) | 14015990 | 14077381 |
| JBT Marel Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 1/2/2032 (e)(f)(h) | 8333125 | 8320125 |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0646% 3/25/2031 (e)(f)(h) | 46627120 | 46522210 |
| TNT Crane & Rigging Inc 2LN, term loan CME Term SOFR 1 month Index + 8.75%, 16.9969% 12/3/2026 (e)(f)(h)(i) | 6655975 | 5187667 |
|  |  | 135503785 |
| Passenger Airlines - 0.6% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.1344% 4/20/2028 (e)(f)(h) | 19524505 | 19540125 |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1344% 5/28/2032 (e)(f)(h) | 13377775 | 13417908 |
| American Airlines 2016-3 Class A Pass Through Trust Tranche B 1LN, term loan CME Term SOFR 6 month Index + 1.75%, 5.6928% 1/29/2027 (e)(f)(h) | 5000000 | 4987950 |
| American Airlines 2016-3 Class A Pass Through Trust Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.25%, 6.258% 6/4/2029 (e)(f)(h) | 14468850 | 14419077 |
| United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.1958% 2/22/2031 (e)(f)(h) | 24165886 | 24200443 |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7353% 4/1/2031 (e)(f)(h) | 18684249 | 18801026 |
|  |  | 95366529 |
| Professional Services - 1.8% |  |  |
| AlixPartners LLP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 8/12/2032 (e)(f)(h) | 12681175 | 12626519 |
| Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 9/29/2031 (e)(f)(h) | 53545975 | 53465656 |
| CACI International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 10/30/2031 (e)(f)(h) | 13820563 | 13829269 |
| Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 12/29/2028 (e)(f)(h) | 40974670 | 33414843 |
| CHG Healthcare Services Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.5907% 9/29/2028 (e)(f)(h) | 21595206 | 21654592 |
| Dawn Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 10/7/2032 (e)(f)(h)(l) | 70740000 | 70474726 |
| Dayforce Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.8404% 3/1/2031 (e)(f)(h) | 12057833 | 12057833 |
| Maximus Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 5/30/2031 (e)(f)(h) | 7885188 | 7888499 |
| Sedgwick Claims Management Services Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 7/31/2031 (e)(f)(h) | 41178411 | 41160292 |
|  |  | 266572229 |
| Transportation Infrastructure - 0.5% |  |  |
| AIT Worldwide Logistics Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2547% 4/8/2030 (e)(f)(h) | 22260645 | 22348797 |
| Beacon Mobility Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2515% 8/6/2030 (e)(f)(h) | 11244639 | 11307946 |
| Beacon Mobility Corp Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 4.8134% 8/6/2030 (e)(f)(h)(j) | 1540361 | 1549033 |
| Lasership Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.2515% 1/2/2029 (e)(f)(h) | 6582766 | 6645303 |
| Lasership Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 9.7631% 8/10/2029 (e)(f)(h) | 17562168 | 12337423 |
| Lasership Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 7%, 8.0015% 1/2/2029 (e)(f)(h) | 1001409 | 718511 |
| Lasership Inc Tranche E 1LN, term loan CME Term SOFR 1 month Index + 7.5%, 12.7631% 8/10/2029 (e)(f)(h) | 1967936 | 531343 |
| WWEX Uni Topco Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 7/26/2028 (e)(f)(h) | 16776566 | 16727075 |
|  |  | 72165431 |
| TOTAL INDUSTRIALS |  | 1989927644 |
| Information Technology - 15.4% |  |  |
| Communications Equipment - 0.7% |  |  |
| Ciena Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.781% 10/24/2030 (e)(f)(h) | 6265673 | 6272377 |
| CommScope LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 8.7146% 12/17/2029 (e)(f)(h) | 96953887 | 97717884 |
|  |  | 103990261 |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Coherent Corp Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 7/2/2029 (e)(f)(h) | 14609672 | 14614201 |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 7/12/2032 (e)(f)(h) | 36468897 | 36491872 |
| DG Investment Intermediate Holdings Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.4646% 7/31/2033 (e)(f)(h) | 6240000 | 6240000 |
| Go Daddy Operating Co LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 11/9/2029 (e)(f)(h) | 14350656 | 14320089 |
| Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 8/18/2031 (e)(f)(h) | 32393048 | 32523592 |
| MX Holdings US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9684% 3/17/2032 (e)(f)(h) | 15740550 | 15779901 |
| Pinnacle Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4853% 10/1/2032 (e)(f)(h) | 18673871 | 18743898 |
| Pinnacle Buyer LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 1% 10/1/2032 (e)(f)(h)(j) | 3591129 | 3604596 |
| TCP Sunbelt Acquisition Co Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.4479% 10/24/2031 (e)(f)(h) | 18177638 | 18268526 |
|  |  | 160586675 |
| IT Services - 3.2% |  |  |
| Ahead DB Holdings LLC Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7515% 2/3/2031 (e)(f)(h) | 17144991 | 17183053 |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.1662% 2/10/2028 (e)(f)(h) | 48693097 | 45376124 |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (e)(h) | 4964342 | 4091461 |
| Indy US Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 10/31/2030 (e)(f)(h) | 15954925 | 15915038 |
| Kaseya Inc 2LN, term loan CME Term SOFR 1 month Index + 5%, 8.9646% 3/20/2033 (e)(f)(h) | 20490000 | 20246784 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 3/20/2032 (e)(f)(h) | 73469990 | 73431785 |
| Mitchell International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 6/17/2031 (e)(f)(h) | 39382204 | 39401502 |
| Peraton Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.6904% 2/1/2028 (e)(f)(h) | 92883144 | 79932447 |
| VFH Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 6/20/2031 (e)(f)(h) | 22930000 | 22937108 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (h) | 100675000 | 100910580 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (e)(f)(h) | 56319800 | 54861680 |
|  |  | 474287562 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| MKS Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9773% 8/17/2029 (e)(f)(h) | 24291643 | 24304760 |
| Software - 10.1% |  |  |
| Applied Systems Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 2/24/2031 (e)(f)(h) | 44296279 | 44357408 |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 12/11/2028 (e)(f)(h) | 62845733 | 62780374 |
| Central Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 7/6/2029 (e)(f)(h) | 20592997 | 16902115 |
| Cloud Software Group Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 8/13/2032 (e)(f)(h) | 57795000 | 57777084 |
| Cloud Software Group Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 3/21/2031 (e)(f)(h) | 48132790 | 48117869 |
| Dcert Buyer Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 10.9646% 2/19/2029 (e)(f)(h) | 26540126 | 23819763 |
| Disco Parent Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.4843% 8/6/2032 (e)(f)(h) | 8670000 | 8702512 |
| Eagle Parent Canada Inc Tranche INCR B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2515% 4/2/2029 (e)(f)(h)(i) | 40404675 | 39383043 |
| Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 10/9/2029 (e)(f)(h) | 35879543 | 35913270 |
| EP Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.5791% 11/6/2028 (e)(f)(h) | 3306845 | 2813562 |
| Epicor Software Corp 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 5/30/2031 (e)(f)(h) | 31563069 | 31622408 |
| Gen Digital Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 4/16/2032 (e)(f)(h) | 5052338 | 5041273 |
| Gen Digital Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 9/12/2029 (e)(f)(h) | 58171268 | 58128222 |
| Genesys Cloud Services Holdings II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 1/30/2032 (e)(f)(h) | 35410031 | 34967406 |
| KnowBe4 Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5904% 7/26/2032 (e)(f)(h) | 21825000 | 21770438 |
| Leia Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1853% 10/9/2031 (e)(f)(h) | 40969125 | 41039592 |
| Leia Finco US LLC 2LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.1853% 10/9/2032 (e)(f)(h) | 8737000 | 8699868 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2146% 12/31/2031 (e)(f)(h) | 77552305 | 61886739 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2515% 5/3/2028 (e)(f)(h) | 75879412 | 68832492 |
| MH Sub I LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.0904% 2/23/2029 (e)(f)(h) | 12580000 | 9403550 |
| Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.0904% 7/1/2031 (e)(f)(h) | 77428928 | 75570633 |
| Optiv Parent Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.1094% 7/31/2026 (e)(f)(h) | 25382033 | 19284000 |
| Ping Identity Holding Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 10/31/2032 (e)(f)(h)(l) | 17840000 | 17840000 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 6/2/2028 (e)(f)(h) | 155490732 | 148493649 |
| Project Alpha Intermediate Holding Inc 2LN, term loan CME Term SOFR 3 month Index + 5%, 9.0015% 5/9/2033 (e)(f)(h) | 19595000 | 19056137 |
| Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 10/26/2030 (e)(f)(h) | 44892201 | 44872000 |
| Project Boost Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.6679% 7/16/2031 (e)(f)(h) | 26999379 | 26924861 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 8/31/2028 (e)(f)(h) | 63048929 | 63276535 |
| Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.9122% 5/15/2028 (e)(f)(h) | 26963747 | 12057918 |
| Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.4122% 5/15/2028 (e)(f)(h) | 6282353 | 6368735 |
| RealPage Inc 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7515% 4/24/2028 (e)(f)(h) | 10746000 | 10774262 |
| RealPage Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2631% 4/24/2028 (e)(f)(h) | 37698522 | 37608045 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 9/8/2032 (e)(f)(h) | 54605000 | 53717669 |
| Renaissance Holdings Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9646% 4/5/2030 (e)(f)(h) | 61531147 | 52986317 |
| Roper Industrial Products Investment Co 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7515% 11/22/2029 (e)(f)(h) | 16714965 | 16753576 |
| Sovos Compliance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 8/13/2029 (e)(f)(h) | 21839786 | 21829958 |
| SS&C Technologies Inc Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 5/9/2031 (e)(f)(h) | 44679830 | 44767402 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3383% 2/10/2031 (e)(f)(h) | 124606089 | 124518865 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.0904% 4/14/2031 (e)(f)(h) | 19290671 | 19097765 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (h) | 5888138 | 6145744 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.1219% 6/28/2030 (e)(f)(h) | 17653150 | 17180222 |
|  |  | 1521083281 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.8574% 2/20/2032 (e)(f)(h) | 39676737 | 39701733 |
| TOTAL INFORMATION TECHNOLOGY |  | 2323954272 |
| Materials - 6.5% |  |  |
| Chemicals - 3.6% |  |  |
| A-Gas FinCo Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.2515% 12/14/2029 (e)(f)(h) | 25810165 | 23116358 |
| Advancion Holdings LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 8.7146% 11/24/2027 (e)(f)(h) | 10220975 | 9352192 |
| Advancion Holdings LLC 2LN, term loan CME Term SOFR 1 month Index + 7.75%, 11.8146% 11/24/2028 (e)(f)(h) | 12310000 | 11079000 |
| Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0646% 11/24/2027 (e)(f)(h) | 18640811 | 17382557 |
| Arc Falcon I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.5646% 9/30/2028 (e)(f)(h) | 39448454 | 39399144 |
| Arc Falcon I Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 11.0646% 9/30/2029 (e)(f)(h) | 3385000 | 3366653 |
| Bakelite US Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7515% 12/23/2031 (e)(f)(h) | 23651250 | 22744698 |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 10/15/2032 (e)(f)(h) | 43865000 | 43086396 |
| CoorsTek Inc 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 10/28/2032 (e)(f)(h)(l) | 15300000 | 15223500 |
| Derby Buyer LLC 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.0477% 11/1/2030 (e)(f)(h) | 17415684 | 17393914 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6074% 10/4/2029 (e)(f)(h) | 56381134 | 55785749 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.0265% 7/3/2028 (e)(f)(h) | 33512398 | 29713098 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.031% 3/15/2029 (e)(f)(h) | 62762028 | 61439633 |
| Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.5021% 3/15/2030 (e)(f)(h) | 8731765 | 8524385 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.8146% 3/14/2030 (e)(f)(h) | 7662623 | 6156457 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.3146% 4/2/2029 (e)(f)(h) | 32251001 | 26795100 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (e)(f)(h) | 40962996 | 40382550 |
| Qnity Electronics Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 8/12/2032 (e)(f)(h)(l) | 35485000 | 35462999 |
| Scih Salt Hldgs Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.1971% 1/31/2029 (e)(f)(h) | 21951640 | 22024081 |
| Solstice Advanced Materials Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 0% 9/17/2032 (e)(f)(h)(l) | 15250000 | 15265860 |
| USALCO LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.4646% 9/30/2031 (e)(f)(h) | 14274054 | 14269630 |
| USALCO LLC Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 1% 9/30/2031 (e)(f)(h)(j) | 1481755 | 1481295 |
| WR Grace Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.0015% 8/9/2032 (e)(f)(h) | 19070000 | 18944901 |
|  |  | 538390150 |
| Construction Materials - 0.7% |  |  |
| Quikrete Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 2/10/2032 (e)(f)(h) | 70948475 | 71011619 |
| Smyrna Ready Mix Concrete LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9773% 4/2/2029 (e)(f)(h) | 10187798 | 10187798 |
| VM Consolidated Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/15/2032 (e)(f)(h) | 17921032 | 17988236 |
|  |  | 99187653 |
| Containers & Packaging - 2.0% |  |  |
| AOT Packaging Products Acquisition Co LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 3/3/2031 (e)(f)(h) | 44184931 | 43942355 |
| Berlin Packaging LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3526% 6/9/2031 (e)(f)(h) | 34910503 | 34864770 |
| Charter Next Generation Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7977% 11/29/2030 (e)(f)(h) | 23871169 | 23951854 |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.1396% 4/13/2029 (e)(f)(h) | 102880940 | 102800693 |
| Clydesdale Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 4/1/2032 (e)(f)(h) | 59784331 | 59623511 |
| Clydesdale Acquisition Holdings Inc Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 3.25% 3/29/2032 (e)(f)(h)(j) | 1015833 | 1013101 |
| Graham Packaging Co Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 8/4/2027 (e)(f)(h) | 16369094 | 16387591 |
| LC Ahab US Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 5/1/2031 (e)(f)(h) | 15135487 | 15154406 |
| SupplyOne Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 4/21/2031 (e)(f)(h) | 7473358 | 7481131 |
|  |  | 305219412 |
| Metals & Mining - 0.1% |  |  |
| Tiger Acquisition LLC 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5018% 8/23/2032 (e)(f)(h) | 19984913 | 20041070 |
| Paper & Forest Products - 0.1% |  |  |
| Asplundh Tree Expert LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 5/23/2031 (e)(f)(h) | 21378496 | 21374006 |
| TOTAL MATERIALS |  | 984212291 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.0% |  |  |
| Stonepeak Bayou Holdings LP 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 10/1/2032 (e)(f)(h)(l) | 2720000 | 2434400 |
| Real Estate Management & Development - 0.2% |  |  |
| Cushman & Wakefield US Borrower LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 1/31/2030 (e)(f)(h) | 7635239 | 7663871 |
| Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 1/31/2030 (e)(f)(h) | 6237600 | 6248017 |
| Greystar Real Estate Partners LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4773% 8/21/2030 (e)(f)(h) | 12190507 | 12220984 |
|  |  | 26132872 |
| TOTAL REAL ESTATE |  | 28567272 |
| Utilities - 1.8% |  |  |
| Electric Utilities - 0.7% |  |  |
| NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.5931% 4/16/2031 (e)(f)(h) | 23949140 | 23994643 |
| Vistra Operations Co LLC Tranche B-3 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.7146% 12/20/2030 (e)(f)(h) | 29547805 | 29587399 |
| WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.3843% 1/27/2031 (e)(f)(h) | 52148876 | 52258389 |
|  |  | 105840431 |
| Independent Power and Renewable Electricity Producers - 1.0% |  |  |
| Alpha Generation LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 9/30/2031 (e)(f)(h) | 25838030 | 25852758 |
| Calpine Construction Finance Co LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 7/31/2030 (e)(f)(h) | 10954125 | 10961355 |
| Cogentrix Finance Holdco I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 2/26/2032 (e)(f)(h) | 18983463 | 19078380 |
| MRP Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 6/4/2032 (e)(f)(h) | 11665323 | 11456280 |
| MRP Buyer LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 5.6623% 6/4/2032 (e)(f)(h)(j) | 1484677 | 1458072 |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5015% 3/29/2030 (e)(f)(h) | 21660813 | 21732943 |
| Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 10/11/2032 (e)(f)(h)(l) | 22513000 | 22494314 |
| Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7329% 12/13/2031 (e)(f)(h) | 9791013 | 9795614 |
| Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.8291% 3/24/2028 (e)(f)(h) | 18629824 | 18628707 |
|  |  | 141458423 |
| Multi-Utilities - 0.1% |  |  |
| Osmose Utilities Services Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3291% 6/23/2028 (e)(f)(h) | 22390077 | 21438498 |
| TOTAL UTILITIES |  | 268737352 |
| TOTAL UNITED STATES |  | 12475986712 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $13,984,092,636) |  | <br> **13601693243** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 1.6%** | &nbsp;&nbsp;**Common Stocks - 1.6%** | &nbsp;&nbsp;**Common Stocks - 1.6%** |
|  | Shares | Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (i) | 956228 | 15895736 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| New Cineworld Ltd (i)(n) | 715262 | 16837267 |
| LUXEMBOURG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Travelport Finance Luxembourg Sarl (i)(n) | 3686 | 7739679 |
| UNITED STATES - 1.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Ion Media Networks Inc (i)(n) | 2842 | 0 |
| Main Street Sports Group (i) | 23201 | 169669 |
|  |  | 169669 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Old Claimco LLC (i)(n) | 542500 | 6260450 |
| Specialty Retail - 0.0% |  |  |
| White Iris LLC (i) | 185373 | 4575006 |
| TOTAL CONSUMER DISCRETIONARY |  | 10835456 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| JP Intermediate B LLC (i) | 78896 | 3155831 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| California Resources Corp  | 529472 | 24975194 |
| EP Energy Corp (i)(n) | 80740 | 130799 |
| Expand Energy Corp  | 587218 | 60665492 |
| Expand Energy Corp (b) | 4049 | 418302 |
| Exxon Mobil Corp  | 329097 | 37635533 |
| New Fortress Energy Inc  | 224466 | 289561 |
|  |  | 124114881 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| ACNR Holdings Inc (i)(n) | 391373 | 46855176 |
| Carnelian Point Holdings LP warrants 6/30/2027 (i)(n) | 18944 | 55316 |
| Limetree Bay Cayman Ltd (i)(n) | 2899 | 0 |
|  |  | 46910492 |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Fusion Parent, LLC Class A (i) | 344241 | 16468489 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| GTT Communications Inc (i)(n) | 118360 | 4414828 |
| TOTAL UNITED STATES |  | 206069646 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $123,783,171) |  | <br> **246542328** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Acrisure Holdings Inc Series A-2 (i)<br>(Cost $24,999,976)<br>| 1038205 | **27304792** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (d) | 160000 | 157843 |
| FRANCE - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Altice France SA 6.5% 10/15/2031 (d) | 6227798 | 5937268 |
| Altice France SA 6.5% 3/15/2032 (d) | 22517724 | 21562074 |
| Altice France SA 6.875% 10/15/2030 (d) | 6530448 | 6390808 |
| Altice France SA 6.875% 7/15/2032 (d) | 22533126 | 21626516 |
| TOTAL FRANCE |  | 55516666 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (d) | 13300000 | 14567636 |
| UNITED STATES - 3.1%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Frontier Communications Holdings LLC 5% 5/1/2028 (d) | 4005000 | 3999691 |
| Frontier Communications Holdings LLC 8.75% 5/15/2030 (d) | 1560000 | 1631926 |
| Level 3 Financing Inc 4.5% 4/1/2030 (d) | 15190000 | 14031763 |
| Level 3 Financing Inc 4.875% 6/15/2029 (d) | 135000 | 129093 |
| WULF Compute LLC 7.75% 10/15/2030 (d) | 3015000 | 3132208 |
|  |  | 22924681 |
| Media - 0.8% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (d) | 8110000 | 8028604 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (d) | 16225000 | 16012837 |
| DISH Network Corp 11.75% 11/15/2027 (d) | 22645000 | 23840271 |
| Dotdash Meredith Inc 7.625% 6/15/2032 (d) | 11795000 | 10604177 |
| EchoStar Corp 10.75% 11/30/2029  | 27871501 | 30683024 |
| Univision Communications Inc 7.375% 6/30/2030 (d) | 9425000 | 9456715 |
| Univision Communications Inc 8% 8/15/2028 (d) | 6375000 | 6562705 |
| Univision Communications Inc 8.5% 7/31/2031 (d) | 8595000 | 8791009 |
| Univision Communications Inc 9.375% 8/1/2032 (d) | 12740000 | 13447997 |
|  |  | 127427339 |
| TOTAL COMMUNICATION SERVICES |  | 150352020 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.1% |  |  |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (d) | 7810000 | 7999603 |
| Diversified Consumer Services - 0.1% |  |  |
| TKC Holdings Inc 10.5% 5/15/2029 (d) | 9575000 | 9846691 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Caesars Entertainment Inc 7% 2/15/2030 (d) | 7670000 | 7891809 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (d) | 37830000 | 36195165 |
|  |  | 44086974 |
| Specialty Retail - 0.0% |  |  |
| Staples Inc 10.75% 9/1/2029 (d) | 7810000 | 7568505 |
| TOTAL CONSUMER DISCRETIONARY |  | 69501773 |
| Financials - 0.6% |  |  |
| Consumer Finance - 0.1% |  |  |
| Ford Motor Credit Co LLC U.S. SOFR Index + 2.95%, 7.2064% 3/6/2026 (e)(f) | 16070000 | 16168027 |
| Financial Services - 0.2% |  |  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 17665000 | 15193343 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  | 14840000 | 14283592 |
| NFE Financing LLC 12% 11/15/2029 (d) | 28865094 | 7034530 |
|  |  | 36511465 |
| Insurance - 0.3% |  |  |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (d) | 21445000 | 22180092 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d) | 16655000 | 16957388 |
|  |  | 39137480 |
| TOTAL FINANCIALS |  | 91816972 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Embecta Corp 6.75% 2/15/2030 (d) | 8365000 | 8223720 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d) | 4675000 | 4809420 |
|  |  | 13033140 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| TransDigm Inc 6.375% 3/1/2029 (d) | 19405000 | 19841613 |
| Building Products - 0.0% |  |  |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (d) | 2950000 | 2727028 |
| Commercial Services & Supplies - 0.4% |  |  |
| Artera Services LLC 8.5% 2/15/2031 (d) | 8525000 | 7356982 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (d) | 8060000 | 7755127 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (d) | 25460000 | 25141750 |
| OT Midco Inc 10% 2/15/2030 (d) | 5925000 | 3466277 |
|  |  | 43720136 |
| Machinery - 0.0% |  |  |
| Chart Industries Inc 7.5% 1/1/2030 (d) | 1670000 | 1741645 |
| Passenger Airlines - 0.0% |  |  |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (d) | 715000 | 716817 |
| TOTAL INDUSTRIALS |  | 68747239 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (d)(e) | 714587 | 786939 |
| Software - 0.2% |  |  |
| Cloud Software Group Inc 8.25% 6/30/2032 (d) | 16354000 | 17185013 |
| Cloud Software Group Inc 9% 9/30/2029 (d) | 8495000 | 8786718 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 5835000 | 6128028 |
|  |  | 32099759 |
| TOTAL INFORMATION TECHNOLOGY |  | 32886698 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d) | 11790000 | 12414858 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.0% |  |  |
| Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (d) | 1725000 | 1720928 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (d) | 985000 | 976837 |
|  |  | 2697765 |
| Health Care REITs - 0.2% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 27345000 | 26309297 |
| TOTAL REAL ESTATE |  | 29007062 |
| TOTAL UNITED STATES |  | 467759762 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $541,767,511) |  | <br> **538001907** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Strategy Inc 9% (o)<br>(Cost $8,182,419)<br>| 93500 | **9295769** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.4%** | &nbsp;&nbsp;**Preferred Securities - 0.4%** | &nbsp;&nbsp;**Preferred Securities - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.583% (e)(f)(m) | 29690000 | 30276006 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Wells Fargo & Co 3.9% (e)(m) | 23585000 | 23528642 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Aircastle Ltd 5.25% (d)(e)(m) | 8580000 | 8584980 |
| TOTAL UNITED STATES |  | 62389628 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $61,535,833) |  | <br> **62389628** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (p)<br>(Cost $612,968,618)<br>| 4.18 | 612848446 | **612971015** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $15,552,234,674)<br>| <br>**15288994164** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(239264122)** |
| **NET ASSETS - 100.0%** | **15049730042** |

---

**Legend**

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

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $123,473,171 or 0.8% of net assets.

(c) Affiliated fund.

(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 $505,562,189 or 3.4% of net assets.

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

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

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

(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) Level 3 security.

(j) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $18,779,463 and $18,756,256, respectively.

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

(l) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

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

(n) Non-income producing.

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

(p) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Expand Energy Corp | 2/10/2021 | 38343 |
| Fidelity Private Credit Company LLC | 5/1/2022 - 10/6/2025 | 129090916 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 872182993 | 4174962164 | 4434178819 | 41218260 | 26770 | (22093) | 612971015 | 612848446 | 1.1% |
| Fidelity Securities Lending Cash Central Fund | - | 139085668 | 139085668 | 652 | - | - | - | - | 0.0% |
| Total | 872182993 | 4314047832 | 4573264487 | 41218912 | 26770 | (22093) | 612971015 |  |  |

---

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

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

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

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 113619649 | 23350459 | 6305893 | 17346730 | (156583) | (5710033) | 123054869 | 13031470 |
|  | 113619649 | 23350459 | 6305893 | 17346730 | (156583) | (5710033) | 123054869 |  |

---

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

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

Sales proceeds amount represents shares tendered under Fidelity Private Credit Company LLC's share repurchase program.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Joann Inc | 12477231 | - | - | - | (415606) | (12061625) | - | - |
| Total | 12477231 | - | - | - | (415606) | (12061625) | - |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 123054869 | - | 123054869 | - |
|  **Asset-Backed Securities** | 67740613 | - | 67740613 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 1125325265 | - | 1122193134 | 3132131 |
| Consumer Discretionary | 2702753400 | - | 2700302766 | 2450634 |
| Consumer Staples | 459145594 | - | 450587242 | 8558352 |
| Energy | 422243801 | - | 422243801 | - |
| Financials | 1739206896 | - | 1732122411 | 7084485 |
| Health Care | 1192508385 | - | 1192508385 | - |
| Industrials | 2241134967 | - | 2200948212 | 40186755 |
| Information Technology | 2333070130 | - | 2292201876 | 40868254 |
| Materials | 1078709905 | - | 1076232294 | 2477611 |
| Real Estate | 28567272 | - | 28567272 | - |
| Utilities | 279027628 | - | 279027628 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 32902672 | - | - | 32902672 |
| Consumer Discretionary | 18575135 | - | - | 18575135 |
| Consumer Staples | 3155831 | - | - | 3155831 |
| Energy | 124114881 | 123984082 | - | 130799 |
| Financials | 46910492 | - | - | 46910492 |
| Industrials | 16468489 | - | - | 16468489 |
| Information Technology | 4414828 | - | - | 4414828 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 27304792 | - | - | 27304792 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 205868686 | - | 205868686 | - |
| Consumer Discretionary | 69659616 | - | 69659616 | - |
| Energy | 14567636 | - | 14567636 | - |
| Financials | 91816972 | - | 91816972 | - |
| Health Care | 13033140 | - | 13033140 | - |
| Industrials | 68747239 | - | 68747239 | - |
| Information Technology | 32886698 | - | 32886698 | - |
| Materials | 12414858 | - | 12414858 | - |
| Real Estate | 29007062 | - | 29007062 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 9295769 | 9295769 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 30276006 | - | 30276006 | - |
| Financials | 23528642 | - | 23528642 | - |
| Industrials | 8584980 | - | 8584980 | - |
|  **Money Market Funds** | 612971015 | 612971015 | - | - |
| **Total Investments in Securities:** | 15288994164 | 746250866 | 14288122038 | 254621260 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2025 ($)** |
| **Common Stocks** | 95211492 | (26597638) | 22845797 | 42679709 | (11581114) | - | - | - | 122558246 | 321081 |
| **Bank Loan Obligations** | 77365699 | 330483 | (6621066) | 63727273 | (29018684) | 361261 | 953856 | (2340600) | 104758222 | (6497795) |
| **Convertible Preferred Stocks** | - | - | 2304816 | 24999976 | - | - | - | - | 27304792 | 2304816 |
| **Non-Convertible Corporate Bonds** | 2452800 | 86018 | 423 | 19749 | (2558567) | (423) | - | - | - | - |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $14,811,821,557) | $14552968280 |  |
| Fidelity Central Funds (cost $612,968,618) | 612971015 |  |
| Other affiliated issuers (cost $127,444,499) | 123054869 |  |
| Total Investment in Securities (cost $15,552,234,674) |  | $15288994164 |
| Cash |  | 9006801 |
| Receivable for investments sold |  | 118435019 |
| Receivable for fund shares sold |  | 16663559 |
| Dividends receivable |  | 5932 |
| Interest receivable |  | 84937644 |
| Distributions receivable from Fidelity Central Funds |  | 2415686 |
| Prepaid expenses |  | 16460 |
| Other receivables |  | 249357 |
| **Total assets** |  | 15520724622 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $393551403 |  |
| Delayed delivery | 1500000 |  |
| Payable for fund shares redeemed | 52062536 |  |
| Distributions payable | 15554597 |  |
| Accrued management fee | 7854154 |  |
| Distribution and service plan fees payable | 248369 |  |
| Other payables and accrued expenses | 223521 |  |
| **Total liabilities** |  | 470994580 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $15049730042 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $16629451005 |
| Total accumulated earnings (loss) |  | (1579720963) |
| **Net Assets** |  | $15049730042 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($664,218,183 ÷ 72,680,838 shares)(a) |  | $9.14 |
| Maximum offering price per share (100/97.25 of $9.14) |  | $9.40 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($84,135,240 ÷ 9,219,603 shares)(a) |  | $9.13 |
| Maximum offering price per share (100/97.25 of $9.13) |  | $9.39 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($109,573,929 ÷ 11,991,550 shares)(a) |  | $9.14 |
| **Fidelity Floating Rate High Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($9,445,061,804 ÷ 1,034,840,963 shares) |  | $9.13 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,070,310,631 ÷ 227,035,817 shares) |  | $9.12 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,676,430,255 ÷ 293,351,962 shares) |  | $9.12 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $8001719 |
| Affiliated issuers |  | 17346730 |
| Interest  |  | 1201122638 |
| Income from Fidelity Central Funds (including $652 from security lending)  |  | 41218912 |
| **Total income** |  | 1267689999 |
| **Expenses** |  |  |
| Management fee | $97569741 |  |
| Distribution and service plan fees | 3043611 |  |
| Custodian fees and expenses | 67639 |  |
| Independent trustees' fees and expenses | 60718 |  |
| Registration fees | 645919 |  |
| Audit fees | 99098 |  |
| Legal | 538780 |  |
| Interest | 102607 |  |
| Miscellaneous | 113846 |  |
| Total expenses before reductions | 102241959 |  |
| Expense reductions | (967151) |  |
| Total expenses after reductions |  | 101274808 |
| **Net Investment income (loss)** |  | 1166415191 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (160723062) |  |
| Fidelity Central Funds | 26770 |  |
| Other affiliated issuers | (572189) |  |
| Foreign currency transactions | (20857) |  |
| Total net realized gain (loss) |  | (161289338) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (141615215) |  |
| Fidelity Central Funds  | (22093) |  |
| Other affiliated issuers  | (17771658) |  |
| Unfunded commitments | (4480049) |  |
| Total change in net unrealized appreciation (depreciation) |  | (163889015) |
| **Net gain (loss)** |  | (325178353) |
| **Net increase (decrease) in net assets resulting from operations** |  | $841236838 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1166415191 | $1192413405 |
| &nbsp;&nbsp;Net realized gain (loss) | (161289338)<br>| (116674907)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (163889015) | 248024779<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 841236838<br>| 1323763277<br>|
| Distributions to shareholders | (1142344629)<br>| (1165961210)<br>|
| Share transactions - net increase (decrease) | 668696080<br>| 2215796411<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 367588289<br>| 2373598478<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14682141753 | 12308543275<br>|
| &nbsp;&nbsp;End of period | $15049730042 | $14682141753 |

---

**Financial Highlights** 

**Fidelity Advisor® Floating Rate High Income Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.29 | $9.17 | $8.98 | $9.53 | $8.98 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .674  | .771  | .727  | .370  | .298  |
| Net realized and unrealized gain (loss)  | (.163)  | .103  | .190  | (.556)  | .525  |
| Total from investment operations  | .511  | .874  | .917  | (.186)  | .823  |
| Distributions from net investment income  | (.661)  | (.754)  | (.727)  | (.364)  | (.273)  |
| Total distributions  | (.661)  | (.754)  | (.727)  | (.364)  | (.273)  |
| Net asset value, end of period  | $9.14 | $9.29 | $9.17 | $8.98 | $9.53 |
| **Total Return** C,D | 5.69% <br>| 9.85%  | 10.55%  | (1.96)%  | 9.24%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .94%  | .95%  | .97%  | .97%  | .98%  |
| Expenses net of fee waivers, if any  | .93% <br>| .94%  | .96%  | .97%  | .98%  |
| Expenses net of all reductions, if any  | .93%  | .94%  | .96%  | .97%  | .97%  |
| Net investment income (loss)  | 7.33%  | 8.31%  | 7.96%  | 4.00%  | 3.18%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $664218 | $675885 | $601482 | $575065 | $523136 |
| Portfolio turnover rate G | 58% <br>| 41%  | 35%  | 27%  | 31%  |

---

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

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

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

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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

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

**Fidelity Advisor® Floating Rate High Income Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.28 | $9.16 | $8.96 | $9.51 | $8.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .673  | .772  | .728  | .369  | .297  |
| Net realized and unrealized gain (loss)  | (.164)  | .102  | .200  | (.555)  | .514  |
| Total from investment operations  | .509  | .874  | .928  | (.186)  | .811  |
| Distributions from net investment income  | (.659)  | (.754)  | (.728)  | (.364)  | (.271)  |
| Total distributions  | (.659)  | (.754)  | (.728)  | (.364)  | (.271)  |
| Net asset value, end of period  | $9.13 | $9.28 | $9.16 | $8.96 | $9.51 |
| **Total Return** C,D | 5.68% <br>| 9.86%  | 10.69%  | (1.97)%  | 9.12%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .94%  | .93%  | .95%  | .97%  | .99%  |
| Expenses net of fee waivers, if any  | .93% <br>| .93%  | .95%  | .96%  | .99%  |
| Expenses net of all reductions, if any  | .93%  | .93%  | .95%  | .96%  | .99%  |
| Net investment income (loss)  | 7.34%  | 8.32%  | 7.98%  | 4.00%  | 3.16%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $84135 | $87381 | $86390 | $87017 | $64763 |
| Portfolio turnover rate G | 58% <br>| 41%  | 35%  | 27%  | 31%  |

---

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

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

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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

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

**Fidelity Advisor® Floating Rate High Income Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.29 | $9.17 | $8.97 | $9.53 | $8.98 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .606  | .702  | .659  | .300  | .228  |
| Net realized and unrealized gain (loss)  | (.165)  | .102  | .199  | (.565)  | .524  |
| Total from investment operations  | .441  | .804  | .858  | (.265)  | .752  |
| Distributions from net investment income  | (.591)  | (.684)  | (.658)  | (.295)  | (.202)  |
| Total distributions  | (.591)  | (.684)  | (.658)  | (.295)  | (.202)  |
| Net asset value, end of period  | $9.14 | $9.29 | $9.17 | $8.97 | $9.53 |
| **Total Return** C,D | 4.90% <br>| 9.03%  | 9.84%  | (2.81)%  | 8.42%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.69%  | 1.70%  | 1.72%  | 1.72%  | 1.73%  |
| Expenses net of fee waivers, if any  | 1.68% <br>| 1.69%  | 1.71%  | 1.72%  | 1.73%  |
| Expenses net of all reductions, if any  | 1.68%  | 1.69%  | 1.71%  | 1.72%  | 1.73%  |
| Net investment income (loss)  | 6.59%  | 7.56%  | 7.21%  | 3.24%  | 2.42%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $109574 | $115117 | $109760 | $113629 | $108738 |
| Portfolio turnover rate G | 58% <br>| 41%  | 35%  | 27%  | 31%  |

---

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

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

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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

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

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

**Fidelity® Floating Rate High Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.28 | $9.16 | $8.96 | $9.52 | $8.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .700  | .794  | .753  | .397  | .326  |
| Net realized and unrealized gain (loss)  | (.164)  | .106  | .200  | (.566)  | .525  |
| Total from investment operations  | .536  | .900  | .953  | (.169)  | .851  |
| Distributions from net investment income  | (.686)  | (.780)  | (.753)  | (.391)  | (.301)  |
| Total distributions  | (.686)  | (.780)  | (.753)  | (.391)  | (.301)  |
| Net asset value, end of period  | $9.13 | $9.28 | $9.16 | $8.96 | $9.52 |
| **Total Return** C | 5.99% <br>| 10.16%  | 10.99%  | (1.79)%  | 9.58%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .65%  | .67%  | .67%  | .68%  | .67%  |
| Expenses net of fee waivers, if any  | .64% <br>| .66%  | .67%  | .68%  | .67%  |
| Expenses net of all reductions, if any  | .64%  | .66%  | .67%  | .68%  | .67%  |
| Net investment income (loss)  | 7.62%  | 8.59%  | 8.26%  | 4.29%  | 3.48%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9445062 | $9515970 | $7026215 | $6460937 | $6418533 |
| Portfolio turnover rate F | 58% <br>| 41%  | 35%  | 27%  | 31%  |

---

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

D*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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*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.*

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

**Fidelity Advisor® Floating Rate High Income Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.27 | $9.15 | $8.96 | $9.51 | $8.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .696  | .794  | .750  | .391  | .321  |
| Net realized and unrealized gain (loss)  | (.164)  | .102  | .190  | (.554)  | .525  |
| Total from investment operations  | .532  | .896  | .940  | (.163)  | .846  |
| Distributions from net investment income  | (.682)  | (.776)  | (.750)  | (.387)  | (.296)  |
| Total distributions  | (.682)  | (.776)  | (.750)  | (.387)  | (.296)  |
| Net asset value, end of period  | $9.12 | $9.27 | $9.15 | $8.96 | $9.51 |
| **Total Return** C | 5.94% <br>| 10.13%  | 10.84%  | (1.73)%  | 9.54%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .69%  | .69%  | .70%  | .72%  | .72%  |
| Expenses net of fee waivers, if any  | .68% <br>| .68%  | .70%  | .72%  | .72%  |
| Expenses net of all reductions, if any  | .68%  | .68%  | .70%  | .72%  | .72%  |
| Net investment income (loss)  | 7.58%  | 8.57%  | 8.23%  | 4.25%  | 3.43%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2070311 | $2081268 | $1971623 | $1993479 | $1166925 |
| Portfolio turnover rate F | 58% <br>| 41%  | 35%  | 27%  | 31%  |

---

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

D*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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*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.*

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

**Fidelity Advisor® Floating Rate High Income Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.28 | $9.16 | $8.96 | $9.51 | $8.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .703  | .805  | .759  | .401  | .329  |
| Net realized and unrealized gain (loss)  | (.172)  | .101  | .198  | (.555)  | .516  |
| Total from investment operations  | .531  | .906  | .957  | (.154)  | .845  |
| Distributions from net investment income  | (.691)  | (.786)  | (.757)  | (.396)  | (.305)  |
| Total distributions  | (.691)  | (.786)  | (.757)  | (.396)  | (.305)  |
| Net asset value, end of period  | $9.12 | $9.28 | $9.16 | $8.96 | $9.51 |
| **Total Return** C | 5.93% <br>| 10.24%  | 11.05%  | (1.63)%  | 9.52%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .59%  | .59%  | .62%  | .62%  | .62%  |
| Expenses net of fee waivers, if any  | .58% <br>| .58%  | .61%  | .62%  | .62%  |
| Expenses net of all reductions, if any  | .58%  | .58%  | .61%  | .62%  | .62%  |
| Net investment income (loss)  | 7.68%  | 8.67%  | 8.31%  | 4.35%  | 3.53%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2676430 | $2206521 | $2513073 | $2798332 | $2448993 |
| Portfolio turnover rate F | 58% <br>| 41%  | 35%  | 27%  | 31%  |

---

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

D*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. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*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.*

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Advisor Floating Rate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (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 Floating Rate High Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity 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. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the nine month period ended September 30, 2025 was 9.68%.

**4. Significant Accounting Policies.**

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

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Bank Loan Obligations | $104758222 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 5.9 | Increase |
|  |  | Market approach  | Transaction price  | $100.00  | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 - $77.77 / $77.77 | Increase |
|  |  | Discounted cash flow  | Yield  | 8.5% - 15.6% / 10.2% | Decrease |
|  |  | Indicative market price  | Evaluated bid  | $97.00 - $105.13 / $100.72 | Increase |
| Common Stocks | $122558246 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA)  | 2.4 - 11.8 / 5.3 | Increase |
|  |  | Market approach | Transaction price  | $2.92 - $7.31 / $6.23 | Increase |
|  |  |  | Parity price  | $24.68  | Increase |
|  |  | Recovery value | Recovery value  | $0.00 | Increase |
|  |  | Discounted cash flow  | Discount rate | 12.2% | Decrease |
|  |  | Indicative market price  | Mid price | $16.50 - $16.79 / $16.62 | Increase |
| Convertible Preferred Stocks | $27304792 | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA) | 20.5 | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

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 October 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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 foreign currency transactions, passive foreign investment companies (PFIC), defaulted bonds, market discount, capital loss carryforwards, partnerships and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $294280346 |
| **Gross unrealized depreciation**  | <u>(500380001)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(206099655)</u> |
| **Tax Cost**  | <u>$15495093819</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$5203010</u> |
| **Capital loss carryforward**  | <u>$(1378824320)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(206099655)</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(69608021) |
| Long-term | <u>(1309216299)</u> |
| **Total capital loss carryforward** | <u>$(1378824320)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $1142344629 | $1165961210 |

---

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

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

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

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Advisor Floating Rate High Income Fund** | Fidelity Private Credit Company LLC | 10119993 | - |

---

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

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

**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 Advisor Floating Rate High Income Fund** | 8946324050 | 8411117220 |

---

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

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

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

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .68 |
| **Class C** | .69 |
| **Fidelity Floating Rate High Income Fund** | .65 |
| **Class I** | .68 |
| **Class Z** | .59 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **Fidelity Floating Rate High Income Fund** | .64 |
| **Class I** | .68 |
| **Class Z** | .58 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 1695482 | 171814 |
| **Class M** | - % | .25% | 220681 | 854 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1127448</u> | <u>232915</u> |
|  |  |  | <u>3043611</u> | <u>405583</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 67218 |
| **Class M** | 3392 |
| **Class C** A | <u>474</u> |
|  | <u>71084</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Floating Rate High Income Fund** | 100 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Advisor Floating Rate High Income Fund**  | Borrower | 57500000 | 4.59% | 102607 |

---

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Floating Rate High Income Fund** | 21179 |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Floating Rate High Income Fund** | 69 | - | - |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until February 28, 2027. During the period, this waiver reduced the Fund's management fee by $885,415.

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 $81,736.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Advisor Floating Rate High Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $48673170 | $52533545 |
| Class M | 6335838 | 7099498 |
| Class C | 7253014 | 8508873 |
| Fidelity Floating Rate High Income Fund | 731267228 | 711163940 |
| Class I | 162539385 | 178961231 |
| Class Z | <u>186275994</u> | <u>207694123</u> |
| Total  | <u>$1142344629</u> | <u>$1165961210</u> |

---

**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** |
|  | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Advisor Floating Rate High Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 23214368 | 22756529 | $214016639 | $211398674 |
| Reinvestment of distributions | 4824869 | 5113309 | 44396444 | 47496733 |
| Shares redeemed | <u>(28091838)</u> | <u>(20704875)</u> | <u>(257854816)</u> | <u>(192231705)</u> |
| Net increase (decrease) | <u>(52601)</u> | <u>7164963</u> | <u>$558267</u> | <u>$66663702</u> |
| **Class M** |  |  |  |  |
| Shares sold | 3052312 | 2511681 | $27977175 | $23291716 |
| Reinvestment of distributions | 668680 | 743606 | 6143307 | 6898126 |
| Shares redeemed | <u>(3918345)</u> | <u>(3268808)</u> | <u>(35973235)</u> | <u>(30318534)</u> |
| Net increase (decrease) | <u>(197353)</u> | <u>(13521)</u> | <u>$(1852753)</u> | <u>$(128692)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 3283899 | 3991579 | $30188389 | $37063853 |
| Reinvestment of distributions | 746209 | 864481 | 6865874 | 8030385 |
| Shares redeemed | <u>(4428318)</u> | <u>(4433504)</u> | <u>(40719653)</u> | <u>(41156972)</u> |
| Net increase (decrease) | <u>(398210)</u> | <u>422556</u> | <u>$(3665390)</u> | <u>$3937266</u> |
| **Fidelity Floating Rate High Income Fund** |  |  |  |  |
| Shares sold | 450697653 | 481932088 | $4153633216 | $4469766893 |
| Reinvestment of distributions | 65471598 | 63797694 | 601823635 | 591928043 |
| Shares redeemed | <u>(506685508)</u> | <u>(287304733)</u> | <u>(4632034324)</u> | <u>(2661888523)</u> |
| Net increase (decrease) | <u>9483743</u> | <u>258425049</u> | <u>$123422527</u> | <u>$2399806413</u> |
| **Class I** |  |  |  |  |
| Shares sold | 128678579 | 100802939 | $1184003712 | $933137052 |
| Reinvestment of distributions | 14285665 | 14366894 | 131107723 | 133168360 |
| Shares redeemed | <u>(140388907)</u> | <u>(106103199)</u> | <u>(1278758862)</u> | <u>(982087326)</u> |
| Net increase (decrease) | <u>2575337</u> | <u>9066634</u> | <u>$36352573</u> | <u>$84218086</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 121488753 | 59274711 | $1115851201 | $549774366 |
| Reinvestment of distributions | 15826710 | 17057225 | 145287269 | 158207997 |
| Shares redeemed | <u>(81839176)</u> | <u>(112864599)</u> | <u>(747257614)</u> | <u>(1046682727)</u> |
| Net increase (decrease) | <u>55476287</u> | <u>(36532663)</u> | <u>$513880856</u> | <u>$(338700364)</u> |

---

**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. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Advisor Series I and the Shareholders of Fidelity Advisor Floating Rate High Income Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Floating Rate High Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 16, 2025

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

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

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

A total of 0.60% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,090,823,058 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $1,141,588,715 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Advisor Floating Rate High Income Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates 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, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account 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.

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

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

The information provided to the Board indicated that the management fee rate of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118407_4.jpg)<br>

1.750077.125 AFR-ANN-1225

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

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

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99.906.htm)

SIGNATURES

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

Fidelity Advisor Series I

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

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

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

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

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

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

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

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

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

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

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

**Actual and Apparent Conflicts of Interest**

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

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

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

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

\* \* \*

Each Covered Officer must:

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

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

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

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

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

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

**III. Disclosure and Compliance**

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

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

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

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

**IV. Reporting and Accountability**

Each Covered Officer must:

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

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

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

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

**V. Oversight**

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

**VI. Other Policies and Procedures** 

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

**VII. Amendments**

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

**VIII. Records and Confidentiality**

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

2023

## Ex-99.Cert

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

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

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

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

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

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

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

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

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

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

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

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

Date:

December 22, 2025

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

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

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

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

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

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

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

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

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

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

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

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

Date:

December 22, 2025

---

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

---

## Exhibit 99.906

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

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

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

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

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

Dated: December 22, 2025

---

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

---

Dated: December 22, 2025

---

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

---

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

<br>