# EDGAR Filing Document

**Accession Number:** 0000795422
**File Stem:** 0000795422-26-000012
**Filing Date:** 2026-2
**Character Count:** 346274
**Document Hash:** cf2c78810fb4a999c75eaf1553bdab5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000795422-26-000012.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000795422-26-000012

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY ADVISOR SERIES II
- **CENTRAL INDEX KEY:** 0000795422

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04707
- **FILM NUMBER:** 26657438

**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 DIVERSIFIED TRUST
- **DATE OF NAME CHANGE:** 19930706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PLYMOUTH FUND
- **DATE OF NAME CHANGE:** 19920130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PLYMOUTH INVESTMENT SERIES
- **DATE OF NAME CHANGE:** 19911204

## Series and Classes Contracts Data

### Fidelity Advisor Strategic Income Fund (Series ID: S000005152)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000014110 | Class A                        | FSTAX           |
| C000014112 | Class C                        | FSRCX           |
| C000014113 | Class M                        | FSIAX           |
| C000014114 | Class I                        | FSRIX           |
| C000200078 | Fidelity Strategic Income Fund | FADMX           |
| C000204998 | Class Z                        | FIWDX           |

?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>811-04707</u>

<u>Fidelity Advisor Series II</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; December 31 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; December 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity® Strategic Income Fund : FADMX** <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® Strategic Income Fund for the period January 1, 2025 to December 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® Strategic Income Fund  | $67  | 0.64% |

---

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

• Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

• In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

• Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

• Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

April 13, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Strategic Income Fund<br>| $10000 | $9722<br>| $10796<br>| $11609<br>| $12069<br>| $10725<br>| $11747<br>| $12458<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $9852<br>| $10889<br>| $11612<br>| $11757<br>| $10383<br>| $11369<br>| $11963<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10131<br>| $11072<br>| $11911<br>| $11780<br>| $10249<br>| $10882<br>| $11104<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123523_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Strategic Income Fund | 9.00% | 3.18% | 4.04% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 3.32% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.33% |

---

**A** From April 13, 2018

---

| |
|:---|
| 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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15434610570<br>|
| Number of Holdings | 986<br>|
| Total Advisory Fee | $95947155<br>|
| Portfolio Turnover | 72%<br>|

---

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

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.8 |
| AA | 2.5 |
| A | 0.9 |
| BBB | 6.9 |
| BB | 12.8 |
| B | 16.3 |
| CCC,CC,C | 6.4 |
| D | 0.0 |
| Not Rated | 12.0 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 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;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.8&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;B - 16.3&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 - 6.4&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;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.0&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;Equities - 9.3&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;Short-Term Investments and Net Other Assets (Liabilities) - 12.6 |
| 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. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.5 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.6 |
| Foreign Developed-Markets Debt | 8.4 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.4&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 74.5 |
| Germany | 5.5 |
| Mexico | 1.6 |
| Canada | 1.5 |
| United Kingdom | 1.3 |
| Brazil | 1.0 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Turkey | 0.8 |
| Others | 12.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 74.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&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;Mexico - 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;Canada - 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;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;Others - 12.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.5<br>|
| German Federal Republic | 5.5<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.9<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| NVIDIA Corp | 0.9<br>|
| X Corp | 0.8<br>|
| TransDigm Inc | 0.8<br>|
| Argentine Republic | 0.7<br>|
|  | 33.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img638_20251231_2.jpg)<br>| ![](img123523_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> 1.9914225.101 3082-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class Z : FIWDX** <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® Strategic Income Fund for the period January 1, 2025 to December 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  | $61  | 0.58% |

---

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

• Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

• In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

• Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

• Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9738<br>| $10828<br>| $11650<br>| $12107<br>| $10775<br>| $11809<br>| $12530<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $9856<br>| $10893<br>| $11616<br>| $11762<br>| $10387<br>| $11373<br>| $11968<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10114<br>| $11054<br>| $11891<br>| $11760<br>| $10232<br>| $10864<br>| $11085<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123524_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 8.97% | 3.22% | 4.39% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 3.54% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.46% |

---

**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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15434610570<br>|
| Number of Holdings | 986<br>|
| Total Advisory Fee | $95947155<br>|
| Portfolio Turnover | 72%<br>|

---

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

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.8 |
| AA | 2.5 |
| A | 0.9 |
| BBB | 6.9 |
| BB | 12.8 |
| B | 16.3 |
| CCC,CC,C | 6.4 |
| D | 0.0 |
| Not Rated | 12.0 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 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;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.8&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;B - 16.3&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 - 6.4&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;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.0&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;Equities - 9.3&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;Short-Term Investments and Net Other Assets (Liabilities) - 12.6 |
| 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. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.5 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.6 |
| Foreign Developed-Markets Debt | 8.4 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.4&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 74.5 |
| Germany | 5.5 |
| Mexico | 1.6 |
| Canada | 1.5 |
| United Kingdom | 1.3 |
| Brazil | 1.0 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Turkey | 0.8 |
| Others | 12.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 74.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&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;Mexico - 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;Canada - 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;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;Others - 12.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.5<br>|
| German Federal Republic | 5.5<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.9<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| NVIDIA Corp | 0.9<br>|
| X Corp | 0.8<br>|
| TransDigm Inc | 0.8<br>|
| Argentine Republic | 0.7<br>|
|  | 33.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 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 modified its principal investment strategies 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img638_20251231_2.jpg)<br>| ![](img123524_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> 1.9914226.101 3286-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class M : FSIAX** <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® Strategic Income Fund for the period January 1, 2025 to December 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  | $97  | 0.93% |

---

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

• Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

• In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

• Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

• Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9600 | $10418<br>| $11229<br>| $10898<br>| $12069<br>| $12949<br>| $13414<br>| $11889<br>| $12983<br>| $13732<br>| $14922<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $10929<br>| $11663<br>| $11495<br>| $12706<br>| $13548<br>| $13718<br>| $12115<br>| $13265<br>| $13959<br>| $15015<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123525_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 4.00% sales charge)  | 4.32% | 2.04%<br>| 4.08% |
| Class M (without 4.00% sales charge) | 8.67% | 2.88% | 4.51% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 4.15% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| 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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15434610570<br>|
| Number of Holdings | 986<br>|
| Total Advisory Fee | $95947155<br>|
| Portfolio Turnover | 72%<br>|

---

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

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.8 |
| AA | 2.5 |
| A | 0.9 |
| BBB | 6.9 |
| BB | 12.8 |
| B | 16.3 |
| CCC,CC,C | 6.4 |
| D | 0.0 |
| Not Rated | 12.0 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 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;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.8&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;B - 16.3&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 - 6.4&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;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.0&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;Equities - 9.3&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;Short-Term Investments and Net Other Assets (Liabilities) - 12.6 |
| 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. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.5 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.6 |
| Foreign Developed-Markets Debt | 8.4 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.4&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 74.5 |
| Germany | 5.5 |
| Mexico | 1.6 |
| Canada | 1.5 |
| United Kingdom | 1.3 |
| Brazil | 1.0 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Turkey | 0.8 |
| Others | 12.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 74.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&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;Mexico - 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;Canada - 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;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;Others - 12.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.5<br>|
| German Federal Republic | 5.5<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.9<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| NVIDIA Corp | 0.9<br>|
| X Corp | 0.8<br>|
| TransDigm Inc | 0.8<br>|
| Argentine Republic | 0.7<br>|
|  | 33.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 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 modified its principal investment strategies 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img638_20251231_2.jpg)<br>| ![](img123525_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> 1.9914228.101 638-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class I : FSRIX** <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® Strategic Income Fund for the period January 1, 2025 to December 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  | $71  | 0.68% |

---

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

• Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

• In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

• Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

• Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10880<br>| $11757<br>| $11438<br>| $12696<br>| $13646<br>| $14179<br>| $12595<br>| $13790<br>| $14617<br>| $15927<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $10929<br>| $11663<br>| $11495<br>| $12706<br>| $13548<br>| $13718<br>| $12115<br>| $13265<br>| $13959<br>| $15015<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123526_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 8.96% | 3.14% | 4.76% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 4.15% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| 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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15434610570<br>|
| Number of Holdings | 986<br>|
| Total Advisory Fee | $95947155<br>|
| Portfolio Turnover | 72%<br>|

---

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

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.8 |
| AA | 2.5 |
| A | 0.9 |
| BBB | 6.9 |
| BB | 12.8 |
| B | 16.3 |
| CCC,CC,C | 6.4 |
| D | 0.0 |
| Not Rated | 12.0 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 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;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.8&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;B - 16.3&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 - 6.4&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;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.0&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;Equities - 9.3&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;Short-Term Investments and Net Other Assets (Liabilities) - 12.6 |
| 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. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.5 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.6 |
| Foreign Developed-Markets Debt | 8.4 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.4&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 74.5 |
| Germany | 5.5 |
| Mexico | 1.6 |
| Canada | 1.5 |
| United Kingdom | 1.3 |
| Brazil | 1.0 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Turkey | 0.8 |
| Others | 12.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 74.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&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;Mexico - 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;Canada - 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;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;Others - 12.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.5<br>|
| German Federal Republic | 5.5<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.9<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| NVIDIA Corp | 0.9<br>|
| X Corp | 0.8<br>|
| TransDigm Inc | 0.8<br>|
| Argentine Republic | 0.7<br>|
|  | 33.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 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 modified its principal investment strategies 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img638_20251231_2.jpg)<br>| ![](img123526_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> 1.9914229.101 648-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class C : FSRCX** <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® Strategic Income Fund for the period January 1, 2025 to December 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  | $175  | 1.68% |

---

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

• Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

• In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

• Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

• Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10763<br>| $11516<br>| $11102<br>| $12205<br>| $12988<br>| $13353<br>| $11751<br>| $12737<br>| $13471<br>| $14626<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $10929<br>| $11663<br>| $11495<br>| $12706<br>| $13548<br>| $13718<br>| $12115<br>| $13265<br>| $13959<br>| $15015<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123527_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 6.88% | 2.10%<br>| 3.88% |
| Class C | 7.88% | 2.10% | 3.88% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 4.15% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| 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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15434610570<br>|
| Number of Holdings | 986<br>|
| Total Advisory Fee | $95947155<br>|
| Portfolio Turnover | 72%<br>|

---

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

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.8 |
| AA | 2.5 |
| A | 0.9 |
| BBB | 6.9 |
| BB | 12.8 |
| B | 16.3 |
| CCC,CC,C | 6.4 |
| D | 0.0 |
| Not Rated | 12.0 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 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;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.8&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;B - 16.3&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 - 6.4&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;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.0&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;Equities - 9.3&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;Short-Term Investments and Net Other Assets (Liabilities) - 12.6 |
| 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. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.5 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.6 |
| Foreign Developed-Markets Debt | 8.4 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.4&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 74.5 |
| Germany | 5.5 |
| Mexico | 1.6 |
| Canada | 1.5 |
| United Kingdom | 1.3 |
| Brazil | 1.0 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Turkey | 0.8 |
| Others | 12.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 74.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&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;Mexico - 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;Canada - 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;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;Others - 12.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.5<br>|
| German Federal Republic | 5.5<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.9<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| NVIDIA Corp | 0.9<br>|
| X Corp | 0.8<br>|
| TransDigm Inc | 0.8<br>|
| Argentine Republic | 0.7<br>|
|  | 33.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 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 modified its principal investment strategies 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img638_20251231_2.jpg)<br>| ![](img123527_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> 1.9914227.101 523-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class A : FSTAX** <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® Strategic Income Fund for the period January 1, 2025 to December 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  | $97  | 0.93% |

---

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

• Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

• In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

• Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

• Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9600 | $10408<br>| $11227<br>| $10896<br>| $12066<br>| $12934<br>| $13397<br>| $11884<br>| $12977<br>| $13725<br>| $14902<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $10929<br>| $11663<br>| $11495<br>| $12706<br>| $13548<br>| $13718<br>| $12115<br>| $13265<br>| $13959<br>| $15015<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123528_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 4.00% sales charge)  | 4.23% | 2.04%<br>| 4.07% |
| Class A (without 4.00% sales charge) | 8.58% | 2.87% | 4.50% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 4.15% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| 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 December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15434610570<br>|
| Number of Holdings | 986<br>|
| Total Advisory Fee | $95947155<br>|
| Portfolio Turnover | 72%<br>|

---

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

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.8 |
| AA | 2.5 |
| A | 0.9 |
| BBB | 6.9 |
| BB | 12.8 |
| B | 16.3 |
| CCC,CC,C | 6.4 |
| D | 0.0 |
| Not Rated | 12.0 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 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;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.8&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;B - 16.3&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 - 6.4&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;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.0&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;Equities - 9.3&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;Short-Term Investments and Net Other Assets (Liabilities) - 12.6 |
| 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. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.5 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.6 |
| Foreign Developed-Markets Debt | 8.4 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.4&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 74.5 |
| Germany | 5.5 |
| Mexico | 1.6 |
| Canada | 1.5 |
| United Kingdom | 1.3 |
| Brazil | 1.0 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Turkey | 0.8 |
| Others | 12.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 74.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&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;Mexico - 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;Canada - 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;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Turkey - 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;Others - 12.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.5<br>|
| German Federal Republic | 5.5<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.9<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| NVIDIA Corp | 0.9<br>|
| X Corp | 0.8<br>|
| TransDigm Inc | 0.8<br>|
| Argentine Republic | 0.7<br>|
|  | 33.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 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 modified its principal investment strategies 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img638_20251231_2.jpg)<br>| ![](img123528_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> 1.9914224.101 260-TSRA-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

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

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

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

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

**<u>December 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; Fidelity Advisor Strategic Income Fund | &nbsp;&nbsp; $105600  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $10100  | &nbsp;&nbsp; $1000  |

---

**<u>December 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; Fidelity Advisor Strategic Income Fund | &nbsp;&nbsp; $101600  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $10300  | &nbsp;&nbsp; $2100  |

---

<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>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp; **<u>December 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>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp; **<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp; Deloitte Entities | &nbsp;&nbsp; $2443300  | &nbsp;&nbsp; $3361400  |

---

<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® Strategic Income Fund**

**Annual Report**

**December 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img123177_1.jpg)

![](img123177_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Strategic Income Fund](#Sub_Sec_Fund_638_SI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements638_SI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SI-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.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity Advisor® Strategic Income Fund**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.1%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.1%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.1%** |
|  | 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 (h)(i)(n) | 324000 | 327750 |
| 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 (h)(i)(n) | 836000 | 839168 |
| OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 6.6936% 1/16/2037 (h)(i)(n) | 250000 | 250066 |
| TOTAL BAILIWICK OF JERSEY |  | 1416984 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| 720 East CLO IV Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.5%, 10.4045% 4/15/2037 (h)(i)(n) | 538000 | 540383 |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1074% 10/22/2037 (h)(i)(n) | 498000 | 494636 |
| Arini US Clo II Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 5.65%, 9.9371% 3/31/2038 (h)(i)(n) | 333000 | 335282 |
| 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 (h)(i)(n) | 501000 | 509115 |
| 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 (h)(i)(n) | 321000 | 324401 |
| Bayard Pk Clo Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2154% 7/24/2038 (h)(i)(n) | 798000 | 818529 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (h)(i)(n) | 488000 | 488374 |
| Bbam US Clo III Ltd Series 2025-3A Class DR, 9.1416% 10/15/2038 (h)(n) | 404000 | 397208 |
| Benefit Street Partners Clo Xxxix Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.5545% 4/15/2038 (h)(i)(n) | 668000 | 671321 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.6074% 4/22/2038 (h)(i)(n) | 716000 | 718149 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.6344% 10/20/2037 (h)(i)(n) | 393000 | 394610 |
| Carlyle US Clo 2025-2 Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 11.046% 7/25/2038 (h)(i)(n) | 658000 | 671789 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (h)(i)(n) | 468000 | 472744 |
| Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2344% 10/20/2037 (h)(i)(n) | 178000 | 179724 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.12% 7/21/2038 (h)(i)(n) | 1091000 | 1119794 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (h)(i)(n) | 410000 | 410125 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.4545% 10/15/2036 (h)(i)(n) | 2231000 | 2244446 |
| 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 (h)(i)(n) | 1262000 | 1276850 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 8.0045% 4/15/2038 (h)(i)(n) | 460000 | 461520 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (h)(i)(n) | 707000 | 711973 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5202% 7/20/2037 (h)(i)(n) | 218000 | 221282 |
| Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (n) | 308000 | 314886 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.9045% 7/15/2037 (h)(i)(n) | 395000 | 400101 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 7/20/2036 (h)(i)(n) | 519000 | 522503 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 10/20/2037 (h)(i)(n) | 464000 | 467464 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.4344% 7/20/2037 (h)(i)(n) | 553000 | 555293 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.4844% 10/20/2037 (h)(i)(n) | 876000 | 883382 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (h)(i)(n) | 319000 | 315594 |
| 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 (h)(i)(n) | 738000 | 734329 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (h)(i)(n) | 1085000 | 1077746 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.6844% 4/20/2038 (h)(i)(n) | 274000 | 273425 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (h)(i)(n) | 826000 | 843661 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 19850639 |
| UNITED STATES - 0.0%  |  |  |
| Obra Clo 1 Ltd / Obra Clo 1 LLC Series 2024-1A Class D2, 8.259% 1/20/2038 (n) | 325000 | 329260 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.6344% 1/20/2038 (h)(i)(n) | 375000 | 380035 |
| Systima Capital Management LLC Series 2025-SUP2 Class E, U.S. 30-Day Avg. SOFR Index + 4%, 7.5742% 9/25/2032 (h)(i)(n) | 229690 | 229689 |
| TOTAL UNITED STATES |  | 938984 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $22,011,706) |  | <br> **22206607** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 4.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 4.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 4.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| 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%, 8.1836% 5/23/2030 (g)(h)(i) | 4119326 | 4139923 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (g)(h)(i) | 7005441 | 6995213 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9219% 10/1/2032 (g)(h)(i) | 5405000 | 5357706 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Klockner Pentaplast of America Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.7837% 8/7/2026 (g)(h)(i) | 190967 | 169365 |
| Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 0% (g)(h)(i)(k) | 461791 | 74657 |
| Klockner Pentaplast of America Inc Tranche DIP ROLLUP, term loan CME Term SOFR 3 month Index + 3%, 6.7837% 7/27/2026 (g)(h)(i) | 304802 | 270323 |
| TOTAL MATERIALS |  | 514345 |
| TOTAL LUXEMBOURG |  | 5872051 |
| 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%, 6.6719% 1/17/2032 (g)(h)(i) | 9315872 | 9350806 |
| SWITZERLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (g)(h)(i) | 5207250 | 4241722 |
| UNITED KINGDOM - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Connect Finco SARL Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.2161% 9/27/2029 (g)(h)(i) | 5168011 | 5152921 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.3224% 2/7/2028 (g)(h)(i) | 19294560 | 19350900 |
| TOTAL UNITED KINGDOM |  | 24503821 |
| UNITED STATES - 4.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 18.3767% 3/25/2026 (g)(h)(i) | 4773905 | 3144810 |
| Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.9562% 3/25/2026 (g)(h)(i)(j) | 127095 | 132920 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 1 month Index + 10%, 14.1552% 3/25/2026 (g)(h)(i) | 1167711 | 1221228 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.4336% 3/25/2026 (g)(h)(i)(j) | 127637 | 127637 |
|  |  | 4626595 |
| Media - 0.0% |  |  |
| Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9219% 6/24/2029 (g)(h)(i) | 342575 | 342489 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0806% 1/31/2029 (g)(h)(i) | 3445750 | 3415600 |
|  |  | 3758089 |
| TOTAL COMMUNICATION SERVICES |  | 8384684 |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 5/6/2030 (g)(h)(i) | 1234406 | 1234567 |
| Broadline Retail - 0.0% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/23/2032 (g)(h)(i) | 2857581 | 2871868 |
| Distributors - 0.0% |  |  |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.6719% 6/20/2031 (g)(h)(i) | 1526872 | 1512123 |
| Diversified Consumer Services - 0.2% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0217% 3/4/2028 (g)(h)(i) | 15236392 | 11712977 |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.7161% 5/15/2028 (g)(h)(i) | 11160739 | 11188641 |
|  |  | 22901618 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/29/2029 (g)(h)(i) | 12843529 | 12836979 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (g)(h)(i) | 3868696 | 3715573 |
|  |  | 16552552 |
| Household Durables - 0.0% |  |  |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (g)(h)(i) | 5410000 | 5412705 |
| Specialty Retail - 0.4% |  |  |
| Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.1196% 10/16/2031 (g)(h)(i) | 1994826 | 2004800 |
| Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4661% 12/4/2031 (g)(h)(i) | 1178561 | 1147989 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5839% 6/6/2031 (g)(h)(i) | 51086597 | 47834935 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (g)(h)(i) | 675000 | 678233 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 1/30/2031 (g)(h)(i) | 920346 | 920834 |
|  |  | 52586791 |
| TOTAL CONSUMER DISCRETIONARY |  | 103072224 |
| 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%, 7.0219% 1/24/2029 (g)(h)(i) | 813090 | 534607 |
| Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1719% 1/24/2029 (g)(h)(i) | 530287 | 526473 |
|  |  | 1061080 |
| Food Products - 0.0% |  |  |
| Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 2/12/2031 (g)(h)(i) | 925965 | 924705 |
| TOTAL CONSUMER STAPLES |  | 1985785 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6719% 12/30/2027 (g)(h)(i) | 583592 | 584077 |
| Mesquite Energy Inc 1LN, term loan 0% (g)(h)(j)(k) | 1476000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (g)(h)(i)(j)(k) | 3422531 | 0 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (g)(h)(i) | 10044762 | 4098263 |
| TOTAL ENERGY |  | 4682340 |
| Financials - 0.5% |  |  |
| Capital Markets - 0.1% |  |  |
| Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 10/31/2031 (g)(h)(i) | 5137017 | 5162086 |
| Focus Financial Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 9/15/2031 (g)(h)(i) | 10370316 | 10385042 |
| PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 11/26/2031 (g)(h)(i) | 749338 | 749022 |
|  |  | 16296150 |
| Financial Services - 0.2% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 7/1/2032 (g)(h)(i) | 6340000 | 6157725 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 7/31/2031 (g)(h)(i) | 5401463 | 5355334 |
| Orion US Finco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4274% 10/8/2032 (g)(h)(i) | 590000 | 592395 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.389% 2/20/2032 (g)(h)(i) | 12228550 | 12280155 |
|  |  | 24385609 |
| Insurance - 0.2% |  |  |
| Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 6/21/2032 (g)(h)(i) | 7409139 | 7406027 |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 11/6/2030 (g)(h)(i) | 5092432 | 5082909 |
| Alera Group Intermediate Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 5/31/2032 (g)(h)(i) | 1680788 | 1687931 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 9/19/2031 (g)(h)(i) | 15284753 | 15315017 |
| CRC Insurance Group LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4219% 5/6/2032 (g)(h)(i) | 5810526 | 5873454 |
| CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 5/6/2031 (g)(h)(i) | 1205379 | 1205886 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.12% 6/20/2030 (g)(h)(i) | 1759792 | 1768134 |
|  |  | 38339358 |
| TOTAL FINANCIALS |  | 79021117 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9661% 1/15/2031 (g)(h)(i) | 1452700 | 1465774 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.4661% 10/23/2028 (g)(h)(i) | 1830235 | 1835158 |
|  |  | 3300932 |
| Health Care Technology - 0.2% |  |  |
| AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 2/15/2029 (g)(h)(i) | 13254145 | 13267929 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.6227% 5/1/2031 (g)(h)(i) | 13101295 | 12566369 |
|  |  | 25834298 |
| Life Sciences Tools & Services - 0.0% |  |  |
| PAREXEL International Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 12/12/2031 (g)(h)(i) | 3094362 | 3102747 |
| Pharmaceuticals - 0.1% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9661% 10/8/2030 (g)(h)(i) | 7890350 | 7690172 |
| Amneal Pharmaceuticals LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 8/2/2032 (g)(h)(i) | 598500 | 602989 |
|  |  | 8293161 |
| TOTAL HEALTH CARE |  | 40531138 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| TransDigm Group Inc Tranche M 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 8/19/2032 (g)(h)(i) | 9830363 | 9869291 |
| TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.2161% 1/19/2032 (g)(h)(i) | 4384500 | 4400766 |
|  |  | 14270057 |
| Commercial Services & Supplies - 0.3% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 2/14/2032 (g)(h)(i) | 8168275 | 8168275 |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 12/21/2028 (g)(h)(i) | 8149465 | 8154599 |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1719% 2/15/2031 (g)(h)(i) | 2726438 | 2193092 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.3538% 8/1/2030 (g)(h)(i) | 13775200 | 12522897 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7019% 6/21/2028 (g)(h)(i) | 1359650 | 1365469 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.0115% 4/11/2029 (g)(h)(i) | 7195500 | 7107355 |
| Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.8306% 12/10/2026 (g)(h)(i) | 2810845 | 2803818 |
|  |  | 42315505 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 9/13/2032 (g)(h)(i) | 900000 | 906192 |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.8161% 3/25/2031 (g)(h)(i) | 2593800 | 2590558 |
|  |  | 3496750 |
| 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 (g)(h)(i) | 572125 | 574631 |
| United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.7317% 2/22/2031 (g)(h)(i) | 985290 | 988373 |
|  |  | 1563004 |
| Professional Services - 0.0% |  |  |
| Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 9/29/2031 (g)(h)(i) | 2017675 | 2020823 |
| TOTAL INDUSTRIALS |  | 63666139 |
| Information Technology - 1.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 7/12/2032 (g)(h)(i) | 960051 | 960051 |
| Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9661% 8/18/2031 (g)(h)(i) | 1254125 | 1259367 |
|  |  | 2219418 |
| IT Services - 0.6% |  |  |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (g)(h) | 2242263 | 1844261 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 3/20/2032 (g)(h)(i) | 2436588 | 2436929 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (g) | 64770000 | 64492137 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (g)(h)(i) | 26254337 | 25766793 |
|  |  | 94540120 |
| Software - 1.1% |  |  |
| Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1719% 2/23/2032 (g)(h)(i) | 95000 | 96395 |
| Applied Systems Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1719% 2/24/2031 (g)(h)(i) | 5092837 | 5119371 |
| Avalara Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 3/29/2032 (g)(h)(i) | 12313202 | 12357653 |
| Darktrace Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1853% 10/9/2031 (g)(h)(i) | 713204 | 715372 |
| KnowBe4 Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5904% 7/26/2032 (g)(h)(i) | 750000 | 749535 |
| McAfee Corp 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 3/1/2029 (g)(h)(i) | 5472239 | 5032763 |
| Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.0904% 7/1/2031 (g)(h)(i) | 12592800 | 12514095 |
| Ping Identity Holding Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.5909% 11/15/2032 (g)(h)(i) | 790000 | 790988 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.852% 6/2/2028 (g)(h)(i) | 9752138 | 9390138 |
| Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 10/26/2030 (g)(h)(i) | 4888080 | 4877277 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6719% 8/31/2028 (g)(h)(i) | 37018986 | 37175578 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 9/8/2032 (g)(h)(i) | 4010000 | 4013769 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3383% 2/10/2031 (g)(h)(i) | 30903133 | 30915494 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.0904% 4/14/2031 (g)(h)(i) | 15904871 | 15944633 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (g) | 13731000 | 14397503 |
|  |  | 154090564 |
| TOTAL INFORMATION TECHNOLOGY |  | 250850102 |
| Materials - 0.4% |  |  |
| Chemicals - 0.2% |  |  |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6074% 10/4/2029 (g)(h)(i) | 26917409 | 25821602 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (g)(h)(i) | 11839618 | 11733061 |
|  |  | 37554663 |
| Containers & Packaging - 0.2% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.8911% 4/13/2029 (g)(h)(i) | 27498819 | 27503493 |
| TOTAL MATERIALS |  | 65058156 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Talen Energy Supply LLC Tranche TLB-EXIT 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3531% 5/17/2030 (g)(h)(i) | 237284 | 237977 |
| TOTAL UNITED STATES |  | 617489662 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $684,471,113) |  | <br> **672593198** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.8%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.8%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.8%  |  |  |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DA, 2% 1/25/2048  | 1230716 | 1039935 |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DM, 2% 1/25/2048  | 1307899 | 1105153 |
| Fannie Mae Guaranteed REMIC Series 2021-85 Class L, 2.5% 8/25/2048  | 1078377 | 964569 |
| Fannie Mae Guaranteed REMIC Series 2021-96 Class HA, 2.5% 2/25/2050  | 1702812 | 1520656 |
| Fannie Mae Guaranteed REMIC Series 2022-1 Class KA, 3% 5/25/2048  | 1660308 | 1558838 |
| Fannie Mae Guaranteed REMIC Series 2022-13 Class MA, 3% 5/25/2044  | 6374730 | 6159909 |
| Fannie Mae Guaranteed REMIC Series 2022-2 Class TH, 2.5% 2/25/2052  | 923061 | 856792 |
| Fannie Mae Guaranteed REMIC Series 2022-3 Class N, 2% 10/25/2047  | 13180284 | 11886009 |
| Fannie Mae Guaranteed REMIC Series 2022-4 Class B, 2.5% 5/25/2049  | 1239833 | 1107175 |
| Fannie Mae Guaranteed REMIC Series 2022-7 Class A, 3% 5/25/2048  | 2346398 | 2203648 |
| Fannie Mae Guaranteed REMIC Series 2023-54 Class FD, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.3242% 11/25/2053 (h)(i) | 6843653 | 6926430 |
| Fannie Mae Guaranteed REMIC Series 2024-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 9/25/2053 (h)(i) | 3055131 | 3072565 |
| Fannie Mae Mortgage pass-thru certificates Series 2024-100 Class EF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 6/25/2054 (h)(i) | 5162940 | 5189382 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-4 Class FH, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 9/25/2054 (h)(i) | 2753606 | 2764557 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class AF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.2742% 2/25/2055 (h)(i) | 3833673 | 3861370 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class DF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.2742% 9/25/2054 (h)(i) | 4162964 | 4187051 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 2/25/2055 (h)(i) | 5947185 | 5976016 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FE, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (h)(i) | 2672911 | 2680264 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5159 Class GC, 2% 11/25/2047  | 975237 | 869855 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5041 Class LB, 3% 11/25/2040  | 3105521 | 2838663 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5122 Class TE, 1.5% 6/25/2051  | 3839655 | 3255636 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5175 Class CB, 2.5% 4/25/2050  | 6183082 | 5448519 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5180 Class KA, 2.5% 10/25/2047  | 1219031 | 1111601 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5189 Class DA, 2.5% 5/25/2049  | 1321967 | 1178217 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5190 Class BA, 2.5% 11/25/2047  | 1248206 | 1137444 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5191 Class CA, 2.5% 4/25/2050  | 1435201 | 1262131 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5197 Class DA, 2.5% 11/25/2047  | 946647 | 863400 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5198 Class BA, 2.5% 11/25/2047  | 4572499 | 4192306 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5213 Class JM, 3.5% 9/25/2051  | 5168201 | 5080907 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5214 Class CG, 3.5% 4/25/2052  | 1864623 | 1788127 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5220 Class PK, 3.5% 1/25/2051  | 2566355 | 2448608 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5224 Class DQ, 3.75% 8/25/2044  | 2976058 | 2900216 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-5330 Class FA, U.S. 30-Day Avg. SOFR Index + 1.05%, 4.9242% 8/25/2053 (h)(i) | 4244639 | 4250184 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5425 Class FK, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 6/25/2054 (h)(i) | 3009240 | 3027690 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5476 Class FB, U.S. 30-Day Avg. SOFR Index + 1.1%, 4.9742% 11/25/2054 (h)(i) | 3588066 | 3602602 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class NF, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (h)(i) | 7069836 | 7099784 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class WF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 2/25/2055 (h)(i) | 2289033 | 2288818 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5500 Class FV, U.S. 30-Day Avg. SOFR Index + 1.25%, 5.1242% 10/25/2054 (h)(i) | 4220623 | 4241913 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5509 Class FB, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (h)(i) | 3870837 | 3881538 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5529 Class CF, U.S. 30-Day Avg. SOFR Index + 1.05%, 4.9242% 4/25/2055 (h)(i) | 3773652 | 3772438 |
| TOTAL UNITED STATES |  | 129600916 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $127,643,519) |  | <br> **129600916** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 2.5%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 2.5%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 2.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 2.5%  |  |  |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K054 Class A2, 2.745% 1/25/2026  | 565143 | 563675 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K055 Class A2, 2.673% 3/25/2026  | 17556427 | 17490028 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K056 Class A2, 2.525% 5/25/2026  | 40616929 | 40365043 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K057 Class A2, 2.57% 7/25/2026  | 16468480 | 16350910 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K058 Class A2, 2.653% 8/25/2026  | 22360000 | 22168509 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K059 Class A2, 3.12% 9/25/2026 (h) | 2467203 | 2451961 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K060 Class A2, 3.3% 10/25/2026  | 36420000 | 36206284 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K061 Class A2, 3.347% 11/25/2026  | 60933319 | 60594042 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K062 Class A2, 3.413% 12/25/2026  | 18235517 | 18148156 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K063 Class A2, 3.43% 1/25/2027  | 1800000 | 1791795 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K065 Class A2, 3.243% 4/25/2027  | 19900000 | 19753835 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K067 Class A2, 3.194% 7/25/2027  | 5286000 | 5239238 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K068 Class A2, 3.244% 8/25/2027  | 7050000 | 6988675 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K734 Class A2, 3.208% 2/25/2026  | 2715274 | 2707585 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K735 Class A2, 2.862% 5/25/2026  | 10027003 | 9974228 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K736 Class A2, 2.282% 7/25/2026  | 7688988 | 7625325 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K737 Class A2, 2.525% 10/25/2026  | 30500000 | 30197855 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K739 Class A2, 1.336% 9/25/2027  | 55441346 | 53514937 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-K523 Class AS, U.S. 30-Day Avg. SOFR Index + 0.55%, 4.5586% 4/25/2029 (h)(i) | 21174359 | 21187165 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K544 Class AS, U.S. 30-Day Avg. SOFR Index + 0.53%, 4.5386% 6/25/2030 (h)(i) | 12500000 | 12494921 |
| TOTAL UNITED STATES |  | 385814167 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $384,174,216) |  | <br> **385814167** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 7.3%** | &nbsp;&nbsp;**Common Stocks - 7.3%** | &nbsp;&nbsp;**Common Stocks - 7.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Shopify Inc Class A (o) | 103100 | 16600561 |
| CHINA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| BYD Co Ltd H Shares  | 1989000 | 24307089 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice France Holding SA (j) | 420857 | 6345605 |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 4400 | 3316437 |
| TOTAL FRANCE |  | 9662042 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City International Holdings Ltd ADR (o) | 133400 | 473570 |
| Studio City International Holdings Ltd ADR (n)(o) | 121177 | 430178 |
| TOTAL HONG KONG |  | 903748 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Algoma Steel Sca (j)(o) | 151792 | 2 |
| NETHERLANDS - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| NXP Semiconductors NV  | 19800 | 4297788 |
| TAIWAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 142400 | 43273936 |
| UNITED STATES - 6.7%  |  |  |
| Communication Services - 0.9% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Alphabet Inc Class A  | 65400 | 20470200 |
| Meta Platforms Inc Class A  | 89200 | 58880028 |
|  |  | 79350228 |
| Media - 0.4% |  |  |
| EchoStar Corp (o)(q) | 205059 | 22289913 |
| EchoStar Corp Class A (o)(p) | 338100 | 36751470 |
| iHeartMedia Inc Class A (o) | 26 | 108 |
|  |  | 59041491 |
| TOTAL COMMUNICATION SERVICES |  | 138391719 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.0% |  |  |
| UC Holdings Inc (j)(o) | 560355 | 5 |
| Broadline Retail - 0.1% |  |  |
| Amazon.com Inc (o) | 95100 | 21950982 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Booking Holdings Inc  | 2200 | 11781726 |
| Boyd Gaming Corp  | 123800 | 10552712 |
| New Cotai LLC / New Cotai Capital Corp (j)(o)(q) | 2242893 | 695297 |
|  |  | 23029735 |
| Household Durables - 0.2% |  |  |
| TopBuild Corp (o) | 58100 | 24238739 |
| Specialty Retail - 0.1% |  |  |
| Dick's Sporting Goods Inc  | 50200 | 9938094 |
| TOTAL CONSUMER DISCRETIONARY |  | 79157555 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Celsius Holdings Inc (o) | 104700 | 4788978 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Southeastern Grocers LLC rights (j)(o) | 584047 | 22883 |
| US Foods Holding Corp (o) | 85100 | 6409732 |
|  |  | 6432615 |
| TOTAL CONSUMER STAPLES |  | 11221593 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Forbes Energy Services Ltd (j)(o) | 135187 | 1 |
| Superior Energy Services Inc Class A (j)(o) | 66115 | 4675653 |
|  |  | 4675654 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| California Resources Corp  | 10789 | 482376 |
| Energy Transfer LP  | 360500 | 5944645 |
| EP Energy Corp (j)(o) | 611545 | 1009049 |
| Expand Energy Corp  | 361 | 39840 |
| Expand Energy Corp warrants 2/9/2026 (o) | 684 | 67914 |
| Mesquite Energy Inc (j)(o) | 185122 | 38066584 |
| Unit Corp  | 28630 | 883236 |
|  |  | 46493644 |
| TOTAL ENERGY |  | 51169298 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.1% |  |  |
| Ares Management Corp Class A  | 41400 | 6691482 |
| Blue Owl Capital Inc Class A  | 313500 | 4683690 |
| Moody's Corp  | 14800 | 7560580 |
|  |  | 18935752 |
| Consumer Finance - 0.1% |  |  |
| OneMain Holdings Inc  | 299100 | 20204205 |
| Financial Services - 0.6% |  |  |
| Apollo Global Management Inc  | 189500 | 27432020 |
| Block Inc Class A (o) | 143100 | 9314379 |
| Carnelian Point Holdings LP warrants 6/30/2027 (j)(o) | 544 | 1588 |
| Mastercard Inc Class A  | 27600 | 15756288 |
| Visa Inc Class A  | 82700 | 29003717 |
|  |  | 81507992 |
| Insurance - 0.1% |  |  |
| Arthur J Gallagher & Co  | 81300 | 21039627 |
| TOTAL FINANCIALS |  | 141687576 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Medline Inc Class A  | 27800 | 1167600 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC warrants (j)(o) | 4969 | 18087 |
| Tenet Healthcare Corp (o) | 36500 | 7253280 |
|  |  | 7271367 |
| TOTAL HEALTH CARE |  | 8438967 |
| Industrials - 1.6% |  |  |
| Building Products - 0.2% |  |  |
| Carlisle Cos Inc  | 13700 | 4382082 |
| Simpson Manufacturing Co Inc  | 35600 | 5748332 |
| Trane Technologies PLC  | 33500 | 13038200 |
|  |  | 23168614 |
| Construction & Engineering - 0.8% |  |  |
| Comfort Systems USA Inc  | 73100 | 68223500 |
| Construction Partners Inc Class A (o) | 64900 | 7044895 |
| EMCOR Group Inc  | 45200 | 27652908 |
| IES Holdings Inc (o) | 43500 | 16922370 |
| WillScot Holdings Corp  | 267000 | 5027610 |
|  |  | 124871283 |
| Electrical Equipment - 0.5% |  |  |
| Eaton Corp PLC  | 60500 | 19269855 |
| Nextpower Inc Class A (o) | 177900 | 15496869 |
| nVent Electric PLC  | 114000 | 11624580 |
| Vertiv Holdings Co Class A  | 187600 | 30393076 |
|  |  | 76784380 |
| Machinery - 0.1% |  |  |
| Parker-Hannifin Corp  | 20300 | 17842888 |
| Passenger Airlines - 0.0% |  |  |
| Spirit Aviation Holdings Inc (p) | 150692 | 37824 |
| Spirit Aviation Holdings Inc  | 32618 | 8187 |
|  |  | 46011 |
| Trading Companies & Distributors - 0.0% |  |  |
| Penhall Acquisition Company (j)(o) | 15403 | 0 |
| TOTAL INDUSTRIALS |  | 242713176 |
| Information Technology - 1.7% |  |  |
| Communications Equipment - 0.1% |  |  |
| Arista Networks Inc (o) | 136800 | 17924904 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Coherent Corp (o) | 56300 | 10391291 |
| IT Services - 0.0% |  |  |
| GTT Communications Inc (j)(o) | 51638 | 1755176 |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| KLA Corp  | 18700 | 22721996 |
| Marvell Technology Inc  | 86600 | 7359268 |
| Micron Technology Inc  | 48900 | 13956549 |
| NVIDIA Corp  | 626000 | 116749000 |
| ON Semiconductor Corp (o) | 244391 | 13233773 |
| Wolfspeed Inc (p) | 410473 | 7146335 |
|  |  | 181166921 |
| Software - 0.3% |  |  |
| Autodesk Inc (o) | 21700 | 6423417 |
| Microsoft Corp  | 60500 | 29259010 |
| Monday.com Ltd (o) | 53900 | 7953484 |
| Terawulf Inc (o) | 428100 | 4918869 |
|  |  | 48554780 |
| TOTAL INFORMATION TECHNOLOGY |  | 259793072 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Chemours Co/The  | 293779 | 3463654 |
| Construction Materials - 0.2% |  |  |
| Eagle Materials Inc  | 48600 | 10044648 |
| James Hardie Industries PLC (o) | 389200 | 8075900 |
| Martin Marietta Materials Inc  | 10000 | 6226600 |
|  |  | 24347148 |
| Metals & Mining - 0.0% |  |  |
| Elah Holdings Inc (o) | 517 | 7497 |
| TOTAL MATERIALS |  | 27818299 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.2% |  |  |
| Constellation Energy Corp  | 78800 | 27837676 |
| Portland General Electric Co  | 13962 | 670036 |
|  |  | 28507712 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| PureWest Energy LLC (j)(o) | 10774 | 2422 |
| Vistra Corp  | 287300 | 46350109 |
|  |  | 46352531 |
| TOTAL UTILITIES |  | 74860243 |
| TOTAL UNITED STATES |  | 1035251498 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $633,711,110) |  | <br> **1134296664** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.5%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.5%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (h) | 18687421 | 62415986 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC 5% 2/24/2027 (j) | 3045193 | 3585105 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Coinbase Global Inc 0.25% 4/1/2030  | 3680000 | 3764640 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Wolfspeed Inc 2.5% 6/15/2031 (n) | 4436000 | 6570825 |
| Wolfspeed Inc 2.5% 6/15/2031  | 3923000 | 5810944 |
| TOTAL INFORMATION TECHNOLOGY |  | 12381769 |
| TOTAL UNITED STATES |  | 82147500 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $33,956,659) |  | <br> **82147500** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Acrisure Holdings Inc Series A-2 (j)<br>(Cost $55,065,084)<br>| 2286756 | **62291233** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 23.3%** | &nbsp;&nbsp;**Fixed-Income Funds - 23.3%** | &nbsp;&nbsp;**Fixed-Income Funds - 23.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Central Fund (s) | 283631508 | 2410867822 |
| Fidelity Floating Rate Central Fund (s) | 10465143 | 1000467642 |
| iShares Broad USD High Yield Corporate Bond ETF (p) | 5013200 | 187468614 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $3,820,146,459) |  | **3598804078** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 8.0%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 8.0%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 8.0%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 8.0%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |  |
| Australian Commonwealth 0.5% 9/21/2026 (m) | AUD | 41110000 | 26779068 |
| Australian Commonwealth 1% 12/21/2030 (m) | AUD | 1000000 | 569830 |
| Australian Commonwealth 4.75% 6/21/2054 (m) | AUD | 100000 | 62088 |
| TOTAL AUSTRALIA |  |  | 27410986 |
| CANADA - 0.5%  |  |  |  |
| Canadian Government 3.25% 6/1/2035  | CAD | 99000000 | 71343524 |
| Canadian Government 4.5% 2/1/2026  | CAD | 1060000 | 773488 |
| TOTAL CANADA |  |  | 72117012 |
| GERMANY - 5.5%  |  |  |  |
| German Federal Republic 2% 12/10/2026 (m) | EUR | 160570000 | 188678466 |
| German Federal Republic 2.4% 10/19/2028 (m) | EUR | 25900000 | 30595595 |
| German Federal Republic 2.4% 4/18/2030 (m) | EUR | 292000000 | 343223944 |
| German Federal Republic 2.5% 2/15/2035 (m) | EUR | 54650000 | 62585666 |
| German Federal Republic 2.5% 8/15/2054 (m) | EUR | 40000 | 38748 |
| German Federal Republic 2.6% 8/15/2035 (m) | EUR | 79200000 | 91101609 |
| German Federal Republic 2.7% 9/17/2026 (m) | EUR | 113900000 | 134481589 |
| TOTAL GERMANY |  |  | 850705617 |
| ITALY - 0.3%  |  |  |  |
| Italian Republic 4.65% 10/1/2055 (m)(n) | EUR | 32000000 | 39212193 |
| JAPAN - 0.3%  |  |  |  |
| Japan Government 0.7% 12/20/2048  | JPY | 13000000000 | 50005682 |
| SINGAPORE - 0.1%  |  |  |  |
| Republic of Singapore 2.75% 3/1/2035  | SGD | 20000000 | 16439639 |
| SPAIN - 0.5%  |  |  |  |
| Spanish Kingdom 3.15% 4/30/2035 (m)(n) | EUR | 56024000 | 65396043 |
| Spanish Kingdom 4% 10/31/2054 (m)(n) | EUR | 16000000 | 18418129 |
| TOTAL SPAIN |  |  | 83814172 |
| SWITZERLAND - 0.3%  |  |  |  |
| Swiss Confederation 3.5% 4/8/2033 (m) | CHF | 30000000 | 46799015 |
| UNITED KINGDOM - 0.3%  |  |  |  |
| United Kingdom of Great Britain and Northern Ireland 0.125% 1/30/2026 (m) | GBP | 8130000 | 10934614 |
| United Kingdom of Great Britain and Northern Ireland 1.625% 10/22/2054 (m) | GBP | 48050000 | 30398034 |
| TOTAL UNITED KINGDOM |  |  | 41332648 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $1,203,150,262) |  |  | <br> **1227836964** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 21.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 21.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 21.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 21.3%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |  |
| Materials - 0.2% |  |  |  |
| Metals & Mining - 0.2% |  |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (n) |  | 2474000 | 2392664 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (n) |  | 5450000 | 5436430 |
| Mineral Resources Ltd 7% 4/1/2031 (n) |  | 3585000 | 3738453 |
| Mineral Resources Ltd 8% 11/1/2027 (n) |  | 5070000 | 5177991 |
| Mineral Resources Ltd 8.5% 5/1/2030 (n) |  | 8767000 | 9117138 |
| Mineral Resources Ltd 9.25% 10/1/2028 (n) |  | 9448000 | 9915679 |
| TOTAL AUSTRALIA |  |  | 35778355 |
| BELGIUM - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Telenet Finance Luxembourg Notes Sarl 5.5% 3/1/2028 (n) |  | 9200000 | 9141572 |
| BRAZIL - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (n) |  | 4180000 | 4193063 |
| CANADA - 0.8%  |  |  |  |
| Consumer Discretionary - 0.3% |  |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (n) |  | 5685000 | 5603999 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (n) |  | 23490000 | 22371973 |
| 1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (n) |  | 6265000 | 6225499 |
|  |  |  | 34201471 |
| Household Durables - 0.0% |  |  |  |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC 4.875% 2/15/2030 (n) |  | 4370000 | 4070454 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 38271925 |
| Consumer Staples - 0.0% |  |  |  |
| Household Products - 0.0% |  |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (n) |  | 5190000 | 3412425 |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (h) |  | 18544000 | 19821106 |
| Teine Energy Ltd 6.875% 4/15/2029 (n) |  | 4420000 | 4419179 |
| TOTAL ENERGY |  |  | 24240285 |
| Industrials - 0.1% |  |  |  |
| Aerospace & Defense - 0.1% |  |  |  |
| Bombardier Inc 6% 2/15/2028 (n) |  | 2815000 | 2823411 |
| Bombardier Inc 7.25% 7/1/2031 (n) |  | 2610000 | 2781341 |
| Bombardier Inc 8.75% 11/15/2030 (n) |  | 4055000 | 4381055 |
|  |  |  | 9985807 |
| Machinery - 0.0% |  |  |  |
| ATS Corp 4.125% 12/15/2028 (n) |  | 4630000 | 4516254 |
| Passenger Airlines - 0.0% |  |  |  |
| Air Canada 3.875% 8/15/2026 (n) |  | 4230000 | 4209840 |
| TOTAL INDUSTRIALS |  |  | 18711901 |
| Information Technology - 0.1% |  |  |  |
| Software - 0.1% |  |  |  |
| Open Text Corp 6.9% 12/1/2027 (n) |  | 5000000 | 5201577 |
| Open Text Holdings Inc 4.125% 12/1/2031 (n) |  | 2490000 | 2322929 |
| Open Text Holdings Inc 4.125% 2/15/2030 (n) |  | 3220000 | 3077745 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 10602251 |
| Materials - 0.1% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| NOVA Chemicals Corp 8.5% 11/15/2028 (n) |  | 3635000 | 3800556 |
| Containers & Packaging - 0.1% |  |  |  |
| Cascades Inc/Cascades USA Inc 5.375% 1/15/2028 (n) |  | 3310000 | 3301511 |
| Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC 9.5% 5/15/2030 (n) |  | 4165000 | 4158740 |
|  |  |  | 7460251 |
| Metals & Mining - 0.0% |  |  |  |
| Hudbay Minerals Inc 4.5% 4/1/2026 (n) |  | 3600000 | 3603761 |
| TOTAL MATERIALS |  |  | 14864568 |
| TOTAL CANADA |  |  | 110103355 |
| COLOMBIA - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (n) |  | 3310000 | 2300450 |
| FRANCE - 0.5%  |  |  |  |
| Communication Services - 0.5% |  |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |  |
| Altice France SA 6.5% 10/15/2031 (n) |  | 974176 | 925039 |
| Altice France SA 6.5% 4/15/2032 (n) |  | 32917924 | 31557818 |
| Altice France SA 6.875% 10/15/2030 (n) |  | 7570083 | 7341405 |
| Altice France SA 6.875% 7/15/2032 (n) |  | 23114551 | 22165453 |
| TOTAL COMMUNICATION SERVICES |  |  | 61989715 |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Vallourec SACA 7.5% 4/15/2032 (n) |  | 4725000 | 5016923 |
| TOTAL FRANCE |  |  | 67006638 |
| GUATEMALA - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (n) |  | 1040000 | 965775 |
| HONG KONG - 0.0%  |  |  |  |
| Industrials - 0.0% |  |  |  |
| Marine Transportation - 0.0% |  |  |  |
| Seaspan Corp 5.5% 8/1/2029 (n) |  | 4240000 | 4026484 |
| ISRAEL - 0.0%  |  |  |  |
| Health Care - 0.0% |  |  |  |
| Pharmaceuticals - 0.0% |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  |  | 1681000 | 1685295 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  |  | 2775000 | 2806361 |
| TOTAL ISRAEL |  |  | 4491656 |
| LUXEMBOURG - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Algoma Steel Sca 0% 12/31/2049 (j) |  | 1517920 | 0 |
| MACAU - 0.0%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |  |
| Studio City Finance Ltd 5% 1/15/2029 (n) |  | 3255000 | 3133654 |
| MEXICO - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Borr IHC Ltd / Borr Finance LLC 10% 11/15/2028 (n) |  | 3478659 | 3498244 |
| Borr IHC Ltd / Borr Finance LLC 10.375% 11/15/2030 (n) |  | 1227961 | 1226426 |
| TOTAL MEXICO |  |  | 4724670 |
| NETHERLANDS - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Media - 0.1% |  |  |  |
| VZ Secured Financing BV 5% 1/15/2032 (n) |  | 11130000 | 10072129 |
| Ziggo BV 4.875% 1/15/2030 (n) |  | 4805000 | 4541836 |
| TOTAL NETHERLANDS |  |  | 14613965 |
| NORWAY - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (n) |  | 5560000 | 5782144 |
| SPAIN - 0.0%  |  |  |  |
| Health Care - 0.0% |  |  |  |
| Biotechnology - 0.0% |  |  |  |
| Grifols SA 4.75% 10/15/2028 (n) |  | 2795000 | 2760327 |
| Utilities - 0.0% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (n) |  | 2852000 | 2765840 |
| TOTAL SPAIN |  |  | 5526167 |
| SWITZERLAND - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (n) |  | 4240000 | 2997680 |
| TURKEY - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (n) |  | 4225000 | 4245787 |
| UNITED KINGDOM - 0.6%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (n) |  | 9930000 | 9167510 |
| Consumer Discretionary - 0.0% |  |  |  |
| Automobile Components - 0.0% |  |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (n) |  | 1805000 | 1891453 |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (n) |  | 2760000 | 2951748 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 4843201 |
| Energy - 0.5% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |  |
| EG Global Finance PLC 12% 11/30/2028 (n) |  | 54325000 | 59038889 |
| Health Care - 0.0% |  |  |  |
| Health Care Providers & Services - 0.0% |  |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (n) |  | 2995000 | 2915149 |
| Industrials - 0.0% |  |  |  |
| Aerospace & Defense - 0.0% |  |  |  |
| Rolls-Royce PLC 5.75% 10/15/2027 (n) |  | 6560000 | 6724681 |
| TOTAL UNITED KINGDOM |  |  | 82689430 |
| UNITED STATES - 18.9%  |  |  |  |
| Communication Services - 2.0% |  |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |  |
| APLD ComputeCo LLC 9.25% 12/15/2030 (n) |  | 13390000 | 13134256 |
| Cipher Compute LLC 7.125% 11/15/2030 (n) |  | 5815000 | 5922478 |
| Frontier Communications Holdings LLC 5% 5/1/2028 (n) |  | 11730000 | 11750172 |
| Frontier Communications Holdings LLC 5.875% 10/15/2027 (n) |  | 6300000 | 6320344 |
| Level 3 Financing Inc 7% 3/31/2034 (n) |  | 18025000 | 18576061 |
| WULF Compute LLC 7.75% 10/15/2030 (n) |  | 13240000 | 13640489 |
|  |  |  | 69343800 |
| Entertainment - 0.0% |  |  |  |
| ROBLOX Corp 3.875% 5/1/2030 (n) |  | 4175000 | 3991620 |
| Interactive Media & Services - 0.1% |  |  |  |
| Alphabet Inc 4.375% 11/6/2064  | EUR | 14219000 | 15916001 |
| Media - 1.5% |  |  |  |
| CSC Holdings LLC 3.375% 2/15/2031 (n) |  | 12420000 | 7521034 |
| CSC Holdings LLC 4.125% 12/1/2030 (n) |  | 11785000 | 7226602 |
| CSC Holdings LLC 4.5% 11/15/2031 (n) |  | 28630000 | 17464300 |
| CSC Holdings LLC 6.5% 2/1/2029 (n) |  | 6615000 | 4382212 |
| DISH Network Corp 11.75% 11/15/2027 (n) |  | 27490000 | 28611042 |
| EchoStar Corp 10.75% 11/30/2029  |  | 68356699 | 75588920 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (h) |  | 21074568 | 21590233 |
| Scripps Escrow II Inc 3.875% 1/15/2029 (n) |  | 1655000 | 1522830 |
| Sirius XM Radio LLC 3.875% 9/1/2031 (n) |  | 5645000 | 5198670 |
| Sirius XM Radio LLC 4% 7/15/2028 (n) |  | 4890000 | 4780298 |
| Sirius XM Radio LLC 5% 8/1/2027 (n) |  | 4610000 | 4621226 |
| Univision Communications Inc 4.5% 5/1/2029 (n) |  | 5760000 | 5532939 |
| Univision Communications Inc 7.375% 6/30/2030 (n) |  | 22095000 | 22458374 |
| Univision Communications Inc 8.5% 7/31/2031 (n) |  | 18175000 | 18986132 |
|  |  |  | 225484812 |
| TOTAL COMMUNICATION SERVICES |  |  | 314736233 |
| Consumer Discretionary - 2.4% |  |  |  |
| Automobile Components - 0.2% |  |  |  |
| Adient Global Holdings Ltd 7% 4/15/2028 (n) |  | 2805000 | 2882635 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (n) |  | 5595000 | 5736973 |
| Dana Inc 4.5% 2/15/2032  |  | 4150000 | 3983618 |
| Hertz Corp/The 12.625% 7/15/2029 (n) |  | 1245000 | 1255788 |
| Hertz Corp/The 5.5% (j)(k)(r) |  | 6540000 | 425099 |
| Hertz Corp/The 6% (j)(k)(r) |  | 5785000 | 1113613 |
| Hertz Corp/The 6.25% (j)(k)(r) |  | 6775000 | 508125 |
| Hertz Corp/The 7.125% (j)(k)(r) |  | 6315000 | 1294575 |
| Nesco Holdings II Inc 5.5% 4/15/2029 (n) |  | 7155000 | 7048081 |
|  |  |  | 24248507 |
| Automobiles - 0.0% |  |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (n) |  | 1635000 | 1512075 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (n) |  | 1845000 | 1838468 |
| Nissan Motor Acceptance Co LLC 7.05% 9/15/2028 (n) |  | 820000 | 848072 |
|  |  |  | 4198615 |
| Broadline Retail - 0.1% |  |  |  |
| ANGI Group LLC 3.875% 8/15/2028 (n) |  | 3385000 | 3126555 |
| Wayfair LLC 6.75% 11/15/2032 (n) |  | 4190000 | 4307655 |
| Wayfair LLC 7.25% 10/31/2029 (n) |  | 5635000 | 5881081 |
|  |  |  | 13315291 |
| Distributors - 0.0% |  |  |  |
| Windsor Holdings III LLC 8.5% 6/15/2030 (n) |  | 2790000 | 2947239 |
| Diversified Consumer Services - 0.1% |  |  |  |
| Adtalem Global Education Inc 5.5% 3/1/2028 (n) |  | 4235000 | 4224456 |
| Service Corp International/US 4% 5/15/2031  |  | 5750000 | 5495894 |
| TKC Holdings Inc 6.875% 5/15/2028 (n) |  | 9328000 | 9418939 |
|  |  |  | 19139289 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |  |
| Bloomin' Brands Inc / OSI Restaurant Partners LLC 5.125% 4/15/2029 (n) |  | 2720000 | 2475148 |
| Boyd Gaming Corp 4.75% 6/15/2031 (n) |  | 7140000 | 6975692 |
| Carnival Corp 4% 8/1/2028 (n) |  | 26560000 | 26168762 |
| Carnival Corp 5.125% 5/1/2029 (n) |  | 5400000 | 5459883 |
| Carnival Corp 5.875% 6/15/2031 (n) |  | 4135000 | 4271058 |
| Carnival Corp 7% 8/15/2029 (n) |  | 2830000 | 2970467 |
| Churchill Downs Inc 5.75% 4/1/2030 (n) |  | 6975000 | 7042930 |
| Churchill Downs Inc 6.75% 5/1/2031 (n) |  | 5595000 | 5801606 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (n) |  | 11750000 | 11411989 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (n) |  | 15885000 | 15103059 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (n) |  | 3350000 | 3253862 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (n) |  | 5020000 | 4806046 |
| Hilton Domestic Operating Co Inc 4.875% 1/15/2030  |  | 11025000 | 11062182 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (n) |  | 4040000 | 4067746 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  |  | 5210000 | 5212371 |
| Jacobs Entertainment Inc 6.75% 2/15/2029 (n) |  | 3955000 | 3875307 |
| Light & Wonder International Inc 7.5% 9/1/2031 (n) |  | 2745000 | 2863941 |
| Lindblad Expeditions LLC 7% 9/15/2030 (n) |  | 3685000 | 3844118 |
| MGM Resorts International 4.75% 10/15/2028  |  | 6740000 | 6723809 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (n) |  | 7610000 | 7932679 |
| Neogen Food Safety Corp 8.625% 7/20/2030 (n) |  | 2545000 | 2714274 |
| Papa John's International Inc 3.875% 9/15/2029 (n) |  | 2555000 | 2423289 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.625% 9/1/2029 (n) |  | 5095000 | 3859463 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.875% 9/1/2031 (n) |  | 1015000 | 672437 |
| Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (n) |  | 4165000 | 4196562 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (n) |  | 5295000 | 5479013 |
| Station Casinos LLC 4.625% 12/1/2031 (n) |  | 4155000 | 3939171 |
| VOC Escrow Ltd 5% 2/15/2028 (n) |  | 10470000 | 10469602 |
| Yum! Brands Inc 4.625% 1/31/2032  |  | 5905000 | 5786865 |
|  |  |  | 180863331 |
| Household Durables - 0.3% |  |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 4/1/2030 (n) |  | 4105000 | 3920229 |
| LGI Homes Inc 8.75% 12/15/2028 (n) |  | 2680000 | 2795422 |
| Newell Brands Inc 6.375% 5/15/2030  |  | 2750000 | 2685544 |
| Newell Brands Inc 6.625% 9/15/2029  |  | 3020000 | 3009004 |
| Newell Brands Inc 8.5% 6/1/2028 (n) |  | 3470000 | 3638479 |
| Somnigroup International Inc 3.875% 10/15/2031 (n) |  | 7360000 | 6879321 |
| Somnigroup International Inc 4% 4/15/2029 (n) |  | 7905000 | 7701714 |
| TopBuild Corp 3.625% 3/15/2029 (n) |  | 3030000 | 2934475 |
| TopBuild Corp 5.625% 1/31/2034 (n) |  | 4055000 | 4101984 |
| Tri Pointe Homes Inc 5.7% 6/15/2028  |  | 8715000 | 8865560 |
|  |  |  | 46531732 |
| Specialty Retail - 0.5% |  |  |  |
| Asbury Automotive Group Inc 4.5% 3/1/2028  |  | 1987000 | 1981293 |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (n) |  | 4555000 | 4478256 |
| Asbury Automotive Group Inc 4.75% 3/1/2030  |  | 1980000 | 1951869 |
| Asbury Automotive Group Inc 5% 2/15/2032 (n) |  | 4915000 | 4776388 |
| Bath & Body Works Inc 6.625% 10/1/2030 (n) |  | 6650000 | 6798940 |
| Bath & Body Works Inc 6.75% 7/1/2036  |  | 8920000 | 8854104 |
| Bath & Body Works Inc 7.5% 6/15/2029  |  | 5030000 | 5154226 |
| LBM Acquisition LLC 6.25% 1/15/2029 (n) |  | 8415000 | 7573418 |
| LBM Acquisition LLC 9.5% 6/15/2031 (n) |  | 11620000 | 12113153 |
| LCM Investments Holdings II LLC 8.25% 8/1/2031 (n) |  | 3345000 | 3537985 |
| Park River Holdings Inc 8% 3/15/2031 (n) |  | 2480000 | 2556868 |
| PetSmart LLC / PetSmart Finance Corp 7.5% 9/15/2032 (n) |  | 6770000 | 6889723 |
| SGUS LLC 11% 12/15/2029 (n) |  | 785000 | 290449 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (n) |  | 5325000 | 5635581 |
|  |  |  | 72592253 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |  |
| Crocs Inc 4.125% 8/15/2031 (n) |  | 2820000 | 2605167 |
| Crocs Inc 4.25% 3/15/2029 (n) |  | 4325000 | 4185607 |
| Kontoor Brands Inc 4.125% 11/15/2029 (n) |  | 2420000 | 2309264 |
|  |  |  | 9100038 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 372936295 |
| Consumer Staples - 0.8% |  |  |  |
| Beverages - 0.0% |  |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (n) |  | 3135000 | 3150154 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (n) |  | 5285000 | 5075674 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (n) |  | 13797000 | 13783713 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (n) |  | 23423000 | 23229766 |
| C&S Group Enterprises LLC 5% 12/15/2028 (n) |  | 5155000 | 4771308 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (n) |  | 14850000 | 15588029 |
| Performance Food Group Inc 4.25% 8/1/2029 (n) |  | 3955000 | 3866734 |
| Performance Food Group Inc 5.5% 10/15/2027 (n) |  | 5345000 | 5352895 |
| US Foods Inc 7.25% 1/15/2032 (n) |  | 2735000 | 2874825 |
|  |  |  | 74542944 |
| Food Products - 0.3% |  |  |  |
| Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (n) |  | 3790000 | 3790697 |
| Darling Ingredients Inc 6% 6/15/2030 (n) |  | 6615000 | 6723030 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (n) |  | 5015000 | 5230154 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (n) |  | 3185000 | 3337930 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (n) |  | 5575000 | 5392785 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (n) |  | 2790000 | 2657969 |
| Post Holdings Inc 4.5% 9/15/2031 (n) |  | 12110000 | 11480848 |
| Post Holdings Inc 4.625% 4/15/2030 (n) |  | 6415000 | 6246698 |
| Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625% 3/1/2029 (n) |  | 4295000 | 4137976 |
|  |  |  | 48998087 |
| Household Products - 0.0% |  |  |  |
| Spectrum Brands Inc 3.875% 3/15/2031 (n) |  | 1025000 | 837139 |
| Personal Care Products - 0.0% |  |  |  |
| BellRing Brands Inc 7% 3/15/2030 (n) |  | 6925000 | 7159594 |
| TOTAL CONSUMER STAPLES |  |  | 134687918 |
| Energy - 2.9% |  |  |  |
| Energy Equipment & Services - 0.3% |  |  |  |
| Diamond Foreign Asset Co / Diamond Finance LLC 8.5% 10/1/2030 (n) |  | 2735000 | 2897303 |
| Nabors Industries Inc 7.625% 11/15/2032 (n) |  | 2670000 | 2624280 |
| Nabors Industries Inc 9.125% 1/31/2030 (n) |  | 5390000 | 5635569 |
| Nabors Industries Ltd 7.5% 1/15/2028 (n) |  | 5660000 | 5659120 |
| Noble Finance II LLC 8% 4/15/2030 (n) |  | 2805000 | 2914153 |
| Nustar Logistics LP 6% 6/1/2026  |  | 7285000 | 7299840 |
| SESI LLC 7.875% 9/30/2030 (n) |  | 2700000 | 2657990 |
| Transocean International Ltd 7.875% 10/15/2032 (n) |  | 1835000 | 1916475 |
| Transocean International Ltd 8.25% 5/15/2029 (n) |  | 1955000 | 1970355 |
| Transocean International Ltd 8.5% 5/15/2031 (n) |  | 1955000 | 1936478 |
| Transocean International Ltd 8.75% 2/15/2030 (n) |  | 8385000 | 8761554 |
| Transocean Titan Financing Ltd 8.375% 2/1/2028 (n) |  | 4707381 | 4807563 |
| Valaris Ltd 8.375% 4/30/2030 (n) |  | 2745000 | 2856074 |
|  |  |  | 51936754 |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 6/15/2029 (n) |  | 4305000 | 4305111 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 1/15/2028 (n) |  | 10640000 | 10660365 |
| California Resources Corp 8.25% 6/15/2029 (n) |  | 2595000 | 2714320 |
| Chesapeake Energy Corp 7% (j)(k) |  | 3985000 | 0 |
| Chesapeake Energy Corp 8% (j)(k) |  | 1955000 | 0 |
| Chesapeake Energy Corp 8% (j)(k) |  | 1240000 | 0 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (n) |  | 12030000 | 12509083 |
| Civitas Resources Inc 8.625% 11/1/2030 (n) |  | 5415000 | 5675245 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (n) |  | 2970000 | 2879258 |
| CNX Resources Corp 6% 1/15/2029 (n) |  | 3200000 | 3221552 |
| CNX Resources Corp 7.375% 1/15/2031 (n) |  | 2885000 | 2987479 |
| Comstock Resources Inc 5.875% 1/15/2030 (n) |  | 15170000 | 14755180 |
| Comstock Resources Inc 6.75% 3/1/2029 (n) |  | 8110000 | 8128012 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (n) |  | 12715000 | 12579186 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (n) |  | 7110000 | 7618145 |
| CVR Energy Inc 5.75% 2/15/2028 (n) |  | 24505000 | 24163778 |
| CVR Energy Inc 8.5% 1/15/2029 (n) |  | 18735000 | 19256720 |
| DT Midstream Inc 4.125% 6/15/2029 (n) |  | 4285000 | 4228510 |
| DT Midstream Inc 4.375% 6/15/2031 (n) |  | 4285000 | 4195193 |
| Energy Transfer LP 5.5% 6/1/2027  |  | 12065000 | 12257129 |
| Expand Energy Corp 5.375% 3/15/2030  |  | 5630000 | 5706504 |
| Expand Energy Corp 5.875% 2/1/2029 (n) |  | 3115000 | 3115220 |
| Expand Energy Corp 6.75% 4/15/2029 (n) |  | 4415000 | 4440857 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (n) |  | 2395000 | 2438692 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (n) |  | 3315000 | 3491610 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (n) |  | 4590000 | 4489414 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (n) |  | 6600000 | 6626638 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (n) |  | 2775000 | 2809440 |
| HF Sinclair Corp 5% 2/1/2028  |  | 4350000 | 4350792 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (n) |  | 7130000 | 7170470 |
| Kinetik Holdings LP 5.875% 6/15/2030 (n) |  | 4180000 | 4217451 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (n) |  | 2605000 | 2494287 |
| Murphy Oil USA Inc 4.75% 9/15/2029  |  | 4155000 | 4130410 |
| Murphy Oil USA Inc 5.625% 5/1/2027  |  | 3665000 | 3666953 |
| NGPL PipeCo LLC 4.875% 8/15/2027 (n) |  | 1800000 | 1806884 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (n) |  | 4990000 | 4858536 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (n) |  | 5510000 | 5562868 |
| Occidental Petroleum Corp 7.2% 3/15/2029  |  | 2440000 | 2628348 |
| ONEOK Inc 6.5% 9/1/2030 (n) |  | 8635000 | 9257666 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  |  | 15760000 | 15610058 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (n) |  | 11525000 | 11099016 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (n) |  | 6695000 | 6887461 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (n) |  | 4055000 | 4070206 |
| SM Energy Co 6.625% 1/15/2027  |  | 12830000 | 12867553 |
| SM Energy Co 6.75% 9/15/2026  |  | 3175000 | 3179613 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  |  | 5550000 | 5419714 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  |  | 5515000 | 5414447 |
| Sunoco LP / Sunoco Finance Corp 7% 9/15/2028 (n) |  | 2735000 | 2821194 |
| Sunoco LP 4.5% 10/1/2029 (n) |  | 4420000 | 4307987 |
| Sunoco LP 4.625% 5/1/2030 (n) |  | 5540000 | 5381991 |
| Sunoco LP 6.625% 8/15/2032 (n) |  | 2605000 | 2677462 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (n) |  | 280000 | 280151 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (n) |  | 5355000 | 5329958 |
| Talos Production Inc 9% 2/1/2029 (n) |  | 2345000 | 2435603 |
| Talos Production Inc 9.375% 2/1/2031 (n) |  | 2660000 | 2774399 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.875% 2/1/2031  |  | 6345000 | 6383792 |
| Unit Corp 0% 12/1/2029 (Escrow) (j) |  | 1660000 | 0 |
| Venture Global Calcasieu Pass LLC 3.875% 8/15/2029 (n) |  | 3525000 | 3304481 |
| Venture Global Calcasieu Pass LLC 4.125% 8/15/2031 (n) |  | 3525000 | 3207654 |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (n) |  | 4030000 | 4103927 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (n) |  | 13790000 | 14124270 |
| Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (n) |  | 4240000 | 4332358 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (n) |  | 13790000 | 14124964 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (n) |  | 6025000 | 6510019 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (n) |  | 6155000 | 6739439 |
|  |  |  | 388785023 |
| TOTAL ENERGY |  |  | 440721777 |
| Financials - 2.3% |  |  |  |
| Capital Markets - 0.2% |  |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (n) |  | 7265000 | 7253608 |
| Coinbase Global Inc 3.375% 10/1/2028 (n) |  | 13780000 | 13127432 |
| Coinbase Global Inc 3.625% 10/1/2031 (n) |  | 8370000 | 7462445 |
| Hightower Holding LLC 6.75% 4/15/2029 (n) |  | 2870000 | 2858412 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (n) |  | 3985000 | 3924668 |
| MSCI Inc 4% 11/15/2029 (n) |  | 1920000 | 1877168 |
|  |  |  | 36503733 |
| Consumer Finance - 0.7% |  |  |  |
| Ally Financial Inc 8% 11/1/2031  |  | 51348000 | 58280276 |
| Ally Financial Inc 8% 11/1/2031  |  | 16761000 | 19016885 |
| OneMain Finance Corp 4% 9/15/2030  |  | 3340000 | 3130783 |
| OneMain Finance Corp 5.375% 11/15/2029  |  | 5560000 | 5563759 |
| OneMain Finance Corp 6.625% 1/15/2028  |  | 4415000 | 4533388 |
| OneMain Finance Corp 7.125% 3/15/2026  |  | 11472000 | 11556526 |
| OneMain Finance Corp 7.875% 3/15/2030  |  | 2675000 | 2828309 |
|  |  |  | 104909926 |
| Financial Services - 0.4% |  |  |  |
| Block Inc 3.5% 6/1/2031  |  | 5745000 | 5399812 |
| Block Inc 5.625% 8/15/2030 (n) |  | 6055000 | 6178050 |
| Block Inc 6% 8/15/2033 (n) |  | 4785000 | 4912324 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (n) |  | 10155000 | 10155000 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  |  | 6375000 | 5500291 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  |  | 18665000 | 18408454 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  |  | 1926000 | 1924664 |
| James Hardie International Finance DAC 5% 1/15/2028 (n) |  | 5270000 | 5271191 |
| MGIC Investment Corp 5.25% 8/15/2028  |  | 4725000 | 4725105 |
| NCR Atleos Corp 9.5% 4/1/2029 (n) |  | 4090000 | 4439188 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (n) |  | 2305000 | 2379894 |
|  |  |  | 69293973 |
| Insurance - 1.0% |  |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (n) |  | 4230000 | 4178407 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (n) |  | 3145000 | 3239690 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (n) |  | 2605000 | 2713493 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (n) |  | 12510000 | 12994800 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (n) |  | 6740000 | 6697158 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (n) |  | 4180000 | 4176322 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (n) |  | 19655000 | 19770452 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (n) |  | 16406000 | 16704187 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (n) |  | 4590000 | 4762012 |
| AmWINS Group Inc 4.875% 6/30/2029 (n) |  | 4105000 | 4037042 |
| Asurion LLC and Asurion Co-Issuer Inc 8% 12/31/2032 (n) |  | 6710000 | 6962373 |
| HUB International Ltd 5.625% 12/1/2029 (n) |  | 16470000 | 16467234 |
| HUB International Ltd 7.25% 6/15/2030 (n) |  | 17925000 | 18819907 |
| HUB International Ltd 7.375% 1/31/2032 (n) |  | 6655000 | 6984782 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (n) |  | 9115000 | 9445401 |
| USI Inc/NY 7.5% 1/15/2032 (n) |  | 3540000 | 3710199 |
|  |  |  | 141663459 |
| TOTAL FINANCIALS |  |  | 352371091 |
| Health Care - 1.2% |  |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (n) |  | 2790000 | 2667952 |
| Bausch + Lomb Corp 8.375% 10/1/2028 (n) |  | 5470000 | 5709313 |
| Hologic Inc 4.625% 2/1/2028 (n) |  | 2505000 | 2504892 |
|  |  |  | 10882157 |
| Health Care Providers & Services - 0.7% |  |  |  |
| CHS/Community Health Systems Inc 10.875% 1/15/2032 (n) |  | 7709000 | 8413911 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (n) |  | 11430000 | 10182821 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (n) |  | 8305000 | 7799995 |
| CHS/Community Health Systems Inc 6% 1/15/2029 (n) |  | 4940000 | 4938593 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (n) |  | 5930000 | 4751284 |
| DaVita Inc 3.75% 2/15/2031 (n) |  | 2075000 | 1917037 |
| DaVita Inc 4.625% 6/1/2030 (n) |  | 15850000 | 15412382 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (n) |  | 3925000 | 3690889 |
| HealthEquity Inc 4.5% 10/1/2029 (n) |  | 2950000 | 2898064 |
| Molina Healthcare Inc 3.875% 11/15/2030 (n) |  | 6345000 | 5887469 |
| Molina Healthcare Inc 3.875% 5/15/2032 (n) |  | 5560000 | 5049466 |
| Molina Healthcare Inc 4.375% 6/15/2028 (n) |  | 4690000 | 4612359 |
| National Mentor Holdings Inc 10.5% 12/15/2030 (n) |  | 5370000 | 5398451 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (n) |  | 3060000 | 3095093 |
| Tenet Healthcare Corp 5.125% 11/1/2027  |  | 10955000 | 10979502 |
| Tenet Healthcare Corp 6.125% 6/15/2030  |  | 13945000 | 14269827 |
| Tenet Healthcare Corp 6.75% 5/15/2031  |  | 2715000 | 2824982 |
|  |  |  | 112122125 |
| Health Care Technology - 0.0% |  |  |  |
| IQVIA Inc 5% 5/15/2027 (n) |  | 5660000 | 5658451 |
| Life Sciences Tools & Services - 0.1% |  |  |  |
| Charles River Laboratories International Inc 4% 3/15/2031 (n) |  | 6035000 | 5718158 |
| Charles River Laboratories International Inc 4.25% 5/1/2028 (n) |  | 2045000 | 2026604 |
|  |  |  | 7744762 |
| Pharmaceuticals - 0.3% |  |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (n) |  | 29875000 | 31070505 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (n) |  | 10200000 | 9939234 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (n) |  | 8890000 | 7362653 |
|  |  |  | 48372392 |
| TOTAL HEALTH CARE |  |  | 184779887 |
| Industrials - 2.7% |  |  |  |
| Aerospace & Defense - 0.8% |  |  |  |
| ATI Inc 4.875% 10/1/2029  |  | 2795000 | 2790418 |
| ATI Inc 5.125% 10/1/2031  |  | 2480000 | 2481664 |
| ATI Inc 7.25% 8/15/2030  |  | 2745000 | 2900030 |
| BWX Technologies Inc 4.125% 6/30/2028 (n) |  | 6400000 | 6301315 |
| Moog Inc 4.25% 12/15/2027 (n) |  | 2025000 | 2005590 |
| TransDigm Inc 4.625% 1/15/2029  |  | 9290000 | 9228410 |
| TransDigm Inc 6.25% 1/31/2034 (n) |  | 2145000 | 2225826 |
| TransDigm Inc 6.375% 3/1/2029 (n) |  | 8150000 | 8394500 |
| TransDigm Inc 6.375% 5/31/2033 (n) |  | 15000000 | 15391905 |
| TransDigm Inc 6.625% 3/1/2032 (n) |  | 2650000 | 2757110 |
| TransDigm Inc 6.75% 1/31/2034 (n) |  | 8120000 | 8458476 |
| TransDigm Inc 6.75% 8/15/2028 (n) |  | 12760000 | 12967350 |
| TransDigm Inc 6.875% 12/15/2030 (n) |  | 21975000 | 22996985 |
| TransDigm Inc 7.125% 12/1/2031 (n) |  | 5390000 | 5664728 |
|  |  |  | 104564307 |
| Air Freight & Logistics - 0.0% |  |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (n) |  | 6985000 | 7277343 |
| Building Products - 0.1% |  |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (n) |  | 1400000 | 1400694 |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (n) |  | 2780000 | 2842748 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (n) |  | 3920000 | 4018747 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (n) |  | 1865000 | 1806450 |
| Shea Homes LP / Shea Homes Funding Corp 4.75% 4/1/2029  |  | 4830000 | 4757028 |
|  |  |  | 14825667 |
| Commercial Services & Supplies - 1.1% |  |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (n) |  | 3736000 | 3675892 |
| Artera Services LLC 8.5% 2/15/2031 (n) |  | 12380000 | 10279622 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (n) |  | 20835000 | 20431684 |
| Brink's Co/The 4.625% 10/15/2027 (n) |  | 7200000 | 7199482 |
| Clean Harbors Inc 6.375% 2/1/2031 (n) |  | 2350000 | 2418440 |
| CoreCivic Inc 8.25% 4/15/2029  |  | 14760000 | 15516775 |
| GEO Group Inc/The 10.25% 4/15/2031  |  | 6505000 | 7120914 |
| GEO Group Inc/The 8.625% 4/15/2029  |  | 9115000 | 9587184 |
| GFL Environmental Inc 4% 8/1/2028 (n) |  | 4200000 | 4142876 |
| GFL Environmental Inc 4.75% 6/15/2029 (n) |  | 5705000 | 5693401 |
| GFL Environmental Inc 6.75% 1/15/2031 (n) |  | 3980000 | 4175705 |
| Madison IAQ LLC 4.125% 6/30/2028 (n) |  | 5345000 | 5252025 |
| Madison IAQ LLC 5.875% 6/30/2029 (n) |  | 4265000 | 4239089 |
| Neptune Bidco US Inc 10.375% 5/15/2031 (n) |  | 4015000 | 4116744 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (n) |  | 38005000 | 38005000 |
| Reworld Holding Corp 4.875% 12/1/2029 (n) |  | 9642000 | 9267694 |
| Williams Scotsman Inc 7.375% 10/1/2031 (n) |  | 2535000 | 2648296 |
|  |  |  | 153770823 |
| Construction & Engineering - 0.0% |  |  |  |
| Arcosa Inc 4.375% 4/15/2029 (n) |  | 4130000 | 4059689 |
| Electrical Equipment - 0.0% |  |  |  |
| Sensata Technologies BV 4% 4/15/2029 (n) |  | 3651000 | 3562255 |
| Ground Transportation - 0.1% |  |  |  |
| Uber Technologies Inc 4.5% 8/15/2029 (n) |  | 12675000 | 12676559 |
| XPO Inc 6.25% 6/1/2028 (n) |  | 2790000 | 2844770 |
| XPO Inc 7.125% 2/1/2032 (n) |  | 4015000 | 4222929 |
|  |  |  | 19744258 |
| Machinery - 0.1% |  |  |  |
| Allison Transmission Inc 5.875% 6/1/2029 (n) |  | 4830000 | 4903720 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (h)(n) |  | 8280000 | 9139323 |
| Chart Industries Inc 7.5% 1/1/2030 (n) |  | 7420000 | 7733460 |
|  |  |  | 21776503 |
| Passenger Airlines - 0.4% |  |  |  |
| Allegiant Travel Co 7.25% 8/15/2027 (n) |  | 3365000 | 3411996 |
| American Airlines Inc 7.25% 2/15/2028 (n) |  | 9260000 | 9466504 |
| American Airlines Inc 8.5% 5/15/2029 (n) |  | 8875000 | 9282291 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 4/20/2029 (n) |  | 13870000 | 14124362 |
| United Airlines Inc 4.375% 4/15/2026 (n) |  | 14560000 | 14541812 |
| United Airlines Inc 4.625% 4/15/2029 (n) |  | 8725000 | 8687156 |
|  |  |  | 59514121 |
| Professional Services - 0.1% |  |  |  |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (n) |  | 4315000 | 4005425 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (n) |  | 5780000 | 5450404 |
| ION Platform Finance US Inc / ION Platform Finance SARL 9.5% 5/30/2029 (n) |  | 3900000 | 3949523 |
| TriNet Group Inc 3.5% 3/1/2029 (n) |  | 4545000 | 4294847 |
|  |  |  | 17700199 |
| Trading Companies & Distributors - 0.0% |  |  |  |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (n) |  | 4040000 | 4296152 |
| Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (n) |  | 3125000 | 3239759 |
|  |  |  | 7535911 |
| TOTAL INDUSTRIALS |  |  | 414331076 |
| Information Technology - 1.4% |  |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |  |
| Coherent Corp 5% 12/15/2029 (n) |  | 4370000 | 4355214 |
| CPI CG Inc 10% 7/15/2029 (n) |  | 2413000 | 2556614 |
| Lightning Power LLC 7.25% 8/15/2032 (n) |  | 5130000 | 5454991 |
| TTM Technologies Inc 4% 3/1/2029 (n) |  | 4540000 | 4433907 |
|  |  |  | 16800726 |
| IT Services - 0.4% |  |  |  |
| ASGN Inc 4.625% 5/15/2028 (n) |  | 5670000 | 5571372 |
| CoreWeave Inc 9% 2/1/2031 (n) |  | 11410000 | 10457493 |
| CoreWeave Inc 9.25% 6/1/2030 (n) |  | 20545000 | 19102178 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (n) |  | 6060000 | 5810823 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (n) |  | 5665000 | 5680437 |
| Sabre GLBL Inc 11.125% 7/15/2030 (n) |  | 13975000 | 11586253 |
|  |  |  | 58208556 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |  |
| ON Semiconductor Corp 3.875% 9/1/2028 (n) |  | 6765000 | 6615202 |
| Synaptics Inc 4% 6/15/2029 (n) |  | 3500000 | 3388253 |
| Wolfspeed Inc 7% 6/15/2031 pay-in-kind (h) |  | 4959066 | 3967253 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (h)(n) |  | 2849963 | 3092210 |
|  |  |  | 17062918 |
| Software - 0.7% |  |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (n) |  | 31025000 | 31431053 |
| Elastic NV 4.125% 7/15/2029 (n) |  | 11340000 | 10982414 |
| Fair Isaac Corp 4% 6/15/2028 (n) |  | 6420000 | 6331731 |
| NCR Voyix Corp 5% 10/1/2028 (n) |  | 3385000 | 3360875 |
| PTC Inc 4% 2/15/2028 (n) |  | 3715000 | 3659168 |
| UKG Inc 6.875% 2/1/2031 (n) |  | 3980000 | 4088308 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  |  | 38195000 | 40656923 |
|  |  |  | 100510472 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |  |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (n) |  | 9200000 | 9756020 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (n) |  | 5975000 | 6352392 |
|  |  |  | 16108412 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 208691084 |
| Materials - 1.0% |  |  |  |
| Chemicals - 0.3% |  |  |  |
| Ingevity Corp 3.875% 11/1/2028 (n) |  | 6715000 | 6538491 |
| LSB Industries Inc 6.25% 10/15/2028 (n) |  | 9723000 | 9707483 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (n) |  | 7070000 | 6862955 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (n) |  | 13505000 | 13571736 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (n) |  | 3770000 | 3770916 |
| Scotts Miracle-Gro Co/The 4% 4/1/2031  |  | 5930000 | 5579317 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (n) |  | 2810000 | 2877533 |
|  |  |  | 48908431 |
| Construction Materials - 0.1% |  |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (n) |  | 10810000 | 11562730 |
| Containers & Packaging - 0.4% |  |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (n) |  | 3025000 | 2908486 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (n) |  | 6050000 | 5695384 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (n) |  | 2695000 | 2756379 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (n) |  | 21190000 | 21543428 |
| Crown Cork & Seal Co Inc 7.5% 12/15/2096  |  | 7695000 | 7598966 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (n) |  | 3720000 | 3723173 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (n) |  | 3585000 | 3388855 |
| Mauser Packaging Solutions Holding Co 7.875% 4/15/2030 (n) |  | 2815000 | 2792791 |
| Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (n) |  | 2815000 | 2861763 |
| Trident TPI Holdings Inc 12.75% 12/31/2028 (n) |  | 2765000 | 2833077 |
|  |  |  | 56102302 |
| Metals & Mining - 0.2% |  |  |  |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 (n) |  | 7735000 | 7582143 |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (n) |  | 2135000 | 2268446 |
| Arsenal AIC Parent LLC 8% 10/1/2030 (n) |  | 3285000 | 3485913 |
| Cleveland-Cliffs Inc 4.625% 3/1/2029 (n) |  | 4615000 | 4544052 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (n) |  | 4615000 | 4428111 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (n) |  | 9035000 | 9530479 |
| Compass Minerals International Inc 6.75% 12/1/2027 (n) |  | 2795000 | 2794910 |
| Roller Bearing Co of America Inc 4.375% 10/15/2029 (n) |  | 2015000 | 1982559 |
|  |  |  | 36616613 |
| TOTAL MATERIALS |  |  | 153190076 |
| Real Estate - 1.0% |  |  |  |
| Diversified REITs - 0.4% |  |  |  |
| Iron Mountain Information Management Services Inc 5% 7/15/2032 (n) |  | 4190000 | 4000046 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (n) |  | 3390000 | 3152827 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 4.75% 4/15/2028 (n) |  | 9350000 | 9292515 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (n) |  | 5660000 | 5435393 |
| Vici Properties LP / Vici Note Co Inc 3.875% 2/15/2029 (n) |  | 6695000 | 6564862 |
| Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (n) |  | 12650000 | 12647873 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (n) |  | 7220000 | 7205910 |
|  |  |  | 48299426 |
| Health Care REITs - 0.2% |  |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  |  | 6700000 | 4871517 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  |  | 10950000 | 9173797 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  |  | 21010000 | 20282664 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (n) |  | 3890000 | 4154261 |
|  |  |  | 38482239 |
| Real Estate Management & Development - 0.1% |  |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (n) |  | 5515000 | 5985275 |
| Greystar Real Estate Partners LLC 7.75% 9/1/2030 (n) |  | 2435000 | 2566892 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (n) |  | 6480000 | 6519068 |
| Weekley Homes LLC / Weekley Finance Corp 4.875% 9/15/2028 (n) |  | 3045000 | 3002933 |
|  |  |  | 18074168 |
| Specialized REITs - 0.3% |  |  |  |
| Iron Mountain Inc 4.875% 9/15/2029 (n) |  | 14590000 | 14393737 |
| Iron Mountain Inc 5% 7/15/2028 (n) |  | 6370000 | 6361881 |
| Iron Mountain Inc 5.25% 7/15/2030 (n) |  | 5915000 | 5843457 |
| Iron Mountain Inc 5.625% 7/15/2032 (n) |  | 5915000 | 5821972 |
| SBA Communications Corp 3.875% 2/15/2027  |  | 9720000 | 9646770 |
|  |  |  | 42067817 |
| TOTAL REAL ESTATE |  |  | 146923650 |
| Utilities - 1.2% |  |  |  |
| Electric Utilities - 0.9% |  |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (n) |  | 2795000 | 2540449 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (n) |  | 4055000 | 4046165 |
| NRG Energy Inc 3.375% 2/15/2029 (n) |  | 3080000 | 2946914 |
| NRG Energy Inc 3.625% 2/15/2031 (n) |  | 6110000 | 5709689 |
| NRG Energy Inc 3.875% 2/15/2032 (n) |  | 582000 | 543448 |
| NRG Energy Inc 5.75% 1/15/2028  |  | 19350000 | 19423936 |
| NRG Energy Inc 5.75% 1/15/2034 (n) |  | 5405000 | 5461212 |
| NRG Energy Inc 6% 1/15/2036 (n) |  | 10805000 | 10948095 |
| Pacific Gas and Electric Co 3.95% 12/1/2047  |  | 2711000 | 2018307 |
| Pacific Gas and Electric Co 4% 12/1/2046  |  | 8299000 | 6215979 |
| Pacific Gas and Electric Co 4.3% 3/15/2045  |  | 3690000 | 2927026 |
| PG&E Corp 5% 7/1/2028  |  | 13615000 | 13577294 |
| PG&E Corp 5.25% 7/1/2030  |  | 5150000 | 5113524 |
| Vistra Operations Co LLC 4.375% 5/1/2029 (n) |  | 11110000 | 10970511 |
| Vistra Operations Co LLC 5% 7/31/2027 (n) |  | 13800000 | 13831749 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (n) |  | 17455000 | 17462585 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (n) |  | 5470000 | 5793699 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (n) |  | 2675000 | 2740834 |
| XPLR Infrastructure Operating Partners LP 7.75% 4/15/2034 (n) |  | 7635000 | 7759393 |
|  |  |  | 140030809 |
| Gas Utilities - 0.2% |  |  |  |
| Southern Natural Gas Co LLC 7.35% 2/15/2031  |  | 14890000 | 16460579 |
| Southern Natural Gas Co LLC 8% 3/1/2032  |  | 9400000 | 10852045 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp 5% 6/1/2031 (n) |  | 5750000 | 5520157 |
|  |  |  | 32832781 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (n) |  | 4050000 | 4086357 |
| Sunnova Energy Corp 11.75% (j)(k)(n) |  | 8050000 | 40250 |
| Sunnova Energy Corp 5.875% (j)(k)(n) |  | 1350000 | 3375 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (n) |  | 4040000 | 4120452 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (n) |  | 4040000 | 4177722 |
|  |  |  | 12428156 |
| TOTAL UTILITIES |  |  | 185291746 |
| TOTAL UNITED STATES |  |  | 2908660833 |
| ZAMBIA - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Metals & Mining - 0.1% |  |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (n) |  | 3580000 | 3763671 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (n) |  | 7775000 | 8175899 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (n) |  | 6235000 | 6565455 |
| TOTAL ZAMBIA |  |  | 18505025 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $3,248,228,818) |  |  | <br> **3288886703** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Summit Midstream Corp 3 month U.S. LIBOR + 7.43%, 12.2837% (h)(i) | 1711 | 2711650 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Strategy Inc 11% (l) | 234220 | 23139882 |
| Strategy Inc Series A, 10%  | 137400 | 13914498 |
| TOTAL INFORMATION TECHNOLOGY |  | 37054380 |
| TOTAL UNITED STATES |  | 39766030 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $35,945,851) |  | <br> **39766030** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 1.1%** | &nbsp;&nbsp;**Preferred Securities - 1.1%** | &nbsp;&nbsp;**Preferred Securities - 1.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.1%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Energy Transfer LP 6.5% (h)(r) | 4690000 | 4748548 |
| Energy Transfer LP 6.625% (h)(r) | 20350000 | 20756174 |
| Energy Transfer LP Series G, 7.125% (h)(r) | 14083000 | 14545056 |
| Mesquite Energy Inc 7.25% (j)(k)(r) | 12834000 | 1283 |
| TOTAL ENERGY |  | 40051061 |
| Financials - 0.7% |  |  |
| Banks - 0.6% |  |  |
| Bank of America Corp 5.875% (h)(r) | 60475000 | 62569259 |
| Bank of America Corp 6.25% (h)(r) | 8215000 | 8437504 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 6.7303% (h)(i)(r) | 19100000 | 19475974 |
|  |  | 90482737 |
| Insurance - 0.1% |  |  |
| Alliant Holdings LP 10.5% (h)(j)(r) | 20631644 | 20946449 |
| TOTAL FINANCIALS |  | 111429186 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Edison International 5% (h)(r) | 1105000 | 1117509 |
| Edison International 5.375% (h)(r) | 14352000 | 14525976 |
| TOTAL UTILITIES |  | 15643485 |
| TOTAL UNITED STATES |  | 167123732 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $174,093,550) |  | <br> **167123732** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 4.1%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 4.1%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 4.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 4.1%  |  |  |
| Fannie Mae 2% 2/1/2052  | 2960038 | 2442271 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041 (e) | 3774741 | 3302711 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2028  | 439457 | 432179 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 358794 | 322257 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 145625 | 130851 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2040  | 3167049 | 2977257 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 157316 | 140859 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2041  | 1142547 | 1063366 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052 (d) | 1081667 | 1091871 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2053 (d) | 788401 | 816103 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2054  | 249638 | 257365 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053 (c) | 3450251 | 3598824 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053 (c) | 2566292 | 2672791 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2055 (c)(d)(e) | 3135921 | 3281004 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2055  | 5707171 | 5956944 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2053  | 239956 | 249164 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2055 (c)(d) | 1839180 | 1947242 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 3/1/2054 (d) | 537816 | 561264 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 11226639 | 10119177 |
| Freddie Mac Gold Pool 2.5% 2/1/2042  | 2103376 | 1893823 |
| Freddie Mac Gold Pool 2.5% 5/1/2041 (f) | 4483316 | 4062978 |
| Freddie Mac Gold Pool 5.5% 9/1/2052 (c) | 5247887 | 5391616 |
| Freddie Mac Gold Pool 6% 11/1/2053  | 155991 | 161831 |
| Freddie Mac Gold Pool 6% 2/1/2055  | 2589510 | 2705064 |
| Freddie Mac Gold Pool 6.5% 10/1/2053 (d) | 2884940 | 3037318 |
| Freddie Mac Gold Pool 6.5% 10/1/2053 (c)(d) | 2864102 | 3019855 |
| Freddie Mac Non Gold Pool 6% 9/1/2053  | 278606 | 289297 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055 (c) | 3201800 | 3375917 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 4095116 | 3508081 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 3468667 | 2973601 |
| Ginnie Mae I Pool 2.5% 9/20/2051  | 3076202 | 2637150 |
| Ginnie Mae II Pool 2% 1/20/2051  | 9623974 | 7970958 |
| Ginnie Mae II Pool 2% 10/20/2051  | 6321423 | 5234666 |
| Ginnie Mae II Pool 2% 11/20/2051  | 1144978 | 948138 |
| Ginnie Mae II Pool 2% 2/20/2052  | 124999934 | 103549433 |
| Ginnie Mae II Pool 2% 3/20/2052  | 2722372 | 2255202 |
| Ginnie Mae II Pool 2% 8/20/2051  | 30794279 | 25500231 |
| Ginnie Mae II Pool 2% 9/20/2050  | 1552542 | 1286604 |
| Ginnie Mae II Pool 2% 9/20/2051  | 6734837 | 5577006 |
| Ginnie Mae II Pool 2.5% 12/20/2051  | 215828497 | 186238368 |
| Ginnie Mae II Pool 2.5% 3/20/2052  | 24997516 | 21574256 |
| Ginnie Mae II Pool 5.5% 1/1/2056 (b) | 17600000 | 17769880 |
| Ginnie Mae II Pool 5.5% 12/20/2054  | 868748 | 878211 |
| Ginnie Mae II Pool 5.5% 2/1/2056 (b) | 17250000 | 17403026 |
| Ginnie Mae II Pool 5.5% 3/1/2056 (b) | 3050000 | 3073244 |
| Ginnie Mae II Pool 6% 1/1/2056 (b) | 29300000 | 29856820 |
| Ginnie Mae II Pool 6% 2/1/2056 (b) | 24400000 | 24845590 |
| Ginnie Mae II Pool 6% 3/1/2056 (b) | 7800000 | 7934217 |
| Uniform Mortgage Backed Securities 3% 1/1/2056 (b) | 73200000 | 64696217 |
| Uniform Mortgage Backed Securities 3.5% 1/1/2056 (b) | 36400000 | 33625923 |
| TOTAL UNITED STATES |  | 634638021 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $631,920,878) |  | <br> **634638021** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Tennessee Valley Authority 5.25% 9/15/2039  | 2106000 | 2224519 |
| Tennessee Valley Authority 5.375% 4/1/2056  | 3503000 | 3545724 |
| TOTAL UNITED STATES |  | 5770243 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $5,776,699) |  | <br> **5770243** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 18.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 18.9%** |
|  | Yield (%) (t) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (c) | 3.84 | 21630000 | 21541579 |
| US Treasury Bills 0% 2/5/2026 (c) | 3.81 | 5650000 | 5631103 |
| US Treasury Bonds 2% 8/15/2051  | 1.95 to 2.09 | 77934000 | 44644613 |
| US Treasury Bonds 2.25% 2/15/2052  | 2.15 to 2.99 | 90920000 | 55162869 |
| US Treasury Bonds 2.5% 2/15/2045  | 2.98 to 3.04 | 216056000 | 153011533 |
| US Treasury Bonds 3% 2/15/2049  | 3.00 to 3.10 | 107530000 | 79210966 |
| US Treasury Bonds 3% 5/15/2045  | 1.80 | 20100000 | 15469149 |
| US Treasury Bonds 3.625% 2/15/2053  | 3.80 to 3.85 | 82416000 | 66724767 |
| US Treasury Bonds 4.125% 8/15/2044  | 4.60 to 4.66 | 47820000 | 43887926 |
| US Treasury Bonds 4.125% 8/15/2053  | 4.48 to 4.80 | 16039000 | 14198274 |
| US Treasury Bonds 4.25% 8/15/2054  | 4.65 | 15760000 | 14249256 |
| US Treasury Bonds 4.375% 8/15/2043  | 5.10 to 5.28 | 49031000 | 46834181 |
| US Treasury Bonds 4.5% 11/15/2054  | 4.74 to 4.82 | 36450000 | 34379754 |
| US Treasury Bonds 4.5% 2/15/2044  | 4.58 | 12910000 | 12489416 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.71 to 4.80 | 23470000 | 22998767 |
| US Treasury Bonds 4.625% 5/15/2054  | 4.02 to 4.49 | 24660000 | 23749699 |
| US Treasury Bonds 4.75% 2/15/2037  | 2.81 to 2.93 | 8200000 | 8588859 |
| US Treasury Bonds 4.75% 5/15/2055  | 4.67 | 14700000 | 14445047 |
| US Treasury Bonds 4.75% 8/15/2055  | 4.63 to 4.81 | 13280000 | 13055900 |
| US Treasury Bonds 4.875% 8/15/2045  | 4.75 | 1210000 | 1221721 |
| US Treasury Bonds 5% 5/15/2045  | 4.87 | 15530000 | 15942516 |
| US Treasury Bonds 5.25% 2/15/2029  | 3.91 to 3.94 | 5406000 | 5685592 |
| US Treasury Bonds Inflation-Indexed 2.375% 2/15/2055  | 2.47 to 2.63 | 17820395 | 16921635 |
| US Treasury Notes 0.75% 3/31/2026  | 0.92 | 2000 | 1986 |
| US Treasury Notes 1% 7/31/2028  | 0.96 to 1.13 | 49141000 | 46108079 |
| US Treasury Notes 1.125% 8/31/2028  | 1.13 to 1.14 | 339517000 | 318947043 |
| US Treasury Notes 1.25% 12/31/2026  | 1.26 | 33922000 | 33170678 |
| US Treasury Notes 1.25% 9/30/2028  | 1.37 to 1.46 | 38280000 | 36008620 |
| US Treasury Notes 1.375% 10/31/2028  | 1.52 | 8911000 | 8395137 |
| US Treasury Notes 1.5% 1/31/2027  | 1.50 to 1.64 | 40989000 | 40113180 |
| US Treasury Notes 1.625% 9/30/2026  | 1.68 | 3000 | 2957 |
| US Treasury Notes 1.875% 2/28/2027  | 1.71 | 191630000 | 188089337 |
| US Treasury Notes 2.375% 3/31/2029  | 2.50 | 7500000 | 7225781 |
| US Treasury Notes 2.5% 3/31/2027  | 2.72 | 7200000 | 7110844 |
| US Treasury Notes 2.625% 5/31/2027  | 2.99 | 90000 | 88924 |
| US Treasury Notes 2.625% 7/31/2029  | 2.80 | 23875000 | 23089736 |
| US Treasury Notes 2.75% 7/31/2027  | 2.71 | 5670000 | 5605991 |
| US Treasury Notes 2.75% 8/15/2032  | 2.79 to 3.99 | 83642000 | 77966760 |
| US Treasury Notes 2.875% 5/15/2032  | 2.84 | 30472000 | 28731763 |
| US Treasury Notes 3.125% 11/15/2028  | 2.66 to 3.01 | 28930000 | 28606798 |
| US Treasury Notes 3.125% 8/31/2029  | 4.48 | 3948000 | 3881378 |
| US Treasury Notes 3.375% 5/15/2033  | 3.83 | 7260000 | 6979526 |
| US Treasury Notes 3.5% 1/31/2028  | 3.60 to 3.83 | 10570000 | 10572064 |
| US Treasury Notes 3.5% 10/15/2028  | 3.50 | 41940000 | 41899310 |
| US Treasury Notes 3.5% 10/31/2027  | 3.58 | 8868000 | 8870078 |
| US Treasury Notes 3.5% 12/15/2028  | 3.51 | 16530000 | 16510629 |
| US Treasury Notes 3.5% 2/15/2033  | 3.91 | 49310000 | 47921230 |
| US Treasury Notes 3.625% 3/31/2028  | 3.59 to 3.60 | 34500000 | 34591641 |
| US Treasury Notes 3.625% 3/31/2030  | 3.54 to 3.55 | 21930000 | 21888881 |
| US Treasury Notes 3.75% 10/31/2032  | 3.89 | 17030000 | 16841073 |
| US Treasury Notes 3.75% 11/30/2032  | 3.95 | 14870000 | 14744534 |
| US Treasury Notes 3.75% 4/15/2028  | 3.69 | 13570000 | 13640500 |
| US Treasury Notes 3.75% 5/15/2028  | 3.86 | 52610000 | 52896914 |
| US Treasury Notes 3.75% 5/31/2030  | 3.69 | 12660000 | 12691156 |
| US Treasury Notes 3.75% 8/31/2031  | 3.65 to 4.10 | 71020000 | 70784192 |
| US Treasury Notes 3.875% 11/30/2027  | 3.74 to 3.82 | 14110000 | 14210313 |
| US Treasury Notes 3.875% 12/31/2027  | 3.56 to 4.01 | 51100000 | 51478135 |
| US Treasury Notes 3.875% 5/31/2027  | 3.90 to 3.91 | 30000000 | 30153516 |
| US Treasury Notes 3.875% 8/15/2033  | 4.57 to 4.77 | 22052000 | 21868521 |
| US Treasury Notes 3.875% 8/15/2034  | 3.71 to 3.80 | 44930000 | 44263073 |
| US Treasury Notes 4% 1/15/2027  | 4.14 to 4.15 | 61280000 | 61573863 |
| US Treasury Notes 4% 1/31/2031  | 3.89 to 3.96 | 6420000 | 6493980 |
| US Treasury Notes 4% 10/31/2029  | 4.15 | 19300000 | 19552559 |
| US Treasury Notes 4% 11/15/2035  | 4.14 | 4910000 | 4839419 |
| US Treasury Notes 4% 7/31/2029  | 3.83 | 2580000 | 2613463 |
| US Treasury Notes 4% 7/31/2030  | 4.08 | 15390000 | 15585381 |
| US Treasury Notes 4% 7/31/2032  | 4.16 | 5030000 | 5056329 |
| US Treasury Notes 4.125% 10/31/2029  | 3.63 | 16239000 | 16516839 |
| US Treasury Notes 4.125% 10/31/2031  | 4.39 | 21800000 | 22135516 |
| US Treasury Notes 4.125% 11/15/2027  | 4.09 to 4.20 | 52510000 | 53108942 |
| US Treasury Notes 4.125% 2/15/2027  | 4.40 to 4.49 | 81250000 | 81783203 |
| US Treasury Notes 4.125% 3/31/2031  | 4.36 to 4.71 | 27900000 | 28374082 |
| US Treasury Notes 4.125% 3/31/2032  | 4.23 | 24070000 | 24400022 |
| US Treasury Notes 4.125% 7/31/2028  | 4.19 | 15000000 | 15223828 |
| US Treasury Notes 4.125% 8/31/2030  | 4.19 to 4.61 | 31870000 | 32430215 |
| US Treasury Notes 4.25% 1/15/2028  | 4.24 to 4.33 | 97240000 | 98672011 |
| US Treasury Notes 4.25% 11/15/2034  | 4.31 | 12425000 | 12555560 |
| US Treasury Notes 4.25% 2/15/2028  | 4.17 | 71440000 | 72535354 |
| US Treasury Notes 4.25% 2/28/2031  | 4.26 to 4.36 | 24300000 | 24859090 |
| US Treasury Notes 4.25% 6/30/2029  | 4.11 to 4.12 | 42740000 | 43644887 |
| US Treasury Notes 4.25% 8/15/2035  | 4.04 to 4.23 | 14210000 | 14312134 |
| US Treasury Notes 4.375% 11/30/2028  | 4.11 to 4.15 | 32510000 | 33247825 |
| US Treasury Notes 4.375% 11/30/2030  | 4.36 | 3000 | 3086 |
| US Treasury Notes 4.375% 5/15/2034  | 3.84 | 4680000 | 4782558 |
| US Treasury Notes 4.625% 9/30/2028  | 4.76 | 21630000 | 22241723 |
| US Treasury Notes 4.75% 2/15/2045  | 4.61 to 4.99 | 60470000 | 60162926 |
| US Treasury Notes 4.875% 10/31/2030  | 4.31 to 4.92 | 25780000 | 27081084 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $3,115,848,310) |  |  | **2919781279** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.6%** | &nbsp;&nbsp;**Money Market Funds - 7.6%** | &nbsp;&nbsp;**Money Market Funds - 7.6%** | &nbsp;&nbsp;**Money Market Funds - 7.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (u) | 3.79 | 1128773753 | 1128999508 |
| Fidelity Securities Lending Cash Central Fund (u)(v) | 3.77 | 36672645 | 36676312 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,165,640,148) |  |  | **1165675820** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** |
|  | Expiration<br> Date | Notional<br> Amount  | Value ($) |
| Put Swaptions - 0.1% |  |  |  |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.9025% and receive annually a floating rate based on US SOFR Index, expiring April 2036 | 4/2026 | 28200000 | 269860 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.025% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 18030000 | 608139 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.95% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 4/2030 | 12870000 | 452884 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.065% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 16580000 | 550080 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.01% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 22140000 | 758616 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.8% and receive annually a floating rate based on US SOFR Index, expiring August 2036 | 8/2026 | 5250000 | 116521 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 3.855% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 16810000 | 644554 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to pay annually a fixed rate of 3.853% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 16900000 | 648538 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.565% and receive annually a floating rate based on US SOFR Index, expiring September 2036 | 9/2026 | 23780000 | 861956 |
| TOTAL PUT SWAPTIONS |  |  | 4911148 |
| Call Swaptions - 0.0% |  |  |  |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.9025% and pay annually a floating rate based on US SOFR Index, expiring April 2036 | 4/2026 | 28200000 | 455299 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.025% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 18030000 | 550187 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.95% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 4/2030 | 12870000 | 372740 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.065% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 16580000 | 519648 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.01% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 22140000 | 669785 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.8% and pay annually a floating rate based on US SOFR Index, expiring August 2036 | 8/2026 | 5250000 | 91655 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 3.855% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 16810000 | 444596 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to receive annually a fixed rate of 3.853% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 16900000 | 445987 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.565% and pay annually a floating rate based on US SOFR Index, expiring September 2036 | 9/2026 | 23780000 | 269689 |
| TOTAL CALL SWAPTIONS |  |  | 3819586 |
| **TOTAL PURCHASED SWAPTIONS**<br> (Cost $11,402,496) |  |  | <br> **8730734** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $15,353,186,878)<br>| <br>**15545963889** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(111353319)** |
| **NET ASSETS - 100.0%** | **15434610570** |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal<br> Amount (a) | Value ($) |
| U.S. Government Agency - Mortgage Securities |  |  |
| Ginnie Mae II Pool 2% 1/1/2056 | (170000000) | (140700143) |
| Ginnie Mae II Pool 2.5% 1/1/2056 | (240850000) | (207704995) |
| Ginnie Mae II Pool 5.5% 1/1/2056 | (17250000) | (17416502) |
| Ginnie Mae II Pool 5.5% 2/1/2056 | (3050000) | (3077057) |
| Ginnie Mae II Pool 6% 1/1/2056 | (29300000) | (29856820) |
| Ginnie Mae II Pool 6% 2/1/2056 | (7800000) | (7942443) |
| Uniform Mortgage Backed Securities 2% 1/1/2056 | (36000000) | (29084062) |
| Uniform Mortgage Backed Securities 2.5% 1/1/2056 | (38575000) | (32600396) |
| Uniform Mortgage Backed Securities 3% 1/1/2056 | (73200000) | (64696217) |
| Uniform Mortgage Backed Securities 3% 2/1/2056 | (36600000) | (32325233) |
| Uniform Mortgage Backed Securities 3.5% 1/1/2056 | (36400000) | (33625923) |
| Uniform Mortgage Backed Securities 3.5% 2/1/2056 | (18200000) | (16756087) |
| TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES  |  | (615785878) |
| **TOTAL TBA SALE COMMITMENTS**<br> (Proceeds $616,032,825) |  | <br> **(615785878)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 9471 | 3/2026 | 1063415719 | (5133727) |
| CBOT 2Y US Treasury Notes Contracts (United States) | 2093 | 3/2026 | 436946453 | 16523 |
| CBOT 5Y US Treasury Notes Contracts (United States) | 191 | 3/2026 | 20857797 | (37621) |
| CBOT US Treasury Long Bond Contracts (United States) | 702 | 3/2026 | 80883563 | (1020004) |
| CBOT US Treasury Ultra Bond Contracts (United States) | 3688 | 3/2026 | 433224750 | (8737646) |
| TOTAL LONG |  |  |  | (14912475) |
| SHORT |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| Eurex Euro-Buxl Contracts (Germany) | 287 | 3/2026 | 37141538 | 551828 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **(14360647)** |
| The notional amount of long futures as a percentage of Net Assets is 13.1%. | The notional amount of long futures as a percentage of Net Assets is 13.1%. | The notional amount of long futures as a percentage of Net Assets is 13.1%. | The notional amount of long futures as a percentage of Net Assets is 13.1%. | The notional amount of long futures as a percentage of Net Assets is 13.1%. |
| The notional amount of short futures as a percentage of Net Assets is 0.2%. | The notional amount of short futures as a percentage of Net Assets is 0.2%. | The notional amount of short futures as a percentage of Net Assets is 0.2%. | The notional amount of short futures as a percentage of Net Assets is 0.2%. | The notional amount of short futures as a percentage of Net Assets is 0.2%. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| AUD | 64328000 | USD | 42906435 | HSBC Bank PLC | 1/2026 | 25343 |
| EUR | 24303000 | USD | 28601423 | Brown Brothers Harriman & Co. | 1/2026 | (26547) |
| EUR | 38808000 | USD | 45600782 | JPMorgan Chase Bank NA | 1/2026 | 28721 |
| USD | 70873319 | AUD | 106584000 | Barclays Bank PLC | 1/2026 | (259635) |
| USD | 72137608 | CAD | 99768000 | Barclays Bank PLC | 1/2026 | (584422) |
| USD | 47060807 | CHF | 37732000 | JPMorgan Chase Bank NA | 1/2026 | (627802) |
| USD | 965447468 | EUR | 828044000 | Barclays Bank PLC | 1/2026 | (8146519) |
| USD | 91482545 | EUR | 77738000 | JPMorgan Chase Bank NA | 1/2026 | 80096 |
| USD | 14251372 | EUR | 12213000 | State Street Bank & Trust Co | 1/2026 | (108377) |
| USD | 40984749 | GBP | 30788000 | JPMorgan Chase Bank NA | 1/2026 | (515382) |
| USD | 51152220 | JPY | 7993830000 | JPMorgan Chase Bank NA | 1/2026 | 72054 |
| USD | 16749454 | SGD | 21655000 | BNP Paribas SA | 1/2026 | (109101) |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **(10171571)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 206214 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (10377785) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| Payment Received | Payment<br> Frequency | Payment Paid | Payment<br> Frequency | Clearinghouse /<br> Counterparty(1) | Maturity<br> Date | Notional<br> Amount(3) | Value ($)<br>| Upfront<br> Premium<br> Received/<br> (Paid) ($)(2) | Unrealized <br> Appreciation/<br> (Depreciation) ($)<br>|
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2028 | 203411000 | (166627) | 0 | (166627) |
| 4% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2056 | 2320000 | (15694) | 0 | (15694) |
| 3.75% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2033 | 6399000 | (9558) | 0 | (9558) |
| 3.5% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2031 | 8843000 | (359) | 0 | (359) |
| 3.5% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2030 | 25396000 | (26612) | 0 | (26612) |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2029 | 218041000 | (332257) | 0 | (332257) |
| **TOTAL INTEREST RATE SWAPS** |  |  |  |  |  |  | **(551107)** | **0** | **(551107)** |

---

(1)Swaps with LCH Clearnet Group (LCH) are centrally cleared swaps.

(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

(3)Notional amount is stated in U.S. Dollars unless otherwise noted.

(4)Represents floating rate.

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| EUR | - | European Monetary Unit (Euro) |
| GBP | - | British Pound Sterling |
| JPY | - | Japanese Yen |
| SGD | - | Singapore Dollar |
| USD | - | United States Dollar |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

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

(c) 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 $44,880,363.

(d) Security or a portion of the security was pledged to cover margin requirements for centrally cleared swaps. At period end, the value of securities pledged amounted to $8,397,112.

(e) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $2,585,327.

(f) Security or a portion of the security has been segregated as collateral for mortgage-backed or asset-backed securities purchased on a delayed delivery or when-issued basis. At period end, the value of securities pledged amounted to $1,142,283.

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

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

(j) Level 3 security.

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

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

(m) 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 $1,089,274,631 or 7.1% of net assets.

(n) 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 $2,738,998,975 or 17.7% of net assets.

(o) Non-income producing.

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

(q) 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 $22,985,210 or 0.1% of net assets.

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

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

(t) 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.

(u) 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.

(v) 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>|
| EchoStar Corp | 9/30/2024 | 5749854 |
| New Cotai LLC / New Cotai Capital Corp | 9/11/2020 | 11110731 |

---

**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 | 954026081 | 3540791105 | 3365829724 | 43546656 | 12162 | (116) | 1128999508 | 1128773753 | 2.1% |
| Fidelity Emerging Markets Debt Central Fund | 2228069789 | 137929463 | 82772413 | 137929464 | (2366595) | 130007578 | 2410867822 | 283631508 | 100.0% |
| Fidelity Floating Rate Central Fund | 724534413 | 311769839 | 17826119 | 74283259 | (900064) | (17110427) | 1000467642 | 10465143 | 50.0% |
| Fidelity Securities Lending Cash Central Fund | 4347769 | 976463941 | 944127508 | 55344 | (7890) | - | 36676312 | 36672645 | 0.1% |
| Total | 3910978052 | 4966954348 | 4410555764 | 255814723 | (3262387) | 112897035 | 4577011284 |  |  |

---

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 December 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>** |  |  |  |  |
|  **Asset-Backed Securities** | 22206607 | - | 22206607 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 20532818 | - | 20272261 | 260557 |
| Consumer Discretionary | 103072224 | - | 103072224 | - |
| Consumer Staples | 1985785 | - | 1985785 | - |
| Energy | 24033240 | - | 24033240 | - |
| Financials | 84378823 | - | 84378823 | - |
| Health Care | 40531138 | - | 40531138 | - |
| Industrials | 73016945 | - | 73016945 | - |
| Information Technology | 250850102 | - | 250850102 | - |
| Materials | 73954146 | - | 73954146 | - |
| Utilities | 237977 | - | 237977 | - |
|  **Collateralized Mortgage Obligations** | 129600916 | - | 129600916 | - |
|  **Commercial Mortgage Securities** | 385814167 | - | 385814167 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 144737324 | 138391719 | - | 6345605 |
| Consumer Discretionary | 107684829 | 79366001 | 27623526 | 695302 |
| Consumer Staples | 11221593 | 11198710 | - | 22883 |
| Energy | 51169298 | 7418011 | - | 43751287 |
| Financials | 141687576 | 141685988 | - | 1588 |
| Health Care | 8438967 | 8420880 | - | 18087 |
| Industrials | 242713176 | 242713176 | - | - |
| Information Technology | 323965357 | 322210181 | - | 1755176 |
| Materials | 27818301 | 27818299 | - | 2 |
| Utilities | 74860243 | 74857821 | - | 2422 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 62415986 | - | 62415986 | - |
| Consumer Discretionary | 3585105 | - | - | 3585105 |
| Financials | 3764640 | - | 3764640 | - |
| Information Technology | 12381769 | - | 12381769 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 62291233 | - | - | 62291233 |
|  **Fixed-Income Funds** | 3598804078 | 3598804078 | - | - |
|  **Foreign Government and Government Agency Obligations** | 1227836964 | - | 1227836964 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 410614770 | - | 410614770 | - |
| Consumer Discretionary | 419185075 | - | 415843663 | 3341412 |
| Consumer Staples | 138100343 | - | 138100343 | - |
| Energy | 541825138 | - | 541825138 | - |
| Financials | 352371091 | - | 352371091 | - |
| Health Care | 194947019 | - | 194947019 | - |
| Industrials | 443794142 | - | 443794142 | - |
| Information Technology | 219293335 | - | 219293335 | - |
| Materials | 233774554 | - | 233774554 | - |
| Real Estate | 146923650 | - | 146923650 | - |
| Utilities | 188057586 | - | 188013961 | 43625 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | 2711650 | - | 2711650 | - |
| Information Technology | 37054380 | 37054380 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 40051061 | - | 40049778 | 1283 |
| Financials | 111429186 | - | 90482737 | 20946449 |
| Utilities | 15643485 | - | 15643485 | - |
|  **U.S. Government Agency - Mortgage Securities** | 634638021 | - | 634638021 | - |
|  **U.S. Government Agency Obligations** |  |  |  |  |
| Utilities | 5770243 | - | 5770243 | - |
|  **U.S. Treasury Obligations** | 2919781279 | - | 2919781279 | - |
|  **Money Market Funds** | 1165675820 | 1165675820 | - | - |
|  **Purchased Swaptions** | 8730734 | - | 8730734 | - |
| **Total Investments in Securities:** | 15545963889 | 5855615064 | 9547286809 | 143062016 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 568351 | 568351 | - | - |
| Forward Foreign Currency Contracts | 206214 | - | 206214 | - |
| Total Assets | 774565 | 568351 | 206214 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (14928998) | (14928998) | - | - |
| Forward Foreign Currency Contracts | (10377785) | - | (10377785) | - |
| Swaps | (551107) | - | (551107) | - |
| Total Liabilities | (25857890) | (14928998) | (10928892) | - |
| **Total Derivative Instruments:** | (25083325) | (14360647) | (10722678) | - |
| **<u>Other Financial Instruments:</u>** |  |  |  |  |
|  **TBA Sale Commitments** | (615785878) | - | (615785878) | - |
| **Total Other Financial Instruments:** | (615785878) | - | (615785878) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 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 ($)** | **Liability ($)** |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (a)  | 206214 | (10377785) |
| **Total Foreign Exchange Risk**  | 206214 | (10377785) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (b)  | 568351 | (14928998) |
| Purchased Swaptions (c)  | 8730734 | - |
| Swaps (d)  | - | (551107) |
| **Total Interest Rate Risk**  | 9299085 | (15480105) |
| **Total Value of Derivatives** | 9505299 | (25857890) |

---

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

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

(c)Gross value is included in the Statement of Assets and Liabilities in the investments in securities, at value line-item.

(d)For centrally cleared swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin for centrally cleared swaps is included in receivable or payable for daily variation margin on centrally cleared swaps, and the net cumulative appreciation (depreciation) for centrally cleared swaps 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 December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $35,749,516) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,551,339,430) | $10968952605 |  |
| Fidelity Central Funds (cost $4,801,847,448) | 4577011284 |  |
| Total Investment in Securities (cost $15,353,186,878) |  | $15545963889 |
| Segregated cash with brokers for derivative instruments |  | 1491160 |
| Cash |  | 42391903 |
| Foreign currency held at value (cost $3,887) |  | 3840 |
| Receivable for investments sold |  | 67138531 |
| Receivable for TBA sale commitments |  | 616032825 |
| Unrealized appreciation on forward foreign currency contracts |  | 206214 |
| Receivable for fund shares sold |  | 13096383 |
| Dividends receivable |  | 1030361 |
| Interest receivable |  | 109100940 |
| Distributions receivable from Fidelity Central Funds |  | 3898878 |
| Receivable for daily variation margin on centrally cleared swaps |  | 308585 |
| Prepaid expenses |  | 10623 |
| Other receivables |  | 915 |
| **Total assets** |  | 16400675047 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $45467660 |  |
| Delayed delivery | 199211183 |  |
| TBA sale commitments, at value | 615785879 |  |
| Unrealized depreciation on forward foreign currency contracts | 10377785 |  |
| Payable for fund shares redeemed | 36326267 |  |
| Distributions payable | 5288977 |  |
| Accrued management fee | 8276111 |  |
| Distribution and service plan fees payable | 596260 |  |
| Payable for daily variation margin on futures contracts | 7399554 |  |
| Other payables and accrued expenses | 650599 |  |
| Collateral on securities loaned | 36684202 |  |
| **Total liabilities** |  | 966064477 |
| **Net Assets**  |  | $15434610570 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $15757004161 |
| Total accumulated earnings (loss) |  | (322393591) |
| **Net Assets** |  | $15434610570 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($1,629,217,775 ÷ 136,773,454 shares)(a) |  | $11.91 |
| Maximum offering price per share (100/96.00 of $11.91) |  | $12.41 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($641,163,427 ÷ 53,855,472 shares)(a) |  | $11.91 |
| Maximum offering price per share (100/96.00 of $11.91) |  | $12.41 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($148,080,873 ÷ 12,467,207 shares)(a) |  | $11.88 |
| **Fidelity Strategic Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,670,602,383 ÷ 469,146,052 shares) |  | $12.09 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,564,130,604 ÷ 460,311,847 shares) |  | $12.09 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,781,415,508 ÷ 147,303,753 shares) |  | $12.09 |
| *(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 December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $29336862 |
| Interest  |  | 443245123 |
| Income from Fidelity Central Funds (including $55,344 from security lending)  |  | 255814723 |
| **Total income** |  | 728396708 |
| **Expenses** |  |  |
| Management fee | $95947155 |  |
| Distribution and service plan fees | 7131544 |  |
| Custodian fees and expenses | 54157 |  |
| Independent trustees' fees and expenses | 35841 |  |
| Registration fees | 370295 |  |
| Audit fees | 156501 |  |
| Legal | 62298 |  |
| Miscellaneous | 150448 |  |
| Total expenses before reductions | 103908239 |  |
| Expense reductions | (61338) |  |
| Total expenses after reductions |  | 103846901 |
| **Net Investment income (loss)** |  | 624549807 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12859804 |  |
| Fidelity Central Funds | (3262387) |  |
| Forward foreign currency contracts | (74598052) |  |
| Foreign currency transactions | 1084828 |  |
| Futures contracts | 62193295 |  |
| Swaps | 1303899 |  |
| Written options | 196958 |  |
| Total net realized gain (loss) |  | (221655) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 558942608 |  |
| Fidelity Central Funds  | 112897035 |  |
| Forward foreign currency contracts | (36902798) |  |
| Assets and liabilities in foreign currencies | 699311 |  |
| Futures contracts | 1629747 |  |
| Swaps | (3865415) |  |
| TBA sale commitments | (5279482) |  |
| Total change in net unrealized appreciation (depreciation) |  | 628121006 |
| **Net gain (loss)** |  | 627899351 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1252449158 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $624549807 | $618030519 |
| &nbsp;&nbsp;Net realized gain (loss) | (221655)<br>| 56683525<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 628121006 | 115443195<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1252449158<br>| 790157239<br>|
| Distributions to shareholders | (644962540)<br>| (571080365)<br>|
| Share transactions - net increase (decrease) | 477122545<br>| 839204523<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1084609163<br>| 1058281397<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14350001407 | 13291720010<br>|
| &nbsp;&nbsp;End of period | $15434610570 | $14350001407 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.43 | $11.24 | $10.73 | $12.51 | $12.61 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .467  | .486  | .456  | .359  | .303  |
| Net realized and unrealized gain (loss)  | .496  | .151  | .507  | (1.764)  | .143  |
| Total from investment operations  | .963  | .637  | .963  | (1.405)  | .446  |
| Distributions from net investment income  | (.483)  | (.447)  | (.453)  | (.361)  | (.305)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  |
| Total distributions  | (.483)  | (.447)  | (.453)  | (.375)  | (.546)  |
| Net asset value, end of period  | $11.91 | $11.43 | $11.24 | $10.73 | $12.51 |
| **Total Return** C,D | 8.58% <br>| 5.76%  | 9.19%  | (11.29)%  | 3.58%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .93%  | .94%  | .97%  | .98%  | .97%  |
| Expenses net of fee waivers, if any  | .93% <br>| .94%  | .97%  | .97%  | .96%  |
| Expenses net of all reductions, if any  | .93%  | .94%  | .97%  | .97%  | .96%  |
| Net investment income (loss)  | 4.00%  | 4.28%  | 4.19%  | 3.18%  | 2.39%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1629218 | $1626003 | $1618639 | $1636956 | $2072285 |
| Portfolio turnover rate G | 72% <br>| 76%  | 72%  | 69%  | 94%  |

---

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.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.42 | $11.23 | $10.72 | $12.51 | $12.61 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .467  | .486  | .457  | .360  | .304  |
| Net realized and unrealized gain (loss)  | .506  | .151  | .507  | (1.774)  | .142  |
| Total from investment operations  | .973  | .637  | .964  | (1.414)  | .446  |
| Distributions from net investment income  | (.483)  | (.447)  | (.454)  | (.362)  | (.305)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  |
| Total distributions  | (.483)  | (.447)  | (.454)  | (.376)  | (.546)  |
| Net asset value, end of period  | $11.91 | $11.42 | $11.23 | $10.72 | $12.51 |
| **Total Return** C,D | 8.67% <br>| 5.77%  | 9.20%  | (11.37)%  | 3.59%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .93%  | .94%  | .97%  | .97%  | .96%  |
| Expenses net of fee waivers, if any  | .93% <br>| .94%  | .96%  | .97%  | .96%  |
| Expenses net of all reductions, if any  | .93%  | .94%  | .96%  | .97%  | .96%  |
| Net investment income (loss)  | 4.00%  | 4.28%  | 4.20%  | 3.19%  | 2.39%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $641163 | $609111 | $616232 | $629724 | $796701 |
| Portfolio turnover rate G | 72% <br>| 76%  | 72%  | 69%  | 94%  |

---

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.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.39 | $11.21 | $10.70 | $12.48 | $12.58 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .379  | .400  | .373  | .275  | .208  |
| Net realized and unrealized gain (loss)  | .506  | .141  | .507  | (1.765)  | .142  |
| Total from investment operations  | .885  | .541  | .880  | (1.490)  | .350  |
| Distributions from net investment income  | (.395)  | (.361)  | (.370)  | (.276)  | (.209)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  |
| Total distributions  | (.395)  | (.361)  | (.370)  | (.290)  | (.450)  |
| Net asset value, end of period  | $11.88 | $11.39 | $11.21 | $10.70 | $12.48 |
| **Total Return** C,D | 7.88% <br>| 4.89%  | 8.39%  | (11.99)%  | 2.81%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.68%  | 1.69%  | 1.73%  | 1.73%  | 1.72%  |
| Expenses net of fee waivers, if any  | 1.68% <br>| 1.69%  | 1.73%  | 1.73%  | 1.72%  |
| Expenses net of all reductions, if any  | 1.68%  | 1.69%  | 1.73%  | 1.73%  | 1.72%  |
| Net investment income (loss)  | 3.25%  | 3.53%  | 3.43%  | 2.43%  | 1.64%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $148081 | $165257 | $184200 | $222216 | $353988 |
| Portfolio turnover rate G | 72% <br>| 76%  | 72%  | 69%  | 94%  |

---

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.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.59 | $11.40 | $10.88 | $12.70 | $12.79 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .508  | .527  | .495  | .399  | .346  |
| Net realized and unrealized gain (loss)  | .516  | .150  | .517  | (1.805)  | .153  |
| Total from investment operations  | 1.024  | .677  | 1.012  | (1.406)  | .499  |
| Distributions from net investment income  | (.524)  | (.487)  | (.492)  | (.400)  | (.348)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  |
| Total distributions  | (.524)  | (.487)  | (.492)  | (.414)  | (.589)  |
| Net asset value, end of period  | $12.09 | $11.59 | $11.40 | $10.88 | $12.70 |
| **Total Return** C | 9.00% <br>| 6.05%  | 9.54%  | (11.14)%  | 3.96%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .64%  | .65%  | .68%  | .68%  | .66%  |
| Expenses net of fee waivers, if any  | .64% <br>| .65%  | .67%  | .68%  | .66%  |
| Expenses net of all reductions, if any  | .64%  | .65%  | .67%  | .68%  | .66%  |
| Net investment income (loss)  | 4.29%  | 4.57%  | 4.49%  | 3.48%  | 2.69%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5670602 | $5437824 | $5417185 | $5456882 | $7244948 |
| Portfolio turnover rate F | 72% <br>| 76%  | 72%  | 69%  | 94%  |

---

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.*

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® Strategic Income Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.59 | $11.40 | $10.88 | $12.70 | $12.79 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .504  | .522  | .490  | .394  | .340  |
| Net realized and unrealized gain (loss)  | .515  | .150  | .518  | (1.805)  | .153  |
| Total from investment operations  | 1.019  | .672  | 1.008  | (1.411)  | .493  |
| Distributions from net investment income  | (.519)  | (.482)  | (.488)  | (.395)  | (.342)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  |
| Total distributions  | (.519)  | (.482)  | (.488)  | (.409)  | (.583)  |
| Net asset value, end of period  | $12.09 | $11.59 | $11.40 | $10.88 | $12.70 |
| **Total Return** C | 8.96% <br>| 6.00%  | 9.49%  | (11.18)%  | 3.91%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .68%  | .70%  | .72%  | .72%  | .71%  |
| Expenses net of fee waivers, if any  | .68% <br>| .70%  | .72%  | .72%  | .71%  |
| Expenses net of all reductions, if any  | .68%  | .69%  | .72%  | .72%  | .71%  |
| Net investment income (loss)  | 4.25%  | 4.53%  | 4.44%  | 3.44%  | 2.64%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5564131 | $5020032 | $4401374 | $3986403 | $5460460 |
| Portfolio turnover rate F | 72% <br>| 76%  | 72%  | 69%  | 94%  |

---

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.*

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® Strategic Income Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.60 | $11.41 | $10.89 | $12.70 | $12.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .515  | .533  | .502  | .405  | .352  |
| Net realized and unrealized gain (loss)  | .506  | .151  | .517  | (1.794)  | .143  |
| Total from investment operations  | 1.021  | .684  | 1.019  | (1.389)  | .495  |
| Distributions from net investment income  | (.531)  | (.494)  | (.499)  | (.407)  | (.354)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  |
| Total distributions  | (.531)  | (.494)  | (.499)  | (.421)  | (.595)  |
| Net asset value, end of period  | $12.09 | $11.60 | $11.41 | $10.89 | $12.70 |
| **Total Return** C | 8.97% <br>| 6.11%  | 9.60%  | (11.00)%  | 3.92%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .58%  | .60%  | .62%  | .62%  | .61%  |
| Expenses net of fee waivers, if any  | .58% <br>| .60%  | .61%  | .62%  | .61%  |
| Expenses net of all reductions, if any  | .58%  | .60%  | .61%  | .62%  | .61%  |
| Net investment income (loss)  | 4.35%  | 4.62%  | 4.55%  | 3.54%  | 2.74%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1781416 | $1491775 | $1054090 | $901928 | $1058105 |
| Portfolio turnover rate F | 72% <br>| 76%  | 72%  | 69%  | 94%  |

---

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.*

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 December 31, 2025

**1. Organization.**

Fidelity Advisor Strategic Income Fund (the Fund) is a fund of Fidelity Advisor Series II (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 Strategic 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. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**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 Emerging Markets Debt Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets. | Foreign Securities<br> Futures<br> Restricted Securities<br> Swaps | .01% |
| Fidelity Floating Rate Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Foreign Securities<br> Loans & Direct Debt Instruments<br> Restricted Securities | .01% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities and swaps 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.

Exchange-Traded Funds (ETFs) are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. 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. Options traded over-the-counter are valued using service or broker-supplied valuations and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 December 31, 2025, is included at the end of the Fund's Schedule of Investments.

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

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

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

**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 or interest, as applicable. 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 December 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 futures contracts, foreign currency transactions, market discount, swap agreements, defaulted bonds, partnerships, capital loss carryforwards and losses deferred due to futures contracts and 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**  | $851738887 |
| **Gross unrealized depreciation**  | <u>(686647559)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$165091328</u> |
| **Tax Cost**  | <u>$15339187208</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$8167033</u> |
| **Capital loss carryforward**  | <u>$(470643533)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$163206527</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 | $(218397480) |
| Long-term | <u>(252246053)</u> |
| **Total capital loss carryforward** | <u>$(470643533)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $644962540 | $571080365 |

---

**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.

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

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

TBA securities subject to a forward commitment to sell at period end are included at the end of the Schedule of Investments under the caption "TBA Sale Commitments." The value of these commitments and proceeds to be received at contractual settlement date are reflected in the Statement of Assets and Liabilities as "TBA sale commitments, at value" and "Receivable for TBA sale commitments," respectively. A fund realizes a gain or loss on settlement, either through the acquisition of an offsetting TBA purchase commitment on or before the sale commitment date, or by delivery of the securities under the commitment.

**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.

**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, forward foreign currency contracts, options and swaps. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

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

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

---

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

---

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

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.

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

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Advisor Strategic Income Fund** |  |  |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts | <u>(74598052)</u> | <u>(36902798)</u> |
| **Total Foreign Exchange Risk** | <u>(74598052)</u> | <u>(36902798)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 62193295 | 1629747 |
| Purchased Options | (268691) | (2685855) |
| Written Options | 196958 | - |
| Swaps | <u>1303899</u> | <u>(3865415)</u> |
| **Total Interest Rate Risk** | <u>63425461</u> | <u>(4921522)</u> |
| Totals | <u>(11172591)</u> | <u>(41824320)</u> |

---

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

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

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

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

---

| | |
|:---|:---|
|  | **Average Contracts Amount ($)** |
| **Fidelity Advisor Strategic Income Fund** | 1403810416 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Advisor Strategic Income Fund** | 1883782380 |

---

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.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. OTC options, such as swaptions, which are options where the underlying instrument is a swap, were used to manage exposure to fluctuations in interest rates.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Centrally cleared swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. 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 in segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities. Centrally cleared swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in total accumulated earnings (loss) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period.

**Interest Rate Swaps.** Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. A fund enters into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.

**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 Strategic Income Fund** | 7245674650 | 6877588626 |

---

**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** | .70 |
| **Class M** | .69 |
| **Class C** | .70 |
| **Fidelity Strategic Income Fund** | .65 |
| **Class I** | .69 |
| **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 Strategic 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% | 4034749 | 92288 |
| **Class M** | - % | .25% | 1549135 | 10482 |
| **Class C** | .75% | .25% | <u>1547660</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>241010</u> |
|  |  |  | <u>7131544</u> | <u>343780</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** | 82841 |
| **Class M** | 12597 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2413</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>97851</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 Strategic Income Fund** | 3348 |

---

**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 Strategic Income Fund** | 12906452 | 1031542 | 210273 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Strategic Income Fund** | 2063 |

---

**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 Strategic Income Fund** | 19890 |

---

**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 Strategic Income Fund** | 5924 | 6290 | 34820 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $61,338.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor Strategic Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $66679516 | $63918315 |
| Class M | 25665185 | 24071063 |
| Class C | 5197696 | 5553945 |
| Fidelity Strategic Income Fund | 243319237 | 226979783 |
| Class I | 231551708 | 199054622 |
| Class Z | <u>72549198</u> | <u>51502637</u> |
| Total  | <u>$644962540</u> | <u>$571080365</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> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor Strategic Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 15414393 | 19392330 | $180145699 | $220557283 |
| Reinvestment of distributions  | 5451749 | 5378348 | 63888809 | 61115608 |
| Shares redeemed | <u>(26405986)</u> | <u>(26496397)</u> | <u>(307649009)</u> | <u>(300987914)</u> |
| Net increase (decrease) | <u>(5539844)</u> | <u>(1725719)</u> | <u>$(63614501)</u> | <u>$(19315023)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 6452284 | 5721712 | $75539616 | $64984128 |
| Reinvestment of distributions  | 2152412 | 2077010 | 25216284 | 23589475 |
| Shares redeemed | <u>(8089829)</u> | <u>(9325181)</u> | <u>(94241827)</u> | <u>(105699419)</u> |
| Net increase (decrease) | <u>514867</u> | <u>(1526459)</u> | <u>$6514073</u> | <u>$(17125816)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 2616808 | 3137695 | $30458444 | $35608141 |
| Reinvestment of distributions  | 436749 | 477856 | 5102882 | 5412387 |
| Shares redeemed | <u>(5091649)</u> | <u>(5548678)</u> | <u>(59101804)</u> | <u>(62838975)</u> |
| Net increase (decrease) | <u>(2038092)</u> | <u>(1933127)</u> | <u>$(23540478)</u> | <u>$(21818447)</u> |
| **Fidelity Strategic Income Fund** |  |  |  |  |
| Shares sold | 77341396 | 73864824 | $918961357 | $853039264 |
| Reinvestment of distributions  | 17875007 | 17259649 | 212547089 | 198988640 |
| Shares redeemed | <u>(95159838)</u> | <u>(97166327)</u> | <u>(1125758199)</u> | <u>(1117791690)</u> |
| Net increase (decrease) | <u>56565</u> | <u>(6041854)</u> | <u>$5750247</u> | <u>$(65763786)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 123290497 | 143105380 | $1458529431 | $1649388100 |
| Reinvestment of distributions  | 18512857 | 16482079 | 220228936 | 190109038 |
| Shares redeemed | <u>(114496792)</u> | <u>(112582442)</u> | <u>(1351414881)</u> | <u>(1298796466)</u> |
| Net increase (decrease) | <u>27306562</u> | <u>47005017</u> | <u>$327343486</u> | <u>$540700672</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 52513066 | 56845335 | $623344518 | $660287025 |
| Reinvestment of distributions  | 5014003 | 3568072 | 59679482 | 41222453 |
| Shares redeemed | <u>(38836193)</u> | <u>(24201249)</u> | <u>(458354282)</u> | <u>(278982555)</u> |
| Net increase (decrease) | <u>18690876</u> | <u>36212158</u> | <u>$224669718</u> | <u>$422526923</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. Credit Risk.**

The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

**14. 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 II and the Shareholders of Fidelity Advisor Strategic Income Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Strategic Income Fund (the "Fund"), a fund of Fidelity Advisor Series II, including the schedule of investments, as of December 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 December 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 December 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or 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

February 11, 2026

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 16.51% 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 $367,391,702 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $626,473,184 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 Strategic 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 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's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

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

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

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, 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 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 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, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by Fidelity 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 and derivatives risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with Fidelity, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

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

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

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

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index 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 representative class of the fund (the retail class), the Board considered the effective management fee rate for the retail class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

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

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

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

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

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

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

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

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

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

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

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

![](img123177_4.jpg)<br>

1.540220.128 SI-ANN-0226

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

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

(a) (3) Not applicable.

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

SIGNATURES

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

Fidelity Advisor Series II

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

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

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

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

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

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

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

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

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

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

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

**Actual and Apparent Conflicts of Interest**

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

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

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

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

\* \* \*

Each Covered Officer must:

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

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

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

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

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

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

**III. Disclosure and Compliance**

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

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

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

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

**IV. Reporting and Accountability**

Each Covered Officer must:

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

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

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

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

**V. Oversight**

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

**VI. Other Policies and Procedures** 

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

**VII. Amendments**

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

**VIII. Records and Confidentiality**

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

2023

## Ex-99.Cert

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

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series II;

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:

February 20, 2026

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Advisor Series II;

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:

February 20, 2026

---

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

---

## Exhibit 99.906

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

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

In connection with the attached Report of Fidelity Advisor Series II (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: February 20, 2026

---

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

---

Dated: February 20, 2026

---

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

---

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

<br>