# EDGAR Filing Document

**Accession Number:** 0000795422
**File Stem:** 0000795422-23-000011
**Filing Date:** 2023-2
**Character Count:** 285549
**Document Hash:** 1d9ae4208e451d14ef61d9717acb3c0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000795422-23-000011.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0000795422-23-000011

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**EFFECTIVENESS DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY ADVISOR SERIES II
- **CENTRAL INDEX KEY:** 0000795422
- **IRS NUMBER:** 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:** 23646172

**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           |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM N-CSR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT INVESTMENT COMPANIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company Act file number <u>811-04707</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fidelity Advisor Series II</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cynthia Lo Bessette, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 Summer St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>617-563-7000</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**Fidelity Advisor® Strategic Income Fund**

**Annual Report**

**December 31, 2022**

Includes Fidelity and Fidelity Advisor share classes

![](img88197_1.jpg)

![](img88197_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary638)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments638)** |
| **[Financial Statements](#Sec_FinancialStatements638)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Class A (incl.4.00% sales charge)  | &nbsp;&nbsp; -14.84%  | &nbsp;&nbsp; 0.32%  | &nbsp;&nbsp; 1.91%  |
| Class M (incl.4.00% sales charge)  | &nbsp;&nbsp; -14.91%  | &nbsp;&nbsp; 0.33%  | &nbsp;&nbsp; 1.92%  |
| Class C <br> (incl. contingent deferred sales charge) <br>| &nbsp;&nbsp; -12.85%  | &nbsp;&nbsp; 0.40%  | &nbsp;&nbsp; 1.73%  |
| Fidelity® Strategic Income Fund  | &nbsp;&nbsp; -11.14%  | &nbsp;&nbsp; 1.42%  | &nbsp;&nbsp; 2.60%  |
| Class I  | &nbsp;&nbsp; -11.18%  | &nbsp;&nbsp; 1.39%  | &nbsp;&nbsp; 2.58%  |
| Class Z  | &nbsp;&nbsp; -11.00%  | &nbsp;&nbsp; 1.49%  | &nbsp;&nbsp; 2.63%  |

---

*Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.*

*The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.*

*The initial offering of Fidelity® Strategic Income Fund shares took place on April 13, 2018. Returns prior to April 13, 2018 are those of Class I.*

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Strategic Income Fund - Class A, a class of the fund, on December 31, 2012, and the current 4.00% sales charge was paid. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Universal Bond Index performed over the same period.  |
| ![](img88197_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

Asset prices around the world experienced a synchronous downturn for most of 2022, as crosscurrents challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. This led to a broad retreat from risk and declining prices for stocks and bonds through September. In Q4, markets experienced a sharp reversal amid optimism on inflation and policy easing, and riskier assets rallied to cap a tumultuous year. Against this backdrop, the Fidelity Strategic Income Composite Index <sup>SM</sup> returned -11.68%. Within the index, floating-rate debt fared best, with the S&P LSTA <sup>®</sup> Leveraged Performing Loan Index, a proxy for the floating-rate loan market, returning -0.61%. This fixed-income asset class benefited from its lack of sensitivity to rising interest rates. U.S. government debt, as reflected in the Bloomberg U.S. Government Bond Index, returned -12.32%, while non-U.S. developed-markets debt, as measured by the Bloomberg Global Aggregate Developed Markets Ex USD GDP Weighted Index (Hedged), had a return of -12.60%. High-yield bonds struggled as credit spreads widened, with this asset class returning -11.21%, according to the ICE BofA <sup>®</sup> U.S. High Yield Constrained Index. Of final note, emerging-markets debt, returned -15.24%, per the Bloomberg Emerging Markets Aggregate USD Bond Index.

**Comments from Co-Lead Portfolio Manager Adam Kramer:**

For the fiscal year ending December 31, 2022, the fund's share classes returned about -12% to -11% (excluding sales charges, if applicable), performing roughly in line with the Fidelity Strategic Income Composite Index <sup>SM</sup> . Favorable security selection in the fund's high-yield bond subportfolio boosted the fund's relative performance most in 2022. Picks within the energy and banking industries contributed notably, as did the subportfolio's average 6% cash stake in a steeply declining high-yield-bond market. High-yield bond investment choices in the technology & electronics industry, however, along with the subportfolio's exposure to equities, hurt. Security selection in the emerging-markets debt subportfolio added relative value the past year. Specifically, picks in Russia, where the subportfolio had a minimal stake, was a notable positive, as was its 11% average cash position, which buffered the subportfolio's decline as the market sharply fell. The subportfolio's slight overweighting in Ukrainian bonds and a large underweight in China, proved beneficial. Other positive factors included an overweight and security selection in floating-rate debt, as well as bond picking and a large underweight in the developed international debt subportfolio. Exposure to U.S. government bonds, especially an allocation to U.S. Treasury futures, detracted, as these securities generally struggled amid sharply rising interest rates.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Bond Issuers (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Bond Issuers (% of Fund's net assets)**  |
| (with maturities greater than one year)  | (with maturities greater than one year)  |
| U.S. Treasury Obligations  | 27.1  |
| Freddie Mac  | 1.2  |
| CCO Holdings LLC/CCO Holdings Capital Corp.  | 1.2  |
| TransDigm, Inc.  | 1.2  |
| JPMorgan Chase & Co.  | 0.9  |
| Bank of America Corp.  | 0.9  |
| Citigroup, Inc.  | 0.9  |
| Fannie Mae  | 0.8  |
| United Kingdom, Great Britain and Northern Ireland  | 0.8  |
| German Federal Republic  | 0.7  |
|  | 35.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Financials  | 9.5  |
| Energy  | 9.3  |
| Consumer Discretionary  | 8.1  |
| Communication Services  | 7.7  |
| Industrials  | 6.4  |
| Materials  | 4.9  |
| Information Technology  | 3.9  |
| Health Care  | 3.2  |
| Utilities  | 3.0  |
| Consumer Staples  | 2.5  |
| Real Estate  | 1.4  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Quality Diversification (% of Fund's net assets)**  |
| ![](img88197_6.jpg) <br>|
| 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.  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88197_7.jpg) <br>|
| *Foreign investments - 25.8%*  |
| *Futures and Swaps - 8.6%*  |
| *Forward Currency Contracts - (5.1)%*  |
| *Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.*  |

---

*NCUA Guranteed Notes are included in U.S. Government and U.S. Government Agency Obligations.*

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88197_8.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

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

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

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Corporate Bonds - 32.7%**  | &nbsp;&nbsp; **Corporate Bonds - 32.7%**  | &nbsp;&nbsp; **Corporate Bonds - 32.7%**  | &nbsp;&nbsp; **Corporate Bonds - 32.7%**  |
|  |  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| Convertible Bonds - 0.2%  |  |  |  |
| ENERGY - 0.2%  |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2%  |  |  |  |
|  Mesquite Energy, Inc. 15% 7/15/23 (b)(c)  |  | 1457  | 9285  |
|  Mesquite Energy, Inc. 15% 7/15/23 (b)(c)  |  | 2515  | 16026  |
|  |  |  | 25311  |
| FINANCIALS - 0.0%  |  |  |  |
| Diversified Financial Services - 0.0%  |  |  |  |
|  New Cotai LLC 5% 2/24/27 (c)  |  | 2620  | 4216  |
| TOTAL CONVERTIBLE BONDS  |  |  | 29527  |
| Nonconvertible Bonds - 32.5%  |  |  |  |
| COMMUNICATION SERVICES - 4.9%  |  |  |  |
| Diversified Telecommunication Services - 2.0%  |  |  |  |
|  Altice France SA:  |  |  |  |
|  5.125% 7/15/29(d)  |  | 38465  | 28839  |
|  5.5% 1/15/28(d)  |  | 13345  | 10451  |
|  5.5% 10/15/29(d)  |  | 28170  | 21480  |
|  8.125% 2/1/27(d)  |  | 4495  | 4094  |
|  C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d)  |  | 21480  | 19893  |
|  Cablevision Lightpath LLC:  |  |  |  |
|  3.875% 9/15/27(d)  |  | 3300  | 2720  |
|  5.625% 9/15/28(d)  |  | 2610  | 1939  |
|  Cogent Communications Group, Inc. 7% 6/15/27 (d)  |  | 2785  | 2729  |
|  Frontier Communications Holdings LLC:  |  |  |  |
|  5% 5/1/28(d)  |  | 11730  | 10229  |
|  5.875% 10/15/27(d)  |  | 6300  | 5850  |
|  8.75% 5/15/30(d)  |  | 2785  | 2832  |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:  |  |  |  |
|  4.75% 4/30/27(d)  |  | 2800  | 2464  |
|  6% 2/15/28(d)  |  | 2355  | 1823  |
|  Qwest Corp. 7.25% 9/15/25  |  | 955  | 961  |
|  Sable International Finance Ltd. 5.75% 9/7/27 (d)  |  | 11004  | 10165  |
|  Sprint Capital Corp.:  |  |  |  |
|  6.875% 11/15/28  |  | 53897  | 55942  |
|  8.75% 3/15/32  |  | 15023  | 17879  |
|  Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d)  |  | 9200  | 8280  |
|  Verizon Communications, Inc. 4.75% 10/31/34  | EUR  | 11734  | 12957  |
|  Virgin Media Finance PLC 5% 7/15/30 (d)  |  | 14025  | 11237  |
|  Windstream Escrow LLC 7.75% 8/15/28 (d)  |  | 24965  | 20342  |
|  Zayo Group Holdings, Inc. 4% 3/1/27 (d)  |  | 9545  | 7050  |
|  |  |  | 260156  |
| Entertainment - 0.0%  |  |  |  |
|  Roblox Corp. 3.875% 5/1/30 (d)  |  | 4175  | 3291  |
| Media - 2.8%  |  |  |  |
|  Altice Financing SA:  |  |  |  |
|  5% 1/15/28(d)  |  | 8025  | 6460  |
|  5.75% 8/15/29(d)  |  | 11895  | 9356  |
|  Block Communications, Inc. 4.875% 3/1/28 (d)  |  | 4405  | 3843  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.:  |  |  |  |
|  4.25% 2/1/31(d)  |  | 10205  | 8186  |
|  4.5% 8/15/30(d)  |  | 16805  | 13884  |
|  4.5% 5/1/32  |  | 6745  | 5369  |
|  4.75% 3/1/30(d)  |  | 51010  | 43992  |
|  5% 2/1/28(d)  |  | 22835  | 20734  |
|  5.375% 6/1/29(d)  |  | 34085  | 30822  |
|  6.375% 9/1/29(d)  |  | 5815  | 5465  |
|  Clear Channel International BV 6.625% 8/1/25 (d)  |  | 9800  | 9351  |
|  Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (d)  |  | 5745  | 4218  |
|  CSC Holdings LLC:  |  |  |  |
|  4.5% 11/15/31(d)  |  | 14440  | 10019  |
|  5.375% 2/1/28(d)  |  | 13855  | 11171  |
|  6.5% 2/1/29(d)  |  | 15380  | 12573  |
|  Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)  |  | 24690  | 2901  |
|  DISH DBS Corp.:  |  |  |  |
|  5.25% 12/1/26(d)  |  | 6925  | 5833  |
|  5.75% 12/1/28(d)  |  | 6925  | 5527  |
|  DISH Network Corp. 11.75% 11/15/27 (d)  |  | 5670  | 5840  |
|  Gannett Holdings LLC 6% 11/1/26 (d)  |  | 4000  | 3260  |
|  Gray Escrow II, Inc. 5.375% 11/15/31 (d)  |  | 8145  | 5870  |
|  LCPR Senior Secured Financing DAC:  |  |  |  |
|  5.125% 7/15/29(d)  |  | 7310  | 6056  |
|  6.75% 10/15/27(d)  |  | 6107  | 5710  |
|  Nexstar Broadcasting, Inc.:  |  |  |  |
|  4.75% 11/1/28(d)  |  | 13395  | 11587  |
|  5.625% 7/15/27(d)  |  | 14270  | 13091  |
|  Quebecor Media, Inc. 5.75% 1/15/23  |  | 14205  | 14171  |
|  Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (d)  |  | 4205  | 3089  |
|  Scripps Escrow II, Inc. 3.875% 1/15/29 (d)  |  | 1655  | 1328  |
|  Sirius XM Radio, Inc.:  |  |  |  |
|  3.125% 9/1/26(d)  |  | 4235  | 3760  |
|  3.875% 9/1/31(d)  |  | 5645  | 4404  |
|  4% 7/15/28(d)  |  | 11260  | 9800  |
|  5% 8/1/27(d)  |  | 8740  | 8079  |
|  Townsquare Media, Inc. 6.875% 2/1/26 (d)  |  | 3305  | 2933  |
|  Univision Communications, Inc.:  |  |  |  |
|  4.5% 5/1/29(d)  |  | 5760  | 4817  |
|  7.375% 6/30/30(d)  |  | 8200  | 7837  |
|  Videotron Ltd. 5.125% 4/15/27 (d)  |  | 7325  | 6919  |
|  VZ Secured Financing BV 5% 1/15/32 (d)  |  | 11130  | 9044  |
|  Ziggo Bond Co. BV:  |  |  |  |
|  5.125% 2/28/30(d)  |  | 3375  | 2725  |
|  6% 1/15/27(d)  |  | 7930  | 7378  |
|  Ziggo BV 4.875% 1/15/30 (d)  |  | 4805  | 4021  |
|  |  |  | 351423  |
| Wireless Telecommunication Services - 0.1%  |  |  |  |
|  Intelsat Jackson Holdings SA 6.5% 3/15/30 (d)  |  | 11675  | 10437  |
|  Millicom International Cellular SA 4.5% 4/27/31 (d)  |  | 1040  | 873  |
|  Sprint Corp. 7.625% 3/1/26  |  | 3615  | 3804  |
|  T-Mobile U.S.A., Inc. 3.5% 4/15/31  |  | 2215  | 1913  |
|  |  |  | 17027  |
|  TOTAL COMMUNICATION SERVICES  |  |  | 631897  |
| CONSUMER DISCRETIONARY - 5.0%  |  |  |  |
| Auto Components - 0.1%  |  |  |  |
|  Allison Transmission, Inc. 5.875% 6/1/29 (d)  |  | 4830  | 4536  |
|  Dana, Inc. 4.5% 2/15/32  |  | 4150  | 3319  |
|  Exide Technologies:  |  |  |  |
|  11% 10/31/24 pay-in-kind(c)(d)(e)(f)  |  | 1280  | 0  |
|  11% 10/31/24 pay-in-kind(c)(d)(e)(f)  |  | 632  | 285  |
|  Nesco Holdings II, Inc. 5.5% 4/15/29 (d)  |  | 7155  | 6261  |
|  PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d)  |  | 2515  | 1634  |
|  |  |  | 16035  |
| Automobiles - 0.2%  |  |  |  |
|  Ford Motor Co.:  |  |  |  |
|  3.25% 2/12/32  |  | 12660  | 9496  |
|  6.1% 8/19/32  |  | 5815  | 5380  |
|  McLaren Finance PLC 7.5% 8/1/26 (d)  |  | 3860  | 2837  |
|  Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.1636% 10/15/26 (d)(f)(g)  |  | 14000  | 13510  |
|  |  |  | 31223  |
| Diversified Consumer Services - 0.2%  |  |  |  |
|  Adtalem Global Education, Inc. 5.5% 3/1/28 (d)  |  | 4235  | 3843  |
|  GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d)  |  | 5300  | 5066  |
|  Service Corp. International 4% 5/15/31  |  | 5750  | 4845  |
|  Sotheby's 7.375% 10/15/27 (d)  |  | 2970  | 2785  |
|  Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (d)  |  | 4315  | 3623  |
|  TKC Holdings, Inc. 6.875% 5/15/28 (d)  |  | 6393  | 4995  |
|  WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d)  |  | 4750  | 4477  |
|  |  |  | 29634  |
| Hotels, Restaurants & Leisure - 2.7%  |  |  |  |
|  1011778 BC Unlimited Liability Co./New Red Finance, Inc.:  |  |  |  |
|  3.875% 1/15/28(d)  |  | 5685  | 5085  |
|  4% 10/15/30(d)  |  | 23490  | 19022  |
|  4.375% 1/15/28(d)  |  | 6265  | 5610  |
|  Affinity Gaming LLC 6.875% 12/15/27 (d)  |  | 2520  | 2137  |
|  Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d)  |  | 2720  | 2288  |
|  Booking Holdings, Inc. 4.75% 11/15/34  | EUR  | 9706  | 10561  |
|  Boyd Gaming Corp. 4.75% 6/15/31 (d)  |  | 7140  | 6212  |
|  Caesars Entertainment, Inc.:  |  |  |  |
|  4.625% 10/15/29(d)  |  | 8375  | 6816  |
|  6.25% 7/1/25(d)  |  | 25535  | 24812  |
|  8.125% 7/1/27(d)  |  | 34045  | 33451  |
|  Caesars Resort Collection LLC 5.75% 7/1/25 (d)  |  | 8510  | 8330  |
|  Carnival Corp.:  |  |  |  |
|  4% 8/1/28(d)  |  | 14305  | 11664  |
|  7.625% 3/1/26(d)  |  | 10595  | 8398  |
|  9.875% 8/1/27(d)  |  | 10150  | 9592  |
|  10.5% 2/1/26(d)  |  | 7395  | 7385  |
|  Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (d)  |  | 8655  | 8885  |
|  CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d)  |  | 2790  | 2501  |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:  |  |  |  |
|  4.625% 1/15/29(d)  |  | 11750  | 9943  |
|  6.75% 1/15/30(d)  |  | 15885  | 12813  |
|  Garden SpinCo Corp. 8.625% 7/20/30 (d)  |  | 2545  | 2698  |
|  Hilton Domestic Operating Co., Inc.:  |  |  |  |
|  3.75% 5/1/29(d)  |  | 3350  | 2898  |
|  4% 5/1/31(d)  |  | 5020  | 4200  |
|  4.875% 1/15/30  |  | 11025  | 9991  |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27  |  | 5210  | 4959  |
|  Jacobs Entertainment, Inc. 6.75% 2/15/29 (d)  |  | 3955  | 3570  |
|  Melco Resorts Finance Ltd.:  |  |  |  |
|  5.25% 4/26/26(d)  |  | 5440  | 4786  |
|  5.75% 7/21/28(d)  |  | 2710  | 2257  |
|  Merlin Entertainments PLC 5.75% 6/15/26 (d)  |  | 4580  | 4288  |
|  MGM Resorts International 4.75% 10/15/28  |  | 6740  | 5883  |
|  NCL Corp. Ltd. 5.875% 2/15/27 (d)  |  | 5580  | 4834  |
|  Papa John's International, Inc. 3.875% 9/15/29 (d)  |  | 2555  | 2133  |
|  Premier Entertainment Sub LLC:  |  |  |  |
|  5.625% 9/1/29(d)  |  | 10245  | 7555  |
|  5.875% 9/1/31(d)  |  | 5385  | 3809  |
|  Royal Caribbean Cruises Ltd.:  |  |  |  |
|  5.375% 7/15/27(d)  |  | 4165  | 3372  |
|  8.25% 1/15/29(d)  |  | 12500  | 12561  |
|  9.25% 1/15/29(d)  |  | 16510  | 16966  |
|  11.5% 6/1/25(d)  |  | 13222  | 14181  |
|  11.625% 8/15/27(d)  |  | 5815  | 5830  |
|  SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (d)  |  | 5630  | 4902  |
|  Station Casinos LLC 4.625% 12/1/31 (d)  |  | 4155  | 3333  |
|  Studio City Finance Ltd. 5% 1/15/29 (d)  |  | 3255  | 2405  |
|  Vail Resorts, Inc. 6.25% 5/15/25 (d)  |  | 3855  | 3855  |
|  Viking Cruises Ltd. 13% 5/15/25 (d)  |  | 5740  | 6056  |
|  Voc Escrow Ltd. 5% 2/15/28 (d)  |  | 6285  | 5406  |
|  Yum! Brands, Inc. 4.625% 1/31/32  |  | 5905  | 5220  |
|  |  |  | 343453  |
| Household Durables - 0.4%  |  |  |  |
|  Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (d)  |  | 4105  | 3295  |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d)  |  | 4370  | 3407  |
|  Century Communities, Inc. 3.875% 8/15/29 (d)  |  | 4225  | 3322  |
|  Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625% 3/1/24 (d)  |  | 775  | 769  |
|  Tempur Sealy International, Inc.:  |  |  |  |
|  3.875% 10/15/31(d)  |  | 7360  | 5778  |
|  4% 4/15/29(d)  |  | 7905  | 6641  |
|  TopBuild Corp. 3.625% 3/15/29 (d)  |  | 3030  | 2484  |
|  TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24  |  | 11770  | 11712  |
|  TRI Pointe Homes, Inc. 5.7% 6/15/28  |  | 8715  | 7894  |
|  |  |  | 45302  |
| Internet & Direct Marketing Retail - 0.8%  |  |  |  |
|  Angi Group LLC 3.875% 8/15/28 (d)  |  | 3385  | 2512  |
|  Millennium Escrow Corp. 6.625% 8/1/26 (d)  |  | 5650  | 3616  |
|  Terrier Media Buyer, Inc. 8.875% 12/15/27 (d)  |  | 23835  | 17941  |
|  Uber Technologies, Inc.:  |  |  |  |
|  4.5% 8/15/29(d)  |  | 12675  | 11043  |
|  6.25% 1/15/28(d)  |  | 5520  | 5299  |
|  7.5% 9/15/27(d)  |  | 31625  | 31647  |
|  8% 11/1/26(d)  |  | 29170  | 29270  |
|  |  |  | 101328  |
| Multiline Retail - 0.1%  |  |  |  |
|  Macy's Retail Holdings LLC:  |  |  |  |
|  5.875% 3/15/30(d)  |  | 2925  | 2538  |
|  6.125% 3/15/32(d)  |  | 2820  | 2370  |
|  Nordstrom, Inc.:  |  |  |  |
|  4.25% 8/1/31  |  | 11600  | 8295  |
|  4.375% 4/1/30  |  | 1745  | 1312  |
|  5% 1/15/44  |  | 825  | 501  |
|  6.95% 3/15/28  |  | 250  | 231  |
|  |  |  | 15247  |
| Specialty Retail - 0.4%  |  |  |  |
|  Arko Corp. 5.125% 11/15/29 (d)  |  | 4190  | 3290  |
|  Asbury Automotive Group, Inc.:  |  |  |  |
|  4.5% 3/1/28  |  | 1987  | 1749  |
|  4.625% 11/15/29(d)  |  | 4555  | 3838  |
|  4.75% 3/1/30  |  | 1980  | 1656  |
|  5% 2/15/32(d)  |  | 4915  | 4044  |
|  Bath & Body Works, Inc.:  |  |  |  |
|  6.625% 10/1/30(d)  |  | 3355  | 3148  |
|  6.75% 7/1/36  |  | 8920  | 7840  |
|  7.5% 6/15/29  |  | 5030  | 4966  |
|  Carvana Co.:  |  |  |  |
|  4.875% 9/1/29(d)  |  | 10830  | 4172  |
|  5.875% 10/1/28(d)  |  | 680  | 265  |
|  Foot Locker, Inc. 4% 10/1/29 (d)  |  | 2800  | 2181  |
|  LCM Investments Holdings 4.875% 5/1/29 (d)  |  | 3120  | 2498  |
|  Michaels Companies, Inc. 5.25% 5/1/28 (d)  |  | 6875  | 5531  |
|  Victoria's Secret & Co. 4.625% 7/15/29 (d)  |  | 10565  | 8295  |
|  |  |  | 53473  |
| Textiles, Apparel & Luxury Goods - 0.1%  |  |  |  |
|  Crocs, Inc.:  |  |  |  |
|  4.125% 8/15/31(d)  |  | 2820  | 2298  |
|  4.25% 3/15/29(d)  |  | 4325  | 3664  |
|  Kontoor Brands, Inc. 4.125% 11/15/29 (d)  |  | 2420  | 1975  |
|  |  |  | 7937  |
|  TOTAL CONSUMER DISCRETIONARY  |  |  | 643632  |
| CONSUMER STAPLES - 1.2%  |  |  |  |
| Beverages - 0.0%  |  |  |  |
|  Triton Water Holdings, Inc. 6.25% 4/1/29 (d)  |  | 3135  | 2515  |
| Food & Staples Retailing - 0.5%  |  |  |  |
|  Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:  |  |  |  |
|  3.5% 3/15/29(d)  |  | 5285  | 4434  |
|  4.625% 1/15/27(d)  |  | 13797  | 12816  |
|  4.875% 2/15/30(d)  |  | 23423  | 20904  |
|  C&S Group Enterprises LLC 5% 12/15/28 (d)  |  | 5155  | 3892  |
|  KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d)  |  | 4698  | 4592  |
|  Performance Food Group, Inc.:  |  |  |  |
|  4.25% 8/1/29(d)  |  | 3955  | 3427  |
|  5.5% 10/15/27(d)  |  | 5345  | 5041  |
|  SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d)  |  | 6735  | 6331  |
|  United Natural Foods, Inc. 6.75% 10/15/28 (d)  |  | 4680  | 4497  |
|  |  |  | 65934  |
| Food Products - 0.6%  |  |  |  |
|  Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d)  |  | 3790  | 3300  |
|  Darling Ingredients, Inc. 6% 6/15/30 (d)  |  | 6615  | 6466  |
|  JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (d)  |  | 12225  | 11632  |
|  Lamb Weston Holdings, Inc.:  |  |  |  |
|  4.125% 1/31/30(d)  |  | 5575  | 4924  |
|  4.375% 1/31/32(d)  |  | 2790  | 2438  |
|  Pilgrim's Pride Corp. 4.25% 4/15/31 (d)  |  | 10220  | 8693  |
|  Post Holdings, Inc.:  |  |  |  |
|  4.5% 9/15/31(d)  |  | 12110  | 10180  |
|  4.625% 4/15/30(d)  |  | 6415  | 5534  |
|  5.5% 12/15/29(d)  |  | 11940  | 10805  |
|  5.75% 3/1/27(d)  |  | 1713  | 1657  |
|  Simmons Foods, Inc. 4.625% 3/1/29 (d)  |  | 4295  | 3496  |
|  TreeHouse Foods, Inc. 4% 9/1/28  |  | 2250  | 1913  |
|  |  |  | 71038  |
| Household Products - 0.0%  |  |  |  |
|  Diamond BC BV 4.625% 10/1/29 (d)  |  | 3360  | 2696  |
|  Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d)  |  | 4310  | 3352  |
|  |  |  | 6048  |
| Personal Products - 0.1%  |  |  |  |
|  BellRing Brands, Inc. 7% 3/15/30 (d)  |  | 6925  | 6664  |
|  TOTAL CONSUMER STAPLES  |  |  | 152199  |
| ENERGY - 4.1%  |  |  |  |
| Energy Equipment & Services - 0.3%  |  |  |  |
|  CGG SA 8.75% 4/1/27 (d)  |  | 5895  | 4761  |
|  Nabors Industries Ltd.:  |  |  |  |
|  7.25% 1/15/26(d)  |  | 6565  | 6187  |
|  7.5% 1/15/28(d)  |  | 5660  | 5178  |
|  Nine Energy Service, Inc. 8.75% 11/1/23 (d)  |  | 3620  | 3548  |
|  NuStar Logistics LP 6% 6/1/26  |  | 7285  | 7015  |
|  Summit Midstream Holdings LLC:  |  |  |  |
|  5.75% 4/15/25  |  | 3405  | 2882  |
|  8.5%(d)(h)  |  | 4185  | 3986  |
|  Vier Gas Transport GmbH 4.625% 9/26/32 (Reg. S)  | EUR  | 4000  | 4302  |
|  |  |  | 37859  |
| Multi Industry Energy - 0.0%  |  |  |  |
|  Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d)  |  | 6600  | 6216  |
| Oil, Gas & Consumable Fuels - 3.8%  |  |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.:  |  |  |  |
|  5.375% 6/15/29(d)  |  | 4305  | 3936  |
|  5.75% 1/15/28(d)  |  | 10640  | 9870  |
|  Cheniere Energy Partners LP:  |  |  |  |
|  3.25% 1/31/32  |  | 4200  | 3338  |
|  4% 3/1/31  |  | 9070  | 7722  |
|  Cheniere Energy, Inc. 4.625% 10/15/28  |  | 9375  | 8474  |
|  Chesapeake Energy Corp.:  |  |  |  |
|  5.875% 2/1/29(d)  |  | 3115  | 2951  |
|  6.75% 4/15/29(d)  |  | 4415  | 4298  |
|  7% 10/1/24(c)(e)  |  | 3985  | 0  |
|  8% 1/15/25(c)(e)  |  | 1955  | 0  |
|  8% 6/15/27(c)(e)  |  | 1240  | 0  |
|  Citgo Holding, Inc. 9.25% 8/1/24 (d)  |  | 16430  | 16392  |
|  Citgo Petroleum Corp.:  |  |  |  |
|  6.375% 6/15/26(d)  |  | 4665  | 4496  |
|  7% 6/15/25(d)  |  | 13580  | 13245  |
|  CNX Midstream Partners LP 4.75% 4/15/30 (d)  |  | 2970  | 2437  |
|  CNX Resources Corp.:  |  |  |  |
|  6% 1/15/29(d)  |  | 3200  | 2944  |
|  7.375% 1/15/31(d)  |  | 2885  | 2765  |
|  Colgate Energy Partners III LLC 5.875% 7/1/29 (d)  |  | 4055  | 3477  |
|  Comstock Resources, Inc.:  |  |  |  |
|  5.875% 1/15/30(d)  |  | 15170  | 13042  |
|  6.75% 3/1/29(d)  |  | 8110  | 7319  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d)  |  | 12715  | 11107  |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:  |  |  |  |
|  5.625% 5/1/27(d)  |  | 11025  | 10253  |
|  5.75% 4/1/25  |  | 2960  | 2879  |
|  6% 2/1/29(d)  |  | 23985  | 22006  |
|  CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d)  |  | 2450  | 2201  |
|  CVR Energy, Inc.:  |  |  |  |
|  5.25% 2/15/25(d)  |  | 9740  | 8961  |
|  5.75% 2/15/28(d)  |  | 24505  | 21332  |
|  DCP Midstream Operating LP 5.85% 5/21/43 (d)(f)  |  | 10780  | 10516  |
|  DT Midstream, Inc.:  |  |  |  |
|  4.125% 6/15/29(d)  |  | 4285  | 3681  |
|  4.375% 6/15/31(d)  |  | 4285  | 3595  |
|  EG Global Finance PLC 8.5% 10/30/25 (d)  |  | 9545  | 8892  |
|  Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d)  |  | 10149  | 9718  |
|  Energy Transfer LP 5.5% 6/1/27  |  | 12065  | 11744  |
|  EnLink Midstream LLC 6.5% 9/1/30 (d)  |  | 5815  | 5755  |
|  Hess Midstream Partners LP:  |  |  |  |
|  4.25% 2/15/30(d)  |  | 4590  | 3924  |
|  5.125% 6/15/28(d)  |  | 6600  | 6103  |
|  5.5% 10/15/30(d)  |  | 2775  | 2539  |
|  5.625% 2/15/26(d)  |  | 9140  | 8903  |
|  Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (d)  |  | 7130  | 6453  |
|  Holly Energy Partners LP/Holly Energy Finance Corp.:  |  |  |  |
|  5% 2/1/28(d)  |  | 4350  | 3961  |
|  6.375% 4/15/27(d)  |  | 2780  | 2731  |
|  MEG Energy Corp. 7.125% 2/1/27 (d)  |  | 6490  | 6619  |
|  Mesquite Energy, Inc. 7.25% 2/15/23 (c)(d)(e)  |  | 12834  | 0  |
|  Murphy Oil U.S.A., Inc.:  |  |  |  |
|  4.75% 9/15/29  |  | 4155  | 3802  |
|  5.625% 5/1/27  |  | 3665  | 3559  |
|  New Fortress Energy, Inc.:  |  |  |  |
|  6.5% 9/30/26(d)  |  | 11785  | 10945  |
|  6.75% 9/15/25(d)  |  | 12840  | 12144  |
|  NGPL PipeCo LLC 4.875% 8/15/27 (d)  |  | 1800  | 1710  |
|  Occidental Petroleum Corp.:  |  |  |  |
|  3.5% 8/15/29  |  | 3820  | 3420  |
|  5.875% 9/1/25  |  | 6775  | 6750  |
|  6.2% 3/15/40  |  | 3565  | 3489  |
|  6.375% 9/1/28  |  | 6775  | 6841  |
|  6.45% 9/15/36  |  | 11875  | 12113  |
|  6.6% 3/15/46  |  | 7130  | 7337  |
|  6.625% 9/1/30  |  | 13550  | 14002  |
|  7.2% 3/15/29  |  | 2440  | 2525  |
|  7.5% 5/1/31  |  | 680  | 727  |
|  Parkland Corp.:  |  |  |  |
|  4.5% 10/1/29(d)  |  | 4420  | 3683  |
|  4.625% 5/1/30(d)  |  | 5540  | 4584  |
|  PBF Holding Co. LLC/PBF Finance Corp.:  |  |  |  |
|  6% 2/15/28  |  | 15760  | 14066  |
|  7.25% 6/15/25  |  | 13580  | 13419  |
|  PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23  |  | 6110  | 6102  |
|  PDC Energy, Inc. 6.125% 9/15/24  |  | 1240  | 1233  |
|  SM Energy Co.:  |  |  |  |
|  5.625% 6/1/25  |  | 4400  | 4224  |
|  6.625% 1/15/27  |  | 12830  | 12358  |
|  6.75% 9/15/26  |  | 3175  | 3082  |
|  Southwestern Energy Co.:  |  |  |  |
|  5.375% 3/15/30  |  | 5630  | 5135  |
|  5.7% 1/23/25(i)  |  | 149  | 146  |
|  7.75% 10/1/27  |  | 7830  | 7980  |
|  Sunoco LP/Sunoco Finance Corp.:  |  |  |  |
|  4.5% 5/15/29  |  | 5515  | 4824  |
|  4.5% 4/30/30  |  | 5550  | 4818  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:  |  |  |  |
|  6% 9/1/31(d)  |  | 4225  | 3633  |
|  7.5% 10/1/25(d)  |  | 5035  | 5080  |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31  |  | 6345  | 5729  |
|  Teine Energy Ltd. 6.875% 4/15/29 (d)  |  | 4420  | 3967  |
|  Tennessee Gas Pipeline Co. 7.625% 4/1/37  |  | 2585  | 2811  |
|  Unit Corp. 0% 12/1/29 (c)  |  | 1660  | 0  |
|  Venture Global Calcasieu Pass LLC:  |  |  |  |
|  3.875% 8/15/29(d)  |  | 3525  | 3084  |
|  4.125% 8/15/31(d)  |  | 3525  | 3003  |
|  |  |  | 482904  |
|  TOTAL ENERGY  |  |  | 526979  |
| FINANCIALS - 4.1%  |  |  |  |
| Banks - 0.5%  |  |  |  |
|  ABN AMRO Bank NV 4.5% 11/21/34 (Reg. S)  | EUR  | 7200  | 7614  |
|  AIB Group PLC 2.875% 5/30/31 (Reg. S) (f)  | EUR  | 5810  | 5580  |
|  Barclays PLC 5.262% 1/29/34 (Reg. S) (f)  | EUR  | 12316  | 13017  |
|  CaixaBank SA 6.25% 2/23/33 (Reg. S) (f)  | EUR  | 9500  | 10178  |
|  HSBC Holdings PLC Eur Swap Annual 5Y Index + 3.300% 6.364% 11/16/32 (Reg. S) (f)(g)  | EUR  | 9791  | 10632  |
|  Svenska Handelsbanken AB 3.25% 6/1/33 (Reg. S) (f)  | EUR  | 9304  | 9180  |
|  UniCredit SpA 2.731% 1/15/32 (Reg. S) (f)  | EUR  | 1676  | 1507  |
|  |  |  | 57708  |
| Capital Markets - 0.4%  |  |  |  |
|  AssuredPartners, Inc.:  |  |  |  |
|  5.625% 1/15/29(d)  |  | 3905  | 3214  |
|  7% 8/15/25(d)  |  | 2930  | 2834  |
|  Broadstreet Partners, Inc. 5.875% 4/15/29 (d)  |  | 7265  | 6183  |
|  Coinbase Global, Inc.:  |  |  |  |
|  3.375% 10/1/28(d)  |  | 4060  | 2146  |
|  3.625% 10/1/31(d)  |  | 4200  | 2023  |
|  Deutsche Bank AG 4% 6/24/32 (Reg. S) (f)  | EUR  | 17100  | 16195  |
|  Hightower Holding LLC 6.75% 4/15/29 (d)  |  | 2870  | 2397  |
|  Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d)  |  | 3985  | 3427  |
|  Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d)  |  | 4420  | 2563  |
|  MSCI, Inc.:  |  |  |  |
|  3.25% 8/15/33(d)  |  | 4225  | 3263  |
|  4% 11/15/29(d)  |  | 3780  | 3293  |
|  |  |  | 47538  |
| Consumer Finance - 1.6%  |  |  |  |
|  Ally Financial, Inc.:  |  |  |  |
|  8% 11/1/31  |  | 53672  | 55408  |
|  8% 11/1/31  |  | 16761  | 17426  |
|  Ford Motor Credit Co. LLC:  |  |  |  |
|  3.375% 11/13/25  |  | 11600  | 10487  |
|  3.625% 6/17/31  |  | 7380  | 5803  |
|  4% 11/13/30  |  | 25360  | 20817  |
|  5.113% 5/3/29  |  | 6160  | 5578  |
|  7.35% 11/4/27  |  | 5690  | 5831  |
|  OneMain Finance Corp.:  |  |  |  |
|  4% 9/15/30  |  | 3340  | 2492  |
|  5.375% 11/15/29  |  | 5560  | 4548  |
|  6.625% 1/15/28  |  | 4415  | 4065  |
|  6.875% 3/15/25  |  | 30605  | 29401  |
|  7.125% 3/15/26  |  | 41215  | 39191  |
|  |  |  | 201047  |
| Diversified Financial Services - 0.6%  |  |  |  |
|  Altus Midstream LP 5.875% 6/15/30 (d)  |  | 4180  | 3920  |
|  Compass Group Diversified Holdings LLC 5% 1/15/32 (d)  |  | 2765  | 2185  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.:  |  |  |  |
|  4.375% 2/1/29  |  | 6375  | 5391  |
|  5.25% 5/15/27  |  | 23175  | 21234  |
|  6.25% 5/15/26  |  | 14625  | 14053  |
|  6.375% 12/15/25  |  | 18820  | 18252  |
|  James Hardie International Finance Ltd. 5% 1/15/28 (d)  |  | 5270  | 4835  |
|  OEC Finance Ltd.:  |  |  |  |
|  4.375% 10/25/29 pay-in-kind(d)  |  | 4302  | 99  |
|  5.25% 12/27/33 pay-in-kind(d)  |  | 2180  | 49  |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d)  |  | 2265  | 2140  |
|  VMED O2 UK Financing I PLC 4.75% 7/15/31 (d)  |  | 9930  | 8067  |
|  |  |  | 80225  |
| Insurance - 1.0%  |  |  |  |
|  Acrisure LLC / Acrisure Finance, Inc.:  |  |  |  |
|  6% 8/1/29(d)  |  | 4230  | 3457  |
|  7% 11/15/25(d)  |  | 20290  | 18643  |
|  10.125% 8/1/26(d)  |  | 6810  | 6623  |
|  Alliant Holdings Intermediate LLC:  |  |  |  |
|  4.25% 10/15/27(d)  |  | 6740  | 6037  |
|  5.875% 11/1/29(d)  |  | 4180  | 3438  |
|  6.75% 10/15/27(d)  |  | 10080  | 9061  |
|  Allianz SE 4.252% 7/5/52 (Reg. S) (f)  | EUR  | 17200  | 16897  |
|  AmWINS Group, Inc. 4.875% 6/30/29 (d)  |  | 4105  | 3482  |
|  ASR Nederland NV 7% 12/7/43 (Reg. S) (f)  | EUR  | 15040  | 16104  |
|  AXA SA 4.25% 3/10/43 (Reg. S) (f)  | EUR  | 14867  | 14492  |
|  Berkshire Hathaway Finance Corp. 2% 3/18/34  | EUR  | 12912  | 11101  |
|  Hannover Reuck SE 5.875% 8/26/43 (Reg. S) (f)  | EUR  | 7100  | 7761  |
|  HUB International Ltd.:  |  |  |  |
|  5.625% 12/1/29(d)  |  | 6030  | 5266  |
|  7% 5/1/26(d)  |  | 6980  | 6833  |
|  MAPFRE SA 2.875% 4/13/30 (Reg. S)  | EUR  | 1700  | 1499  |
|  Sampo Oyj 2.5% 9/3/52 (Reg. S) (f)  | EUR  | 2579  | 2065  |
|  |  |  | 132759  |
| Thrifts & Mortgage Finance - 0.0%  |  |  |  |
|  MGIC Investment Corp. 5.25% 8/15/28  |  | 4725  | 4357  |
|  TOTAL FINANCIALS  |  |  | 523634  |
| HEALTH CARE - 2.2%  |  |  |  |
| Biotechnology - 0.0%  |  |  |  |
|  Grifols Escrow Issuer SA 4.75% 10/15/28 (d)  |  | 2795  | 2413  |
| Health Care Equipment & Supplies - 0.0%  |  |  |  |
|  Avantor Funding, Inc. 3.875% 11/1/29 (d)  |  | 2790  | 2343  |
|  Hologic, Inc. 4.625% 2/1/28 (d)  |  | 2505  | 2360  |
|  |  |  | 4703  |
| Health Care Providers & Services - 1.7%  |  |  |  |
|  180 Medical, Inc. 3.875% 10/15/29 (d)  |  | 2995  | 2575  |
|  Cano Health, Inc. 6.25% 10/1/28 (d)  |  | 1865  | 1128  |
|  Centene Corp.:  |  |  |  |
|  4.25% 12/15/27  |  | 6820  | 6396  |
|  4.625% 12/15/29  |  | 23795  | 21745  |
|  Community Health Systems, Inc.:  |  |  |  |
|  4.75% 2/15/31(d)  |  | 11430  | 8298  |
|  5.25% 5/15/30(d)  |  | 8305  | 6262  |
|  5.625% 3/15/27(d)  |  | 4015  | 3443  |
|  6% 1/15/29(d)  |  | 4940  | 4132  |
|  6.125% 4/1/30(d)  |  | 10425  | 5162  |
|  8% 3/15/26(d)  |  | 37390  | 34040  |
|  DaVita HealthCare Partners, Inc.:  |  |  |  |
|  3.75% 2/15/31(d)  |  | 2075  | 1549  |
|  4.625% 6/1/30(d)  |  | 15850  | 12750  |
|  HealthEquity, Inc. 4.5% 10/1/29 (d)  |  | 2950  | 2578  |
|  Horizon Pharma U.S.A., Inc. 5.5% 8/1/27 (d)  |  | 7300  | 7493  |
|  ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d)  |  | 3250  | 2741  |
|  Molina Healthcare, Inc.:  |  |  |  |
|  3.875% 11/15/30(d)  |  | 6345  | 5377  |
|  3.875% 5/15/32(d)  |  | 5560  | 4617  |
|  4.375% 6/15/28(d)  |  | 4690  | 4280  |
|  Option Care Health, Inc. 4.375% 10/31/29 (d)  |  | 3060  | 2677  |
|  Radiology Partners, Inc. 9.25% 2/1/28 (d)  |  | 9515  | 5341  |
|  RP Escrow Issuer LLC 5.25% 12/15/25 (d)  |  | 6200  | 4735  |
|  Tenet Healthcare Corp.:  |  |  |  |
|  4.625% 7/15/24  |  | 1500  | 1463  |
|  4.625% 9/1/24(d)  |  | 7305  | 7095  |
|  4.875% 1/1/26(d)  |  | 18260  | 17267  |
|  5.125% 11/1/27(d)  |  | 10955  | 10191  |
|  6.125% 10/1/28(d)  |  | 6535  | 5851  |
|  6.125% 6/15/30(d)  |  | 11235  | 10705  |
|  6.25% 2/1/27(d)  |  | 20050  | 19258  |
|  |  |  | 219149  |
| Health Care Technology - 0.1%  |  |  |  |
|  IQVIA, Inc. 5% 5/15/27 (d)  |  | 5660  | 5396  |
| Life Sciences Tools & Services - 0.1%  |  |  |  |
|  Charles River Laboratories International, Inc.:  |  |  |  |
|  3.75% 3/15/29(d)  |  | 5245  | 4639  |
|  4% 3/15/31(d)  |  | 6035  | 5220  |
|  4.25% 5/1/28(d)  |  | 2045  | 1883  |
|  Syneos Health, Inc. 3.625% 1/15/29 (d)  |  | 5025  | 4002  |
|  |  |  | 15744  |
| Pharmaceuticals - 0.3%  |  |  |  |
|  Bayer AG 5.375% 3/25/82 (Reg. S) (f)  | EUR  | 8400  | 7868  |
|  Catalent Pharma Solutions:  |  |  |  |
|  3.5% 4/1/30(d)  |  | 2800  | 2211  |
|  5% 7/15/27(d)  |  | 2295  | 2136  |
|  Organon & Co. / Organon Foreign Debt Co-Issuer BV:  |  |  |  |
|  4.125% 4/30/28(d)  |  | 10200  | 9031  |
|  5.125% 4/30/31(d)  |  | 8890  | 7698  |
|  Teva Pharmaceutical Finance Netherlands III BV:  |  |  |  |
|  4.75% 5/9/27  |  | 2775  | 2508  |
|  5.125% 5/9/29  |  | 2775  | 2471  |
|  |  |  | 33923  |
|  TOTAL HEALTH CARE  |  |  | 281328  |
| INDUSTRIALS - 3.8%  |  |  |  |
| Aerospace & Defense - 1.4%  |  |  |  |
|  Bombardier, Inc.:  |  |  |  |
|  6% 2/15/28(d)  |  | 2815  | 2603  |
|  7.125% 6/15/26(d)  |  | 5695  | 5525  |
|  7.5% 3/15/25(d)  |  | 5202  | 5152  |
|  7.875% 4/15/27(d)  |  | 13015  | 12624  |
|  BWX Technologies, Inc. 4.125% 6/30/28 (d)  |  | 6400  | 5752  |
|  Moog, Inc. 4.25% 12/15/27 (d)  |  | 2025  | 1873  |
|  Rolls-Royce PLC 5.75% 10/15/27 (d)  |  | 6560  | 6248  |
|  Spirit Aerosystems, Inc. 7.5% 4/15/25 (d)  |  | 9205  | 9096  |
|  TransDigm UK Holdings PLC 6.875% 5/15/26  |  | 21085  | 20590  |
|  TransDigm, Inc.:  |  |  |  |
|  4.625% 1/15/29  |  | 9290  | 8168  |
|  5.5% 11/15/27  |  | 68140  | 63370  |
|  6.25% 3/15/26(d)  |  | 11120  | 10966  |
|  6.375% 6/15/26  |  | 20230  | 19683  |
|  7.5% 3/15/27  |  | 11028  | 10911  |
|  |  |  | 182561  |
| Air Freight & Logistics - 0.0%  |  |  |  |
|  Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d)  |  | 3960  | 3564  |
| Airlines - 0.4%  |  |  |  |
|  Air Canada 3.875% 8/15/26 (d)  |  | 4230  | 3747  |
|  Allegiant Travel Co. 7.25% 8/15/27 (d)  |  | 4365  | 4152  |
|  Delta Air Lines, Inc. 7% 5/1/25 (d)  |  | 1671  | 1708  |
|  Mileage Plus Holdings LLC 6.5% 6/20/27 (d)  |  | 18595  | 18487  |
|  Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.:  |  |  |  |
|  8% 9/20/25(d)  |  | 1420  | 1427  |
|  8% 9/20/25(d)  |  | 4670  | 4686  |
|  United Airlines, Inc.:  |  |  |  |
|  4.375% 4/15/26(d)  |  | 14560  | 13496  |
|  4.625% 4/15/29(d)  |  | 8725  | 7597  |
|  |  |  | 55300  |
| Building Products - 0.1%  |  |  |  |
|  Advanced Drain Systems, Inc.:  |  |  |  |
|  5% 9/30/27(d)  |  | 1400  | 1306  |
|  6.375% 6/15/30(d)  |  | 2780  | 2701  |
|  CP Atlas Buyer, Inc. 7% 12/1/28 (d)  |  | 3280  | 2436  |
|  MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d)  |  | 1865  | 1485  |
|  Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (d)  |  | 4185  | 3756  |
|  Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29  |  | 4830  | 4057  |
|  |  |  | 15741  |
| Commercial Services & Supplies - 0.9%  |  |  |  |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d)  |  | 3995  | 2899  |
|  Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:  |  |  |  |
|  4.625% 6/1/28(d)  |  | 10374  | 8568  |
|  4.625% 6/1/28(d)  |  | 6871  | 5571  |
|  CoreCivic, Inc. 8.25% 4/15/26  |  | 14975  | 15357  |
|  Covanta Holding Corp.:  |  |  |  |
|  4.875% 12/1/29(d)  |  | 4300  | 3523  |
|  5% 9/1/30  |  | 6775  | 5471  |
|  GFL Environmental, Inc.:  |  |  |  |
|  4% 8/1/28(d)  |  | 4200  | 3591  |
|  4.75% 6/15/29(d)  |  | 5705  | 4993  |
|  IAA, Inc. 5.5% 6/15/27 (d)  |  | 2830  | 2761  |
|  KAR Auction Services, Inc. 5.125% 6/1/25 (d)  |  | 6210  | 6067  |
|  Madison IAQ LLC:  |  |  |  |
|  4.125% 6/30/28(d)  |  | 5345  | 4470  |
|  5.875% 6/30/29(d)  |  | 4265  | 2923  |
|  Neptune BidCo U.S., Inc. 9.29% 4/15/29 (d)  |  | 14145  | 13332  |
|  Pitney Bowes, Inc. 7.25% 3/15/29 (d)  |  | 890  | 696  |
|  The Brink's Co. 4.625% 10/15/27 (d)  |  | 7200  | 6588  |
|  The GEO Group, Inc.:  |  |  |  |
|  9.5% 12/31/28(d)  |  | 5755  | 5478  |
|  10.5% 6/30/28  |  | 16764  | 16928  |
|  |  |  | 109216  |
| Construction & Engineering - 0.4%  |  |  |  |
|  AECOM 5.125% 3/15/27  |  | 7490  | 7209  |
|  Arcosa, Inc. 4.375% 4/15/29 (d)  |  | 4130  | 3581  |
|  Bouygues SA 5.375% 6/30/42 (Reg. S)  | EUR  | 14100  | 15520  |
|  Pike Corp. 5.5% 9/1/28 (d)  |  | 14255  | 12462  |
|  SRS Distribution, Inc.:  |  |  |  |
|  4.625% 7/1/28(d)  |  | 5520  | 4893  |
|  6.125% 7/1/29(d)  |  | 2315  | 1872  |
|  |  |  | 45537  |
| Electrical Equipment - 0.1%  |  |  |  |
|  Sensata Technologies BV 4% 4/15/29 (d)  |  | 5910  | 5097  |
| Industrial Conglomerates - 0.1%  |  |  |  |
|  Honeywell International, Inc. 4.125% 11/2/34  | EUR  | 12154  | 12843  |
| Machinery - 0.1%  |  |  |  |
|  ATS Automation Tooling System, Inc. 4.125% 12/15/28 (d)  |  | 4630  | 3995  |
|  Chart Industries, Inc. 7.5% 1/1/30 (d)  |  | 7420  | 7459  |
|  Stevens Holding Co., Inc. 6.125% 10/1/26 (d)  |  | 1880  | 1885  |
|  |  |  | 13339  |
| Marine - 0.0%  |  |  |  |
|  Seaspan Corp. 5.5% 8/1/29 (d)  |  | 4240  | 3213  |
| Professional Services - 0.1%  |  |  |  |
|  ASGN, Inc. 4.625% 5/15/28 (d)  |  | 5670  | 5132  |
|  Booz Allen Hamilton, Inc.:  |  |  |  |
|  3.875% 9/1/28(d)  |  | 6270  | 5555  |
|  4% 7/1/29(d)  |  | 2820  | 2482  |
|  TriNet Group, Inc. 3.5% 3/1/29 (d)  |  | 4545  | 3737  |
|  |  |  | 16906  |
| Road & Rail - 0.1%  |  |  |  |
|  Hertz Corp.:  |  |  |  |
|  4.625% 12/1/26(d)  |  | 2350  | 1968  |
|  5% 12/1/29(d)  |  | 4560  | 3459  |
|  5.5% 10/15/24(c)(d)(e)  |  | 6540  | 147  |
|  6% 1/15/28(c)(d)(e)  |  | 5785  | 340  |
|  6.25% 12/31/49(c)(e)  |  | 6775  | 8  |
|  7.125% 8/1/26(c)(d)(e)  |  | 6315  | 505  |
|  XPO, Inc. 6.25% 5/1/25 (d)  |  | 5220  | 5269  |
|  |  |  | 11696  |
| Trading Companies & Distributors - 0.1%  |  |  |  |
|  Foundation Building Materials, Inc. 6% 3/1/29 (d)  |  | 3110  | 2328  |
|  H&E Equipment Services, Inc. 3.875% 12/15/28 (d)  |  | 10040  | 8552  |
|  |  |  | 10880  |
| Transportation Infrastructure - 0.0%  |  |  |  |
|  First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d)  |  | 4235  | 3503  |
|  TOTAL INDUSTRIALS  |  |  | 489396  |
| INFORMATION TECHNOLOGY - 1.2%  |  |  |  |
| Electronic Equipment & Components - 0.0%  |  |  |  |
|  Coherent Corp. 5% 12/15/29 (d)  |  | 4370  | 3769  |
|  TTM Technologies, Inc. 4% 3/1/29 (d)  |  | 4540  | 3893  |
|  |  |  | 7662  |
| IT Services - 0.3%  |  |  |  |
|  Acuris Finance U.S. 5% 5/1/28 (d)  |  | 4315  | 3441  |
|  Block, Inc. 3.5% 6/1/31  |  | 5745  | 4584  |
|  CA Magnum Holdings 5.375% (d)(h)  |  | 2230  | 2018  |
|  Camelot Finance SA 4.5% 11/1/26 (d)  |  | 6365  | 5966  |
|  Gartner, Inc.:  |  |  |  |
|  3.625% 6/15/29(d)  |  | 4040  | 3550  |
|  3.75% 10/1/30(d)  |  | 6920  | 5965  |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc.:  |  |  |  |
|  3.5% 3/1/29(d)  |  | 6060  | 5073  |
|  5.25% 12/1/27(d)  |  | 5665  | 5362  |
|  Rackspace Hosting, Inc. 5.375% 12/1/28 (d)  |  | 3845  | 1676  |
|  Unisys Corp. 6.875% 11/1/27 (d)  |  | 3685  | 2828  |
|  |  |  | 40463  |
| Semiconductors & Semiconductor Equipment - 0.1%  |  |  |  |
|  onsemi 3.875% 9/1/28 (d)  |  | 6765  | 5903  |
|  Synaptics, Inc. 4% 6/15/29 (d)  |  | 3500  | 2949  |
|  |  |  | 8852  |
| Software - 0.8%  |  |  |  |
|  Black Knight InfoServ LLC 3.625% 9/1/28 (d)  |  | 6975  | 6051  |
|  Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d)  |  | 4225  | 4133  |
|  Clarivate Science Holdings Corp.:  |  |  |  |
|  3.875% 7/1/28(d)  |  | 5025  | 4354  |
|  4.875% 7/1/29(d)  |  | 4755  | 4043  |
|  Elastic NV 4.125% 7/15/29 (d)  |  | 8005  | 6466  |
|  Fair Isaac Corp. 4% 6/15/28 (d)  |  | 6420  | 5826  |
|  Gen Digital, Inc. 5% 4/15/25 (d)  |  | 6360  | 6186  |
|  ION Trading Technologies Ltd. 5.75% 5/15/28 (d)  |  | 5780  | 4819  |
|  MicroStrategy, Inc. 6.125% 6/15/28 (d)  |  | 9960  | 7122  |
|  NCR Corp.:  |  |  |  |
|  5% 10/1/28(d)  |  | 3385  | 2886  |
|  5.25% 10/1/30(d)  |  | 13370  | 11030  |
|  5.75% 9/1/27(d)  |  | 5480  | 5244  |
|  6.125% 9/1/29(d)  |  | 5480  | 5124  |
|  Open Text Corp.:  |  |  |  |
|  3.875% 2/15/28(d)  |  | 3220  | 2763  |
|  3.875% 12/1/29(d)  |  | 3045  | 2449  |
|  6.9% 12/1/27(d)  |  | 5000  | 5000  |
|  Open Text Holdings, Inc.:  |  |  |  |
|  4.125% 2/15/30(d)  |  | 3220  | 2583  |
|  4.125% 12/1/31(d)  |  | 2490  | 1935  |
|  PTC, Inc.:  |  |  |  |
|  3.625% 2/15/25(d)  |  | 3755  | 3576  |
|  4% 2/15/28(d)  |  | 3715  | 3344  |
|  Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d)  |  | 7100  | 4900  |
|  |  |  | 99834  |
|  TOTAL INFORMATION TECHNOLOGY  |  |  | 156811  |
| MATERIALS - 2.6%  |  |  |  |
| Chemicals - 0.9%  |  |  |  |
|  BASF AG 3.75% 6/29/32 (Reg. S)  | EUR  | 6100  | 6431  |
|  Gpd Companies, Inc. 10.125% 4/1/26 (d)  |  | 8860  | 7553  |
|  Ingevity Corp. 3.875% 11/1/28 (d)  |  | 6715  | 5774  |
|  Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (d)  |  | 2100  | 1817  |
|  Lanxess AG 1.75% 3/22/28 (Reg. S)  | EUR  | 13300  | 12499  |
|  Linde PLC 1.625% 3/31/35 (Reg. S)  | EUR  | 12600  | 10864  |
|  LSB Industries, Inc. 6.25% 10/15/28 (d)  |  | 9723  | 8896  |
|  Olympus Water U.S. Holding Corp.:  |  |  |  |
|  4.25% 10/1/28(d)  |  | 5600  | 4546  |
|  7.125% 10/1/27(d)  |  | 2905  | 2767  |
|  SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d)  |  | 3770  | 3235  |
|  SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d)  |  | 6435  | 5454  |
|  The Chemours Co. LLC:  |  |  |  |
|  5.375% 5/15/27  |  | 18470  | 17056  |
|  5.75% 11/15/28(d)  |  | 10075  | 9050  |
|  The Scotts Miracle-Gro Co. 4% 4/1/31  |  | 5930  | 4530  |
|  Valvoline, Inc. 4.25% 2/15/30 (d)  |  | 4680  | 4540  |
|  W.R. Grace Holding LLC 5.625% 8/15/29 (d)  |  | 13095  | 10571  |
|  |  |  | 115583  |
| Construction Materials - 0.0%  |  |  |  |
|  Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d)  |  | 6525  | 6075  |
| Containers & Packaging - 0.6%  |  |  |  |
|  Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:  |  |  |  |
|  3.25% 9/1/28(d)  |  | 3025  | 2571  |
|  4% 9/1/29(d)  |  | 6050  | 4795  |
|  6% 6/15/27(d)  |  | 2785  | 2727  |
|  Cascades, Inc.:  |  |  |  |
|  5.125% 1/15/26(d)  |  | 3310  | 3011  |
|  5.375% 1/15/28(d)  |  | 3310  | 2898  |
|  Clydesdale Acquisition Holdings, Inc.:  |  |  |  |
|  6.625% 4/15/29(d)  |  | 3315  | 3152  |
|  8.75% 4/15/30(d)  |  | 19065  | 16319  |
|  Crown Cork & Seal, Inc.:  |  |  |  |
|  7.375% 12/15/26  |  | 16535  | 17023  |
|  7.5% 12/15/96  |  | 7695  | 7787  |
|  Graham Packaging Co., Inc. 7.125% 8/15/28 (d)  |  | 3720  | 3104  |
|  Graphic Packaging International, Inc. 3.75% 2/1/30 (d)  |  | 3585  | 3050  |
|  Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d)  |  | 2570  | 2071  |
|  Trivium Packaging Finance BV 5.5% 8/15/26 (d)  |  | 4195  | 3845  |
|  |  |  | 72353  |
| Metals & Mining - 1.0%  |  |  |  |
|  Alcoa Nederland Holding BV:  |  |  |  |
|  4.125% 3/31/29(d)  |  | 7735  | 6862  |
|  6.125% 5/15/28(d)  |  | 2110  | 2079  |
|  Algoma Steel SCA 0% 12/31/23 (c)  |  | 1518  | 0  |
|  Arconic Corp.:  |  |  |  |
|  6% 5/15/25(d)  |  | 4090  | 4021  |
|  6.125% 2/15/28(d)  |  | 9123  | 8560  |
|  ATI, Inc.:  |  |  |  |
|  4.875% 10/1/29  |  | 2795  | 2470  |
|  5.125% 10/1/31  |  | 2480  | 2184  |
|  Cleveland-Cliffs, Inc.:  |  |  |  |
|  4.625% 3/1/29(d)  |  | 4615  | 4096  |
|  4.875% 3/1/31(d)  |  | 4615  | 4075  |
|  5.875% 6/1/27  |  | 11010  | 10518  |
|  Compass Minerals International, Inc. 6.75% 12/1/27 (d)  |  | 9315  | 8942  |
|  Eldorado Gold Corp. 6.25% 9/1/29 (d)  |  | 4225  | 3709  |
|  ERO Copper Corp. 6.5% 2/15/30 (d)  |  | 4180  | 3368  |
|  First Quantum Minerals Ltd.:  |  |  |  |
|  6.5% 3/1/24(d)  |  | 6560  | 6431  |
|  6.875% 3/1/26(d)  |  | 14330  | 13549  |
|  7.5% 4/1/25(d)  |  | 12105  | 11778  |
|  FMG Resources Pty Ltd.:  |  |  |  |
|  4.375% 4/1/31(d)  |  | 4420  | 3676  |
|  4.5% 9/15/27(d)  |  | 5450  | 5028  |
|  HudBay Minerals, Inc. 4.5% 4/1/26 (d)  |  | 3600  | 3270  |
|  Infrabuild Australia Pty Ltd. 12% 10/1/24 (d)  |  | 6320  | 6130  |
|  Kaiser Aluminum Corp. 4.625% 3/1/28 (d)  |  | 6615  | 5772  |
|  Mineral Resources Ltd.:  |  |  |  |
|  8% 11/1/27(d)  |  | 2785  | 2848  |
|  8.125% 5/1/27(d)  |  | 11025  | 11101  |
|  8.5% 5/1/30(d)  |  | 2065  | 2093  |
|  Murray Energy Corp.:  |  |  |  |
|  11.25% 12/31/49(c)(d)(e)  |  | 5925  | 0  |
|  12% 4/15/24 pay-in-kind(c)(d)(e)(f)  |  | 6364  | 0  |
|  Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d)  |  | 2015  | 1742  |
|  |  |  | 134302  |
| Paper & Forest Products - 0.1%  |  |  |  |
|  Glatfelter Corp. 4.75% 11/15/29 (d)  |  | 4190  | 2519  |
|  LABL, Inc. 5.875% 11/1/28 (d)  |  | 6750  | 5881  |
|  |  |  | 8400  |
|  TOTAL MATERIALS  |  |  | 336713  |
| REAL ESTATE - 1.4%  |  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 1.0%  |  |  |  |
|  Iron Mountain Information Management Services, Inc. 5% 7/15/32 (d)  |  | 4190  | 3481  |
|  Iron Mountain, Inc.:  |  |  |  |
|  4.875% 9/15/29(d)  |  | 14590  | 12725  |
|  5% 7/15/28(d)  |  | 6370  | 5721  |
|  5.25% 7/15/30(d)  |  | 5915  | 5140  |
|  5.625% 7/15/32(d)  |  | 5915  | 5126  |
|  MPT Operating Partnership LP/MPT Finance Corp.:  |  |  |  |
|  3.5% 3/15/31  |  | 6700  | 4593  |
|  4.625% 8/1/29  |  | 10950  | 8350  |
|  5% 10/15/27  |  | 21010  | 17660  |
|  SBA Communications Corp. 3.875% 2/15/27  |  | 9720  | 8782  |
|  Uniti Group LP / Uniti Group Finance, Inc.:  |  |  |  |
|  4.75% 4/15/28(d)  |  | 9350  | 7480  |
|  6.5% 2/15/29(d)  |  | 19535  | 12942  |
|  Uniti Group, Inc.:  |  |  |  |
|  6% 1/15/30(d)  |  | 6990  | 4423  |
|  7.875% 2/15/25(d)  |  | 9940  | 9621  |
|  VICI Properties LP / VICI Note Co.:  |  |  |  |
|  3.875% 2/15/29(d)  |  | 6695  | 5868  |
|  4.25% 12/1/26(d)  |  | 12650  | 11801  |
|  4.625% 12/1/29(d)  |  | 7220  | 6570  |
|  |  |  | 130283  |
| Real Estate Management & Development - 0.4%  |  |  |  |
|  DTZ U.S. Borrower LLC 6.75% 5/15/28 (d)  |  | 6575  | 6275  |
|  Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d)  |  | 8505  | 6421  |
|  Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d)  |  | 5555  | 4052  |
|  Segro Capital SARL 1.875% 3/23/30 (Reg. S)  | EUR  | 12186  | 11071  |
|  Taylor Morrison Communities, Inc./Monarch Communities, Inc.:  |  |  |  |
|  5.125% 8/1/30(d)  |  | 6480  | 5613  |
|  5.875% 6/15/27(d)  |  | 5610  | 5386  |
|  Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d)  |  | 3045  | 2559  |
|  |  |  | 41377  |
|  TOTAL REAL ESTATE  |  |  | 171660  |
| UTILITIES - 2.0%  |  |  |  |
| Electric Utilities - 1.5%  |  |  |  |
|  Clearway Energy Operating LLC:  |  |  |  |
|  3.75% 1/15/32(d)  |  | 2795  | 2247  |
|  4.75% 3/15/28(d)  |  | 4055  | 3743  |
|  EnBW International Finance BV 4.049% 11/22/29 (Reg. S)  | EUR  | 5657  | 6027  |
|  NRG Energy, Inc.:  |  |  |  |
|  3.375% 2/15/29(d)  |  | 3080  | 2484  |
|  3.625% 2/15/31(d)  |  | 6110  | 4645  |
|  3.875% 2/15/32(d)  |  | 6475  | 4863  |
|  5.75% 1/15/28  |  | 19350  | 18163  |
|  ORSTED A/S 2.875% 6/14/33 (Reg. S)  | EUR  | 9718  | 9509  |
|  Pacific Gas & Electric Co.:  |  |  |  |
|  3.75% 8/15/42  |  | 6290  | 4217  |
|  3.95% 12/1/47  |  | 13510  | 9160  |
|  4% 12/1/46  |  | 14690  | 9835  |
|  4.25% 3/15/46  |  | 1475  | 1026  |
|  4.3% 3/15/45  |  | 3690  | 2616  |
|  4.55% 7/1/30  |  | 36325  | 32925  |
|  PG&E Corp.:  |  |  |  |
|  5% 7/1/28  |  | 13615  | 12428  |
|  5.25% 7/1/30  |  | 5150  | 4687  |
|  TenneT Holding BV:  |  |  |  |
|  2.375% 5/17/33 (Reg. S)  | EUR  | 6136  | 5665  |
|  2.75% 5/17/42 (Reg. S)  | EUR  | 11199  | 9735  |
|  Vistra Operations Co. LLC:  |  |  |  |
|  4.375% 5/1/29(d)  |  | 11110  | 9585  |
|  5% 7/31/27(d)  |  | 13800  | 12808  |
|  5.5% 9/1/26(d)  |  | 9975  | 9610  |
|  5.625% 2/15/27(d)  |  | 17455  | 16559  |
|  |  |  | 192537  |
| Gas Utilities - 0.2%  |  |  |  |
|  Southern Natural Gas Co. LLC:  |  |  |  |
|  7.35% 2/15/31  |  | 14890  | 15607  |
|  8% 3/1/32  |  | 9400  | 10311  |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (d)  |  | 5750  | 4887  |
|  |  |  | 30805  |
| Independent Power and Renewable Electricity Producers - 0.1%  |  |  |  |
|  Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d)  |  | 3735  | 3311  |
|  RWE AG:  |  |  |  |
|  1% 11/26/33 (Reg. S)  | EUR  | 6400  | 4898  |
|  2.75% 5/24/30 (Reg. S)  | EUR  | 5550  | 5410  |
|  |  |  | 13619  |
| Water Utilities - 0.2%  |  |  |  |
|  Suez SACA 2.375% 5/24/30 (Reg. S)  | EUR  | 7400  | 6937  |
|  Thames Water Utility Finance PLC 1.25% 1/31/32 (Reg. S)  | EUR  | 14395  | 11989  |
|  |  |  | 18926  |
|  TOTAL UTILITIES  |  |  | 255887  |
| TOTAL NONCONVERTIBLE BONDS  |  |  | 4170136  |
| <br> **TOTAL CORPORATE BONDS** <br> (Cost $4,648,983)  |  |  | <br> **4199663**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 27.1%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 27.1%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 27.1%**  |
|  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| U.S. Government Agency Obligations - 0.2%  |  |  |
|  Fannie Mae 0.625% 4/22/25  | 2128  | 1955  |
|  Freddie Mac 4% 11/25/24  | 21100  | 20788  |
|  Tennessee Valley Authority:  |  |  |
|  5.25% 9/15/39  | 2106  | 2191  |
|  5.375% 4/1/56  | 3503  | 3708  |
|  TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS  |  | 28642  |
| U.S. Treasury Obligations - 26.8%  |  |  |
|  U.S. Treasury Bills, yield at date of purchase 3.33% to 4.17% 1/5/23 to 2/16/23 (j)  | 20270  | 20233  |
|  U.S. Treasury Bonds:  |  |  |
|  2% 11/15/41 (j)  | 55859  | 39885  |
|  2% 8/15/51  | 148344  | 97131  |
|  2.25% 2/15/52  | 115400  | 80248  |
|  2.5% 2/15/45 (j)  | 216056  | 162658  |
|  3% 5/15/45  | 20100  | 16559  |
|  3% 2/15/49  | 128820  | 106619  |
|  3.25% 5/15/42  | 20500  | 17973  |
|  3.375% 8/15/42  | 4900  | 4379  |
|  4% 11/15/42 (k)  | 62650  | 61338  |
|  4.75% 2/15/37 (j)  | 74200  | 81058  |
|  5.25% 2/15/29  | 5406  | 5739  |
|  6.125% 8/15/29  | 3663  | 4094  |
|  U.S. Treasury Notes:  |  |  |
|  0.125% 3/31/23  | 30000  | 29693  |
|  0.125% 5/31/23  | 38200  | 37518  |
|  0.125% 6/30/23  | 34600  | 33832  |
|  0.125% 8/15/23  | 2411  | 2344  |
|  0.125% 10/15/23  | 2852  | 2751  |
|  0.25% 5/15/24  | 470  | 442  |
|  0.25% 7/31/25  | 35866  | 32365  |
|  0.25% 9/30/25  | 26037  | 23378  |
|  0.25% 10/31/25  | 17600  | 15738  |
|  0.375% 10/31/23  | 20700  | 19962  |
|  0.375% 4/30/25  | 82771  | 75541  |
|  0.375% 12/31/25  | 167057  | 149301  |
|  0.375% 1/31/26  | 13900  | 12367  |
|  0.5% 11/30/23  | 115900  | 111508  |
|  0.625% 7/31/26  | 24000  | 21207  |
|  0.75% 3/31/26  | 46052  | 41276  |
|  0.75% 8/31/26  | 29200  | 25855  |
|  0.875% 9/30/26  | 143800  | 127684  |
|  1% 7/31/28  | 49141  | 41772  |
|  1.125% 10/31/26  | 17300  | 15473  |
|  1.125% 8/31/28 (j)  | 465629  | 397562  |
|  1.25% 12/31/26  | 52353  | 46883  |
|  1.25% 9/30/28  | 38280  | 32876  |
|  1.375% 8/31/23  | 11000  | 10754  |
|  1.375% 10/31/28  | 8911  | 7692  |
|  1.5% 2/29/24  | 286900  | 276545  |
|  1.5% 10/31/24  | 480  | 455  |
|  1.5% 1/31/27  | 40989  | 37007  |
|  1.5% 11/30/28  | 6930  | 6018  |
|  1.625% 5/31/23  | 19717  | 19485  |
|  1.625% 9/30/26  | 3093  | 2830  |
|  1.75% 1/31/29  | 41434  | 36394  |
|  1.875% 2/28/27  | 280000  | 256441  |
|  2.125% 7/31/24  | 96008  | 92344  |
|  2.125% 5/15/25  | 12033  | 11435  |
|  2.25% 4/30/24  | 78844  | 76343  |
|  2.25% 3/31/26  | 34717  | 32717  |
|  2.375% 3/31/29  | 7500  | 6820  |
|  2.5% 2/28/26  | 38997  | 37040  |
|  2.5% 3/31/27  | 7200  | 6756  |
|  2.625% 5/31/27  | 90  | 85  |
|  2.625% 7/31/29  | 25965  | 23909  |
|  2.75% 2/15/24  | 203714  | 199306  |
|  2.75% 6/30/25  | 197  | 190  |
|  2.75% 7/31/27  | 18600  | 17598  |
|  2.75% 5/31/29  | 18541  | 17226  |
|  2.75% 8/15/32  | 117622  | 107110  |
|  2.875% 5/15/32  | 36400  | 33545  |
|  3.125% 11/15/28  | 31330  | 29882  |
|  3.875% 11/30/27 (k)  | 14110  | 14033  |
|  3.875% 12/31/27  | 15500  | 15407  |
|  3.875% 11/30/29  | 26570  | 26391  |
|  4% 10/31/29  | 26100  | 26108  |
|  4.125% 10/31/27  | 8800  | 8832  |
|  TOTAL U.S. TREASURY OBLIGATIONS  |  | 3431940  |
| Other Government Related - 0.1%  |  |  |
|  Private Export Funding Corp. Secured 1.75% 11/15/24  | 11520  | 10842  |
| <br> **TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $3,896,300)  |  | <br> **3471424**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 2.9%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 2.9%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 2.9%**  |
|  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| Fannie Mae - 0.8%  |  |  |
|  1.5% 11/1/40 to 11/1/41  | 41464  | 33773  |
|  2.5% 11/1/36 to 2/1/52  | 24567  | 21319  |
|  3% 11/1/34 to 2/1/52  | 12413  | 11496  |
|  3.5% 1/1/51 to 3/1/52  | 14879  | 13576  |
|  4% 9/1/52  | 2178  | 2055  |
|  4.5% 9/1/52  | 2178  | 2101  |
|  5% 5/1/52 to 12/1/52  | 16431  | 16452  |
|  TOTAL FANNIE MAE  |  | 100772  |
| Freddie Mac - 0.9%  |  |  |
|  1.5% 12/1/40 to 4/1/41  | 11501  | 9405  |
|  2.5% 5/1/41 to 1/1/52  | 20608  | 17985  |
|  3% 9/1/34  | 3888  | 3677  |
|  3.5% 5/1/51 to 3/1/52  | 48576  | 44517  |
|  4.5% 1/1/53  | 19372  | 18679  |
|  5% 5/1/52 to 12/1/52  | 15918  | 15892  |
|  TOTAL FREDDIE MAC  |  | 110155  |
| Ginnie Mae - 0.7%  |  |  |
|  2% 1/1/53 (l)  | 14100  | 11829  |
|  2% 1/1/53 (l)  | 4700  | 3943  |
|  2% 1/1/53 (l)  | 4650  | 3901  |
|  2% 1/1/53 (l)  | 950  | 797  |
|  2% 1/1/53 (l)  | 6300  | 5286  |
|  2% 1/1/53 (l)  | 4600  | 3859  |
|  2% 1/1/53 (l)  | 3900  | 3272  |
|  2% 1/1/53 (l)  | 1850  | 1552  |
|  2% 1/1/53 (l)  | 10250  | 8599  |
|  2% 1/1/53 (l)  | 16300  | 13675  |
|  2% 2/1/53 (l)  | 13050  | 10960  |
|  2% 2/1/53 (l)  | 16300  | 13690  |
|  2% 3/1/53 (l)  | 3250  | 2732  |
|  3.5% 1/1/53 (l)  | 2000  | 1838  |
|  3.5% 1/1/53 (l)  | 1500  | 1378  |
|  3.5% 2/1/53 (l)  | 1850  | 1701  |
|  TOTAL GINNIE MAE  |  | 89012  |
| Uniform Mortgage Backed Securities - 0.5%  |  |  |
|  2.5% 1/1/53 (l)  | 5200  | 4409  |
|  2.5% 1/1/53 (l)  | 1250  | 1060  |
|  2.5% 1/1/53 (l)  | 1750  | 1484  |
|  2.5% 2/1/53 (l)  | 1750  | 1485  |
|  2.5% 2/1/53 (l)  | 1250  | 1061  |
|  2.5% 2/1/53 (l)  | 1200  | 1018  |
|  3.5% 1/1/53 (l)  | 1750  | 1592  |
|  3.5% 1/1/53 (l)  | 13300  | 12096  |
|  3.5% 1/1/53 (l)  | 13300  | 12096  |
|  3.5% 2/1/53 (l)  | 13300  | 12102  |
|  4% 1/1/53 (l)  | 2800  | 2628  |
|  4.5% 1/1/53 (l)  | 17450  | 16820  |
|  5% 1/1/53 (l)  | 2300  | 2268  |
|  TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | 70119  |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES** <br> (Cost $391,279)  |  | <br> **370058**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Commercial Mortgage Securities - 0.1%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 0.1%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 0.1%**  |
|  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
|  Freddie Mac:  |  |  |
|  sequential payer:  |  |  |
|  Series 2021-K136 Class A2, 2.127% 11/25/31 <br>| 5000  | 4149  |
|  Series 2022-K142 Class A2, 2.4% 3/25/32 <br>| 7700  | 6509  |
|  Series 2022-K150 Class A2, 3.71% 11/25/32  | 2600  | 2445  |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES** <br> (Cost $14,053)  |  | **13103**  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 3.1%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 3.1%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 3.1%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 3.1%**  |
|  |  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
|  Australian Commonwealth:  |  |  |  |
|  1.75% 11/21/32 (Reg. S)  | AUD  | 15000  | 8313  |
|  1.75% 6/21/51 (Reg. S)  | AUD  | 60510  | 23875  |
|  Canadian Government:  |  |  |  |
|  0.25% 2/1/23  | CAD  | 52420  | 38586  |
|  0.75% 2/1/24  | CAD  | 26500  | 18827  |
|  1.25% 3/1/27  | CAD  | 30000  | 20261  |
|  German Federal Republic:  |  |  |  |
|  0% 3/10/23 (Reg. S)  | EUR  | 24555  | 26210  |
|  0% 12/15/23 (Reg. S)  | EUR  | 30905  | 32368  |
|  1.7% 8/15/32 (Reg. S)  | EUR  | 37094  | 37015  |
|  Israeli State (guaranteed by U.S. Government through Agency for International Development):  |  |  |  |
|  5.5% 9/18/23  |  | 54954  | 55195  |
|  5.5% 12/4/23  |  | 19812  | 19922  |
|  Japan Government 0.4% 3/20/56  | JPY  | 2254000  | 11828  |
|  United Kingdom, Great Britain and Northern Ireland:  |  |  |  |
|  0.375% 10/22/26 (Reg. S)  | GBP  | 86985  | 93040  |
|  3.75% 7/22/52  | GBP  | 7700  | 8966  |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $435,300)  |  |  | **394406**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 2.8%**  | &nbsp;&nbsp; **Common Stocks - 2.8%**  | &nbsp;&nbsp; **Common Stocks - 2.8%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 0.1%  |  |  |
| Entertainment - 0.0%  |  |  |
|  New Cotai LLC/New Cotai Capital Corp. (b)(c)(m)  | 2242893  | 1211  |
| Interactive Media & Services - 0.1%  |  |  |
|  Alphabet, Inc. Class A (m)  | 56700  | 5003  |
|  Meta Platforms, Inc. Class A (m)  | 29000  | 3490  |
|  |  | 8493  |
| Media - 0.0%  |  |  |
|  iHeartMedia, Inc. (m)  | 26  | 0  |
|  Nexstar Broadcasting Group, Inc. Class A  | 33727  | 5903  |
|  |  | 5903  |
|  TOTAL COMMUNICATION SERVICES  |  | 15607  |
| CONSUMER DISCRETIONARY - 0.4%  |  |  |
| Auto Components - 0.0%  |  |  |
|  Exide Technologies (c)(m)  | 7093  | 7  |
|  Exide Technologies (c)(m)  | 418807  | 0  |
|  Exide Technologies (c)(m)  | 280  | 182  |
|  UC Holdings, Inc. (c)(m)  | 560355  | 3609  |
|  |  | 3798  |
| Hotels, Restaurants & Leisure - 0.2%  |  |  |
|  Boyd Gaming Corp.  | 123800  | 6751  |
|  Caesars Entertainment, Inc. (m)  | 290400  | 12081  |
|  Studio City International Holdings Ltd.:  |  |  |
|  ADR (d)  | 121177  | 722  |
| (NYSE) ADR (m)  | 133400  | 795  |
|  |  | 20349  |
| Household Durables - 0.1%  |  |  |
|  Tempur Sealy International, Inc.  | 296848  | 10191  |
| Specialty Retail - 0.1%  |  |  |
|  Dick's Sporting Goods, Inc.  | 52100  | 6267  |
|  Lowe's Companies, Inc.  | 40300  | 8029  |
|  Williams-Sonoma, Inc.  | 24000  | 2758  |
|  |  | 17054  |
| Textiles, Apparel & Luxury Goods - 0.0%  |  |  |
|  Tapestry, Inc.  | 91100  | 3469  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 54861  |
| CONSUMER STAPLES - 0.2%  |  |  |
| Food & Staples Retailing - 0.1%  |  |  |
|  Southeastern Grocers, Inc. (b)(c)(m)  | 584047  | 13567  |
| Food Products - 0.1%  |  |  |
|  Darling Ingredients, Inc. (m)  | 49300  | 3086  |
|  JBS SA  | 1108000  | 4615  |
|  Reddy Ice Holdings, Inc. (c)(m)  | 133255  | 7  |
|  |  | 7708  |
|  TOTAL CONSUMER STAPLES  |  | 21275  |
| ENERGY - 0.7%  |  |  |
| Energy Equipment & Services - 0.1%  |  |  |
|  Diamond Offshore Drilling, Inc. (k)(m)  | 66694  | 694  |
|  Forbes Energy Services Ltd. (c)(m)  | 135187  | 0  |
|  Halliburton Co.  | 4034  | 159  |
|  Jonah Energy Parent LLC (c)(m)  | 183159  | 10317  |
|  Superior Energy Services, Inc. Class A (c)(m)  | 66115  | 4871  |
|  |  | 16041  |
| Oil, Gas & Consumable Fuels - 0.6%  |  |  |
|  Antero Resources Corp. (m)  | 127900  | 3964  |
|  California Resources Corp.  | 625506  | 27216  |
|  California Resources Corp. warrants 10/27/24 (m)  | 34633  | 436  |
|  Chaparral Energy, Inc.:  |  |  |
|  Series A warrants 10/1/24 (c)(m)  | 289  | 0  |
|  Series B warrants 10/1/25 (c)(m)  | 289  | 0  |
|  Cheniere Energy, Inc.  | 58100  | 8713  |
|  Chesapeake Energy Corp.  | 110303  | 10409  |
|  Chesapeake Energy Corp. (b)(m)  | 15902  | 1501  |
|  Civitas Resources, Inc.  | 36312  | 2104  |
|  Diamondback Energy, Inc.  | 22492  | 3076  |
|  EP Energy Corp. (c)(m)  | 611545  | 4061  |
|  Mesquite Energy, Inc. (c)(m)  | 185122  | 11030  |
|  Unit Corp.  | 28630  | 1657  |
|  |  | 74167  |
|  TOTAL ENERGY  |  | 90208  |
| FINANCIALS - 0.1%  |  |  |
| Capital Markets - 0.0%  |  |  |
|  Penson Worldwide, Inc. Class A (c)(m)  | 7403098  | 0  |
| Consumer Finance - 0.1%  |  |  |
|  OneMain Holdings, Inc.  | 302400  | 10073  |
|  TOTAL FINANCIALS  |  | 10073  |
| HEALTH CARE - 0.2%  |  |  |
| Health Care Providers & Services - 0.1%  |  |  |
|  Humana, Inc.  | 6100  | 3124  |
|  Tenet Healthcare Corp. (m)  | 36700  | 1791  |
|  UnitedHealth Group, Inc.  | 10400  | 5514  |
|  |  | 10429  |
| Life Sciences Tools & Services - 0.1%  |  |  |
|  Charles River Laboratories International, Inc. (m)  | 22300  | 4859  |
|  IQVIA Holdings, Inc. (m)  | 47000  | 9630  |
|  |  | 14489  |
|  TOTAL HEALTH CARE  |  | 24918  |
| INDUSTRIALS - 0.1%  |  |  |
| Building Products - 0.0%  |  |  |
|  Builders FirstSource, Inc. (m)  | 55600  | 3607  |
| Electrical Equipment - 0.0%  |  |  |
|  Regal Rexnord Corp.  | 22600  | 2712  |
| Professional Services - 0.1%  |  |  |
|  ASGN, Inc. (m)  | 88300  | 7195  |
| Trading Companies & Distributors - 0.0%  |  |  |
|  Penhall Acquisition Co.:  |  |  |
|  Class A (c)(m)  | 11553  | 1381  |
|  Class B (c)(m)  | 3850  | 460  |
|  |  | 1841  |
| Transportation Infrastructure - 0.0%  |  |  |
|  Tricer Holdco SCA:  |  |  |
|  Class A1 (b)(c)(m)  | 403760  | 0  |
|  Class A2 (b)(c)(m)  | 403760  | 0  |
|  Class A3 (b)(c)(m)  | 403760  | 0  |
|  Class A4 (b)(c)(m)  | 403760  | 0  |
|  Class A5 (b)(c)(m)  | 403760  | 0  |
|  Class A6 (b)(c)(m)  | 403760  | 0  |
|  Class A7 (b)(c)(m)  | 403760  | 0  |
|  Class A8 (b)(c)(m)  | 403760  | 0  |
|  Class A9 (b)(c)(m)  | 403760  | 0  |
|  |  | 0  |
|  TOTAL INDUSTRIALS  |  | 15355  |
| INFORMATION TECHNOLOGY - 0.6%  |  |  |
| Electronic Equipment & Components - 0.0%  |  |  |
|  CDW Corp.  | 40300  | 7197  |
| IT Services - 0.2%  |  |  |
|  Fiserv, Inc. (m)  | 66600  | 6731  |
|  Global Payments, Inc.  | 61700  | 6128  |
|  GTT Communications, Inc. rights (c)(m)  | 285630  | 286  |
|  MasterCard, Inc. Class A  | 12100  | 4208  |
|  SS&C Technologies Holdings, Inc.  | 54139  | 2818  |
|  Visa, Inc. Class A  | 26900  | 5589  |
|  |  | 25760  |
| Semiconductors & Semiconductor Equipment - 0.3%  |  |  |
|  Advanced Micro Devices, Inc. (m)  | 35900  | 2325  |
|  ASML Holding NV  | 4400  | 2404  |
|  Lam Research Corp.  | 7200  | 3026  |
|  Marvell Technology, Inc.  | 155200  | 5749  |
|  Microchip Technology, Inc.  | 127400  | 8950  |
|  NVIDIA Corp.  | 19000  | 2777  |
|  NXP Semiconductors NV  | 18600  | 2939  |
|  onsemi (m)  | 169691  | 10584  |
|  |  | 38754  |
| Software - 0.1%  |  |  |
|  Adobe, Inc. (m)  | 14064  | 4733  |
|  Microsoft Corp.  | 15200  | 3645  |
|  Palo Alto Networks, Inc. (m)  | 18800  | 2623  |
|  |  | 11001  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 82712  |
| MATERIALS - 0.3%  |  |  |
| Chemicals - 0.1%  |  |  |
|  CF Industries Holdings, Inc.  | 64100  | 5461  |
|  The Chemours Co. LLC  | 214479  | 6567  |
|  |  | 12028  |
| Containers & Packaging - 0.1%  |  |  |
|  Berry Global Group, Inc.  | 87939  | 5314  |
|  Graphic Packaging Holding Co.  | 332500  | 7398  |
|  WestRock Co.  | 111900  | 3934  |
|  |  | 16646  |
| Metals & Mining - 0.1%  |  |  |
|  Algoma Steel Group, Inc.  | 489241  | 3102  |
|  Algoma Steel SCA (c)(m)  | 151792  | 0  |
|  Elah Holdings, Inc. (m)  | 517  | 31  |
|  First Quantum Minerals Ltd.  | 217300  | 4540  |
|  Freeport-McMoRan, Inc.  | 47500  | 1805  |
|  |  | 9478  |
|  TOTAL MATERIALS  |  | 38152  |
| UTILITIES - 0.1%  |  |  |
| Electric Utilities - 0.1%  |  |  |
|  NRG Energy, Inc.  | 58409  | 1859  |
|  PG&E Corp. (m)  | 606468  | 9861  |
|  Portland General Electric Co.  | 13962  | 684  |
|  |  | 12404  |
| Independent Power and Renewable Electricity Producers - 0.0%  |  |  |
|  PureWest Energy (c)  | 10774  | 0  |
|  PureWest Energy rights (c)(m)  | 6493  | 0  |
|  |  | 0  |
|  TOTAL UTILITIES  |  | 12404  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $298,657)  |  | <br> **365565**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 0.0%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 0.0%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 0.0%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Auto Components - 0.0%  |  |  |
|  Exide Technologies (c)(m)  | 624  | 581  |
| INDUSTRIALS - 0.0%  |  |  |
| Transportation Infrastructure - 0.0%  |  |  |
|  Tricer Holdco SCA (b)(c)(m)  | 193792711  | 2  |
| <br> **TOTAL NONCONVERTIBLE PREFERRED STOCKS** <br> (Cost $7,489)  |  | <br> **583**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bank Loan Obligations - 1.7%**  | &nbsp;&nbsp; **Bank Loan Obligations - 1.7%**  | &nbsp;&nbsp; **Bank Loan Obligations - 1.7%**  |
|  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| COMMUNICATION SERVICES - 0.2%  |  |  |
| Diversified Telecommunication Services - 0.1%  |  |  |
|  Connect U.S. Finco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.89% 12/12/26 (f)(g)(n)  | 5315  | 5246  |
|  Frontier Communications Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5% 5/1/28 (f)(g)(n)  | 2657  | 2529  |
|  Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 9.2299% 11/1/24 (f)(g)(n)  | 4181  | 3112  |
|  Zayo Group Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 3/9/27 (f)(g)(n)  | 4347  | 3509  |
|  |  | 14396  |
| Media - 0.1%  |  |  |
|  Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 12.3171% 5/25/26 (f)(g)(n)  | 3585  | 3385  |
|  Nexstar Broadcasting, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 6.8836% 9/19/26 (f)(g)(n)  | 1380  | 1368  |
|  Univision Communications, Inc.:  |  |  |
|  1LN, term loan CME Term SOFR 1 Month Index + 4.250% 8.8302% 6/10/29 (f)(g)(n)  | 353  | 348  |
|  Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.6336% 1/31/29 (f)(g)(n)  | 3553  | 3439  |
|  |  | 8540  |
|  TOTAL COMMUNICATION SERVICES  |  | 22936  |
| CONSUMER DISCRETIONARY - 0.3%  |  |  |
| Auto Components - 0.0%  |  |  |
|  PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.6336% 12/17/28 (f)(g)(n)  | 1040  | 864  |
| Diversified Consumer Services - 0.1%  |  |  |
|  KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 12.9799% 8/22/25 (f)(g)(n)  | 3640  | 3471  |
|  Sotheby's Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 8.5791% 1/15/27 (f)(g)(n)  | 6593  | 6417  |
|  Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.765% 3/4/28 (f)(g)(n)  | 8307  | 6975  |
|  |  | 16863  |
| Hotels, Restaurants & Leisure - 0.1%  |  |  |
|  Delta 2 SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7.573% 1/15/30 (f)(g)(n)  | 1625  | 1623  |
|  Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.323% 1/27/29 (f)(g)(n)  | 1734  | 1646  |
|  Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.4171% 4/7/29 (f)(g)(n)  | 1090  | 1072  |
|  |  | 4341  |
| Specialty Retail - 0.1%  |  |  |
|  Michaels Companies, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.9799% 4/15/28 (f)(g)(n)  | 2669  | 2297  |
|  New SK Holdco Sub LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.350% 12.6746% 6/30/27 (f)(g)(n)  | 515  | 443  |
|  Wand NewCo 3, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 2/5/26 (f)(g)(n)  | 11038  | 10443  |
|  |  | 13183  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 35251  |
| CONSUMER STAPLES - 0.0%  |  |  |
| Beverages - 0.0%  |  |  |
|  Bengal Debt Merger Sub LLC 1LN, term loan CME TERM SOFR 3 MONTH INDEX + 3.250% 7.9302% 1/24/29 (f)(g)(n)  | 1035  | 923  |
| ENERGY - 0.0%  |  |  |
| Energy Equipment & Services - 0.0%  |  |  |
|  Forbes Energy Services LLC Tranche B, term loan 0% (c)(e)(f)(n)  | 1267  | 0  |
| Oil, Gas & Consumable Fuels - 0.0%  |  |  |
|  Mesquite Energy, Inc.:  |  |  |
|  1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(g)(n)  | 3423  | 0  |
|  term loan 3 month U.S. LIBOR + 0.000% 0% (c)(e)(g)(n)  | 1476  | 0  |
|  |  | 0  |
|  TOTAL ENERGY  |  | 0  |
| FINANCIALS - 0.1%  |  |  |
| Capital Markets - 0.0%  |  |  |
|  Citadel Securities LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.9375% 2/27/28 (f)(g)(n)  | 5281  | 5171  |
| Insurance - 0.1%  |  |  |
|  Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.6336% 2/15/27 (f)(g)(n)  | 648  | 626  |
|  Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.8539% 11/12/27 (f)(g)(n)  | 6399  | 6246  |
|  HUB International Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.2202% 11/10/29 (f)(g)(n)  | 450  | 445  |
|  |  | 7317  |
|  TOTAL FINANCIALS  |  | 12488  |
| HEALTH CARE - 0.2%  |  |  |
| Health Care Providers & Services - 0.1%  |  |  |
|  Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.7299% 10/1/27 (f)(g)(n)  | 9702  | 9084  |
|  Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.6336% 11/15/28 (f)(g)(n)  | 3310  | 3182  |
|  |  | 12266  |
| Health Care Technology - 0.1%  |  |  |
|  Athenahealth Group, Inc.:  |  |  |
|  Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.8211% 2/15/29 (f)(g)(n)  | 13072  | 11769  |
|  Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 3.5% 2/15/29 (f)(g)(n)(o)  | 2227  | 2005  |
|  |  | 13774  |
|  TOTAL HEALTH CARE  |  | 26040  |
| INDUSTRIALS - 0.3%  |  |  |
| Air Freight & Logistics - 0.0%  |  |  |
|  Dynasty Acquisition Co., Inc.:  |  |  |
|  Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.923% 4/8/26 (f)(g)(n)  | 1506  | 1433  |
|  Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.923% 4/4/26 (f)(g)(n)  | 810  | 770  |
|  |  | 2203  |
| Airlines - 0.1%  |  |  |
|  Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.13% 8/11/28 (f)(g)(n)  | 4219  | 4161  |
|  SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 7.9926% 10/20/27 (f)(g)(n)  | 2095  | 2133  |
|  |  | 6294  |
| Building Products - 0.1%  |  |  |
|  Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.9799% 5/17/28 (f)(g)(n)  | 11288  | 8403  |
|  Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.8588% 2/25/29 (f)(g)(n)  | 10537  | 9229  |
|  |  | 17632  |
| Commercial Services & Supplies - 0.1%  |  |  |
|  ABG Intermediate Holdings 2 LLC:  |  |  |
|  Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 10.423% 12/20/29 (f)(g)(n)  | 525  | 478  |
|  Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.923% 12/21/28 (f)(g)(n)  | 2487  | 2404  |
|  Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.9883% 6/21/28 (f)(g)(n)  | 1399  | 1298  |
|  Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 8.8219% 4/11/29 (f)(g)(n)  | 7380  | 6573  |
|  Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 8.9375% 12/10/26 (c)(f)(g)(n)  | 3903  | 3864  |
|  |  | 14617  |
| Construction & Engineering - 0.0%  |  |  |
|  SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.8836% 6/4/28 (f)(g)(n)  | 3056  | 2916  |
| Machinery - 0.0%  |  |  |
|  Chart Industries, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 12/8/29 (g)(n)(p)  | 815  | 805  |
|  TOTAL INDUSTRIALS  |  | 44467  |
| INFORMATION TECHNOLOGY - 0.4%  |  |  |
| Electronic Equipment & Components - 0.0%  |  |  |
|  DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.1336% 3/31/28 (f)(g)(n)  | 985  | 941  |
| IT Services - 0.1%  |  |  |
|  Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.7302% 2/16/28 (f)(g)(n)  | 603  | 591  |
|  Camelot Finance SA Tranche B, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 10/31/26 (f)(g)(n)  | 599  | 589  |
|  GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 10.75% 5/31/25 (f)(g)(n)  | 7817  | 3518  |
|  Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.9799% 8/19/28 (f)(g)(n)  | 5339  | 5226  |
|  |  | 9924  |
| Software - 0.3%  |  |  |
|  Boxer Parent Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.1336% 10/2/25 (f)(g)(n)  | 18876  | 18042  |
|  Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.7299% 6/2/28 (f)(g)(n)  | 3145  | 2863  |
|  Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.9849% 8/31/28 (f)(g)(n)  | 3074  | 2949  |
|  RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 4/22/28 (f)(g)(n)  | 3066  | 2910  |
|  Ultimate Software Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.9983% 5/3/26 (f)(g)(n)  | 6670  | 6336  |
|  VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 2/28/27 (f)(g)(n)  | 1274  | 1234  |
|  |  | 34334  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 45199  |
| MATERIALS - 0.1%  |  |  |
| Chemicals - 0.1%  |  |  |
|  Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7.3442% 8/29/29 (f)(g)(n)  | 271  | 270  |
|  Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.370% 7.9683% 10/4/29 (f)(g)(n)  | 8880  | 8074  |
|  Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5% 11/9/28 (f)(g)(n)  | 1693  | 1621  |
|  W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.5% 9/22/28 (f)(g)(n)  | 1277  | 1251  |
|  |  | 11216  |
| Containers & Packaging - 0.0%  |  |  |
|  Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 8.598% 4/13/29 (f)(g)(n)  | 4159  | 3953  |
|  Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 8.2592% 2/9/26 (f)(g)(n)  | 786  | 695  |
|  |  | 4648  |
|  TOTAL MATERIALS  |  | 15864  |
| UTILITIES - 0.1%  |  |  |
| Electric Utilities - 0.1%  |  |  |
|  PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.4375% 6/23/25 (f)(g)(n)  | 16590  | 16439  |
| <br> **TOTAL BANK LOAN OBLIGATIONS** <br> (Cost $240,954)  |  | <br> **219607**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 23.7%**  | &nbsp;&nbsp; **Fixed-Income Funds - 23.7%**  | &nbsp;&nbsp; **Fixed-Income Funds - 23.7%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Emerging Markets Debt Central Fund (q)  | 269174565  | 2029576  |
|  Fidelity Floating Rate Central Fund (q)  | 10625916  | 1010843  |
| <br> **TOTAL FIXED-INCOME FUNDS** <br> (Cost $3,604,102)  |  | **3040419**  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Securities - 4.4%**  | &nbsp;&nbsp; **Preferred Securities - 4.4%**  | &nbsp;&nbsp; **Preferred Securities - 4.4%**  | &nbsp;&nbsp; **Preferred Securities - 4.4%**  |
|  |  | Principal <br> Amount (a) <br> (000s) <br>| Value ($) <br> (000s) <br>|
| CONSUMER DISCRETIONARY - 0.1%  |  |  |  |
| Automobiles - 0.1%  |  |  |  |
|  Volkswagen International Finance NV 4.375% (Reg. S) (f)(h)  | EUR  | 18100  | 16414  |
| ENERGY - 0.6%  |  |  |  |
| Oil, Gas & Consumable Fuels - 0.6%  |  |  |  |
|  Energy Transfer LP:  |  |  |  |
|  6.25% (f)(h)  |  | 45897  | 40096  |
|  6.625% (f)(h)  |  | 17100  | 13125  |
|  7.125% (f)(h)  |  | 4160  | 3512  |
|  MPLX LP 6.875% (f)(h)  |  | 18000  | 18197  |
|  Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 12.1759% (e)(f)(g)(h)  |  | 1711  | 1264  |
|  |  |  | 76194  |
| FINANCIALS - 3.7%  |  |  |  |
| Banks - 3.4%  |  |  |  |
|  Bank of America Corp.:  |  |  |  |
|  5.2% (f)(h)  |  | 48090  | 46812  |
|  5.875% (f)(h)  |  | 60475  | 54318  |
|  6.25% (f)(h)  |  | 18480  | 18121  |
|  Citigroup, Inc.:  |  |  |  |
|  4.7% (f)(h)  |  | 8755  | 7449  |
|  5% (f)(h)  |  | 36455  | 33004  |
|  5.9% (f)(h)  |  | 15875  | 16063  |
|  5.95% (f)(h)  |  | 46925  | 47635  |
|  6.3% (f)(h)  |  | 4120  | 3920  |
|  Huntington Bancshares, Inc. 5.7% (f)(h)  |  | 7660  | 7181  |
|  JPMorgan Chase & Co.:  |  |  |  |
|  4% (f)(h)  |  | 19100  | 16547  |
|  4.6% (f)(h)  |  | 13385  | 12052  |
|  5% (f)(h)  |  | 18675  | 17475  |
|  6% (f)(h)  |  | 54840  | 55007  |
|  6.125% (f)(h)  |  | 12865  | 12639  |
|  6.75% (f)(h)  |  | 6270  | 6422  |
|  Wells Fargo & Co.:  |  |  |  |
|  5.875% (f)(h)  |  | 36775  | 35589  |
|  5.9% (f)(h)  |  | 46445  | 41725  |
|  |  |  | 431959  |
| Capital Markets - 0.3%  |  |  |  |
|  Goldman Sachs Group, Inc.:  |  |  |  |
|  3 month U.S. LIBOR + 2.870% 7.466% (f)(g)(h)  |  | 29914  | 29413  |
|  4.4% (f)(h)  |  | 4530  | 3863  |
|  4.95% (f)(h)  |  | 7885  | 7328  |
|  |  |  | 40604  |
| Diversified Financial Services - 0.0%  |  |  |  |
|  OEC Finance Ltd. 7.5% pay-in-kind (d)(h)  |  | 22  | 1  |
|  TOTAL FINANCIALS  |  |  | 472564  |
| <br> **TOTAL PREFERRED SECURITIES** <br> (Cost $607,397)  |  |  | <br> **565172**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 2.6%**  | &nbsp;&nbsp; **Money Market Funds - 2.6%**  | &nbsp;&nbsp; **Money Market Funds - 2.6%**  |
|  | Shares  | Value ($) <br> (000s) <br>|
|  Fidelity Cash Central Fund 4.37% (r)  | 260038729  | 260091  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (r)(s)  | 74117736  | 74125  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $334,178)  |  | **334216**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.1%** <br> (Cost $14,478,692) <br>| <br>**12974216**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.1)%**  | **(140107)**  |
| **NET ASSETS - 100.0%**  | **12834109**  |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal <br> Amount (a) <br> (000s)  | Value ($) <br>(000s) <br>|
| Ginnie Mae  |  |  |
|  2% 1/1/53  | (13050)  | (10949)  |
|  2% 1/1/53  | (16300)  | (13675)  |
|  2% 1/1/53  | (10250)  | (8599)  |
|  2% 1/1/53  | (16300)  | (13675)  |
|  2% 2/1/53  | (3250)  | (2730)  |
|  3.5% 1/1/53  | (1850)  | (1700)  |
| TOTAL GINNIE MAE  |  | (51328)  |
| Uniform Mortgage Backed Securities  |  |  |
|  2.5% 1/1/53  | (1750)  | (1484)  |
|  2.5% 1/1/53  | (1250)  | (1060)  |
|  2.5% 1/1/53  | (1250)  | (1060)  |
|  2.5% 1/1/53  | (1750)  | (1484)  |
|  2.5% 1/1/53  | (1200)  | (1017)  |
|  3.5% 1/1/53  | (1750)  | (1592)  |
|  3.5% 1/1/53  | (13300)  | (12096)  |
|  3.5% 1/1/53  | (13300)  | (12096)  |
|  4% 1/1/53  | (2800)  | (2628)  |
|  4.5% 1/1/53  | (17450)  | (16820)  |
|  4.5% 1/1/53  | (7200)  | (6940)  |
|  5% 1/1/53  | (2300)  | (2267)  |
| TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | (60544)  |
| **TOTAL TBA SALE COMMITMENTS** <br> (Proceeds $113,458)  |  | <br> **(111872)**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br> (000s) <br>| Value ($) <br> (000s) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br> (000s) <br>|
| Purchased  |  |  |  |  |  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 10-Year U.S. Treasury Note Contracts (United States)  | 4478  | Mar 2023  | 502865  | (1451)  | (1451)  |
| CBOT 2-Year U.S. Treasury Note Contracts (United States)  | 2473  | Mar 2023  | 507158  | 481  | 481  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 247  | Mar 2023  | 26659  | 13  | 13  |
| CBOT Long Term U.S. Treasury Bond Contracts (United States)  | 207  | Mar 2023  | 25946  | 0  | 0  |
| CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States)  | 279  | Mar 2023  | 37473  | 76  | 76  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **(881)**  |
| The notional amount of futures purchased as a percentage of Net Assets is 8.6%  | The notional amount of futures purchased as a percentage of Net Assets is 8.6%  | The notional amount of futures purchased as a percentage of Net Assets is 8.6%  | The notional amount of futures purchased as a percentage of Net Assets is 8.6%  | The notional amount of futures purchased as a percentage of Net Assets is 8.6%  | The notional amount of futures purchased as a percentage of Net Assets is 8.6%  |

---

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $1,377,434,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) (000s)  |
| AUD  | 35438  | USD  | 23735  | Canadian Imperial Bk. of Comm.  | 1/13/23  | 402  |
| EUR  | 3738  | USD  | 3987  | Bank of America, N.A.  | 1/13/23  | 17  |
| EUR  | 13370  | USD  | 14274  | Bank of America, N.A.  | 1/13/23  | 47  |
| EUR  | 2282  | USD  | 2432  | Barclays Bank PLC  | 1/13/23  | 12  |
| EUR  | 4366  | USD  | 4649  | Brown Brothers Harriman & Co  | 1/13/23  | 28  |
| EUR  | 1837  | USD  | 1962  | Brown Brothers Harriman & Co  | 1/13/23  | 6  |
| EUR  | 2304  | USD  | 2439  | HSBC Bank  | 1/13/23  | 29  |
| EUR  | 17415  | USD  | 18603  | Morgan Stanley Cap. Group, Inc  | 1/13/23  | 51  |
| EUR  | 2603  | USD  | 2780  | State Street Bank and Trust Co  | 1/13/23  | 8  |
| EUR  | 3368  | USD  | 3583  | State Street Bank and Trust Co  | 1/13/23  | 25  |
| EUR  | 2508  | USD  | 2671  | State Street Bank and Trust Co  | 1/13/23  | 15  |
| USD  | 44050  | AUD  | 65044  | Bank of America, N.A.  | 1/13/23  | (253)  |
| USD  | 11023  | AUD  | 16301  | Bank of America, N.A.  | 1/13/23  | (80)  |
| USD  | 1835  | AUD  | 2701  | State Street Bank and Trust Co  | 1/13/23  | (5)  |
| USD  | 76857  | CAD  | 104742  | Bank of America, N.A.  | 1/13/23  | (504)  |
| USD  | 3613  | EUR  | 3415  | Bank of America, N.A.  | 1/13/23  | (45)  |
| USD  | 22516  | EUR  | 21191  | Brown Brothers Harriman & Co  | 1/13/23  | (182)  |
| USD  | 451707  | EUR  | 426786  | State Street Bank and Trust Co  | 1/13/23  | (5445)  |
| USD  | 9183  | GBP  | 7503  | Royal Bank of Canada  | 1/13/23  | 110  |
| USD  | 95798  | GBP  | 78150  | State Street Bank and Trust Co  | 1/13/23  | 1294  |
| USD  | 11981  | JPY  | 1623563  | State Street Bank and Trust Co  | 1/13/23  | (405)  |
| **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**  |  | **(4875)**  |
| Unrealized Appreciation  | Unrealized Appreciation  | Unrealized Appreciation  |  |  |  | 2044  |
| Unrealized Depreciation  | Unrealized Depreciation  | Unrealized Depreciation  |  |  |  | (6919)  |

---

For the period, the average contract value for forward foreign currency contracts was $1,369,660,000. Contract value represents contract amount in United States dollars plus or minus unrealized appreciation or depreciation, respectively.

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD  | -  | Australian dollar  |
| CAD  | -  | Canadian dollar  |
| EUR  | -  | European Monetary Unit  |
| GBP  | -  | British pound sterling  |
| JPY  | -  | Japanese yen  |
| USD  | -  | U.S. dollar  |

---

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

**Legend**

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

(b) 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 $41,592,000 or 0.3% of net assets.

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,773,023,000 or 21.6% of net assets.

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

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

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

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

(i) 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.

(j) 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 $15,981,000.

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

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

(m) Non-income producing

(n) 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.

(o) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $1,670,000 and $1,504,000, respectively.

(p) The coupon rate will be determined upon settlement of the loan after period end.

(q) 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.

(r) 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.

(s) 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> (000s)  |
| Chesapeake Energy Corp.  | 2/10/21  | 151  |
| Mesquite Energy, Inc. 15% 7/15/23  | 7/10/20 - 1/18/22  | 1457  |
| Mesquite Energy, Inc. 15% 7/15/23  | 11/05/20 - 1/18/22  | 2515  |
| New Cotai LLC/New Cotai Capital Corp.  | 9/11/20  | 11111  |
| Southeastern Grocers, Inc.  | 6/01/18  | 4108  |
| Tricer Holdco SCA  | 10/16/09 - 12/30/17  | 6909  |
| Tricer Holdco SCA Class A1  | 10/16/09 - 10/29/09  | 1100  |
| Tricer Holdco SCA Class A2  | 10/16/09 - 10/29/09  | 1100  |
| Tricer Holdco SCA Class A3  | 10/16/09 - 10/29/09  | 1100  |
| Tricer Holdco SCA Class A4  | 10/16/09 - 10/29/09  | 1100  |
| Tricer Holdco SCA Class A5  | 10/16/09 - 10/29/09  | 1100  |
| Tricer Holdco SCA Class A6  | 10/16/09 - 10/29/09  | 1100  |
| Tricer Holdco SCA Class A7  | 10/16/09 - 10/29/09  | 1100  |
| Tricer Holdco SCA Class A8  | 10/16/09 - 10/29/09  | 1100  |
| Tricer Holdco SCA Class A9  | 10/16/09 - 10/29/09  | 1100  |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate (Amounts in thousands)  | Value, <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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 672089  | 4110696  | 4522694  | 7198  | 6  | (6)  | 260091  | 0.6%  |
|  Fidelity Emerging Markets Debt Central Fund  | 2568423  | 175093  | 295806  | 115508  | (39921)  | (378213)  | 2029576  | 93.4%  |
|  Fidelity Floating Rate Central Fund  | 1489622  | 79760  | 484235  | 71756  | (39057)  | (35247)  | 1010843  | 43.1%  |
|  Fidelity Mortgage Backed Securities Central Fund  | 21  | -  | 20  | -  | (1)  | -  | -  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 234493  | 2492428  | 2652796  | 660  | -  | -  | 74125  | 0.2%  |
| Total  | 4964648  | 6857977  | 7955551  | 195122  | (78973)  | (413466)  | 3374635  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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** <br> **(Amounts in thousands)**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 15607  | 14396  | -  | 1211  |
| Consumer Discretionary  | 55442  | 51063  | -  | 4379  |
| Consumer Staples  | 21275  | 7701  | -  | 13574  |
| Energy  | 90208  | 59929  | -  | 30279  |
| Financials  | 10073  | 10073  | -  | -  |
| Health Care  | 24918  | 24918  | -  | -  |
| Industrials  | 15357  | 13514  | -  | 1843  |
| Information Technology  | 82712  | 82426  | -  | 286  |
| Materials  | 38152  | 38152  | -  | -  |
| Utilities  | 12404  | 12404  | -  | -  |
|  Corporate Bonds  | 4199663  | -  | 4168851  | 30812  |
|  U.S. Government and Government Agency Obligations  | 3471424  | -  | 3471424  | -  |
|  U.S. Government Agency - Mortgage Securities  | 370058  | -  | 370058  | -  |
|  Commercial Mortgage Securities  | 13103  | -  | 13103  | -  |
|  Foreign Government and Government Agency Obligations  | 394406  | -  | 394406  | -  |
|  Bank Loan Obligations  | 219607  | -  | 215743  | 3864  |
|  Fixed-Income Funds  | 3040419  | 3040419  | -  | -  |
|  Preferred Securities  | 565172  | -  | 565172  | -  |
|  Money Market Funds  | 334216  | 334216  | -  | -  |
| **Total Investments in Securities:**  | 12974216  | 3689211  | 9198757  | 86248  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Forward Foreign Currency Contracts  | 2044  | -  | 2044  | -  |
| Futures Contracts  | 570  | 570  | -  | -  |
| Total Assets  | 2614  | 570  | 2044  | -  |
|  **Liabilities**  |  |  |  |  |
| Forward Foreign Currency Contracts  | (6919)  | -  | (6919)  | -  |
| Futures Contracts  | (1451)  | (1451)  | -  | -  |
| Total Liabilities  | (8370)  | (1451)  | (6919)  | -  |
| **Total Derivative Instruments:**  | (5756)  | (881)  | (4875)  | -  |
| **<u>Other Financial Instruments:</u>**  |  |  |  |  |
|  TBA Sale Commitments  | (111872)  | -  | (111872)  | -  |
| **Total Other Financial Instruments:**  | (111872)  | -  | (111872)  | -  |

---

**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, 2022. 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**  |
| <br> **(Amounts in thousands)**  | **Asset ($)**  | **Liability ($)**  |
| **Foreign Exchange Risk**  |  |  |
| Forward Foreign Currency Contracts (a)  | 2044  | (6919)  |
| **Total Foreign Exchange Risk**  | 2044  | (6919)  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (b)  | 570  | (1451)  |
| **Total Interest Rate Risk**  | 570  | (1451)  |
| **Total Value of Derivatives**  | 2614  | (8370)  |

---

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

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  **Amounts in thousands (except per-share amounts)**  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $71,775) - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $10,540,412)  | 9599581  |  |
|  Fidelity Central Funds (cost $3,938,280)  | 3374635  |  |
|  Total Investment in Securities (cost $14,478,692)  |  | $12974216  |
|  Cash  |  | 3074  |
|  Foreign currency held at value (cost $4)  |  | 4  |
| Receivable for investments sold  |  | 47997  |
|  Receivable for TBA sale commitments  |  | 113458  |
|  Unrealized appreciation on forward foreign currency contracts  |  | 2044  |
|  Receivable for fund shares sold  |  | 10975  |
|  Dividends receivable  |  | 1100  |
|  Interest receivable  |  | 99373  |
|  Distributions receivable from Fidelity Central Funds  |  | 977  |
|  Prepaid expenses  |  | 14  |
| Other receivables  |  | 104  |
| **Total assets**  |  | 13253336  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  |  |  |
|  Regular delivery  | $22824  |  |
|  Delayed delivery  | 160002  |  |
|  TBA sale commitments, at value  | 111872  |  |
|  Unrealized depreciation on forward foreign currency contracts  | 6919  |  |
|  Payable for fund shares redeemed  | 30309  |  |
|  Distributions payable  | 3589  |  |
|  Accrued management fee  | 5970  |  |
|  Distribution and service plan fees payable  | 672  |  |
|  Payable for daily variation margin on futures contracts  | 1172  |  |
|  Other affiliated payables  | 1524  |  |
|  Other payables and accrued expenses  | 249  |  |
|  Collateral on securities loaned  | 74125  |  |
| **Total Liabilities**  |  | 419227  |
| **Net Assets**  |  | $12834109  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $14583011  |
|  Total accumulated earnings (loss)  |  | (1748902)  |
|  **Net Assets**  |  | $12834109  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Class A :**  |  |  |
|  **Net Asset Value** and redemption price per share ($1,636,956 ÷ 152,609 shares) <sup>(a)</sup>  |  | $10.73  |
|  Maximum offering price per share (100/96.00 of $10.73)  |  | $11.18  |
| **Class M :**  |  |  |
|  **Net Asset Value** and redemption price per share ($629,724 ÷ 58,739 shares) <sup>(a)</sup>  |  | $10.72  |
|  Maximum offering price per share (100/96.00 of $10.72)  |  | $11.17  |
| **Class C :**  |  |  |
|  **Net Asset Value** and offering price per share ($222,216 ÷ 20,776 shares) <sup>(a)</sup>  |  | $10.70  |
| **Fidelity Strategic Income Fund :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($5,456,882 ÷ 501,433 shares)  |  | $10.88  |
| **Class I :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($3,986,403 ÷ 366,277 shares)  |  | $10.88  |
| **Class Z :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($901,928 ÷ 82,832 shares)  |  | $10.89  |
| *(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**  |
| **Amounts in thousands**  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $50006  |
| Interest  |  | 360210  |
| Income from Fidelity Central Funds (including $660 from security lending)  |  | 195122  |
| **Total Income**  |  | 605338  |
|  **Expenses**  |  |  |
| Management fee  | $79820  |  |
| Transfer agent fees  | 18450  |  |
| Distribution and service plan fees  | 9036  |  |
| Accounting fees  | 1718  |  |
| Custodian fees and expenses  | 44  |  |
| Independent trustees' fees and expenses  | 48  |  |
| Registration fees  | 344  |  |
| Audit  | 124  |  |
| Legal  | 914  |  |
| Miscellaneous  | 66  |  |
| Total expenses before reductions  | 110564  |  |
| Expense reductions  | (297)  |  |
| Total expenses after reductions  |  | 110267  |
| **Net Investment income (loss)**  |  | 495071  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (57059)  |  |
| Fidelity Central Funds  | (78973)  |  |
| Forward foreign currency contracts  | 113251  |  |
| Foreign currency transactions  | (5636)  |  |
| Futures contracts  | (224713)  |  |
| Total net realized gain (loss)  |  | (253130)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (1674078)  |  |
| Fidelity Central Funds  | (413466)  |  |
| Forward foreign currency contracts  | (25357)  |  |
| Assets and liabilities in foreign currencies  | 215  |  |
| Futures contracts  | (3309)  |  |
| TBA Sale commitments  | 1618  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (2114377)  |
| **Net gain (loss)**  |  | (2367507)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(1872436)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
| **Amount in thousands**  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $495071  | $424672  |
| &nbsp;&nbsp; Net realized gain (loss)  | (253130) <br>| 319698 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (2114377)  | (140674) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (1872436) <br>| 603696 <br>|
| Distributions to shareholders  | (511157) <br>| (741684) <br>|
| Share transactions - net increase (decrease)  | (1768785) <br>| 1482123 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (4152378) <br>| 1344135 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 16986487  | 15642352 <br>|
| &nbsp;&nbsp; End of period  | $12834109  | $16986487  |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.51  | $12.61  | $12.29  | $11.56  | $12.32  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .359  | .303  | .367  | .412  | .424  |
| Net realized and unrealized gain (loss)  | (1.764)  | .143  | .497  | .818  | (.780)  |
| Total from investment operations  | (1.405)  | .446  | .864  | 1.230  | (.356)  |
| Distributions from net investment income  | (.361)  | (.305)  | (.386)  | (.390)  | (.392)  |
| Distributions from net realized gain  | (.014)  | (.241)  | (.158)  | (.110)  | (.012)  |
| Total distributions  | (.375)  | (.546)  | (.544)  | (.500)  | (.404)  |
| Net asset value, end of period  | $10.73  | $12.51  | $12.61  | $12.29  | $11.56  |
| **Total Return** <sup>C,D</sup>  | (11.29)%  | 3.58%  | 7.19%  | 10.74%  | (2.95)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .98%  | .97%  | .97%  | .98%  | .98%  |
| Expenses net of fee waivers, if any  | .97%  | .96%  | .97%  | .97%  | .98%  |
| Expenses net of all reductions  | .97%  | .96%  | .97%  | .97%  | .98%  |
| Net investment income (loss)  | 3.18%  | 2.39%  | 3.02%  | 3.38%  | 3.52%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $1637  | $2072  | $1904  | $1918  | $1631  |
| Portfolio turnover rate <sup>G</sup>  | 69%  | 94%  | 96%  | 138% <sup>H</sup>  | 113% <sup>I</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *Total returns do not include the effect of the sales charges.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>I</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.51  | $12.61  | $12.28  | $11.55  | $12.31  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .360  | .304  | .368  | .412  | .424  |
| Net realized and unrealized gain (loss)  | (1.774)  | .142  | .506  | .818  | (.779)  |
| Total from investment operations  | (1.414)  | .446  | .874  | 1.230  | (.355)  |
| Distributions from net investment income  | (.362)  | (.305)  | (.386)  | (.390)  | (.393)  |
| Distributions from net realized gain  | (.014)  | (.241)  | (.158)  | (.110)  | (.012)  |
| Total distributions  | (.376)  | (.546)  | (.544)  | (.500)  | (.405)  |
| Net asset value, end of period  | $10.72  | $12.51  | $12.61  | $12.28  | $11.55  |
| **Total Return** <sup>C,D</sup>  | (11.37)%  | 3.59%  | 7.29%  | 10.75%  | (2.95)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .97%  | .96%  | .96%  | .97%  | .98%  |
| Expenses net of fee waivers, if any  | .97%  | .96%  | .96%  | .97%  | .97%  |
| Expenses net of all reductions  | .97%  | .96%  | .96%  | .97%  | .97%  |
| Net investment income (loss)  | 3.19%  | 2.39%  | 3.03%  | 3.39%  | 3.52%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $630  | $797  | $792  | $806  | $755  |
| Portfolio turnover rate <sup>G</sup>  | 69%  | 94%  | 96%  | 138% <sup>H</sup>  | 113% <sup>I</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *Total returns do not include the effect of the sales charges.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>I</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.48  | $12.58  | $12.26  | $11.53  | $12.28  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .275  | .208  | .276  | .320  | .334  |
| Net realized and unrealized gain (loss)  | (1.765)  | .142  | .496  | .818  | (.770)  |
| Total from investment operations  | (1.490)  | .350  | .772  | 1.138  | (.436)  |
| Distributions from net investment income  | (.276)  | (.209)  | (.294)  | (.298)  | (.302)  |
| Distributions from net realized gain  | (.014)  | (.241)  | (.158)  | (.110)  | (.012)  |
| Total distributions  | (.290)  | (.450)  | (.452)  | (.408)  | (.314)  |
| Net asset value, end of period  | $10.70  | $12.48  | $12.58  | $12.26  | $11.53  |
| **Total Return** <sup>C,D</sup>  | (11.99)%  | 2.81%  | 6.41%  | 9.94%  | (3.60)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.73%  | 1.72%  | 1.72%  | 1.72%  | 1.72%  |
| Expenses net of fee waivers, if any  | 1.73%  | 1.72%  | 1.72%  | 1.72%  | 1.72%  |
| Expenses net of all reductions  | 1.73%  | 1.72%  | 1.72%  | 1.72%  | 1.72%  |
| Net investment income (loss)  | 2.43%  | 1.64%  | 2.27%  | 2.63%  | 2.78%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $222  | $354  | $572  | $678  | $1006  |
| Portfolio turnover rate <sup>G</sup>  | 69%  | 94%  | 96%  | 138% <sup>H</sup>  | 113% <sup>I</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *Total returns do not include the effect of the contingent deferred sales charge.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>I</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.70  | $12.79  | $12.46  | $11.72  | $12.38  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .399  | .346  | .410  | .454  | .314  |
| Net realized and unrealized gain (loss)  | (1.805)  | .153  | .504  | .827  | (.657)  |
| Total from investment operations  | (1.406)  | .499  | .914  | 1.281  | (.343)  |
| Distributions from net investment income  | (.400)  | (.348)  | (.426)  | (.431)  | (.317)  |
| Distributions from net realized gain  | (.014)  | (.241)  | (.158)  | (.110)  | -  |
| Total distributions  | (.414)  | (.589)  | (.584)  | (.541)  | (.317)  |
| Net asset value, end of period  | $10.88  | $12.70  | $12.79  | $12.46  | $11.72  |
| **Total Return** <sup>D,E</sup>  | (11.14)%  | 3.96%  | 7.53%  | 11.04%  | (2.78)%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .68%  | .66%  | .67%  | .68%  | .69% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .68%  | .66%  | .67%  | .68%  | .68% <sup>H</sup>  |
| Expenses net of all reductions  | .68%  | .66%  | .67%  | .68%  | .68% <sup>H</sup>  |
| Net investment income (loss)  | 3.48%  | 2.69%  | 3.32%  | 3.68%  | 3.64% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $5457  | $7245  | $6823  | $8139  | $7817  |
| Portfolio turnover rate <sup>I</sup>  | 69%  | 94%  | 96%  | 138% <sup>J</sup>  | 113% <sup>K</sup>  |

---

<sup>A</sup> *For the period April 13, 2018 (commencement of sale of shares) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Annualized.*

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

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>K</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.70  | $12.79  | $12.46  | $11.72  | $12.49  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .394  | .340  | .404  | .449  | .458  |
| Net realized and unrealized gain (loss)  | (1.805)  | .153  | .505  | .827  | (.789)  |
| Total from investment operations  | (1.411)  | .493  | .909  | 1.276  | (.331)  |
| Distributions from net investment income  | (.395)  | (.342)  | (.421)  | (.426)  | (.427)  |
| Distributions from net realized gain  | (.014)  | (.241)  | (.158)  | (.110)  | (.012)  |
| Total distributions  | (.409)  | (.583)  | (.579)  | (.536)  | (.439)  |
| Net asset value, end of period  | $10.88  | $12.70  | $12.79  | $12.46  | $11.72  |
| **Total Return** <sup>C</sup>  | (11.18)%  | 3.91%  | 7.48%  | 11.00%  | (2.71)%  |
| **Ratios to Average Net Assets** <sup>B,D,E</sup>  |  |  |  |  |  |
| Expenses before reductions  | .72%  | .71%  | .71%  | .72%  | .73%  |
| Expenses net of fee waivers, if any  | .72%  | .71%  | .71%  | .72%  | .73%  |
| Expenses net of all reductions  | .72%  | .71%  | .71%  | .72%  | .73%  |
| Net investment income (loss)  | 3.44%  | 2.64%  | 3.28%  | 3.64%  | 3.76%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $3986  | $5460  | $4890  | $4899  | $4831  |
| Portfolio turnover rate <sup>F</sup>  | 69%  | 94%  | 96%  | 138% <sup>G</sup>  | 113% <sup>H</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>D</sup> *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.*

<sup>E</sup> *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.*

<sup>F</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>G</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>H</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.70  | $12.80  | $12.47  | $11.72  | $12.17  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .405  | .352  | .417  | .461  | .119  |
| Net realized and unrealized gain (loss)  | (1.794)  | .143  | .504  | .837  | (.437)  |
| Total from investment operations  | (1.389)  | .495  | .921  | 1.298  | (.318)  |
| Distributions from net investment income  | (.407)  | (.354)  | (.433)  | (.438)  | (.132)  |
| Distributions from net realized gain  | (.014)  | (.241)  | (.158)  | (.110)  | -  |
| Total distributions  | (.421)  | (.595)  | (.591)  | (.548)  | (.132)  |
| Net asset value, end of period  | $10.89  | $12.70  | $12.80  | $12.47  | $11.72  |
| **Total Return** <sup>D,E</sup>  | (11.00)%  | 3.92%  | 7.59%  | 11.19%  | (2.62)%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .62%  | .61%  | .61%  | .62%  | .62% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .62%  | .61%  | .61%  | .62%  | .62% <sup>H</sup>  |
| Expenses net of all reductions  | .62%  | .61%  | .61%  | .62%  | .62% <sup>H</sup>  |
| Net investment income (loss)  | 3.54%  | 2.74%  | 3.38%  | 3.74%  | 3.95% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (in millions)  | $902  | $1058  | $662  | $587  | $166  |
| Portfolio turnover rate <sup>I</sup>  | 69%  | 94%  | 96%  | 138% <sup>J</sup>  | 113% <sup>K</sup>  |

---

<sup>A</sup> *For the period October 2, 2018 (commencement of sale of shares) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Annualized.*

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

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>K</sup> *The portfolio turnover rate does not include the assets acquired in the merger.*

**Notes to Financial Statements**

For the period ended December 31, 2022

*(Amounts in thousands except percentages)*

**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. 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 Ratio** <sup>A</sup>  |
| 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> Restricted Securities  | Less than .005%  |
| 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 <br>| Less than .005%  |
| Fidelity Money Market Central Funds  | Fidelity Management & Research Company LLC (FMR)  | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  | Short-term Investments  | Less than .005%  |

---

<sup>A</sup> *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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, 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. Commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. 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, 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.

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. 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, 2022 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 interest. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in interest receivable.

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

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

---

| | |
|:---|:---|
| **Fidelity Advisor Strategic Income Fund**  | $104  |

---

**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, 2022, 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, 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**  | $253135  |
| **Gross unrealized depreciation**  | <u>(1729843)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(1476708)</u>  |
| **Tax Cost**  | <u>$14462311</u>  |

---

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

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(248582)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(1476627)</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**  | <u>$(248582)</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $492380  | $543787  |
| **Long-term Capital Gains**  | <u>18777</u>  | <u>197897</u>  |
| **Total**  | <u>$511157</u>  | <u>$741684</u>  |

---

**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 proceeds and value of these commitments are reflected in the Statement of Assets and Liabilities as "Receivable for TBA sale commitments" and "TBA sale commitments, at value," respectively.

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

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

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

---

| | |
|:---|:---|
| Foreign Exchange Risk  | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates. <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, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. 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.

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>$113251</u>  | <u>$(25357)</u>  |
| **Total Foreign Exchange Risk**  | <u>113251</u>  | <u>(25357)</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | <u>(224713)</u>  | <u>(3309)</u>  |
| **Total Interest Rate Risk**  | <u>$(224713)</u>  | <u>$(3309)</u>  |
| **Totals**  | <u>$(111462)</u>  | <u>$(28666)</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 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.

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Advisor Strategic Income Fund**  | 5463554  | 7299520  |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .55% of the Fund's average net assets.

**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%  | $4519  | $87  |
| **Class M**  | - %  | .25%  | 1729  | 15  |
| **Class C**  | .75%  | .25%  | <u>2788</u>  | <u>303</u>  |
|  |  |  | <u>$9036</u>  | <u>$405</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**  | $85  |
| **Class M**  | 11  |
| **Class C** <sup>A</sup>  | <u>10</u>  |
|  | <u>$106</u>  |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Class A**  | $2820  | .16  |
| **Class M**  | 1029  | .15  |
| **Class C**  | 448  | .16  |
| **Fidelity Strategic Income Fund**  | 6636  | .11  |
| **Class I**  | 7042  | .15  |
| **Class Z**  | <u>475</u>  | .05  |
|  | <u>$18450</u>  |  |

---

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

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **Fidelity Advisor Strategic Income Fund**  | .01  |

---

**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**  | $4  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Advisor Strategic Income Fund**  | 12193  | 17812  | 4204  |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)**  |
| **Fidelity Advisor Strategic Income Fund**  | 6  |

---

**7. Committed Line of Credit.**

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

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Advisor Strategic Income Fund**  | $26  |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **Fidelity Advisor Strategic Income Fund**  | $72  | $-  | $-  |

---

**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 $30.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $267.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2022**  | **Year ended** **December 31, 2021**  |
| **Fidelity Advisor Strategic Income Fund**  |  |  |
| **Distributions to shareholders**  |  |  |
| Class A  | $59799  | $87743  |
| Class M  | 22910  | 34319  |
| Class C  | 6975  | 14402  |
| Fidelity Strategic Income Fund  | 223432  | 326888  |
| Class I  | 163110  | 236348  |
| Class Z  | <u>34931</u>  | <u>41984</u>  |
| Total  | <u>$511157</u>  | <u>$741684</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 December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **Fidelity Advisor Strategic Income Fund**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| Shares sold  | 15973  | 38813  | $181883  | $492042  |
| Reinvestment of distributions  | 5118  | 6639  | 57068  | 83673  |
| Shares redeemed  | <u>(34081)</u>  | <u>(30768)</u>  | <u>(383022)</u>  | <u>(390153)</u>  |
| Net increase (decrease)  | <u>(12990)</u>  | <u>14684</u>  | <u>$(144071)</u>  | <u>$185562</u>  |
| **Class M**  |  |  |  |  |
| Shares sold  | 4863  | 8510  | $55925  | $107780  |
| Reinvestment of distributions  | 2014  | 2673  | 22441  | 33668  |
| Shares redeemed  | <u>(11838)</u>  | <u>(10318)</u>  | <u>(133831)</u>  | <u>(130794)</u>  |
| Net increase (decrease)  | <u>(4961)</u>  | <u>865</u>  | <u>$(55465)</u>  | <u>$10654</u>  |
| **Class C**  |  |  |  |  |
| Shares sold  | 2460  | 5044  | $28121  | $63776  |
| Reinvestment of distributions  | 608  | 1114  | 6768  | 13990  |
| Shares redeemed  | <u>(10660)</u>  | <u>(23285)</u>  | <u>(119724)</u>  | <u>(294235)</u>  |
| Net increase (decrease)  | <u>(7592)</u>  | <u>(17127)</u>  | <u>$(84835)</u>  | <u>$(216469)</u>  |
| **Fidelity Strategic Income Fund**  |  |  |  |  |
| Shares sold  | 90824  | 125347  | $1045620  | $1613497  |
| Reinvestment of distributions  | 17550  | 22959  | 198721  | 293601  |
| Shares redeemed  | <u>(177632)</u>  | <u>(110939)</u>  | <u>(2014058)</u>  | <u>(1427465)</u>  |
| Net increase (decrease)  | <u>(69258)</u>  | <u>37367</u>  | <u>$(769717)</u>  | <u>$479633</u>  |
| **Class I**  |  |  |  |  |
| Shares sold  | 116342  | 143221  | $1352927  | $1842147  |
| Reinvestment of distributions  | 13623  | 17372  | 154401  | 222130  |
| Shares redeemed  | <u>(193764)</u>  | <u>(112697)</u>  | <u>(2218101)</u>  | <u>(1448940)</u>  |
| Net increase (decrease)  | <u>(63799)</u>  | <u>47896</u>  | <u>$(710773)</u>  | <u>$615337</u>  |
| **Class Z**  |  |  |  |  |
| Shares sold  | 34259  | 41820  | $393604  | $539424  |
| Reinvestment of distributions  | 2610  | 2771  | 29544  | 35442  |
| Shares redeemed  | <u>(37338)</u>  | <u>(13034)</u>  | <u>(427072)</u>  | <u>(167460)</u>  |
| Net increase (decrease)  | <u>(469)</u>  | <u>31557</u>  | <u>$(3924)</u>  | <u>$407406</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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**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, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2022, 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, 2022, 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 15, 2023

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

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 295 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity <sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2016

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2016

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **Fidelity Advisor® Strategic Income Fund**  |  |  |  |  |
| **Class A**  | .97%  |  |  |  |
| **Actual**  |  | $1000  | $1007.00  | $4.91  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.32  | $4.94  |
| **Class M**  | .96%  |  |  |  |
| **Actual**  |  | $1000  | $1007.00  | $4.86  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.37  | $4.89  |
| **Class C**  | 1.72%  |  |  |  |
| **Actual**  |  | $1000  | $1003.10  | $8.68  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1016.53  | $8.74  |
| **Fidelity® Strategic Income Fund**  | .67%  |  |  |  |
| **Actual**  |  | $1000  | $1007.70  | $3.39  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.83  | $3.41  |
| **Class I**  | .72%  |  |  |  |
| **Actual**  |  | $1000  | $1007.50  | $3.64  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.58  | $3.67  |
| **Class Z**  | .62%  |  |  |  |
| **Actual**  |  | $1000  | $1008.90  | $3.14  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.08  | $3.16  |

---

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

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

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

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

A total of 10.71% 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 $274,528,853 of distributions paid in the calendar year 2021 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $344,769,293 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

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

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

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

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

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

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

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

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

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

<u>Investment Performance</u> . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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

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

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

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

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

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

![](img88197_9.jpg)

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

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

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

The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median and below the ASPG competitive median for 2021.

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

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

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

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

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

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

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

![](img88197_2.jpg) <br>

1.540220.125 SI-ANN-0323

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2022, 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 Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton 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, 2022 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor Strategic Income Fund | $100900  | $-  | $9300  | $2200  |

---

**<u>December 31, 2021 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Advisor Strategic Income Fund | $100200  | $-  | $9300  | $2200  |

---

<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>**

---

| | | |
|:---|:---|:---|
|  | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| Audit-Related Fees | $-  | $-  |
| Tax Fees | $- | $- |
| All Other Fees | $- | $- |

---

<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:

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| Deloitte Entities | $469100  | $533100  |

---

<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).

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

Not applicable.

Item 8.

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

Not applicable.

Item 9.

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

Not applicable.

Item 10.

<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 11.

<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 12.

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

<u>Investment Companies</u>

Not applicable.

Item 13.

<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.](coe.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.](ex99_906cert.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

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer |
| Date: | February 21, 2023 |

---

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.

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer |
| Date: | February 21, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | February 21, 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;&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> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Laura M. Del Prato, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Ex-99.Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT EX-99.CODE ETH** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FIDELITY FUNDS' CODE OF ETHICS FOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I. Purposes of the Code/Covered Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to the provisions of Rule 30b2-1(a) under the Investment Company Act of 1940), which Rule implements Sections 406 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, a part of Corporate Compliance Group within Core Compliance, administers the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **II.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Covered Officers Should Handle Ethically** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Actual and Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not use his or her 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; · &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; · &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; · &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; · &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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &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; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should, to the extent appropriate within his 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; · &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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **IV. Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &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 he or she has received, read, and understands the Code; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 Chief Ethics Officer retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **V. Oversight** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material violations of this Code will be reported promptly by FMR to the Board's Compliance Committee. In addition, at least once each year, FMR 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VI. Other Policies and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VII. Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VIII. Records and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>