# EDGAR Filing Document

**Accession Number:** 0000795422
**File Stem:** 0000795422-25-000095
**Filing Date:** 2025-8
**Character Count:** 283881
**Document Hash:** 60e8f73a1a042a2ea5e6f3b1eee63b50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000795422-25-000095.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000795422-25-000095

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04707
- **FILM NUMBER:** 251244935

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY DIVERSIFIED TRUST
- **DATE OF NAME CHANGE:** 19930706

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

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

## Series and Classes Contracts Data

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>Fidelity Advisor Series II</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;December 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;June 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity® Strategic Income Fund : FADMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Strategic Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Strategic Income Fund  | $33  | 0.65% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14695873844<br>|
| Number of Holdings | 958<br>|
| Portfolio Turnover | 85%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.0 |
| AAA | 0.9 |
| AA | 2.3 |
| A | 1.0 |
| BBB | 6.1 |
| BB | 13.0 |
| B | 18.3 |
| CCC,CC,C | 6.2 |
| D | 0.0 |
| Not Rated | 12.5 |
| Equities | 9.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.0 |
| &nbsp;&nbsp;AAA - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 44.0 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 44.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 73.5 |
| Germany | 5.4 |
| Canada | 1.8 |
| Mexico | 1.7 |
| Australia | 1.4 |
| United Kingdom | 1.1 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 73.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 16.2<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 3.6<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.3<br>|
| Australian Commonwealth | 1.1<br>|
| EchoStar Corp | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Turkish Republic | 0.7<br>|
|  | 35.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img638_20250630_1.jpg)<br>| ![](img110867_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916026.101 3082-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class Z : FIWDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Strategic Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $30  | 0.59% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14695873844<br>|
| Number of Holdings | 958<br>|
| Portfolio Turnover | 85%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.0 |
| AAA | 0.9 |
| AA | 2.3 |
| A | 1.0 |
| BBB | 6.1 |
| BB | 13.0 |
| B | 18.3 |
| CCC,CC,C | 6.2 |
| D | 0.0 |
| Not Rated | 12.5 |
| Equities | 9.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.0 |
| &nbsp;&nbsp;AAA - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 44.0 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 44.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 73.5 |
| Germany | 5.4 |
| Canada | 1.8 |
| Mexico | 1.7 |
| Australia | 1.4 |
| United Kingdom | 1.1 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 73.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 16.2<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 3.6<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.3<br>|
| Australian Commonwealth | 1.1<br>|
| EchoStar Corp | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Turkish Republic | 0.7<br>|
|  | 35.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img638_20250630_1.jpg)<br>| ![](img110868_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916027.101 3286-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class M : FSIAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Strategic Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $48  | 0.95% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14695873844<br>|
| Number of Holdings | 958<br>|
| Portfolio Turnover | 85%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.0 |
| AAA | 0.9 |
| AA | 2.3 |
| A | 1.0 |
| BBB | 6.1 |
| BB | 13.0 |
| B | 18.3 |
| CCC,CC,C | 6.2 |
| D | 0.0 |
| Not Rated | 12.5 |
| Equities | 9.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.0 |
| &nbsp;&nbsp;AAA - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 44.0 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 44.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 73.5 |
| Germany | 5.4 |
| Canada | 1.8 |
| Mexico | 1.7 |
| Australia | 1.4 |
| United Kingdom | 1.1 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 73.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 16.2<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 3.6<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.3<br>|
| Australian Commonwealth | 1.1<br>|
| EchoStar Corp | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Turkish Republic | 0.7<br>|
|  | 35.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img638_20250630_1.jpg)<br>| ![](img110869_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916029.101 638-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class I : FSRIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Strategic Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $35  | 0.69% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14695873844<br>|
| Number of Holdings | 958<br>|
| Portfolio Turnover | 85%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.0 |
| AAA | 0.9 |
| AA | 2.3 |
| A | 1.0 |
| BBB | 6.1 |
| BB | 13.0 |
| B | 18.3 |
| CCC,CC,C | 6.2 |
| D | 0.0 |
| Not Rated | 12.5 |
| Equities | 9.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.0 |
| &nbsp;&nbsp;AAA - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 44.0 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 44.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 73.5 |
| Germany | 5.4 |
| Canada | 1.8 |
| Mexico | 1.7 |
| Australia | 1.4 |
| United Kingdom | 1.1 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 73.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 16.2<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 3.6<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.3<br>|
| Australian Commonwealth | 1.1<br>|
| EchoStar Corp | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Turkish Republic | 0.7<br>|
|  | 35.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img638_20250630_1.jpg)<br>| ![](img110870_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916030.101 648-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class C : FSRCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Strategic Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $86  | 1.70% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14695873844<br>|
| Number of Holdings | 958<br>|
| Portfolio Turnover | 85%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.0 |
| AAA | 0.9 |
| AA | 2.3 |
| A | 1.0 |
| BBB | 6.1 |
| BB | 13.0 |
| B | 18.3 |
| CCC,CC,C | 6.2 |
| D | 0.0 |
| Not Rated | 12.5 |
| Equities | 9.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.0 |
| &nbsp;&nbsp;AAA - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 44.0 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 44.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 73.5 |
| Germany | 5.4 |
| Canada | 1.8 |
| Mexico | 1.7 |
| Australia | 1.4 |
| United Kingdom | 1.1 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 73.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 16.2<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 3.6<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.3<br>|
| Australian Commonwealth | 1.1<br>|
| EchoStar Corp | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Turkish Republic | 0.7<br>|
|  | 35.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img638_20250630_1.jpg)<br>| ![](img110871_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916028.101 523-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity Advisor® Strategic Income Fund<br> **Fidelity Advisor® Strategic Income Fund Class A : FSTAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Advisor® Strategic Income Fund for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $48  | 0.94% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14695873844<br>|
| Number of Holdings | 958<br>|
| Portfolio Turnover | 85%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.0 |
| AAA | 0.9 |
| AA | 2.3 |
| A | 1.0 |
| BBB | 6.1 |
| BB | 13.0 |
| B | 18.3 |
| CCC,CC,C | 6.2 |
| D | 0.0 |
| Not Rated | 12.5 |
| Equities | 9.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.0 |
| &nbsp;&nbsp;AAA - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 44.0 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img638_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 44.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 73.5 |
| Germany | 5.4 |
| Canada | 1.8 |
| Mexico | 1.7 |
| Australia | 1.4 |
| United Kingdom | 1.1 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Others | 12.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img638_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 73.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 16.2<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 3.6<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.3<br>|
| Australian Commonwealth | 1.1<br>|
| EchoStar Corp | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Turkish Republic | 0.7<br>|
|  | 35.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img638_20250630_1.jpg)<br>| ![](img110872_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916025.101 260-TSRS-0825 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity Advisor® Strategic Income Fund**

**Semi-Annual Report**

**June 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111010_1.jpg)

![](img111010_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Advisor® Strategic Income Fund](#Sub_Sec_Fund_638_SI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements638_SI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SI-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity Advisor® Strategic Income Fund**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.1%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.1%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Brant Point CLO 2024-5 Ltd Series 2024-5A Class E, CME Term SOFR 3 month Index + 6.7%, 10.9695% 10/20/2037 (b)(c)(d) | 324000 | 327370 |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0318% 10/25/2037 (b)(c)(d) | 836000 | 844230 |
| OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 7.0605% 1/16/2037 (b)(c)(d) | 250000 | 250183 |
| TOTAL BAILIWICK OF JERSEY |  | 1421783 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| 720 East CLO IV Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.5%, 10.7561% 4/15/2037 (b)(c)(d) | 538000 | 544914 |
| Apidos Ln Fd 2024-1 Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0318% 4/25/2035 (b)(c)(d) | 153000 | 152834 |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5224% 10/22/2037 (b)(c)(d) | 498000 | 498008 |
| Bayard Pk Clo Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.35%, 10.6768% 7/24/2038 (b)(c)(d) | 798000 | 821093 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.2561% 3/30/2038 (b)(c)(d) | 488000 | 479085 |
| Benefit Street Partners Clo Xxxix Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.9065% 4/15/2038 (b)(c)(d) | 668000 | 667641 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 7.0928% 4/22/2038 (b)(c)(d) | 716000 | 716356 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 11.0195% 10/20/2037 (b)(c)(d) | 393000 | 395157 |
| Carlyle US Clo 2025-2 Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 11.046% 7/25/2038 (b)(c)(d) | 658000 | 660833 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 10.2067% 10/25/2037 (b)(c)(d) | 468000 | 471395 |
| Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.6195% 10/20/2037 (b)(c)(d) | 178000 | 179864 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.579% 7/21/2038 (b)(c)(d) | 1091000 | 1111281 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (b)(c)(d) | 410000 | 410437 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.8061% 10/15/2036 (b)(c)(d) | 2231000 | 2246976 |
| Diameter Cap Clo 7 Ltd / Diameter Cap Clo 7 LLC Series 2024-7A Class D, CME Term SOFR 3 month Index + 6.1%, 10.3695% 7/20/2037 (b)(c)(d) | 1262000 | 1265723 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 8.3834% 4/15/2038 (b)(c)(d) | 460000 | 461413 |
| Flatiron Clo 19 Ltd Series 2025-1A Class ER2, CME Term SOFR 3 month Index + 5.9%, 10.2252% 11/16/2034 (b)(c)(d) | 305000 | 300433 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.5334% 4/15/2038 (b)(c)(d) | 707000 | 714287 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 6.25% 7/20/2037 (b)(c)(d)(e) | 218000 | 218301 |
| Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (b)(e) | 308000 | 308425 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 10.2561% 7/15/2037 (b)(c)(d) | 395000 | 399514 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5657% 7/20/2036 (b)(c)(d) | 519000 | 519715 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5195% 10/20/2037 (b)(c)(d) | 464000 | 468389 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.8195% 7/20/2037 (b)(c)(d) | 553000 | 548569 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.8695% 10/20/2037 (b)(c)(d) | 876000 | 883833 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.3961% 2/15/2038 (b)(c)(d) | 319000 | 319828 |
| Palmer Square Loan Funding 2025-2 Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 4.5% 7/15/2033 (b)(c)(d)(e) | 738000 | 738000 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.9561% 1/15/2033 (b)(c)(d) | 1085000 | 1074899 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 8.0695% 4/20/2038 (b)(c)(d) | 274000 | 272869 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 10.2561% 10/15/2039 (b)(c)(d) | 826000 | 838986 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 18689058 |
| UNITED STATES - 0.0%  |  |  |
| Goldentree Loan Management US Clo 7 Ltd Series 2024-7A Class ERR, CME Term SOFR 3 month Index + 5.25%, 9.5195% 4/20/2034 (b)(c)(d) | 357000 | 353130 |
| Obra Clo 1 Ltd / Obra Clo 1 LLC Series 2024-1A Class D2, 8.259% 1/20/2038 (b) | 325000 | 326977 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 11.1731% 1/20/2038 (b)(c)(d) | 375000 | 375428 |
| TOTAL UNITED STATES |  | 1055535 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $21,034,985) |  | <br> **21166376** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 4.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 4.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 4.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5456% 8/1/2030 (c)(d)(f) | 2674275 | 2645018 |
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 5/22/2030 (c)(d)(f)(g) | 4140000 | 4124475 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7561% 8/15/2028 (c)(d)(f) | 9096794 | 8219954 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 9.2266% 2/12/2026 (c)(d)(f) | 766000 | 701518 |
| NETHERLANDS - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Building Products - 0.1% |  |  |
| Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5456% 1/17/2032 (c)(d)(f) | 9362922 | 9320039 |
| SWITZERLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.8327% 11/15/2030 (c)(d)(f) | 5233750 | 4932809 |
| UNITED KINGDOM - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Connect Finco SARL Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8268% 9/27/2029 (c)(d)(f) | 5194312 | 4921610 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG America LLC Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5827% 2/7/2028 (c)(d)(f) | 19391518 | 19453766 |
| TOTAL UNITED KINGDOM |  | 24375376 |
| UNITED STATES - 4.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.6508% 7/31/2025 (c)(d)(f) | 4472013 | 3116457 |
| Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.5853% 12/24/2025 (c)(d)(f)(h) | 127095 | 130273 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan 14.5222% 3/25/2026 (c)(f) | 1167711 | 1199823 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 12.0572% 7/31/2025 (c)(d)(f) | 124051 | 118468 |
|  |  | 4565021 |
| Media - 0.0% |  |  |
| Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5456% 6/24/2029 (c)(d)(f) | 344350 | 341481 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6913% 1/31/2029 (c)(d)(f) | 3463650 | 3338093 |
|  |  | 3679574 |
| TOTAL COMMUNICATION SERVICES |  | 8244595 |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 5/6/2030 (c)(d)(f) | 1240641 | 1235988 |
| Broadline Retail - 0.0% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 1/23/2032 (c)(d)(f) | 2872013 | 2863942 |
| Distributors - 0.0% |  |  |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2956% 6/20/2031 (c)(d)(f) | 1534584 | 1514880 |
| Diversified Consumer Services - 0.2% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5774% 3/4/2028 (c)(d)(f) | 15316373 | 13401826 |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.3215% 5/15/2028 (c)(d)(f) | 11267527 | 11258175 |
|  |  | 24660001 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Carnival Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3118% 10/18/2028 (c)(d)(f) | 5518544 | 5513357 |
| Fertitta Entertainment LLC/NV 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 1/27/2029 (c)(d)(f) | 12910249 | 12887656 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (c)(d)(f) | 3889218 | 3737538 |
|  |  | 22138551 |
| Specialty Retail - 0.4% |  |  |
| Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0487% 10/16/2031 (c)(d)(f) | 2004850 | 2011827 |
| Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 12/4/2031 (c)(d)(f) | 1296750 | 1247577 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1618% 6/6/2031 (c)(d)(f) | 51345920 | 47815889 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 1/30/2031 (c)(d)(f) | 943228 | 938398 |
|  |  | 52013691 |
| TOTAL CONSUMER DISCRETIONARY |  | 104427053 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Naked Juice LLC Tranche EXCH FLSO FL20 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6456% 1/24/2029 (c)(d)(f) | 817186 | 648298 |
| Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.7956% 1/24/2029 (c)(d)(f) | 530287 | 524719 |
|  |  | 1173017 |
| Food Products - 0.0% |  |  |
| Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 2/12/2031 (c)(d)(f) | 930618 | 932376 |
| TOTAL CONSUMER STAPLES |  | 2105393 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2956% 12/30/2027 (c)(d)(f) | 943335 | 941759 |
| EPIC Crude Services LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2561% 10/15/2031 (c)(d)(f) | 783038 | 784831 |
| Mesquite Energy Inc 1LN, term loan 0% (c)(f)(g)(h)(i) | 1476000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (c)(d)(f)(g)(h)(i) | 3422531 | 0 |
|  |  | 1726590 |
| Financials - 0.5% |  |  |
| Capital Markets - 0.1% |  |  |
| Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 10/31/2031 (c)(d)(f) | 5162962 | 5181703 |
| Focus Financial Partners LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 9/15/2031 (c)(d)(f) | 10422625 | 10397923 |
| PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.9666% 11/26/2031 (c)(d)(f) | 753113 | 753113 |
|  |  | 16332739 |
| Financial Services - 0.1% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 0% 5/31/2032 (c)(d)(f)(g) | 6340000 | 6308300 |
| Orion US Finco Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 5/20/2032 (c)(d)(f)(g) | 590000 | 591770 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.072% 2/20/2032 (c)(d)(f) | 12290000 | 12272057 |
|  |  | 19172127 |
| Insurance - 0.3% |  |  |
| Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 6/5/2032 (c)(d)(f) | 7446371 | 7437064 |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 11/6/2030 (c)(d)(f) | 5118151 | 5099879 |
| Alera Group Intermediate Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 5/31/2032 (c)(d)(f) | 1685000 | 1689634 |
| Alliant Hldgs Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0715% 9/19/2031 (c)(d)(f) | 15361560 | 15363250 |
| CRC Insurance Group LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0456% 5/6/2032 (c)(d)(f) | 5810526 | 5872292 |
| CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0456% 5/6/2031 (c)(d)(f) | 967621 | 967418 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7695% 6/20/2030 (c)(d)(f) | 1770188 | 1775091 |
|  |  | 38204628 |
| TOTAL FINANCIALS |  | 73709494 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 12/18/2030 (c)(d)(f)(g) | 1460000 | 1460920 |
| Medline Borrower LP 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 10/23/2028 (c)(d)(f) | 9903510 | 9908362 |
|  |  | 11369282 |
| Health Care Providers & Services - 0.0% |  |  |
| Phoenix Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 11/15/2028 (c)(d)(f) | 3102156 | 3101939 |
| Health Care Technology - 0.2% |  |  |
| athenahealth Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 2/15/2029 (c)(d)(f) | 13320916 | 13300135 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0741% 5/1/2031 (c)(d)(f) | 15558653 | 15471214 |
|  |  | 28771349 |
| Pharmaceuticals - 0.0% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5613% 10/8/2030 (c)(d)(f) | 7930000 | 7631356 |
| TOTAL HEALTH CARE |  | 50873926 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7956% 1/19/2032 (c)(d)(f) | 4406700 | 4412605 |
| Building Products - 0.0% |  |  |
| MIWD Holdco II LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 3/28/2031 (c)(d)(f) | 331650 | 332045 |
| Commercial Services & Supplies - 0.4% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 2/13/2032 (c)(d)(f) | 8209425 | 8185454 |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 12/21/2028 (c)(d)(f) | 8190728 | 8179834 |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7956% 2/15/2031 (c)(d)(f) | 2740313 | 2285037 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7759% 8/1/2030 (c)(d)(f) | 13845303 | 11533137 |
| GEO Group Inc/The Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5768% 4/13/2029 (c)(d)(f) | 1332601 | 1334267 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7622% 6/21/2028 (c)(d)(f) | 1366750 | 1367105 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3297% 4/11/2029 (c)(d)(f) | 7232400 | 6822974 |
| Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4413% 12/10/2026 (c)(d)(f) | 2889172 | 2903618 |
|  |  | 42611426 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 6/28/2032 (c)(d)(f)(g) | 900000 | 904500 |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4268% 3/25/2031 (c)(d)(f) | 2607000 | 2562029 |
|  |  | 3466529 |
| Passenger Airlines - 0.0% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5799% 5/28/2032 (c)(d)(f) | 575000 | 578162 |
| SkyMiles IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/20/2027 (c)(d)(f) | 642380 | 645515 |
| United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2752% 2/22/2031 (c)(d)(f) | 990304 | 990720 |
|  |  | 2214397 |
| Professional Services - 0.0% |  |  |
| Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 9/29/2031 (c)(d)(f) | 2388742 | 2382770 |
| TOTAL INDUSTRIALS |  | 55419772 |
| Information Technology - 1.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9413% 3/31/2028 (c)(d)(f) | 960051 | 959081 |
| Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5456% 8/18/2031 (c)(d)(f) | 1260475 | 1261875 |
|  |  | 2220956 |
| IT Services - 0.6% |  |  |
| Acuris Finance US Inc 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0456% 2/16/2028 (c)(d)(f) | 371376 | 371468 |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (c)(f) | 2034721 | 1637951 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 3/20/2032 (c)(d)(f) | 2448863 | 2457287 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (f) | 60940000 | 59213570 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9268% 10/26/2029 (c)(d)(f) | 26389668 | 25754733 |
|  |  | 89435009 |
| Software - 1.3% |  |  |
| Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7956% 2/23/2032 (c)(d)(f) | 95000 | 97209 |
| Applied Systems Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7956% 2/24/2031 (c)(d)(f) | 5118429 | 5137623 |
| Avalara Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5456% 3/26/2032 (c)(d)(f) | 12375000 | 12419179 |
| ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 8.0572% 9/29/2028 (c)(d)(f) | 7899713 | 7932655 |
| McAfee Corp 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3158% 3/1/2029 (c)(d)(f) | 13956123 | 13534509 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5768% 5/3/2028 (c)(d)(f) | 4908625 | 4600314 |
| Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7797% 7/1/2031 (c)(d)(f) | 12656400 | 12165965 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.2913% 6/2/2028 (c)(d)(f) | 9803063 | 9542987 |
| Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5456% 10/26/2030 (c)(d)(f) | 6030645 | 6056637 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 8/31/2028 (c)(d)(f) | 37207378 | 37211471 |
| RealPage Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.5572% 4/24/2028 (c)(d)(f) | 2988563 | 2965550 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3113% 2/10/2031 (c)(d)(f) | 30980584 | 31089636 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0195% 4/12/2031 (c)(d)(f) | 15944733 | 16004525 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (f) | 13800000 | 13843194 |
|  |  | 172601454 |
| TOTAL INFORMATION TECHNOLOGY |  | 264257419 |
| Materials - 0.4% |  |  |
| Chemicals - 0.3% |  |  |
| Discovery Purchaser Corp 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/4/2029 (c)(d)(f) | 27052503 | 26993258 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0326% 8/25/2031 (c)(d)(f) | 3803353 | 3670236 |
| WR Grace Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5456% 9/22/2028 (c)(d)(f) | 6563400 | 6566156 |
|  |  | 37229650 |
| Containers & Packaging - 0.1% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.5018% 4/13/2029 (c)(d)(f) | 27498819 | 27432546 |
| TOTAL MATERIALS |  | 64662196 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Talen Energy Supply LLC Tranche TLB-EXIT 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.8077% 5/17/2030 (c)(d)(f) | 238501 | 238761 |
| TOTAL UNITED STATES |  | 625665199 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $691,490,468) |  | <br> **679984388** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 1.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 1.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 1.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.0%  |  |  |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DA, 2% 1/25/2048  | 1295537 | 1077931 |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DM, 2% 1/25/2048  | 1376785 | 1145532 |
| Fannie Mae Guaranteed REMIC Series 2021-85 Class L, 2.5% 8/25/2048  | 1120694 | 988163 |
| Fannie Mae Guaranteed REMIC Series 2021-96 Class HA, 2.5% 2/25/2050  | 1794100 | 1554441 |
| Fannie Mae Guaranteed REMIC Series 2022-1 Class KA, 3% 5/25/2048  | 1769796 | 1624304 |
| Fannie Mae Guaranteed REMIC Series 2022-13 Class MA, 3% 5/25/2044  | 7075972 | 6733209 |
| Fannie Mae Guaranteed REMIC Series 2022-2 Class TH, 2.5% 2/25/2052  | 1005472 | 918370 |
| Fannie Mae Guaranteed REMIC Series 2022-3 Class N, 2% 10/25/2047  | 14155806 | 12405813 |
| Fannie Mae Guaranteed REMIC Series 2022-4 Class B, 2.5% 5/25/2049  | 1307551 | 1141317 |
| Fannie Mae Guaranteed REMIC Series 2022-5 Class BA, 2.5% 12/25/2049  | 1977777 | 1694595 |
| Fannie Mae Guaranteed REMIC Series 2022-7 Class A, 3% 5/25/2048  | 2505652 | 2300407 |
| Fannie Mae Guaranteed REMIC Series 2023-54 Class FD, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.7552% 11/25/2053 (c)(d) | 7961627 | 8015551 |
| Fannie Mae Mortgage pass-thru certificates Series 2024-100 Class EF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.5052% 6/25/2054 (c)(d) | 6527453 | 6516719 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-4 Class FH, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.5052% 9/25/2054 (c)(d) | 3231730 | 3230194 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class AF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.7052% 2/25/2055 (c)(d) | 5236178 | 5238360 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class DF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.7052% 9/25/2054 (c)(d) | 5266662 | 5265057 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.5052% 2/25/2055 (c)(d) | 6684439 | 6680242 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FE, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.4552% 2/25/2055 (c)(d) | 2871464 | 2871185 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5159 Class GC, 2% 11/25/2047  | 1037792 | 906291 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5018 Class LC, 3% 10/25/2040  | 1918331 | 1730995 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5041 Class LB, 3% 11/25/2040  | 3257624 | 2938089 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5122 Class TE, 1.5% 6/25/2051  | 4137902 | 3436828 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5175 Class CB, 2.5% 4/25/2050  | 6525247 | 5672116 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5180 Class KA, 2.5% 10/25/2047  | 1296102 | 1158901 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5189 Class DA, 2.5% 5/25/2049  | 1393525 | 1213912 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5190 Class BA, 2.5% 11/25/2047  | 1326730 | 1185415 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5191 Class CA, 2.5% 4/25/2050  | 1525282 | 1307939 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5197 Class DA, 2.5% 11/25/2047  | 1006589 | 900239 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5198 Class BA, 2.5% 11/25/2047  | 4761021 | 4285023 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5213 Class JM, 3.5% 9/25/2051  | 5746484 | 5568358 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5214 Class CG, 3.5% 4/25/2052  | 2046784 | 1952860 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5220 Class PK, 3.5% 1/25/2051  | 2782653 | 2648107 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5224 Class DQ, 3.75% 8/25/2044  | 3314133 | 3208583 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-5330 Class FA, U.S. 30-Day Avg. SOFR Index + 1.05%, 5.3552% 8/25/2053 (c)(d) | 4882235 | 4859596 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5425 Class FK, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.5052% 6/25/2054 (c)(d) | 3519687 | 3516864 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class NF, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.4552% 2/25/2055 (c)(d) | 9148454 | 9129412 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class WF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.5052% 2/25/2055 (c)(d) | 2705637 | 2691681 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5500 Class FV, U.S. 30-Day Avg. SOFR Index + 1.25%, 5.5552% 10/25/2054 (c)(d) | 4997019 | 5000536 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5509 Class FB, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.4552% 2/25/2055 (c)(d) | 4167002 | 4165886 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5529 Class CF, U.S. 30-Day Avg. SOFR Index + 1.05%, 5.3552% 4/25/2055 (c)(d) | 4029316 | 4014181 |
| TOTAL UNITED STATES |  | 140893202 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $140,243,865) |  | <br> **140893202** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 3.1%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 3.1%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 3.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 3.1%  |  |  |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2015-K049 Class A2, 3.01% 7/25/2025  | 1292222 | 1288325 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2015-K050 Class A2, 3.334% 8/25/2025 (c) | 5602783 | 5585936 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2015-K051 Class A2, 3.308% 9/25/2025  | 15549653 | 15481791 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K052 Class A2, 3.151% 11/25/2025  | 24473581 | 24330854 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K053 Class A2, 2.995% 12/25/2025  | 31410691 | 31166863 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K054 Class A2, 2.745% 1/25/2026  | 1638456 | 1620885 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K055 Class A2, 2.673% 3/25/2026  | 19079349 | 18832765 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K056 Class A2, 2.525% 5/25/2026  | 46827000 | 46094176 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K057 Class A2, 2.57% 7/25/2026  | 17129840 | 16839733 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K058 Class A2, 2.653% 8/25/2026  | 22360000 | 21946063 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K059 Class A2, 3.12% 9/25/2026 (c) | 2500000 | 2465040 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K060 Class A2, 3.3% 10/25/2026  | 36420000 | 35947600 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K061 Class A2, 3.347% 11/25/2026  | 61580465 | 60852713 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K063 Class A2, 3.43% 1/25/2027  | 1800000 | 1778458 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K065 Class A2, 3.243% 4/25/2027  | 19900000 | 19583809 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K733 Class A2, 3.75% 8/25/2025  | 10961222 | 10925729 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K734 Class A2, 3.208% 2/25/2026  | 14902289 | 14795064 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K735 Class A2, 2.862% 5/25/2026  | 12524756 | 12362816 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K736 Class A2, 2.282% 7/25/2026  | 7764551 | 7613784 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K737 Class A2, 2.525% 10/25/2026  | 30500000 | 29863910 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K739 Class A2, 1.336% 9/25/2027  | 55962847 | 53073161 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-K523 Class AS, U.S. 30-Day Avg. SOFR Index + 0.55%, 4.8616% 4/25/2029 (c)(d) | 21188420 | 21144385 |
| TOTAL UNITED STATES |  | 453593860 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $452,313,490) |  | <br> **453593860** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 7.3%** | &nbsp;&nbsp;**Common Stocks - 7.3%** | &nbsp;&nbsp;**Common Stocks - 7.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Shopify Inc Class A (j) | 72000 | 8304256 |
| CHINA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| BYD Co Ltd H Shares  | 1989000 | 30968796 |
| FRANCE - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 4400 | 2302872 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City International Holdings Ltd ADR (j) | 133400 | 423545 |
| Studio City International Holdings Ltd ADR (b)(j) | 121177 | 384737 |
| TOTAL HONG KONG |  | 808282 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Algoma Steel Sca (h)(j) | 151792 | 1 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ASML Holding NV depository receipt  | 8500 | 6811815 |
| NXP Semiconductors NV  | 19800 | 4326102 |
| TOTAL NETHERLANDS |  | 11137917 |
| TAIWAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 49700 | 11256553 |
| UNITED STATES - 6.8%  |  |  |
| Communication Services - 0.7% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| Alphabet Inc Class A  | 65400 | 11525442 |
| Meta Platforms Inc Class A  | 89200 | 65837628 |
| Pinterest Inc Class A (j) | 303300 | 10876338 |
|  |  | 88239408 |
| Media - 0.1% |  |  |
| EchoStar Corp (k) | 205059 | 5680134 |
| EchoStar Corp Class A (j)(l) | 338100 | 9365370 |
| iHeartMedia Inc Class A (j) | 26 | 46 |
|  |  | 15045550 |
| TOTAL COMMUNICATION SERVICES |  | 103284958 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.0% |  |  |
| UC Holdings Inc (h)(j) | 560355 | 5 |
| Broadline Retail - 0.1% |  |  |
| Amazon.com Inc (j) | 95100 | 20863989 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Airbnb Inc Class A (j) | 58500 | 7741890 |
| Booking Holdings Inc  | 2200 | 12736328 |
| Boyd Gaming Corp  | 123800 | 9684874 |
| New Cotai LLC / New Cotai Capital Corp (h)(j)(k) | 2242893 | 471008 |
|  |  | 30634100 |
| Household Durables - 0.1% |  |  |
| TopBuild Corp (j) | 58100 | 18809294 |
| Specialty Retail - 0.1% |  |  |
| Dick's Sporting Goods Inc  | 50200 | 9930062 |
| Williams-Sonoma Inc  | 48000 | 7841760 |
|  |  | 17771822 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Crocs Inc (j) | 50200 | 5084256 |
| TOTAL CONSUMER DISCRETIONARY |  | 93163466 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Celsius Holdings Inc (j) | 104700 | 4857033 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Southeastern Grocers Inc rights (h)(j) | 584047 | 22883 |
| US Foods Holding Corp (j) | 85100 | 6553551 |
|  |  | 6576434 |
| TOTAL CONSUMER STAPLES |  | 11433467 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Forbes Energy Services Ltd (h)(j) | 135187 | 1 |
| Superior Energy Services Inc Class A (h)(j) | 66115 | 3782439 |
|  |  | 3782440 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| California Resources Corp  | 10789 | 492734 |
| Canvas Energy Inc Series B warrants 10/1/2025 (h)(j) | 289 | 0 |
| Energy Transfer LP  | 360500 | 6535865 |
| EP Energy Corp (h)(j) | 611545 | 941779 |
| Expand Energy Corp  | 550 | 64317 |
| Expand Energy Corp warrants 2/9/2026 (j) | 1040 | 108566 |
| Mesquite Energy Inc (h)(j) | 185122 | 37202065 |
| Unit Corp  | 28630 | 747529 |
|  |  | 46092855 |
| TOTAL ENERGY |  | 49875295 |
| Financials - 1.0% |  |  |
| Capital Markets - 0.1% |  |  |
| Ares Management Corp Class A  | 41400 | 7170480 |
| Blue Owl Capital Inc Class A  | 313500 | 6022335 |
| Moody's Corp  | 14800 | 7423532 |
|  |  | 20616347 |
| Consumer Finance - 0.1% |  |  |
| OneMain Holdings Inc  | 299100 | 17048700 |
| Financial Services - 0.6% |  |  |
| Apollo Global Management Inc  | 189500 | 26884365 |
| Block Inc Class A (j) | 143100 | 9720783 |
| Carnelian Point Holdings LP warrants 6/30/2027 (h)(j) | 544 | 1588 |
| Mastercard Inc Class A  | 27600 | 15509544 |
| Visa Inc Class A  | 82700 | 29362635 |
|  |  | 81478915 |
| Insurance - 0.2% |  |  |
| Arthur J Gallagher & Co  | 81300 | 26025756 |
| TOTAL FINANCIALS |  | 145169718 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC warrants (h)(j) | 4969 | 19031 |
| DaVita Inc (j) | 26200 | 3732190 |
| Tenet Healthcare Corp (j) | 36700 | 6459200 |
|  |  | 10210421 |
| Industrials - 1.3% |  |  |
| Building Products - 0.2% |  |  |
| Carlisle Cos Inc  | 35200 | 13143680 |
| Trane Technologies PLC  | 33500 | 14653235 |
|  |  | 27796915 |
| Construction & Engineering - 0.6% |  |  |
| Comfort Systems USA Inc  | 73100 | 39196951 |
| EMCOR Group Inc  | 45200 | 24177028 |
| IES Holdings Inc (j) | 26900 | 7968587 |
| WillScot Holdings Corp  | 267000 | 7315800 |
|  |  | 78658366 |
| Electrical Equipment - 0.4% |  |  |
| Eaton Corp PLC  | 60500 | 21597895 |
| NEXTracker Inc Class A (j) | 177900 | 9672423 |
| nVent Electric PLC  | 114000 | 8350500 |
| Vertiv Holdings Co Class A  | 187600 | 24089716 |
|  |  | 63710534 |
| Machinery - 0.1% |  |  |
| Allison Transmission Holdings Inc  | 45800 | 4350542 |
| Deere & Co  | 6700 | 3406883 |
| Parker-Hannifin Corp  | 20300 | 14178941 |
|  |  | 21936366 |
| Passenger Airlines - 0.0% |  |  |
| Spirit Aviation Holdings Inc  | 150692 | 751953 |
| Spirit Aviation Holdings Inc  | 32618 | 162764 |
|  |  | 914717 |
| Trading Companies & Distributors - 0.0% |  |  |
| Penhall Acquisition Company (h)(j) | 15403 | 0 |
| TOTAL INDUSTRIALS |  | 193016898 |
| Information Technology - 1.9% |  |  |
| Communications Equipment - 0.1% |  |  |
| Arista Networks Inc  | 136800 | 13996008 |
| IT Services - 0.0% |  |  |
| GTT Communications Inc (h)(j) | 51638 | 2102183 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| KLA Corp  | 18700 | 16750338 |
| Lam Research Corp  | 164000 | 15963760 |
| Marvell Technology Inc  | 86600 | 6702840 |
| Micron Technology Inc  | 48900 | 6026925 |
| NVIDIA Corp  | 626000 | 98901741 |
| ON Semiconductor Corp (j) | 247091 | 12950039 |
|  |  | 157295643 |
| Software - 0.7% |  |  |
| Adobe Inc (j) | 28564 | 11050840 |
| Autodesk Inc (j) | 21700 | 6717669 |
| Gen Digital Inc  | 197900 | 5818260 |
| Microsoft Corp  | 60500 | 30093306 |
| Monday.com Ltd (j) | 53900 | 16950472 |
| Oracle Corp  | 73000 | 15959990 |
| Salesforce Inc  | 37200 | 10144068 |
|  |  | 96734605 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Dell Technologies Inc Class C  | 54700 | 6706220 |
| TOTAL INFORMATION TECHNOLOGY |  | 276834659 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Chemours Co/The (l) | 293779 | 3363770 |
| Construction Materials - 0.2% |  |  |
| Eagle Materials Inc  | 48600 | 9822546 |
| James Hardie Industries PLC Class Common ADR (j) | 389200 | 10465588 |
| Martin Marietta Materials Inc  | 10000 | 5489600 |
|  |  | 25777734 |
| Containers & Packaging - 0.0% |  |  |
| Graphic Packaging Holding CO  | 332500 | 7005775 |
| Metals & Mining - 0.0% |  |  |
| Elah Holdings Inc (h)(j) | 517 | 8272 |
| TOTAL MATERIALS |  | 36155551 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.2% |  |  |
| Constellation Energy Corp  | 78800 | 25433488 |
| Portland General Electric Co  | 13962 | 567276 |
|  |  | 26000764 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| PureWest Energy LLC (h)(j) | 10774 | 2422 |
| Vistra Corp  | 287300 | 55681613 |
|  |  | 55684035 |
| TOTAL UTILITIES |  | 81684799 |
| TOTAL UNITED STATES |  | 1000829232 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $661,287,870) |  | <br> **1065607909** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.3%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.3%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind  | 18687421 | 22004438 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC 5% 2/24/2027 (h) | 2970517 | 3004381 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Coinbase Global Inc 0.25% 4/1/2030  | 3680000 | 4804240 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Wolfspeed Inc 1.875% 12/1/2029  | 51247000 | 12683633 |
| TOTAL UNITED STATES |  | 42496692 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $59,068,252) |  | <br> **42496692** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Acrisure Holdings Inc Series A-2 (h)<br>(Cost $55,065,084)<br>| 2286756 | **56048390** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 23.3%** | &nbsp;&nbsp;**Fixed-Income Funds - 23.3%** | &nbsp;&nbsp;**Fixed-Income Funds - 23.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Central Fund (m) | 278909876 | 2284271885 |
| Fidelity Floating Rate Central Fund (m) | 9878239 | 952262222 |
| iShares Broad USD High Yield Corporate Bond ETF  | 5013200 | 188045132 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $3,724,676,433) |  | **3424579239** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 8.3%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 8.3%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 8.3%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 8.3%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 1.1%  |  |  |  |
| Australian Commonwealth 1% 12/21/2030 (n) | AUD | 200000000 | 114991968 |
| Australian Commonwealth 3.5% 12/21/2034 (n) | AUD | 70000000 | 43858194 |
| TOTAL AUSTRALIA |  |  | 158850162 |
| CANADA - 0.5%  |  |  |  |
| Canadian Government 3.25% 6/1/2035  | CAD | 100000000 | 73229587 |
| GERMANY - 5.4%  |  |  |  |
| German Federal Republic 2.4% 10/19/2028 (n) | EUR | 25900000 | 30915619 |
| German Federal Republic 2.4% 4/18/2030 (n) | EUR | 307000000 | 365513930 |
| German Federal Republic 2.5% 10/11/2029 (n) | EUR | 3620000 | 4332683 |
| German Federal Republic 2.5% 2/15/2035 (n) | EUR | 63560000 | 74260366 |
| German Federal Republic 2.7% 9/17/2026 (n) | EUR | 198000000 | 235575770 |
| German Federal Republic 3.1% 12/12/2025 (n) | EUR | 63150000 | 74789235 |
| TOTAL GERMANY |  |  | 785387603 |
| JAPAN - 0.5%  |  |  |  |
| Japan Government 0.7% 12/20/2048  | JPY | 15500000000 | 72881914 |
| SPAIN - 0.4%  |  |  |  |
| Spanish Kingdom 3.15% 4/30/2035 (b)(n) | EUR | 56024000 | 65896460 |
| SWITZERLAND - 0.3%  |  |  |  |
| Swiss Confederation 3.5% 4/8/2033 (n) | CHF | 30000000 | 47112231 |
| UNITED KINGDOM - 0.1%  |  |  |  |
| United Kingdom of Great Britain and Northern Ireland 0.125% 1/30/2026 (n) | GBP | 15130000 | 20398313 |
| United Kingdom of Great Britain and Northern Ireland 1.625% 10/22/2054 (n) | GBP | 50000 | 31831 |
| TOTAL UNITED KINGDOM |  |  | 20430144 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $1,144,273,698) |  |  | <br> **1223788101** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.1%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.3%  |  |  |  |
| Materials - 0.3% |  |  |  |
| Metals & Mining - 0.3% |  |  |  |
| FMG Resources August 2006 Pty Ltd 4.375% 4/1/2031 (b) |  | 4420000 | 4130054 |
| FMG Resources August 2006 Pty Ltd 4.5% 9/15/2027 (b) |  | 5450000 | 5384498 |
| Mineral Resources Ltd 8% 11/1/2027 (b) |  | 5070000 | 5093625 |
| Mineral Resources Ltd 8.125% 5/1/2027 (b) |  | 11295000 | 11288996 |
| Mineral Resources Ltd 8.5% 5/1/2030 (b) |  | 8767000 | 8723629 |
| Mineral Resources Ltd 9.25% 10/1/2028 (b) |  | 9448000 | 9669159 |
| TOTAL AUSTRALIA |  |  | 44289961 |
| BELGIUM - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Telenet Finance Luxembourg Notes Sarl 5.5% 3/1/2028 (b) |  | 9200000 | 9101496 |
| BRAZIL - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (b) |  | 4180000 | 4159100 |
| CANADA - 1.1%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Media - 0.0% |  |  |  |
| Videotron Ltd 5.125% 4/15/2027 (b) |  | 7325000 | 7328699 |
| Consumer Discretionary - 0.4% |  |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (b) |  | 5685000 | 5537523 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (b) |  | 23490000 | 21889593 |
| 1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (b) |  | 6265000 | 6143775 |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (b) |  | 5640000 | 5658770 |
|  |  |  | 39229661 |
| Household Durables - 0.0% |  |  |  |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC 4.875% 2/15/2030 (b) |  | 4370000 | 3900628 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 43130289 |
| Consumer Staples - 0.0% |  |  |  |
| Household Products - 0.0% |  |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (b) |  | 5190000 | 4712948 |
| Energy - 0.3% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |  |
| Parkland Corp 4.5% 10/1/2029 (b) |  | 4420000 | 4248880 |
| Parkland Corp 4.625% 5/1/2030 (b) |  | 5540000 | 5304890 |
| Parkland Corp 6.625% 8/15/2032 (b) |  | 2605000 | 2662520 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (b)(c) |  | 18544000 | 19132717 |
| Teine Energy Ltd 6.875% 4/15/2029 (b) |  | 4420000 | 4395661 |
|  |  |  | 35744668 |
| Financials - 0.0% |  |  |  |
| Insurance - 0.0% |  |  |  |
| Jones Deslauriers Insurance Management Inc 10.5% 12/15/2030 (b) |  | 1645000 | 1753253 |
| Industrials - 0.2% |  |  |  |
| Aerospace & Defense - 0.2% |  |  |  |
| Bombardier Inc 6% 2/15/2028 (b) |  | 2815000 | 2831948 |
| Bombardier Inc 7.125% 6/15/2026 (b) |  | 1458000 | 1461052 |
| Bombardier Inc 7.25% 7/1/2031 (b) |  | 2610000 | 2739717 |
| Bombardier Inc 7.875% 4/15/2027 (b) |  | 1197000 | 1203913 |
| Bombardier Inc 8.75% 11/15/2030 (b) |  | 4055000 | 4389858 |
|  |  |  | 12626488 |
| Machinery - 0.0% |  |  |  |
| ATS Corp 4.125% 12/15/2028 (b) |  | 4630000 | 4427215 |
| Passenger Airlines - 0.0% |  |  |  |
| Air Canada 3.875% 8/15/2026 (b) |  | 4230000 | 4187273 |
| TOTAL INDUSTRIALS |  |  | 21240976 |
| Information Technology - 0.1% |  |  |  |
| Software - 0.1% |  |  |  |
| Open Text Corp 6.9% 12/1/2027 (b) |  | 5000000 | 5176535 |
| Open Text Holdings Inc 4.125% 12/1/2031 (b) |  | 2490000 | 2292571 |
| Open Text Holdings Inc 4.125% 2/15/2030 (b) |  | 3220000 | 3043271 |
|  |  |  | 10512377 |
| Materials - 0.1% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| NOVA Chemicals Corp 8.5% 11/15/2028 (b) |  | 3635000 | 3839087 |
| Containers & Packaging - 0.1% |  |  |  |
| Cascades Inc/Cascades USA Inc 5.375% 1/15/2028 (b) |  | 3310000 | 3281669 |
| Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC 6% 9/15/2028 (b) |  | 2570000 | 2570000 |
| Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC 9.5% 5/15/2030 (b) |  | 4165000 | 4260340 |
|  |  |  | 10112009 |
| Metals & Mining - 0.0% |  |  |  |
| Hudbay Minerals Inc 4.5% 4/1/2026 (b) |  | 3600000 | 3577622 |
| TOTAL MATERIALS |  |  | 17528718 |
| TOTAL CANADA |  |  | 141951928 |
| COLOMBIA - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (b) |  | 3310000 | 2517023 |
| FRANCE - 0.5%  |  |  |  |
| Communication Services - 0.5% |  |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |  |
| Altice France SA 5.125% 1/15/2029 (b) |  | 1265000 | 1045206 |
| Altice France SA 5.125% 7/15/2029 (b) |  | 42745000 | 35329811 |
| Altice France SA 5.5% 1/15/2028 (b) |  | 9830000 | 8272830 |
| Altice France SA 5.5% 10/15/2029 (b) |  | 30015000 | 24879884 |
|  |  |  | 69527731 |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Vallourec SACA 7.5% 4/15/2032 (b) |  | 5325000 | 5581478 |
| TOTAL FRANCE |  |  | 75109209 |
| GUATEMALA - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (b) |  | 1040000 | 946659 |
| HONG KONG - 0.0%  |  |  |  |
| Industrials - 0.0% |  |  |  |
| Marine Transportation - 0.0% |  |  |  |
| Seaspan Corp 5.5% 8/1/2029 (b) |  | 4240000 | 4030449 |
| INDIA - 0.0%  |  |  |  |
| Information Technology - 0.0% |  |  |  |
| IT Services - 0.0% |  |  |  |
| CA Magnum Holdings 5.375% 10/31/2026 (b) |  | 2230000 | 2210432 |
| ISRAEL - 0.0%  |  |  |  |
| Health Care - 0.0% |  |  |  |
| Pharmaceuticals - 0.0% |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  |  | 1681000 | 1677775 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  |  | 2775000 | 2790987 |
| TOTAL ISRAEL |  |  | 4468762 |
| LUXEMBOURG - 0.2%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Media - 0.1% |  |  |  |
| Altice Financing SA 5% 1/15/2028 (b) |  | 8025000 | 6037158 |
| Altice Financing SA 5.75% 8/15/2029 (b) |  | 11895000 | 8685497 |
|  |  |  | 14722655 |
| Information Technology - 0.1% |  |  |  |
| Software - 0.1% |  |  |  |
| ION Trading Technologies Sarl 5.75% 5/15/2028 (b) |  | 5780000 | 5576795 |
| ION Trading Technologies Sarl 9.5% 5/30/2029 (b) |  | 3900000 | 4004122 |
|  |  |  | 9580917 |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Algoma Steel Sca 0% 12/31/2049 (h) |  | 1517920 | 0 |
| TOTAL LUXEMBOURG |  |  | 24303572 |
| MACAU - 0.0%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |  |
| Studio City Finance Ltd 5% 1/15/2029 (b) |  | 3255000 | 2976047 |
| MEXICO - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Borr IHC Ltd / Borr Finance LLC 10% 11/15/2028 (b) |  | 3627744 | 3310316 |
| Borr IHC Ltd / Borr Finance LLC 10.375% 11/15/2030 (b) |  | 1260971 | 1112807 |
| TOTAL MEXICO |  |  | 4423123 |
| NETHERLANDS - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Media - 0.1% |  |  |  |
| VZ Secured Financing BV 5% 1/15/2032 (b) |  | 11130000 | 9901342 |
| Ziggo BV 4.875% 1/15/2030 (b) |  | 4805000 | 4487983 |
| TOTAL NETHERLANDS |  |  | 14389325 |
| NORWAY - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (b) |  | 5560000 | 5662821 |
| SPAIN - 0.0%  |  |  |  |
| Health Care - 0.0% |  |  |  |
| Biotechnology - 0.0% |  |  |  |
| Grifols SA 4.75% 10/15/2028 (b) |  | 2795000 | 2686909 |
| Utilities - 0.0% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (b) |  | 3735000 | 3570338 |
| TOTAL SPAIN |  |  | 6257247 |
| SWITZERLAND - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (b) |  | 4240000 | 4158748 |
| TURKEY - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (b) |  | 4225000 | 4233323 |
| UNITED KINGDOM - 0.6%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (b) |  | 9930000 | 9186562 |
| Consumer Discretionary - 0.1% |  |  |  |
| Automobile Components - 0.1% |  |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (b) |  | 1805000 | 1884337 |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (b) |  | 2760000 | 2920947 |
| Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (b) |  | 4100000 | 4288518 |
|  |  |  | 9093802 |
| Automobiles - 0.0% |  |  |  |
| Mclaren Finance PLC 7.5% 8/1/2026 (b) |  | 3860000 | 3863088 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 12956890 |
| Energy - 0.4% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |  |
| EG Global Finance PLC 12% 11/30/2028 (b) |  | 54325000 | 59965120 |
| Health Care - 0.0% |  |  |  |
| Health Care Providers & Services - 0.0% |  |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (b) |  | 2995000 | 2847448 |
| Industrials - 0.0% |  |  |  |
| Aerospace & Defense - 0.0% |  |  |  |
| Rolls-Royce PLC 5.75% 10/15/2027 (b) |  | 6560000 | 6732725 |
| TOTAL UNITED KINGDOM |  |  | 91688745 |
| UNITED STATES - 19.1%  |  |  |  |
| Communication Services - 1.4% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Frontier Communications Holdings LLC 5% 5/1/2028 (b) |  | 11730000 | 11725062 |
| Frontier Communications Holdings LLC 5.875% 10/15/2027 (b) |  | 6300000 | 6302387 |
| Qwest Corp 7.25% 9/15/2025  |  | 955000 | 956194 |
|  |  |  | 18983643 |
| Entertainment - 0.0% |  |  |  |
| ROBLOX Corp 3.875% 5/1/2030 (b) |  | 4175000 | 3938578 |
| Interactive Media & Services - 0.1% |  |  |  |
| Alphabet Inc 4% 5/6/2054  | EUR | 6618000 | 7666404 |
| Media - 1.2% |  |  |  |
| DISH Network Corp 11.75% 11/15/2027 (b) |  | 27490000 | 28337407 |
| EchoStar Corp 10.75% 11/30/2029  |  | 68356699 | 70311701 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (c) |  | 21074568 | 19233290 |
| Scripps Escrow II Inc 3.875% 1/15/2029 (b) |  | 1655000 | 1440727 |
| Sirius XM Radio LLC 3.875% 9/1/2031 (b) |  | 5645000 | 5016510 |
| Sirius XM Radio LLC 4% 7/15/2028 (b) |  | 4890000 | 4696471 |
| Sirius XM Radio LLC 5% 8/1/2027 (b) |  | 4610000 | 4570509 |
| Univision Communications Inc 4.5% 5/1/2029 (b) |  | 5760000 | 5237002 |
| Univision Communications Inc 7.375% 6/30/2030 (b) |  | 22095000 | 21713532 |
| Univision Communications Inc 8.5% 7/31/2031 (b) |  | 18175000 | 18195132 |
|  |  |  | 178752281 |
| TOTAL COMMUNICATION SERVICES |  |  | 209340906 |
| Consumer Discretionary - 2.4% |  |  |  |
| Automobile Components - 0.2% |  |  |  |
| Adient Global Holdings Ltd 7% 4/15/2028 (b) |  | 2805000 | 2890718 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (b) |  | 5595000 | 5743005 |
| Dana Inc 4.5% 2/15/2032  |  | 4150000 | 4056659 |
| Hertz Corp/The 12.625% 7/15/2029 (b) |  | 1245000 | 1301969 |
| Hertz Corp/The 5.5% (i)(o) |  | 6540000 | 457800 |
| Hertz Corp/The 6% (i)(o) |  | 5785000 | 1301625 |
| Hertz Corp/The 6.25% (i)(o) |  | 6775000 | 575875 |
| Hertz Corp/The 7.125% (i)(o) |  | 6315000 | 1420875 |
| Nesco Holdings II Inc 5.5% 4/15/2029 (b) |  | 7155000 | 6971043 |
|  |  |  | 24719569 |
| Broadline Retail - 0.0% |  |  |  |
| ANGI Group LLC 3.875% 8/15/2028 (b) |  | 3385000 | 3155956 |
| Wayfair LLC 7.25% 10/31/2029 (b) |  | 5635000 | 5637524 |
|  |  |  | 8793480 |
| Distributors - 0.0% |  |  |  |
| Windsor Holdings III LLC 8.5% 6/15/2030 (b) |  | 2790000 | 2989840 |
| Diversified Consumer Services - 0.2% |  |  |  |
| Adtalem Global Education Inc 5.5% 3/1/2028 (b) |  | 4235000 | 4200244 |
| Service Corp International/US 4% 5/15/2031  |  | 5750000 | 5380155 |
| TKC Holdings Inc 6.875% 5/15/2028 (b) |  | 9328000 | 9270385 |
| WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (b) |  | 4750000 | 4732883 |
|  |  |  | 23583667 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |  |
| Bloomin' Brands Inc / OSI Restaurant Partners LLC 5.125% 4/15/2029 (b) |  | 2720000 | 2518052 |
| Boyd Gaming Corp 4.75% 6/15/2031 (b) |  | 7140000 | 6843306 |
| Carnival Corp 4% 8/1/2028 (b) |  | 26560000 | 25995601 |
| Carnival Corp 5.875% 6/15/2031 (b) |  | 4135000 | 4212531 |
| Carnival Corp 7% 8/15/2029 (b) |  | 2830000 | 2981280 |
| Churchill Downs Inc 5.75% 4/1/2030 (b) |  | 6975000 | 6997731 |
| Churchill Downs Inc 6.75% 5/1/2031 (b) |  | 5595000 | 5750664 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (b) |  | 11750000 | 11254345 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (b) |  | 15885000 | 14658702 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (b) |  | 3350000 | 3211357 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (b) |  | 5020000 | 4719927 |
| Hilton Domestic Operating Co Inc 4.875% 1/15/2030  |  | 11025000 | 10975422 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  |  | 5210000 | 5204140 |
| Jacobs Entertainment Inc 6.75% 2/15/2029 (b) |  | 3955000 | 3806688 |
| Light & Wonder International Inc 7.5% 9/1/2031 (b) |  | 2745000 | 2872401 |
| MGM Resorts International 4.75% 10/15/2028  |  | 6740000 | 6659150 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (b) |  | 7610000 | 7855103 |
| NCL Corp Ltd 5.875% 2/15/2027 (b) |  | 5580000 | 5603646 |
| Neogen Food Safety Corp 8.625% 7/20/2030 (b) |  | 2545000 | 2632388 |
| Papa John's International Inc 3.875% 9/15/2029 (b) |  | 2555000 | 2481001 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.625% 9/1/2029 (b) |  | 5095000 | 2916888 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.875% 9/1/2031 (b) |  | 1015000 | 555712 |
| Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (b) |  | 4165000 | 4189620 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (b) |  | 5295000 | 5442625 |
| SeaWorld Parks & Entertainment Inc 5.25% 8/15/2029 (b) |  | 5630000 | 5502691 |
| Station Casinos LLC 4.625% 12/1/2031 (b) |  | 4155000 | 3892128 |
| VOC Escrow Ltd 5% 2/15/2028 (b) |  | 10470000 | 10417112 |
| Yum! Brands Inc 4.625% 1/31/2032  |  | 5905000 | 5685170 |
|  |  |  | 175835381 |
| Household Durables - 0.3% |  |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 4/1/2030 (b) |  | 4105000 | 3903630 |
| LGI Homes Inc 8.75% 12/15/2028 (b) |  | 2680000 | 2785964 |
| Newell Brands Inc 6.375% 5/15/2030  |  | 2750000 | 2673427 |
| Newell Brands Inc 6.625% 9/15/2029  |  | 3020000 | 2989402 |
| Newell Brands Inc 8.5% 6/1/2028 (b) |  | 3470000 | 3644232 |
| Somnigroup International Inc 3.875% 10/15/2031 (b) |  | 7360000 | 6691446 |
| Somnigroup International Inc 4% 4/15/2029 (b) |  | 7905000 | 7557781 |
| TopBuild Corp 3.625% 3/15/2029 (b) |  | 3030000 | 2866328 |
| Tri Pointe Homes Inc 5.7% 6/15/2028  |  | 8715000 | 8792163 |
|  |  |  | 41904373 |
| Specialty Retail - 0.4% |  |  |  |
| Asbury Automotive Group Inc 4.5% 3/1/2028  |  | 1987000 | 1959832 |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (b) |  | 4555000 | 4397796 |
| Asbury Automotive Group Inc 4.75% 3/1/2030  |  | 1980000 | 1917092 |
| Asbury Automotive Group Inc 5% 2/15/2032 (b) |  | 4915000 | 4676468 |
| Bath & Body Works Inc 6.625% 10/1/2030 (b) |  | 6650000 | 6853816 |
| Bath & Body Works Inc 6.75% 7/1/2036  |  | 8920000 | 9067840 |
| Bath & Body Works Inc 7.5% 6/15/2029  |  | 5030000 | 5160126 |
| LBM Acquisition LLC 6.25% 1/15/2029 (b) |  | 8415000 | 7300013 |
| LCM Investments Holdings II LLC 8.25% 8/1/2031 (b) |  | 3345000 | 3556347 |
| Petsmart Inc / Petsmart Finance Corp 4.75% 2/15/2028 (b) |  | 5700000 | 5558351 |
| Petsmart Inc / Petsmart Finance Corp 7.75% 2/15/2029 (b) |  | 4135000 | 4018154 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (b) |  | 5325000 | 5596197 |
|  |  |  | 60062032 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |  |
| Crocs Inc 4.125% 8/15/2031 (b) |  | 2820000 | 2539442 |
| Crocs Inc 4.25% 3/15/2029 (b) |  | 4325000 | 4126004 |
| Kontoor Brands Inc 4.125% 11/15/2029 (b) |  | 2420000 | 2274102 |
|  |  |  | 8939548 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 346827890 |
| Consumer Staples - 1.0% |  |  |  |
| Beverages - 0.0% |  |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (b) |  | 3135000 | 3156853 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (b) |  | 5285000 | 5006902 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (b) |  | 13797000 | 13710257 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (b) |  | 23423000 | 23025173 |
| C&S Group Enterprises LLC 5% 12/15/2028 (b) |  | 5155000 | 4654530 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (b) |  | 14850000 | 15379447 |
| Performance Food Group Inc 4.25% 8/1/2029 (b) |  | 3955000 | 3813604 |
| Performance Food Group Inc 5.5% 10/15/2027 (b) |  | 5345000 | 5333827 |
| US Foods Inc 7.25% 1/15/2032 (b) |  | 2735000 | 2880075 |
|  |  |  | 73803815 |
| Food Products - 0.4% |  |  |  |
| Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (b) |  | 3790000 | 3719847 |
| Darling Ingredients Inc 6% 6/15/2030 (b) |  | 6615000 | 6702344 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (b) |  | 5015000 | 5321944 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (b) |  | 3185000 | 3360710 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (b) |  | 5575000 | 5316299 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (b) |  | 2790000 | 2612834 |
| Post Holdings Inc 4.5% 9/15/2031 (b) |  | 12110000 | 11240615 |
| Post Holdings Inc 4.625% 4/15/2030 (b) |  | 6415000 | 6166317 |
| Post Holdings Inc 5.5% 12/15/2029 (b) |  | 11940000 | 11885251 |
| Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625% 3/1/2029 (b) |  | 4295000 | 4055224 |
|  |  |  | 60381385 |
| Household Products - 0.0% |  |  |  |
| Spectrum Brands Inc 3.875% 3/15/2031 (b) |  | 1025000 | 822192 |
| Personal Care Products - 0.0% |  |  |  |
| BellRing Brands Inc 7% 3/15/2030 (b) |  | 6925000 | 7211342 |
| TOTAL CONSUMER STAPLES |  |  | 145375587 |
| Energy - 3.0% |  |  |  |
| Energy Equipment & Services - 0.3% |  |  |  |
| Diamond Foreign Asset Co / Diamond Finance LLC 8.5% 10/1/2030 (b) |  | 2735000 | 2847783 |
| Nabors Industries Inc 9.125% 1/31/2030 (b) |  | 5390000 | 5160943 |
| Nabors Industries Ltd 7.5% 1/15/2028 (b) |  | 5660000 | 5049456 |
| Noble Finance II LLC 8% 4/15/2030 (b) |  | 2805000 | 2856115 |
| Nustar Logistics LP 6% 6/1/2026  |  | 7285000 | 7312640 |
| Transocean Inc 8% 2/1/2027 (b) |  | 3591000 | 3537562 |
| Transocean Inc 8.25% 5/15/2029 (b) |  | 1955000 | 1807282 |
| Transocean Inc 8.5% 5/15/2031 (b) |  | 1955000 | 1745126 |
| Transocean Inc 8.75% 2/15/2030 (b) |  | 8944000 | 9197509 |
| Transocean Titan Financing Ltd 8.375% 2/1/2028 (b) |  | 5261190 | 5344119 |
| Valaris Ltd 8.375% 4/30/2030 (b) |  | 2745000 | 2816299 |
|  |  |  | 47674834 |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 6/15/2029 (b) |  | 4305000 | 4272653 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 1/15/2028 (b) |  | 10640000 | 10622028 |
| California Resources Corp 8.25% 6/15/2029 (b) |  | 2595000 | 2663708 |
| Chesapeake Energy Corp 7% (h)(i) |  | 3985000 | 0 |
| Chesapeake Energy Corp 8% (h)(i) |  | 1955000 | 0 |
| Chesapeake Energy Corp 8% (h)(i) |  | 1240000 | 0 |
| CITGO Petroleum Corp 6.375% 6/15/2026 (b) |  | 4665000 | 4662752 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (b) |  | 12030000 | 12512993 |
| Civitas Resources Inc 8.625% 11/1/2030 (b) |  | 5415000 | 5497514 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (b) |  | 2970000 | 2805383 |
| CNX Resources Corp 6% 1/15/2029 (b) |  | 3200000 | 3212874 |
| CNX Resources Corp 7.375% 1/15/2031 (b) |  | 2885000 | 3009332 |
| Comstock Resources Inc 5.875% 1/15/2030 (b) |  | 15170000 | 14734914 |
| Comstock Resources Inc 6.75% 3/1/2029 (b) |  | 8110000 | 8128158 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (b) |  | 12715000 | 12561100 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (b) |  | 7110000 | 7714976 |
| CVR Energy Inc 5.75% 2/15/2028 (b) |  | 24505000 | 23463675 |
| CVR Energy Inc 8.5% 1/15/2029 (b) |  | 18735000 | 18742344 |
| DT Midstream Inc 4.125% 6/15/2029 (b) |  | 4285000 | 4138562 |
| DT Midstream Inc 4.375% 6/15/2031 (b) |  | 4285000 | 4103250 |
| Energy Transfer LP 5.5% 6/1/2027  |  | 12065000 | 12272676 |
| Expand Energy Corp 5.375% 3/15/2030  |  | 5630000 | 5645788 |
| Expand Energy Corp 5.875% 2/1/2029 (b) |  | 3115000 | 3127525 |
| Expand Energy Corp 6.75% 4/15/2029 (b) |  | 4415000 | 4467852 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (b) |  | 2395000 | 2428563 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (b) |  | 3315000 | 3486326 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (b) |  | 4590000 | 4413160 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (b) |  | 6600000 | 6553699 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (b) |  | 2775000 | 2787293 |
| HF Sinclair Corp 5% 2/1/2028  |  | 4350000 | 4351275 |
| HF Sinclair Corp 6.375% 4/15/2027  |  | 1624000 | 1634141 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (b) |  | 7130000 | 7146520 |
| Howard Midstream Energy Partners LLC 8.875% 7/15/2028 (b) |  | 6965000 | 7312145 |
| Kinetik Holdings LP 5.875% 6/15/2030 (b) |  | 4180000 | 4215446 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (b) |  | 2605000 | 2533714 |
| Murphy Oil USA Inc 4.75% 9/15/2029  |  | 4155000 | 4082393 |
| Murphy Oil USA Inc 5.625% 5/1/2027  |  | 3665000 | 3665788 |
| NGPL PipeCo LLC 4.875% 8/15/2027 (b) |  | 1800000 | 1790852 |
| Northern Oil & Gas Inc 8.125% 3/1/2028 (b) |  | 2715000 | 2739125 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (b) |  | 5510000 | 5678028 |
| Occidental Petroleum Corp 7.2% 3/15/2029  |  | 2440000 | 2585975 |
| ONEOK Inc 6.5% 9/1/2030 (b) |  | 8635000 | 9225209 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  |  | 15760000 | 15071908 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (b) |  | 11525000 | 10346984 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (b) |  | 6695000 | 6511933 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (b) |  | 4055000 | 4070206 |
| Sitio Royalties Operating Partnership LP / Sitio Finance Corp 7.875% 11/1/2028 (b) |  | 6775000 | 7093897 |
| SM Energy Co 6.625% 1/15/2027  |  | 12830000 | 12840970 |
| SM Energy Co 6.75% 9/15/2026  |  | 3175000 | 3176498 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  |  | 5550000 | 5336333 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  |  | 5515000 | 5353911 |
| Sunoco LP / Sunoco Finance Corp 7% 9/15/2028 (b) |  | 2735000 | 2821847 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (b) |  | 280000 | 278355 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 3/1/2027 (b) |  | 2815000 | 2814413 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (b) |  | 5355000 | 5225655 |
| Talos Production Inc 9% 2/1/2029 (b) |  | 2345000 | 2400961 |
| Talos Production Inc 9.375% 2/1/2031 (b) |  | 2660000 | 2715753 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.875% 2/1/2031  |  | 6345000 | 6294103 |
| Unit Corp 0% 12/1/2029 (Escrow) (h) |  | 1660000 | 0 |
| Venture Global Calcasieu 3.875% 8/15/2029 (b) |  | 3525000 | 3323121 |
| Venture Global Calcasieu 4.125% 8/15/2031 (b) |  | 3525000 | 3262712 |
| Venture Global Calcasieu 6.25% 1/15/2030 (b) |  | 11160000 | 11510146 |
| Venture Global Plaquemines LNG LLC 0% 1/15/2034 (b) |  | 8275000 | 8275000 |
| Venture Global Plaquemines LNG LLC 0% 1/15/2036 (b) |  | 8275000 | 8275000 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (b) |  | 6025000 | 6451709 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (b) |  | 6155000 | 6662307 |
|  |  |  | 385103431 |
| TOTAL ENERGY |  |  | 432778265 |
| Financials - 2.3% |  |  |  |
| Capital Markets - 0.3% |  |  |  |
| AssuredPartners Inc 5.625% 1/15/2029 (b) |  | 4720000 | 4707484 |
| AssuredPartners Inc 7.5% 2/15/2032 (b) |  | 2650000 | 2839536 |
| BroadStreet Partners Inc 5.875% 4/15/2029 (b) |  | 7265000 | 7179705 |
| Coinbase Global Inc 3.375% 10/1/2028 (b) |  | 13780000 | 12918751 |
| Coinbase Global Inc 3.625% 10/1/2031 (b) |  | 8370000 | 7453160 |
| Hightower Holding LLC 6.75% 4/15/2029 (b) |  | 2870000 | 2860288 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (b) |  | 3985000 | 3865818 |
| MSCI Inc 4% 11/15/2029 (b) |  | 1920000 | 1857955 |
|  |  |  | 43682697 |
| Consumer Finance - 0.7% |  |  |  |
| Ally Financial Inc 8% 11/1/2031  |  | 51348000 | 58465865 |
| Ally Financial Inc 8% 11/1/2031  |  | 16761000 | 18943865 |
| OneMain Finance Corp 4% 9/15/2030  |  | 3340000 | 3081930 |
| OneMain Finance Corp 5.375% 11/15/2029  |  | 5560000 | 5469070 |
| OneMain Finance Corp 6.625% 1/15/2028  |  | 4415000 | 4559278 |
| OneMain Finance Corp 7.125% 3/15/2026  |  | 11472000 | 11641786 |
| OneMain Finance Corp 7.875% 3/15/2030  |  | 2675000 | 2842373 |
|  |  |  | 105004167 |
| Financial Services - 0.4% |  |  |  |
| Block Inc 3.5% 6/1/2031  |  | 5745000 | 5269706 |
| Compass Group Diversified Holdings LLC 5% 1/15/2032 (b) |  | 2765000 | 2339080 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (b) |  | 3385000 | 3351232 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  |  | 6375000 | 5358684 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  |  | 18665000 | 18085099 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  |  | 5778000 | 5736938 |
| James Hardie International Finance DAC 5% 1/15/2028 (b) |  | 5270000 | 5243880 |
| MGIC Investment Corp 5.25% 8/15/2028  |  | 4725000 | 4725054 |
| NCR Atleos Corp 9.5% 4/1/2029 (b) |  | 4090000 | 4480035 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (b) |  | 2305000 | 2393902 |
|  |  |  | 56983610 |
| Insurance - 0.9% |  |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (b) |  | 4230000 | 4112360 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (b) |  | 3145000 | 3189574 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (b) |  | 2605000 | 2691054 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (b) |  | 12510000 | 12945941 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (b) |  | 6740000 | 6615991 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (b) |  | 4180000 | 4120473 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (b) |  | 19655000 | 19643404 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (b) |  | 16406000 | 16678422 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (b) |  | 4590000 | 4747942 |
| AmWINS Group Inc 4.875% 6/30/2029 (b) |  | 4105000 | 3989299 |
| HUB International Ltd 5.625% 12/1/2029 (b) |  | 16470000 | 16472223 |
| HUB International Ltd 7.25% 6/15/2030 (b) |  | 17925000 | 18732253 |
| HUB International Ltd 7.375% 1/31/2032 (b) |  | 6655000 | 6963316 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (b) |  | 9115000 | 9468215 |
| USI Inc/NY 7.5% 1/15/2032 (b) |  | 3540000 | 3735262 |
|  |  |  | 134105729 |
| TOTAL FINANCIALS |  |  | 339776203 |
| Health Care - 1.3% |  |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (b) |  | 2790000 | 2641576 |
| Bausch + Lomb Corp 8.375% 10/1/2028 (b) |  | 5470000 | 5709313 |
| Hologic Inc 4.625% 2/1/2028 (b) |  | 2505000 | 2475677 |
|  |  |  | 10826566 |
| Health Care Providers & Services - 0.9% |  |  |  |
| CHS/Community Health Systems Inc 10.875% 1/15/2032 (b) |  | 8565000 | 9077761 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (b) |  | 11430000 | 9771309 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (b) |  | 8305000 | 7364438 |
| CHS/Community Health Systems Inc 6% 1/15/2029 (b) |  | 4940000 | 4751629 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (b) |  | 10425000 | 7708886 |
| DaVita Inc 3.75% 2/15/2031 (b) |  | 2075000 | 1887214 |
| DaVita Inc 4.625% 6/1/2030 (b) |  | 15850000 | 15186227 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (b) |  | 3925000 | 3891297 |
| HealthEquity Inc 4.5% 10/1/2029 (b) |  | 2950000 | 2868234 |
| Molina Healthcare Inc 3.875% 11/15/2030 (b) |  | 6345000 | 5895141 |
| Molina Healthcare Inc 3.875% 5/15/2032 (b) |  | 5560000 | 5060764 |
| Molina Healthcare Inc 4.375% 6/15/2028 (b) |  | 4690000 | 4584103 |
| Tenet Healthcare Corp 5.125% 11/1/2027  |  | 10955000 | 10937474 |
| Tenet Healthcare Corp 6.125% 6/15/2030  |  | 13945000 | 14176855 |
| Tenet Healthcare Corp 6.25% 2/1/2027  |  | 20050000 | 20049228 |
| Tenet Healthcare Corp 6.75% 5/15/2031  |  | 2715000 | 2808909 |
|  |  |  | 126019469 |
| Health Care Technology - 0.0% |  |  |  |
| IQVIA Inc 5% 5/15/2027 (b) |  | 5660000 | 5640885 |
| Life Sciences Tools & Services - 0.0% |  |  |  |
| Charles River Laboratories International Inc 4% 3/15/2031 (b) |  | 6035000 | 5529830 |
| Charles River Laboratories International Inc 4.25% 5/1/2028 (b) |  | 2045000 | 1984343 |
|  |  |  | 7514173 |
| Pharmaceuticals - 0.3% |  |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (b) |  | 29875000 | 30137003 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (b) |  | 10200000 | 9810074 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (b) |  | 8890000 | 7715237 |
|  |  |  | 47662314 |
| TOTAL HEALTH CARE |  |  | 197663407 |
| Industrials - 3.2% |  |  |  |
| Aerospace & Defense - 0.8% |  |  |  |
| ATI Inc 4.875% 10/1/2029  |  | 2795000 | 2737622 |
| ATI Inc 5.125% 10/1/2031  |  | 2480000 | 2423805 |
| ATI Inc 7.25% 8/15/2030  |  | 2745000 | 2876494 |
| BWX Technologies Inc 4.125% 6/30/2028 (b) |  | 6400000 | 6243646 |
| Moog Inc 4.25% 12/15/2027 (b) |  | 2025000 | 1977033 |
| TransDigm Inc 4.625% 1/15/2029  |  | 9290000 | 9115329 |
| TransDigm Inc 6.375% 3/1/2029 (b) |  | 8150000 | 8361423 |
| TransDigm Inc 6.375% 5/31/2033 (b) |  | 15000000 | 15013597 |
| TransDigm Inc 6.625% 3/1/2032 (b) |  | 2650000 | 2743793 |
| TransDigm Inc 6.75% 8/15/2028 (b) |  | 12760000 | 12999250 |
| TransDigm Inc 6.875% 12/15/2030 (b) |  | 21975000 | 22800991 |
| TransDigm Inc 7.125% 12/1/2031 (b) |  | 5390000 | 5647200 |
| Triumph Group Inc 9% 3/15/2028 (b) |  | 3376000 | 3528055 |
|  |  |  | 96468238 |
| Air Freight & Logistics - 0.0% |  |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (b) |  | 6985000 | 7014058 |
| Building Products - 0.1% |  |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (b) |  | 1400000 | 1388942 |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (b) |  | 2780000 | 2843265 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (b) |  | 3920000 | 4020581 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (b) |  | 1865000 | 1772898 |
| Shea Homes LP / Shea Homes Funding Corp 4.75% 4/1/2029  |  | 4830000 | 4707807 |
|  |  |  | 14733493 |
| Commercial Services & Supplies - 1.2% |  |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (b) |  | 3736000 | 3622944 |
| Artera Services LLC 8.5% 2/15/2031 (b) |  | 12380000 | 10309087 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (b) |  | 20835000 | 19223128 |
| Brink's Co/The 4.625% 10/15/2027 (b) |  | 7200000 | 7154193 |
| Clean Harbors Inc 6.375% 2/1/2031 (b) |  | 2350000 | 2407629 |
| CoreCivic Inc 8.25% 4/15/2029  |  | 14760000 | 15649364 |
| GEO Group Inc/The 10.25% 4/15/2031  |  | 6505000 | 7134410 |
| GEO Group Inc/The 8.625% 4/15/2029  |  | 9115000 | 9650324 |
| GFL Environmental Inc 4% 8/1/2028 (b) |  | 4200000 | 4073686 |
| GFL Environmental Inc 4.75% 6/15/2029 (b) |  | 5705000 | 5628950 |
| GFL Environmental Inc 6.75% 1/15/2031 (b) |  | 3980000 | 4164764 |
| Madison IAQ LLC 4.125% 6/30/2028 (b) |  | 5345000 | 5192515 |
| Madison IAQ LLC 5.875% 6/30/2029 (b) |  | 4265000 | 4195796 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (b) |  | 38005000 | 36769838 |
| Reworld Holding Corp 4.875% 12/1/2029 (b) |  | 9642000 | 9172857 |
| Reworld Holding Corp 5% 9/1/2030  |  | 8005000 | 7565849 |
| Williams Scotsman Inc 7.375% 10/1/2031 (b) |  | 2735000 | 2878858 |
|  |  |  | 154794192 |
| Construction & Engineering - 0.3% |  |  |  |
| AECOM 5.125% 3/15/2027  |  | 7490000 | 7512687 |
| Arcosa Inc 4.375% 4/15/2029 (b) |  | 4130000 | 3995129 |
| Pike Corp 5.5% 9/1/2028 (b) |  | 18325000 | 18313025 |
| Pike Corp 8.625% 1/31/2031 (b) |  | 6710000 | 7297655 |
|  |  |  | 37118496 |
| Electrical Equipment - 0.0% |  |  |  |
| Sensata Technologies BV 4% 4/15/2029 (b) |  | 5910000 | 5620888 |
| Ground Transportation - 0.3% |  |  |  |
| Uber Technologies Inc 4.5% 8/15/2029 (b) |  | 12675000 | 12585532 |
| Uber Technologies Inc 6.25% 1/15/2028 (b) |  | 5520000 | 5545580 |
| Uber Technologies Inc 7.5% 9/15/2027 (b) |  | 17220000 | 17373298 |
| XPO Inc 6.25% 6/1/2028 (b) |  | 2790000 | 2831660 |
| XPO Inc 7.125% 2/1/2032 (b) |  | 4015000 | 4207989 |
|  |  |  | 42544059 |
| Machinery - 0.1% |  |  |  |
| Allison Transmission Inc 5.875% 6/1/2029 (b) |  | 4830000 | 4879203 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (b)(c)(e) |  | 8280000 | 8582344 |
| Chart Industries Inc 7.5% 1/1/2030 (b) |  | 7420000 | 7768191 |
|  |  |  | 21229738 |
| Passenger Airlines - 0.4% |  |  |  |
| Allegiant Travel Co 7.25% 8/15/2027 (b) |  | 4365000 | 4366266 |
| American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (b) |  | 9260000 | 9456766 |
| American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (b) |  | 8875000 | 9305739 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 4/20/2029 (b) |  | 13870000 | 13857832 |
| Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd 11% 3/12/2030 pay-in-kind (b)(c) |  | 3840831 | 2746194 |
| United Airlines Inc 4.375% 4/15/2026 (b) |  | 14560000 | 14463745 |
| United Airlines Inc 4.625% 4/15/2029 (b) |  | 8725000 | 8469054 |
|  |  |  | 62665596 |
| Professional Services - 0.0% |  |  |  |
| TriNet Group Inc 3.5% 3/1/2029 (b) |  | 4545000 | 4271177 |
| Trading Companies & Distributors - 0.0% |  |  |  |
| Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (b) |  | 4040000 | 4286493 |
| Foundation Building Materials Inc 6% 3/1/2029 (b) |  | 3110000 | 2852523 |
|  |  |  | 7139016 |
| TOTAL INDUSTRIALS |  |  | 453598951 |
| Information Technology - 1.1% |  |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |  |
| Coherent Corp 5% 12/15/2029 (b) |  | 4370000 | 4291917 |
| CPI CG Inc 10% 7/15/2029 (b) |  | 2595000 | 2734481 |
| Lightning Power LLC 7.25% 8/15/2032 (b) |  | 5130000 | 5399073 |
| TTM Technologies Inc 4% 3/1/2029 (b) |  | 4540000 | 4337799 |
|  |  |  | 16763270 |
| IT Services - 0.3% |  |  |  |
| Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (b) |  | 4315000 | 4117681 |
| ASGN Inc 4.625% 5/15/2028 (b) |  | 5670000 | 5529808 |
| CoreWeave Inc 9.25% 6/1/2030 (b) |  | 12025000 | 12293558 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (b) |  | 6060000 | 5726367 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (b) |  | 5665000 | 5657278 |
| Sabre GLBL Inc 11.125% 7/15/2030 (b) |  | 13975000 | 14617850 |
|  |  |  | 47942542 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |  |
| ON Semiconductor Corp 3.875% 9/1/2028 (b) |  | 6765000 | 6544319 |
| Synaptics Inc 4% 6/15/2029 (b) |  | 3500000 | 3312236 |
| Wolfspeed Inc 7.9583% 6/23/2030 (b)(h)(p) |  | 3442915 | 3382664 |
|  |  |  | 13239219 |
| Software - 0.5% |  |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (b) |  | 31025000 | 31313936 |
| Elastic NV 4.125% 7/15/2029 (b) |  | 11340000 | 10835610 |
| Fair Isaac Corp 4% 6/15/2028 (b) |  | 6420000 | 6248387 |
| NCR Voyix Corp 5% 10/1/2028 (b) |  | 3385000 | 3350702 |
| PTC Inc 4% 2/15/2028 (b) |  | 3715000 | 3610751 |
| UKG Inc 6.875% 2/1/2031 (b) |  | 3980000 | 4129549 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  |  | 13730000 | 13859337 |
|  |  |  | 73348272 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |  |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (b) |  | 9200000 | 9844000 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (b) |  | 5975000 | 6393250 |
|  |  |  | 16237250 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 167530553 |
| Materials - 1.3% |  |  |  |
| Chemicals - 0.4% |  |  |  |
| Ingevity Corp 3.875% 11/1/2028 (b) |  | 6715000 | 6403987 |
| LSB Industries Inc 6.25% 10/15/2028 (b) |  | 9723000 | 9652166 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (b) |  | 7070000 | 6723303 |
| Olympus Water US Holding Corp 7.125% 10/1/2027 (b) |  | 3445000 | 3507959 |
| Olympus Water US Holding Corp 9.75% 11/15/2028 (b) |  | 13941000 | 14680291 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (b) |  | 3770000 | 3673069 |
| SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (b) |  | 6435000 | 6393276 |
| Scotts Miracle-Gro Co/The 4% 4/1/2031  |  | 5930000 | 5446732 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (b) |  | 2810000 | 2877490 |
|  |  |  | 59358273 |
| Construction Materials - 0.1% |  |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (b) |  | 10810000 | 11333818 |
| Containers & Packaging - 0.5% |  |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (b) |  | 3025000 | 2858725 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (b) |  | 6050000 | 5522906 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (b) |  | 2785000 | 2793556 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (b) |  | 21190000 | 21673641 |
| Crown Cork & Seal Co Inc 7.375% 12/15/2026  |  | 16535000 | 17176541 |
| Crown Cork & Seal Co Inc 7.5% 12/15/2096  |  | 7695000 | 7887375 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (b) |  | 3720000 | 3713130 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (b) |  | 3585000 | 3359971 |
| Mauser Packaging Solutions Holding Co 7.875% 4/15/2027 (b) |  | 2815000 | 2861143 |
| Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (b) |  | 2815000 | 2856274 |
| Trident TPI Holdings Inc 12.75% 12/31/2028 (b) |  | 2765000 | 2933059 |
|  |  |  | 73636321 |
| Metals & Mining - 0.3% |  |  |  |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 (b) |  | 7735000 | 7372905 |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (b) |  | 2135000 | 2240657 |
| Arsenal AIC Parent LLC 8% 10/1/2030 (b) |  | 3285000 | 3505719 |
| Cleveland-Cliffs Inc 4.625% 3/1/2029 (b) |  | 4615000 | 4238259 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (b) |  | 4615000 | 3947623 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (b) |  | 9035000 | 8713852 |
| Compass Minerals International Inc 6.75% 12/1/2027 (b) |  | 2795000 | 2818319 |
| Kaiser Aluminum Corp 4.625% 3/1/2028 (b) |  | 6615000 | 6472185 |
| Roller Bearing Co of America Inc 4.375% 10/15/2029 (b) |  | 2015000 | 1951222 |
|  |  |  | 41260741 |
| TOTAL MATERIALS |  |  | 185589153 |
| Real Estate - 1.0% |  |  |  |
| Diversified REITs - 0.3% |  |  |  |
| Iron Mountain Information Management Services Inc 5% 7/15/2032 (b) |  | 4190000 | 4017659 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (b) |  | 3390000 | 3175754 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (b) |  | 841000 | 891496 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 4.75% 4/15/2028 (b) |  | 9350000 | 9163799 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (b) |  | 5660000 | 5470554 |
| Vici Properties LP / Vici Note Co Inc 3.875% 2/15/2029 (b) |  | 6695000 | 6476455 |
| Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (b) |  | 12650000 | 12572869 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (b) |  | 7220000 | 7093202 |
|  |  |  | 48861788 |
| Health Care REITs - 0.3% |  |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  |  | 6700000 | 4736712 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  |  | 10950000 | 8627451 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  |  | 21010000 | 19403910 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b) |  | 3890000 | 4071103 |
|  |  |  | 36839176 |
| Real Estate Management & Development - 0.1% |  |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (b) |  | 5515000 | 5603867 |
| Greystar Real Estate Partners LLC 7.75% 9/1/2030 (b) |  | 2435000 | 2584592 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (b) |  | 6480000 | 6457226 |
| Taylor Morrison Communities Inc 5.875% 6/15/2027 (b) |  | 5610000 | 5685757 |
| Weekley Homes LLC / Weekley Finance Corp 4.875% 9/15/2028 (b) |  | 3045000 | 2949329 |
|  |  |  | 23280771 |
| Specialized REITs - 0.3% |  |  |  |
| Iron Mountain Inc 4.875% 9/15/2029 (b) |  | 14590000 | 14333484 |
| Iron Mountain Inc 5% 7/15/2028 (b) |  | 6370000 | 6319528 |
| Iron Mountain Inc 5.25% 7/15/2030 (b) |  | 5915000 | 5834095 |
| Iron Mountain Inc 5.625% 7/15/2032 (b) |  | 5915000 | 5867986 |
| SBA Communications Corp 3.875% 2/15/2027  |  | 9720000 | 9570324 |
|  |  |  | 41925417 |
| TOTAL REAL ESTATE |  |  | 150907152 |
| Utilities - 1.1% |  |  |  |
| Electric Utilities - 0.9% |  |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (b) |  | 2795000 | 2508236 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (b) |  | 4055000 | 4006689 |
| NRG Energy Inc 3.375% 2/15/2029 (b) |  | 3080000 | 2904297 |
| NRG Energy Inc 3.625% 2/15/2031 (b) |  | 6110000 | 5623061 |
| NRG Energy Inc 3.875% 2/15/2032 (b) |  | 582000 | 534462 |
| NRG Energy Inc 5.75% 1/15/2028  |  | 19350000 | 19447892 |
| Pacific Gas and Electric Co 3.95% 12/1/2047  |  | 2711000 | 1912603 |
| Pacific Gas and Electric Co 4% 12/1/2046  |  | 8299000 | 5941694 |
| Pacific Gas and Electric Co 4.3% 3/15/2045  |  | 3690000 | 2785154 |
| PG&E Corp 5% 7/1/2028  |  | 13615000 | 13261725 |
| PG&E Corp 5.25% 7/1/2030  |  | 5150000 | 4906108 |
| Vistra Operations Co LLC 4.375% 5/1/2029 (b) |  | 11110000 | 10827898 |
| Vistra Operations Co LLC 5% 7/31/2027 (b) |  | 13800000 | 13783042 |
| Vistra Operations Co LLC 5.5% 9/1/2026 (b) |  | 9975000 | 9984516 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (b) |  | 17455000 | 17466940 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (b) |  | 5470000 | 5813754 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (b) |  | 2675000 | 2742228 |
|  |  |  | 124450299 |
| Gas Utilities - 0.2% |  |  |  |
| Southern Natural Gas Co LLC 7.35% 2/15/2031  |  | 14890000 | 16306406 |
| Southern Natural Gas Co LLC 8% 3/1/2032  |  | 9400000 | 10647864 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp 5% 6/1/2031 (b) |  | 5750000 | 5440058 |
|  |  |  | 32394328 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Sunnova Energy Corp 11.75% (b)(i) |  | 8050000 | 189859 |
| Sunnova Energy Corp 5.875% (b)(i) |  | 1350000 | 27000 |
|  |  |  | 216859 |
| TOTAL UTILITIES |  |  | 157061486 |
| TOTAL UNITED STATES |  |  | 2786449553 |
| ZAMBIA - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Metals & Mining - 0.1% |  |  |  |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (b) |  | 7775000 | 8051168 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (b) |  | 6235000 | 6606918 |
| TOTAL ZAMBIA |  |  | 14658086 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $3,253,741,809) |  |  | <br> **3247985609** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Summit Midstream Corp 3 month U.S. LIBOR + 7.43%, 12.2837% (c)(d)<br>(Cost $1,710,999)<br>| 1711 | **2685964** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 1.1%** | &nbsp;&nbsp;**Preferred Securities - 1.1%** | &nbsp;&nbsp;**Preferred Securities - 1.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Oec Fin Ltd 7.5% pay-in-kind (b)(i)(o) | 25130 | 162 |
| UNITED STATES - 1.1%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Energy Transfer LP 6.5% (c)(o) | 4690000 | 4749899 |
| Energy Transfer LP 6.625% (c)(o) | 20350000 | 20750524 |
| Energy Transfer LP Series G, 7.125% (c)(o) | 13533000 | 13908758 |
| Mesquite Energy Inc 7.25% (h)(i)(o) | 12834000 | 128340 |
|  |  | 39537521 |
| Financials - 0.7% |  |  |
| Banks - 0.6% |  |  |
| Bank of America Corp 5.875% (c)(o) | 60475000 | 62536316 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 7.0426% (c)(d)(o) | 19100000 | 19537431 |
|  |  | 82073747 |
| Insurance - 0.1% |  |  |
| Alliant Holdings LP 10.5% (c)(h)(o) | 20631644 | 21175102 |
| TOTAL FINANCIALS |  | 103248849 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Edison International 5% (c)(o) | 1105000 | 971119 |
| Edison International 5.375% (c)(o) | 14352000 | 13734866 |
|  |  | 14705985 |
| TOTAL UNITED STATES |  | 157492355 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $165,322,516) |  | <br> **157492517** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 1.4%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 1.4%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 1.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.4%  |  |  |
| Fannie Mae 2% 2/1/2052  | 3104903 | 2502662 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041  | 3983175 | 3407799 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2028  | 602066 | 587685 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 376322 | 333169 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 149626 | 132540 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2040  | 3455680 | 3189250 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 166549 | 145641 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2041  | 1308272 | 1194731 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052 (s) | 1136440 | 1127199 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2053 (s) | 858818 | 879351 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2054  | 284845 | 290163 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053 (q) | 3860932 | 3968009 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053 (q) | 2787390 | 2860339 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2055 (t) | 3244524 | 3347940 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2053  | 257683 | 264588 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2055 (q)(s) | 2003900 | 2103476 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 3/1/2054 (s) | 616157 | 637773 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 11800056 | 10485506 |
| Freddie Mac Gold Pool 2.5% 2/1/2042  | 2248227 | 1996575 |
| Freddie Mac Gold Pool 2.5% 5/1/2041 (r) | 4793029 | 4285390 |
| Freddie Mac Gold Pool 5.5% 9/1/2052 (q)(s) | 5477261 | 5528574 |
| Freddie Mac Gold Pool 6% 11/1/2053  | 169183 | 173611 |
| Freddie Mac Gold Pool 6% 2/1/2055  | 2764834 | 2848425 |
| Freddie Mac Gold Pool 6.5% 10/1/2053 (s) | 3230765 | 3366822 |
| Freddie Mac Gold Pool 6.5% 10/1/2053 (s) | 3152306 | 3293924 |
| Freddie Mac Non Gold Pool 6% 9/1/2053  | 307730 | 315976 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055 (q) | 3511657 | 3665030 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 4312876 | 3635073 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 3630829 | 3060215 |
| Ginnie Mae I Pool 2.5% 9/20/2051  | 3194150 | 2692163 |
| Ginnie Mae II Pool 2% 1/20/2051  | 10077570 | 8216489 |
| Ginnie Mae II Pool 2% 3/20/2052  | 2851641 | 2325458 |
| Ginnie Mae II Pool 2% 7/1/2055 (e) | 15600000 | 12709958 |
| Ginnie Mae II Pool 2% 9/20/2050  | 1624462 | 1325479 |
| Ginnie Mae II Pool 5.5% 12/20/2054  | 988137 | 989691 |
| Ginnie Mae II Pool 5.5% 7/1/2055 (e) | 17600000 | 17617484 |
| Ginnie Mae II Pool 5.5% 8/1/2055 (e) | 8600000 | 8601825 |
| Ginnie Mae II Pool 6% 7/1/2055 (e) | 35600000 | 36098485 |
| Uniform Mortgage Backed Securities 2% 7/1/2055 (e) | 16800000 | 13292996 |
| Uniform Mortgage Backed Securities 6% 7/1/2055 (e) | 33550000 | 34091266 |
| TOTAL UNITED STATES |  | 207588730 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $205,296,808) |  | <br> **207588730** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Tennessee Valley Authority 5.25% 9/15/2039  | 2106000 | 2193370 |
| Tennessee Valley Authority 5.375% 4/1/2056  | 3503000 | 3472508 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $5,779,471) |  | <br> **5665878** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 20.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 20.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 20.7%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 20.7%** |
|  | Yield (%) (u) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/14/2025 (q) | 4.29 | 20870000 | 20760157 |
| US Treasury Bills 0% 8/7/2025 (q) | 4.26 | 7910000 | 7875444 |
| US Treasury Bonds 2% 8/15/2051  | 1.95 to 2.09 | 77934000 | 44930778 |
| US Treasury Bonds 2.25% 2/15/2052  | 2.15 to 2.99 | 90920000 | 55535783 |
| US Treasury Bonds 2.5% 2/15/2045  | 2.98 to 3.04 | 216056000 | 152100049 |
| US Treasury Bonds 3% 2/15/2049  | 3.00 to 3.10 | 107530000 | 79227769 |
| US Treasury Bonds 3% 5/15/2045  | 1.80 | 20100000 | 15396129 |
| US Treasury Bonds 3.625% 2/15/2053  | 3.80 to 3.85 | 90116000 | 73564225 |
| US Treasury Bonds 4.125% 8/15/2044  | 4.60 to 4.66 | 47820000 | 43809471 |
| US Treasury Bonds 4.125% 8/15/2053  | 4.48 to 4.80 | 16039000 | 14326711 |
| US Treasury Bonds 4.25% 8/15/2054  | 4.65 | 15760000 | 14392081 |
| US Treasury Bonds 4.375% 8/15/2043  | 5.10 to 5.28 | 49031000 | 46734587 |
| US Treasury Bonds 4.5% 11/15/2054  | 4.61 to 4.82 | 52880000 | 50392988 |
| US Treasury Bonds 4.5% 2/15/2044  | 4.58 | 12910000 | 12474288 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.71 to 4.80 | 25050000 | 24521602 |
| US Treasury Bonds 4.625% 5/15/2054  | 4.02 to 4.49 | 24660000 | 23951025 |
| US Treasury Bonds 4.75% 2/15/2037  | 2.81 to 2.93 | 8200000 | 8540491 |
| US Treasury Bonds 5.25% 2/15/2029  | 3.91 to 3.94 | 5406000 | 5699528 |
| US Treasury Bonds Inflation-Indexed 2.375% 2/15/2055  | 2.61 to 2.63 | 9444400 | 9138041 |
| US Treasury Notes 0.375% 1/31/2026  | 0.47 | 13900000 | 13593901 |
| US Treasury Notes 0.375% 12/31/2025  | 0.40 to 0.44 | 72767000 | 71388407 |
| US Treasury Notes 0.625% 7/31/2026  | 0.77 | 24000000 | 23153437 |
| US Treasury Notes 0.75% 3/31/2026  | 0.92 | 36802000 | 35894169 |
| US Treasury Notes 1% 7/31/2028  | 0.96 to 1.13 | 49141000 | 45303779 |
| US Treasury Notes 1.125% 10/31/2026  | 1.23 | 17300000 | 16683012 |
| US Treasury Notes 1.125% 8/31/2028  | 1.13 to 1.14 | 339517000 | 313496207 |
| US Treasury Notes 1.25% 12/31/2026  | 1.26 | 33922000 | 32653900 |
| US Treasury Notes 1.25% 9/30/2028  | 1.37 to 1.46 | 38280000 | 35416476 |
| US Treasury Notes 1.375% 10/31/2028  | 1.52 | 8911000 | 8262516 |
| US Treasury Notes 1.5% 1/31/2027  | 1.50 to 1.64 | 40989000 | 39536772 |
| US Treasury Notes 1.625% 9/30/2026  | 1.68 | 3093000 | 3007701 |
| US Treasury Notes 1.875% 2/28/2027  | 1.71 | 212560000 | 206025440 |
| US Treasury Notes 2.375% 3/31/2029  | 2.50 | 7500000 | 7146094 |
| US Treasury Notes 2.5% 2/28/2026  | 2.55 to 2.62 | 38997000 | 38567424 |
| US Treasury Notes 2.5% 3/31/2027  | 2.72 | 7200000 | 7046156 |
| US Treasury Notes 2.625% 5/31/2027  | 2.99 | 90000 | 88139 |
| US Treasury Notes 2.625% 7/31/2029  | 2.80 | 23875000 | 22868706 |
| US Treasury Notes 2.75% 5/31/2029  | 3.03 | 18541000 | 17879028 |
| US Treasury Notes 2.75% 7/31/2027  | 2.71 | 5670000 | 5559479 |
| US Treasury Notes 2.75% 8/15/2032  | 2.79 to 3.99 | 83642000 | 77159745 |
| US Treasury Notes 2.875% 5/15/2032  | 2.84 | 30472000 | 28431805 |
| US Treasury Notes 3.125% 11/15/2028  | 2.66 to 3.01 | 28930000 | 28389823 |
| US Treasury Notes 3.125% 8/31/2029  | 4.48 | 3948000 | 3852693 |
| US Treasury Notes 3.375% 5/15/2033  | 3.83 | 7260000 | 6920538 |
| US Treasury Notes 3.5% 1/31/2028  | 3.60 to 3.83 | 20540000 | 20435695 |
| US Treasury Notes 3.5% 2/15/2033  | 3.91 | 49310000 | 47534070 |
| US Treasury Notes 3.625% 3/31/2028  | 3.59 to 3.60 | 34500000 | 34440703 |
| US Treasury Notes 3.625% 3/31/2030  | 3.54 to 3.55 | 21930000 | 21773235 |
| US Treasury Notes 3.75% 4/15/2028  | 3.69 | 13570000 | 13586963 |
| US Treasury Notes 3.75% 5/15/2028  | 3.86 | 52610000 | 52685843 |
| US Treasury Notes 3.75% 5/31/2030  | 3.69 | 12660000 | 12631812 |
| US Treasury Notes 3.75% 8/31/2031  | 3.65 to 4.10 | 71020000 | 70356962 |
| US Treasury Notes 3.875% 11/30/2027  | 3.74 to 3.82 | 14110000 | 14164015 |
| US Treasury Notes 3.875% 12/31/2027  | 3.56 to 4.01 | 51100000 | 51308422 |
| US Treasury Notes 3.875% 5/31/2027  | 3.90 to 3.91 | 30000000 | 30070313 |
| US Treasury Notes 3.875% 8/15/2033  | 4.57 to 4.77 | 22052000 | 21716051 |
| US Treasury Notes 3.875% 8/15/2034  | 3.71 to 3.80 | 44930000 | 43864440 |
| US Treasury Notes 4% 1/15/2027  | 4.14 to 4.15 | 61280000 | 61426019 |
| US Treasury Notes 4% 1/31/2031  | 3.89 to 3.96 | 6420000 | 6465391 |
| US Treasury Notes 4% 10/31/2029  | 4.15 | 19300000 | 19483953 |
| US Treasury Notes 4% 7/31/2029  | 3.83 | 2580000 | 2604009 |
| US Treasury Notes 4% 7/31/2030  | 4.08 | 15390000 | 15524061 |
| US Treasury Notes 4.125% 10/31/2027  | 4.24 | 8800000 | 8880437 |
| US Treasury Notes 4.125% 10/31/2031  | 4.39 | 21800000 | 22027367 |
| US Treasury Notes 4.125% 11/15/2027  | 4.09 to 4.20 | 52510000 | 52996128 |
| US Treasury Notes 4.125% 2/15/2027  | 4.40 to 4.49 | 81250000 | 81640381 |
| US Treasury Notes 4.125% 3/31/2031  | 4.36 to 4.71 | 27900000 | 28250930 |
| US Treasury Notes 4.125% 3/31/2032  | 4.23 | 24070000 | 24283433 |
| US Treasury Notes 4.125% 7/31/2028  | 4.19 | 15000000 | 15181055 |
| US Treasury Notes 4.125% 8/31/2030  | 4.19 to 4.61 | 31870000 | 32330621 |
| US Treasury Notes 4.25% 1/15/2028  | 4.24 to 4.33 | 97240000 | 98497283 |
| US Treasury Notes 4.25% 11/15/2034  | 4.31 | 12425000 | 12465770 |
| US Treasury Notes 4.25% 11/30/2026  | 4.17 | 38210000 | 38407020 |
| US Treasury Notes 4.25% 2/15/2028  | 4.17 | 71440000 | 72402183 |
| US Treasury Notes 4.25% 2/28/2031  | 4.26 to 4.36 | 24300000 | 24768914 |
| US Treasury Notes 4.25% 6/30/2029  | 4.11 to 4.12 | 42740000 | 43536567 |
| US Treasury Notes 4.375% 11/30/2028  | 4.11 to 4.15 | 32510000 | 33186868 |
| US Treasury Notes 4.375% 11/30/2030  | 4.16 to 4.36 | 24163000 | 24787840 |
| US Treasury Notes 4.375% 5/15/2034  | 3.84 | 4680000 | 4752942 |
| US Treasury Notes 4.625% 9/30/2028  | 4.76 | 21630000 | 22229050 |
| US Treasury Notes 4.75% 2/15/2045  | 4.78 to 4.99 | 39260000 | 39051431 |
| US Treasury Notes 4.875% 10/31/2030  | 4.31 to 4.92 | 25780000 | 27061951 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $3,255,036,814) |  |  | **3038506622** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.2%** | &nbsp;&nbsp;**Money Market Funds - 7.2%** | &nbsp;&nbsp;**Money Market Funds - 7.2%** | &nbsp;&nbsp;**Money Market Funds - 7.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (v) | 4.32 | 1051504216 | 1051714517 |
| Fidelity Securities Lending Cash Central Fund (v)(w) | 4.32 | 7051061 | 7051766 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,058,730,495) |  |  | **1058766283** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchased Swaptions - 0.0%** | &nbsp;&nbsp;**Purchased Swaptions - 0.0%** | &nbsp;&nbsp;**Purchased Swaptions - 0.0%** | &nbsp;&nbsp;**Purchased Swaptions - 0.0%** |
|  | Expiration<br> Date | Notional<br> Amount  | Value ($) |
| Put Swaptions - 0.0% |  |  |  |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.9025% and receive annually a floating rate based on US SOFR Index, expiring April 2036 | 4/14/26 | 28200000 | 600219 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.025% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/23/30 | 18030000 | 671950 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.95% and receive annually a floating rate based on US SOFR Indxe, expiring May 2035 | 4/29/30 | 12870000 | 496581 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.065% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/02/30 | 16580000 | 609344 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.01% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/07/30 | 22140000 | 835701 |
| TOTAL PUT SWAPTIONS |  |  | 3213795 |
| Call Swaptions - 0.0% |  |  |  |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.9025% and pay annually a floating rate based on US SOFR Index, expiring April 2036 | 4/14/26 | 28200000 | 1054472 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.025% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/23/30 | 18030000 | 697597 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.95% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 4/29/30 | 12870000 | 476699 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.065% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/02/30 | 16580000 | 655740 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.01% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/07/30 | 22140000 | 850084 |
| TOTAL CALL SWAPTIONS |  |  | 3734592 |
| **TOTAL PURCHASED SWAPTIONS**<br> (Cost $7,566,893) |  |  | <br> **6948387** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $14,902,639,950)<br>| <br>**14833798147** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(137924303)** |
| **NET ASSETS - 100.0%** | **14695873844** |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal<br> Amount (a) | Value ($) |
| U.S. Government Agency - Mortgage Securities |  |  |
| Ginnie Mae II Pool 2% 7/1/2055 | (15600000) | (12709958) |
| Ginnie Mae II Pool 5.5% 7/1/2055 | (8600000) | (8608543) |
| Uniform Mortgage Backed Securities 2% 7/1/2055 | (16800000) | (13292997) |
| Uniform Mortgage Backed Securities 2.5% 7/1/2055 | (32275000) | (26756717) |
| Uniform Mortgage Backed Securities 6% 7/1/2055 | (33550000) | (34091267) |
| TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES  |  | (95459482) |
| **TOTAL TBA SALE COMMITMENTS**<br> (Proceeds $94,508,365) |  | <br> **(95459482)** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** |
|  | Expiration<br> Date | Notional<br> Amount  | Value ($) |
| Put Swaptions |  |  |  |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.89% and pay annually a floating rate based on US SOFR Index, expiring April 2036 | 4/21/26 | 13100000 | (289164) |
| Call Swaptions |  |  |  |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.89% and receive annually a floating rate based on US SOFR Index, expiring April 2036 | 4/21/26 | 13100000 | (484969) |
| **TOTAL WRITTEN SWAPTIONS** |  |  | **(774133)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10 Year US Treasury Bond Contracts (United States) | 9105 | Sep 2025 | 1020755859 | 23404755 | 23404755 |
| CBOT 2 Year US Treasury Note Contracts (United States) | 1146 | Sep 2025 | 238412766 | 1038290 | 1038290 |
| CBOT 5 Year US Treasury Note Contracts (United States) | 84 | Sep 2025 | 9157969 | 1201 | 1201 |
| CBOT US Treasury Long Bond Contracts (United States) | 301 | Sep 2025 | 34709063 | 1266647 | 1266647 |
| CBOT US Treasury Ultra Bond Contracts (United States) | 3874 | Sep 2025 | 460642813 | 21964999 | 21964999 |
| TOTAL PURCHASED |  |  |  |  | 47675892 |
| Sold |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT US Treasury Ultra Bond Contracts (United States) | 29 | Sep 2025 | 3448281 | (113952) | (113952) |
| Eurex 30Y Deutschland Contracts (Germany) | 49 | Sep 2025 | 6853619 | 124299 | 124299 |
| Eurex Deutschland Contracts (Germany) | 86 | Sep 2025 | 13184677 | 92980 | 92980 |
| TOTAL SOLD |  |  |  |  | 103327 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **47779219** |
| The notional amount of futures purchased as a percentage of Net Assets is 11.9% | The notional amount of futures purchased as a percentage of Net Assets is 11.9% | The notional amount of futures purchased as a percentage of Net Assets is 11.9% | The notional amount of futures purchased as a percentage of Net Assets is 11.9% | The notional amount of futures purchased as a percentage of Net Assets is 11.9% | The notional amount of futures purchased as a percentage of Net Assets is 11.9% |
| The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)  |
| EUR | 10024926 | USD | 11787829 | BNP Paribas SA | 7/02/25 | 21032 |
| EUR | 3642000 | USD | 4275286 | Brown Brothers Harriman & Co. | 7/17/25 | 19487 |
| EUR | 3431000 | USD | 4026425 | Morgan Stanley | 7/17/25 | 19530 |
| USD | 156098224 | AUD | 239830000 | JPMorgan Chase Bank NA | 7/17/25 | (1795535) |
| USD | 72893996 | CAD | 99768000 | JPMorgan Chase Bank NA | 7/17/25 | (432908) |
| USD | 46128154 | CHF | 37732000 | Royal Bank of Canada | 7/17/25 | (1524987) |
| USD | 2567258 | EUR | 2189297 | Brown Brothers Harriman & Co. | 7/01/25 | (11625) |
| USD | 3389025 | EUR | 2890910 | Morgan Stanley | 7/01/25 | (16323) |
| USD | 11814856 | EUR | 10038000 | BNP Paribas SA | 7/17/25 | (22302) |
| USD | 843172341 | EUR | 737441000 | Morgan Stanley | 7/17/25 | (26443708) |
| USD | 20118283 | GBP | 14907000 | Barclays Bank PLC | 7/17/25 | (345301) |
| USD | 72346344 | JPY | 10424826000 | Bank of America NA | 7/17/25 | (179577) |
| **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** |  | **(30712217)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 60049 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (30772266) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| Payment Received | Payment<br> Frequency | Payment Paid | Payment<br> Frequency | Clearinghouse /<br> Counterparty(1) | Maturity<br> Date | Notional<br> Amount(3) | Value ($)<br>| Upfront<br> Premium<br> Received/<br> (Paid) ($)(2) | Unrealized <br> Appreciation/<br> (Depreciation) ($)<br>|
| U.S. SOFR Index(4) | Annual | 3.75% | Annual | LCH | Sep 2028 | 205354000 | (1536029) | 0 | (1536029) |
| U.S. SOFR Index(4) | Annual | 3.75% | Annual | LCH | Sep 2027 | 79909000 | (403924) | 0 | (403924) |
| U.S. SOFR Index(4) | Annual | 3.75% | Annual | LCH | Sep 2029 | 61944000 | (635898) | 0 | (635898) |
| U.S. SOFR Index(4) | Annual | 3.75% | Annual | LCH | Sep 2045 | 39572000 | (920754) | 0 | (920754) |
| **TOTAL INTEREST RATE SWAPS** |  |  |  |  |  |  | **(3496605)** | **0** | **(3496605)** |

---

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

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

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

(4)Represents floating rate.

**Currency Abbreviations**

---

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

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

(b) Security 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 $2,645,452,208 or 18.0% of net assets.

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

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

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

(f) 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.

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

(h) Level 3 security

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

(j) Non-income producing

(k) 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 $6,151,142 or 0.0% of net assets.

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

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

(n) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,077,676,600 or 7.3% of net assets.

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

(p) 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.

(q) 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 $41,349,123.

(r) Security or a portion of the security has been segregated as collateral for mortgage-backed or asset-backed securities purchased on a delayed delivery or when-issued basis. At period end, the value of securities pledged amounted to $585,327.

(s) Security or a portion of the security was pledged to cover margin requirements for centrally cleared swaps. At period end, the value of securities pledged amounted to $10,292,503.

(t) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $328,086.

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| EchoStar Corp | 9/30/24 | 5749854 |
| New Cotai LLC / New Cotai Capital Corp | 9/11/20 | 11110731 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 954026081 | 1986854389 | 1889165953 | 21283333 | - | - | 1051714517 | 1051504216 | 2.0% |
| Fidelity Emerging Markets Debt Central Fund | 2228069789 | 64095815 | 48789755 | 64095816 | (2172619) | 43068655 | 2284271885 | 278909876 | 100.0% |
| Fidelity Floating Rate Central Fund | 724534413 | 249507056 | 11795839 | 33892215 | (480573) | (9502835) | 952262222 | 9878239 | 49.3% |
| Fidelity Securities Lending Cash Central Fund | 4347769 | 391793022 | 389089025 | 5616 | - | - | 7051766 | 7051061 | 0.0% |
| Total | 3910978052 | 2692250282 | 2338840572 | 119276980 | (2653192) | 33565820 | 4295300390 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 21166376 | - | 21166376 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 21386159 | - | 21255886 | 130273 |
| Consumer Discretionary | 107072071 | - | 107072071 | - |
| Consumer Staples | 2105393 | - | 2105393 | - |
| Energy | 21180356 | - | 21180356 | - |
| Financials | 73709494 | - | 73709494 | - |
| Health Care | 50873926 | - | 50873926 | - |
| Industrials | 64739811 | - | 64739811 | - |
| Information Technology | 264257419 | - | 264257419 | - |
| Materials | 74420998 | - | 74420998 | - |
| Utilities | 238761 | - | 238761 | - |
|  **Collateralized Mortgage Obligations** | 140893202 | - | 140893202 | - |
|  **Commercial Mortgage Securities** | 453593860 | - | 453593860 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 103284958 | 103284958 | - | - |
| Consumer Discretionary | 127243416 | 93500735 | 33271668 | 471013 |
| Consumer Staples | 11433467 | 11410584 | - | 22883 |
| Energy | 49875295 | 7949011 | - | 41926284 |
| Financials | 145169718 | 145168130 | - | 1588 |
| Health Care | 10210421 | 10191390 | - | 19031 |
| Industrials | 193016898 | 193016898 | - | - |
| Information Technology | 307533385 | 305431202 | - | 2102183 |
| Materials | 36155552 | 36147279 | - | 8273 |
| Utilities | 81684799 | 81682377 | - | 2422 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 22004438 | - | 22004438 | - |
| Consumer Discretionary | 3004381 | - | - | 3004381 |
| Financials | 4804240 | - | 4804240 | - |
| Information Technology | 12683633 | - | 12683633 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 56048390 | - | - | 56048390 |
|  **Fixed-Income Funds** | 3424579239 | 3424579239 | - | - |
|  **Foreign Government and Government Agency Obligations** | 1223788101 | - | 1223788101 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 334544033 | - | 334544033 | - |
| Consumer Discretionary | 405891116 | - | 405891116 | - |
| Consumer Staples | 150088535 | - | 150088535 | - |
| Energy | 546672498 | - | 546672498 | - |
| Financials | 341529456 | - | 341529456 | - |
| Health Care | 207666526 | - | 207666526 | - |
| Industrials | 485603101 | - | 485603101 | - |
| Information Technology | 189834279 | - | 186451615 | 3382664 |
| Materials | 274617089 | - | 274617089 | - |
| Real Estate | 150907152 | - | 150907152 | - |
| Utilities | 160631824 | - | 160631824 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | 2685964 | - | 2685964 | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 39537521 | - | 39409181 | 128340 |
| Financials | 103249011 | - | 82073909 | 21175102 |
| Utilities | 14705985 | - | 14705985 | - |
|  **U.S. Government Agency - Mortgage Securities** | 207588730 | - | 207588730 | - |
|  **U.S. Government Agency Obligations** |  |  |  |  |
| Utilities | 5665878 | - | 5665878 | - |
|  **U.S. Treasury Obligations** | 3038506622 | - | 3038506622 | - |
|  **Money Market Funds** | 1058766283 | 1058766283 | - | - |
|  **Purchased Swaptions** | 6948387 | - | 6948387 | - |
| **Total Investments in Securities:** | 14833798147 | 5471128086 | 9234247234 | 128422827 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 47893171 | 47893171 | - | - |
| Forward Foreign Currency Contracts | 60049 | - | 60049 | - |
| Total Assets | 47953220 | 47893171 | 60049 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (113952) | (113952) | - | - |
| Forward Foreign Currency Contracts | (30772266) | - | (30772266) | - |
| Swaps | (3496605) | - | (3496605) | - |
| Written Swaptions | (774133) | - | (774133) | - |
| Total Liabilities | (35156956) | (113952) | (35043004) | - |
| **Total Derivative Instruments:** | 12796264 | 47779219 | (34982955) | - |
|  **<u>Other Financial Instruments:</u>** |  |  |  |  |
|  **TBA Sale Commitments** | (95459482) | - | (95459482) | - |
| **Total Other Financial Instruments:** | (95459482) | - | (95459482) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (a)  | 60049 | (30772266) |
| **Total Foreign Exchange Risk**  | 60049 | (30772266) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (b)  | 47893171 | (113952) |
| Purchased Swaptions (c)  | 6948387 | 0 |
| Swaps (d)  | 0 | (3496605) |
| Written Swaptions (e)  | 0 | (774133) |
| **Total Interest Rate Risk**  | 54841558 | (4384690) |
| **Total Value of Derivatives** | 54901607 | (35156956) |

---

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

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

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

(d)For centrally cleared swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin for centrally cleared swaps is included in receivable or payable for daily variation margin on centrally cleared swaps, and the net cumulative appreciation (depreciation) for centrally cleared swaps is included in Total accumulated earnings (loss).

(e)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,656,290) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,303,172,181) | $10538497757 |  |
| Fidelity Central Funds (cost $4,599,467,769) | 4295300390 |  |
| Total Investment in Securities (cost $14,902,639,950) |  | $14833798147 |
| Segregated cash with brokers for derivative instruments |  | 537880 |
| Cash |  | 12300381 |
| Foreign currency held at value (cost $26,567) |  | 27110 |
| Receivable for investments sold |  | 7236909 |
| Receivable for premium on written options |  | 924205 |
| Receivable for TBA sale commitments |  | 94508365 |
| Unrealized appreciation on forward foreign currency contracts |  | 60049 |
| Receivable for fund shares sold |  | 11256917 |
| Dividends receivable |  | 649792 |
| Interest receivable |  | 102350116 |
| Distributions receivable from Fidelity Central Funds |  | 3259482 |
| Receivable for daily variation margin on futures contracts |  | 7374079 |
| **Total assets** |  | 15074283432 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $79525316 |  |
| Delayed delivery | 131069444 |  |
| TBA sale commitments, at value | 95459482 |  |
| Unrealized depreciation on forward foreign currency contracts | 30772266 |  |
| Payable for fund shares redeemed | 20476454 |  |
| Distributions payable | 4178192 |  |
| Accrued management fee | 7922556 |  |
| Distribution and service plan fees payable | 588378 |  |
| Payable for daily variation margin on centrally cleared swaps | 522053 |  |
| Written options, at value (premium received $924,205) | 774133 |  |
| Other payables and accrued expenses | 69548 |  |
| Collateral on securities loaned | 7051766 |  |
| **Total liabilities** |  | 378409588 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $14695873844 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $15292632074 |
| Total accumulated earnings (loss) |  | (596758230) |
| **Net Assets** |  | $14695873844 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($1,614,065,318 ÷ 138,026,569 shares)(a) |  | $11.69 |
| Maximum offering price per share (100/96.00 of $11.69) |  | $12.18 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($617,852,557 ÷ 52,864,366 shares)(a) |  | $11.69 |
| Maximum offering price per share (100/96.00 of $11.69) |  | $12.18 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($154,584,316 ÷ 13,257,097 shares)(a) |  | $11.66 |
| **Fidelity Strategic Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,482,958,461 ÷ 462,125,676 shares) |  | $11.86 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,256,230,587 ÷ 442,973,234 shares) |  | $11.87 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,570,182,605 ÷ 132,265,832 shares) |  | $11.87 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $11909406 |
| Interest  |  | 223566342 |
| Income from Fidelity Central Funds (including $5,616 from security lending)  |  | 119276980 |
| **Total income** |  | 354752728 |
| **Expenses** |  |  |
| Management fee | $47263900 |  |
| Distribution and service plan fees | 3561020 |  |
| Custodian fees and expenses | 23309 |  |
| Independent trustees' fees and expenses | 18484 |  |
| Registration fees | 229898 |  |
| Audit fees | 90773 |  |
| Legal | 25106 |  |
| Miscellaneous | 91244 |  |
| Total expenses before reductions | 51303734 |  |
| Expense reductions | (36180) |  |
| Total expenses after reductions |  | 51267554 |
| **Net Investment income (loss)** |  | 303485174 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (21266116) |  |
| Fidelity Central Funds | (2653192) |  |
| Forward foreign currency contracts | (75188087) |  |
| Foreign currency transactions | 184335 |  |
| Futures contracts | 138916 |  |
| Swaps | 2822077 |  |
| Total net realized gain (loss) |  | (95962067) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 376655009 |  |
| Fidelity Central Funds  | 33565820 |  |
| Forward foreign currency contracts | (57443444) |  |
| Assets and liabilities in foreign currencies | 1364879 |  |
| Futures contracts | 63769613 |  |
| Swaps | (6810913) |  |
| Written options | 150072 |  |
| TBA sale commitments | (6477545) |  |
| Total change in net unrealized appreciation (depreciation) |  | 404773491 |
| **Net gain (loss)** |  | 308811424 |
| **Net increase (decrease) in net assets resulting from operations** |  | $612296598 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $303485174 | $618030519 |
| &nbsp;&nbsp;Net realized gain (loss) | (95962067)<br>| 56683525<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 404773491 | 115443195<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 612296598<br>| 790157239<br>|
| Distributions to shareholders | (279141770)<br>| (571080365)<br>|
| Share transactions - net increase (decrease) | 12717609<br>| 839204523<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 345872437<br>| 1058281397<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14350001407 | 13291720010<br>|
| &nbsp;&nbsp;End of period | $14695873844 | $14350001407 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.43 | $11.24 | $10.73 | $12.51 | $12.61 | $12.29 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .228  | .486  | .456  | .359  | .303  | .367  |
| Net realized and unrealized gain (loss)  | .241  | .151  | .507  | (1.764)  | .143  | .497  |
| Total from investment operations  | .469  | .637  | .963  | (1.405)  | .446  | .864  |
| Distributions from net investment income  | (.209)  | (.447)  | (.453)  | (.361)  | (.305)  | (.386)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  | (.158)  |
| Total distributions  | (.209)  | (.447)  | (.453)  | (.375)  | (.546)  | (.544)  |
| Net asset value, end of period  | $11.69 | $11.43 | $11.24 | $10.73 | $12.51 | $12.61 |
| **Total Return** C,D,E | 4.14% <br>| 5.76%  | 9.19%  | (11.29)%  | 3.58%  | 7.19%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .94% H | .94%  | .97%  | .98%  | .97%  | .97%  |
| Expenses net of fee waivers, if any  | .94% H<br>| .94%  | .97%  | .97%  | .96%  | .97%  |
| Expenses net of all reductions, if any  | .94% H | .94%  | .97%  | .97%  | .96%  | .97%  |
| Net investment income (loss)  | 4.01% H | 4.28%  | 4.19%  | 3.18%  | 2.39%  | 3.02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1614065 | $1626003 | $1618639 | $1636956 | $2072285 | $1903581 |
| Portfolio turnover rate I | 85% H<br>| 76%  | 72%  | 69%  | 94%  | 96%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.42 | $11.23 | $10.72 | $12.51 | $12.61 | $12.28 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .228  | .486  | .457  | .360  | .304  | .368  |
| Net realized and unrealized gain (loss)  | .251  | .151  | .507  | (1.774)  | .142  | .506  |
| Total from investment operations  | .479  | .637  | .964  | (1.414)  | .446  | .874  |
| Distributions from net investment income  | (.209)  | (.447)  | (.454)  | (.362)  | (.305)  | (.386)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  | (.158)  |
| Total distributions  | (.209)  | (.447)  | (.454)  | (.376)  | (.546)  | (.544)  |
| Net asset value, end of period  | $11.69 | $11.42 | $11.23 | $10.72 | $12.51 | $12.61 |
| **Total Return** C,D,E | 4.23% <br>| 5.77%  | 9.20%  | (11.37)%  | 3.59%  | 7.29%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .95% H | .94%  | .97%  | .97%  | .96%  | .96%  |
| Expenses net of fee waivers, if any  | .95% H<br>| .94%  | .96%  | .97%  | .96%  | .96%  |
| Expenses net of all reductions, if any  | .94% H | .94%  | .96%  | .97%  | .96%  | .96%  |
| Net investment income (loss)  | 4.01% H | 4.28%  | 4.20%  | 3.19%  | 2.39%  | 3.03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $617853 | $609111 | $616232 | $629724 | $796701 | $792143 |
| Portfolio turnover rate I | 85% H<br>| 76%  | 72%  | 69%  | 94%  | 96%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.39 | $11.21 | $10.70 | $12.48 | $12.58 | $12.26 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .185  | .400  | .373  | .275  | .208  | .276  |
| Net realized and unrealized gain (loss)  | .250  | .141  | .507  | (1.765)  | .142  | .496  |
| Total from investment operations  | .435  | .541  | .880  | (1.490)  | .350  | .772  |
| Distributions from net investment income  | (.165)  | (.361)  | (.370)  | (.276)  | (.209)  | (.294)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  | (.158)  |
| Total distributions  | (.165)  | (.361)  | (.370)  | (.290)  | (.450)  | (.452)  |
| Net asset value, end of period  | $11.66 | $11.39 | $11.21 | $10.70 | $12.48 | $12.58 |
| **Total Return** C,D,E | 3.85% <br>| 4.89%  | 8.39%  | (11.99)%  | 2.81%  | 6.41%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.70% H | 1.69%  | 1.73%  | 1.73%  | 1.72%  | 1.72%  |
| Expenses net of fee waivers, if any  | 1.70% H<br>| 1.69%  | 1.73%  | 1.73%  | 1.72%  | 1.72%  |
| Expenses net of all reductions, if any  | 1.70% H | 1.69%  | 1.73%  | 1.73%  | 1.72%  | 1.72%  |
| Net investment income (loss)  | 3.26% H | 3.53%  | 3.43%  | 2.43%  | 1.64%  | 2.27%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $154584 | $165257 | $184200 | $222216 | $353988 | $572280 |
| Portfolio turnover rate I | 85% H<br>| 76%  | 72%  | 69%  | 94%  | 96%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.59 | $11.40 | $10.88 | $12.70 | $12.79 | $12.46 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .248  | .527  | .495  | .399  | .346  | .410  |
| Net realized and unrealized gain (loss)  | .251  | .150  | .517  | (1.805)  | .153  | .504  |
| Total from investment operations  | .499  | .677  | 1.012  | (1.406)  | .499  | .914  |
| Distributions from net investment income  | (.229)  | (.487)  | (.492)  | (.400)  | (.348)  | (.426)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  | (.158)  |
| Total distributions  | (.229)  | (.487)  | (.492)  | (.414)  | (.589)  | (.584)  |
| Net asset value, end of period  | $11.86 | $11.59 | $11.40 | $10.88 | $12.70 | $12.79 |
| **Total Return** C,D | 4.35% <br>| 6.05%  | 9.54%  | (11.14)%  | 3.96%  | 7.53%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .65% G | .65%  | .68%  | .68%  | .66%  | .67%  |
| Expenses net of fee waivers, if any  | .65% G<br>| .65%  | .67%  | .68%  | .66%  | .67%  |
| Expenses net of all reductions, if any  | .65% G | .65%  | .67%  | .68%  | .66%  | .67%  |
| Net investment income (loss)  | 4.30% G | 4.57%  | 4.49%  | 3.48%  | 2.69%  | 3.32%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5482958 | $5437824 | $5417185 | $5456882 | $7244948 | $6822541 |
| Portfolio turnover rate H | 85% G<br>| 76%  | 72%  | 69%  | 94%  | 96%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.59 | $11.40 | $10.88 | $12.70 | $12.79 | $12.46 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .246  | .522  | .490  | .394  | .340  | .404  |
| Net realized and unrealized gain (loss)  | .260  | .150  | .518  | (1.805)  | .153  | .505  |
| Total from investment operations  | .506  | .672  | 1.008  | (1.411)  | .493  | .909  |
| Distributions from net investment income  | (.226)  | (.482)  | (.488)  | (.395)  | (.342)  | (.421)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  | (.158)  |
| Total distributions  | (.226)  | (.482)  | (.488)  | (.409)  | (.583)  | (.579)  |
| Net asset value, end of period  | $11.87 | $11.59 | $11.40 | $10.88 | $12.70 | $12.79 |
| **Total Return** C,D | 4.42% <br>| 6.00%  | 9.49%  | (11.18)%  | 3.91%  | 7.48%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .69% G | .70%  | .72%  | .72%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .69% G<br>| .70%  | .72%  | .72%  | .71%  | .71%  |
| Expenses net of all reductions, if any  | .69% G | .69%  | .72%  | .72%  | .71%  | .71%  |
| Net investment income (loss)  | 4.26% G | 4.53%  | 4.44%  | 3.44%  | 2.64%  | 3.28%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5256231 | $5020032 | $4401374 | $3986403 | $5460460 | $4889531 |
| Portfolio turnover rate H | 85% G<br>| 76%  | 72%  | 69%  | 94%  | 96%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.60 | $11.41 | $10.89 | $12.70 | $12.80 | $12.47 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .251  | .533  | .502  | .405  | .352  | .417  |
| Net realized and unrealized gain (loss)  | .251  | .151  | .517  | (1.794)  | .143  | .504  |
| Total from investment operations  | .502  | .684  | 1.019  | (1.389)  | .495  | .921  |
| Distributions from net investment income  | (.232)  | (.494)  | (.499)  | (.407)  | (.354)  | (.433)  |
| Distributions from net realized gain  | -  | -  | -  | (.014)  | (.241)  | (.158)  |
| Total distributions  | (.232)  | (.494)  | (.499)  | (.421)  | (.595)  | (.591)  |
| Net asset value, end of period  | $11.87 | $11.60 | $11.41 | $10.89 | $12.70 | $12.80 |
| **Total Return** C,D | 4.38% <br>| 6.11%  | 9.60%  | (11.00)%  | 3.92%  | 7.59%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .59% G | .60%  | .62%  | .62%  | .61%  | .61%  |
| Expenses net of fee waivers, if any  | .59% G<br>| .60%  | .61%  | .62%  | .61%  | .61%  |
| Expenses net of all reductions, if any  | .59% G | .60%  | .61%  | .62%  | .61%  | .61%  |
| Net investment income (loss)  | 4.36% G | 4.62%  | 4.55%  | 3.54%  | 2.74%  | 3.38%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1570183 | $1491775 | $1054090 | $901928 | $1058105 | $662276 |
| Portfolio turnover rate H | 85% G<br>| 76%  | 72%  | 69%  | 94%  | 96%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

For the period ended June 30, 2025

**1. Organization.**

Fidelity Advisor Strategic Income Fund (the Fund) is a fund of Fidelity Advisor Series II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Strategic Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, market discount, swap agreements, 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** | $776078847 |
| **Gross unrealized depreciation** | <u>(815437541)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(39358694)</u> |
| **Tax cost** | <u>$14892447793</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(252136901) |
| Long-term | <u>(257993457)</u> |
| **Total capital loss carryforward** | <u>$(510130358)</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 value of these commitments and proceeds to be received at contractual settlement date are reflected in the Statement of Assets and Liabilities as "TBA sale commitments, at value" and "Receivable for TBA sale commitments," respectively. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, a fund realizes a gain or loss. If a fund delivers securities under the commitment, a fund realizes a gain or loss from the sale of the securities based upon the price established at the date the commitment was entered into.

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

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

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment. The commitment amount represents the maximum amount of the commitment.

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| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Advisor Strategic Income Fund** | Wolfspeed New 2L Convertible Notes | 8187982 | - |

---

**New Accounting Pronouncement.** 

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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| | | |
|:---|:---|:---|
| **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 | &nbsp;&nbsp;&nbsp;&nbsp; <u>(75188087)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(57443444)</u> |
| **Total Foreign Exchange Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(75188087)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(57443444)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 138916 | 63769613 |
| Purchased Options | (205705) | (632599) |
| Written Options | - | 150072 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2822077</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(6810913)</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2755288</u> | <u>56476173</u> |
| **Totals** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(72432799)</u> | <u>(967271)</u> |

---

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

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

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

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

---

| | |
|:---|:---|
|  | **Average Contracts Amount ($)** |
| **Fidelity Advisor Strategic Income Fund** | 1449172466 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **Fidelity Advisor Strategic Income Fund** | 1783249033 |

---

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Advisor Strategic Income Fund** | 4406315881 | 3930850335 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .70 |
| **Class M** | .69 |
| **Class C** | .70 |
| **Fidelity Strategic Income Fund** | .65 |
| **Class I** | .69 |
| **Class Z** | .59 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Fidelity Strategic Income Fund** | .65 |
| **Class I** | .69 |
| **Class Z** | .59 |

---

**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% | 2004742 | 63198 |
| **Class M** | - % | .25% | 759743 | 11289 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>796535</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>132045</u> |
|  |  |  | <u>3561020</u> | <u>206532</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** | 38976 |
| **Class M** | 6924 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1216</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>47116</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Strategic Income Fund** | 2029 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Advisor Strategic Income Fund** | 1581648 | 1031542 | 210273 |

---

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

---

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

---

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Advisor Strategic Income Fund** | 11418 |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Advisor Strategic Income Fund** | 580 | 1 | - |

---

**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 $36,180.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor Strategic Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $29201807 | $63918315 |
| Class M | 11065317 | 24071063 |
| Class C | 2303776 | 5553945 |
| Fidelity Strategic Income Fund | 106477700 | 226979783 |
| Class I | 99082451 | 199054622 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>31010719</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>51502637</u> |
| Total  | <u>$279141770</u> | <u>$571080365</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **Fidelity Advisor Strategic Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 7207048 | 19392330 | $82607328 | $220557283 |
| Reinvestment of distributions | 2428913 | 5378348 | 27958157 | 61115608 |
| Shares redeemed | <u>(13922690)</u> | <u>(26496397)</u> | <u>(159484485)</u> | <u>(300987914)</u> |
| Net increase (decrease) | <u>(4286729)</u> | <u>(1725719)</u> | <u>$(48919000)</u> | <u>$(19315023)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 2833208 | 5721712 | $32491042 | $64984128 |
| Reinvestment of distributions | 944432 | 2077010 | 10866057 | 23589475 |
| Shares redeemed | <u>(4253879)</u> | <u>(9325181)</u> | <u>(48674557)</u> | <u>(105699419)</u> |
| Net increase (decrease) | <u>(476239)</u> | <u>(1526459)</u> | <u>$(5317458)</u> | <u>$(17125816)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1315732 | 3137695 | $15019302 | $35608141 |
| Reinvestment of distributions | 196575 | 477856 | 2256530 | 5412387 |
| Shares redeemed | <u>(2760509)</u> | <u>(5548678)</u> | <u>(31528004)</u> | <u>(62838975)</u> |
| Net increase (decrease) | <u>(1248202)</u> | <u>(1933127)</u> | <u>$(14252172)</u> | <u>$(21818447)</u> |
| **Fidelity Strategic Income Fund** |  |  |  |  |
| Shares sold | 33402480 | 73864824 | $388809300 | $853039264 |
| Reinvestment of distributions | 7964871 | 17259649 | 93019162 | 198988640 |
| Shares redeemed | <u>(48331162)</u> | <u>(97166327)</u> | <u>(561323165)</u> | <u>(1117791690)</u> |
| Net increase (decrease) | <u>(6963811)</u> | <u>(6041854)</u> | <u>$(79494703)</u> | <u>$(65763786)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 64309462 | 143105380 | $747730159 | $1649388100 |
| Reinvestment of distributions | 8094689 | 16482079 | 94554250 | 190109038 |
| Shares redeemed | <u>(62436202)</u> | <u>(112582442)</u> | <u>(724712457)</u> | <u>(1298796466)</u> |
| Net increase (decrease) | <u>9967949</u> | <u>47005017</u> | <u>$117571952</u> | <u>$540700672</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 24088828 | 56845335 | $280461937 | $660287025 |
| Reinvestment of distributions | 2171602 | 3568072 | 25374859 | 41222453 |
| Shares redeemed | <u>(22607475)</u> | <u>(24201249)</u> | <u>(262707806)</u> | <u>(278982555)</u> |
| Net increase (decrease) | <u>3652955</u> | <u>36212158</u> | <u>$43128990</u> | <u>$422526923</u> |

---

**12. Other.**

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

**13. Credit Risk.**

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

**14. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img111010_4.jpg)<br>

1.705747.127 SI-SANN-0825

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

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

(a) (3) Not applicable.

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

SIGNATURES

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

Fidelity Advisor Series II

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

## Ex-99.Cert

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

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

I, Laura M. Del Prato, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

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

---

I, Stephanie Caron, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

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

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

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

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## Exhibit 99.906

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

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

In connection with the attached Report of Fidelity Advisor Series II (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: August 22, 2025

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

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Dated: August 22, 2025

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

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

<br>