# EDGAR Filing Document

**Accession Number:** 0000225322
**File Stem:** 0000225322-26-000112
**Filing Date:** 2026-6
**Character Count:** 1435566
**Document Hash:** c0da7325fcb6d86f3d51ff4f45c54cf2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000225322-26-000112.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0000225322-26-000112

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 134

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SUMMER STREET TRUST
- **CENTRAL INDEX KEY:** 0000225322

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02737
- **FILM NUMBER:** 261105526

**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 HIGH INCOME FUND
- **DATE OF NAME CHANGE:** 19890309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY AGGRESSIVE INCOME FUND
- **DATE OF NAME CHANGE:** 19810205

## Series and Classes Contracts Data

### Fidelity Capital & Income Fund (Series ID: S000007495)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000020469 | Fidelity Capital & Income Fund | FAGIX           |

### Fidelity Focused High Income Fund (Series ID: S000017689)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000048885 | Fidelity Focused High Income Fund | FHIFX           |

### Fidelity High Income Fund (Series ID: S000017690)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000048886 | Fidelity High Income Fund                  | SPHIX           |
| C000206223 | Fidelity Advisor High Income Fund: Class M | FGRMX           |
| C000206224 | Fidelity Advisor High Income Fund: Class C | FGSMX           |
| C000206225 | Fidelity Advisor High Income Fund: Class I | FGTMX           |
| C000206226 | Fidelity Advisor High Income Fund: Class Z | FGUMX           |
| C000206227 | Fidelity Advisor High Income Fund: Class A | FGQMX           |

### Fidelity Series High Income Fund (Series ID: S000031534)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000098085 | Fidelity Series High Income Fund | FSHNX           |

### Fidelity Short Duration High Income Fund (Series ID: S000042758)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000132244 | Fidelity Short Duration High Income Fund                  | FSAHX           |
| C000132245 | Fidelity Advisor Short Duration High Income Fund: Class I | FSFHX           |
| C000132246 | Fidelity Advisor Short Duration High Income Fund: Class A | FSBHX           |
| C000132247 | Fidelity Advisor Short Duration High Income Fund: Class M | FSEHX           |
| C000132248 | Fidelity Advisor Short Duration High Income Fund: Class C | FSDHX           |
| C000205018 | Fidelity Advisor Short Duration High Income Fund: Class Z | FIJWX           |

### Fidelity Women's Leadership Fund (Series ID: S000065255)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000211258 | Fidelity Advisor Women's Leadership Fund: Class Z | FWOZX           |
| C000211259 | Fidelity Advisor Women's Leadership Fund: Class I | FWMNX           |
| C000211260 | Fidelity Women's Leadership Fund                  | FWOMX           |
| C000211261 | Fidelity Advisor Women's Leadership Fund: Class M | FWOEX           |
| C000211262 | Fidelity Advisor Women's Leadership Fund: Class A | FWOAX           |
| C000211263 | Fidelity Advisor Women's Leadership Fund: Class C | FWOCX           |

### Fidelity U.S. Low Volatility Equity Fund (Series ID: S000066807)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000215144 | Fidelity U.S. Low Volatility Equity Fund | FULVX           |

### Fidelity SAI High Income Fund (Series ID: S000071838)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000227362 | Fidelity SAI High Income Fund | FSHGX           |

### Fidelity Healthy Future Fund (Series ID: S000075973)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000235369 | Fidelity Advisor Healthy Future Fund: Class Z | FAPNX           |
| C000235370 | Fidelity Advisor Healthy Future Fund: Class I | FAPMX           |
| C000235371 | Fidelity Healthy Future Fund                  | FAPHX           |
| C000235372 | Fidelity Advisor Healthy Future Fund: Class M | FAPLX           |
| C000235373 | Fidelity Advisor Healthy Future Fund: Class A | FAPJX           |
| C000235374 | Fidelity Advisor Healthy Future Fund: Class C | FAPKX           |

?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>811-02737</u>

<u>Fidelity Summer Street Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;April 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;April 30, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Women's Leadership Fund<br> **Fidelity® Women's Leadership Fund : FWOMX** <br>|

---

This annual shareholder report contains information about Fidelity® Women's Leadership Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Women's Leadership Fund  | $79  | 0.67% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI USA Women's Leadership Index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Security selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Alphabet gained 141% and was the top individual relative contributor. The stock was among the fund's largest holdings. The second-largest relative contributor was an overweight in NVIDIA (+83%). The company was the fund's biggest holding. Another notable relative contributor was our non-benchmark stake in GE Vernova (+195%). The company was among the fund's biggest holdings.

• In contrast, the biggest detractors from performance versus the benchmark were picks and an underweight in energy. Stock picking and an underweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The biggest individual relative detractor was an underweight in Western Digital (+745%). This was a position we established this period. The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained 113%. Not owning Analog Devices, a benchmark component that gained approximately 109%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 1, 2019 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Women's Leadership Fund<br>| $10000 | $9837<br>| $15389<br>| $13657<br>| $13981<br>| $16604<br>| $16784<br>| $23239<br>|
| MSCI USA Women's Leadership Index<br>| $10000 | $9399<br>| $14585<br>| $13499<br>| $13031<br>| $15104<br>| $15610<br>| $18118<br>|
| Russell 3000® Index<br>| $10000 | $9973<br>| $15051<br>| $14582<br>| $14801<br>| $18102<br>| $20166<br>| $26419<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130814_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Women's Leadership Fund | 38.46% | 8.59% | 12.80% |
| MSCI USA Women's Leadership Index | 16.07%<br>| 4.43%<br>| 8.86% |
| Russell 3000® Index | 31.01%<br>| 11.91%<br>| 14.88% |

---

**A** From May 1, 2019

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $170418920<br>|
| Number of Holdings | 93<br>|
| Total Advisory Fee | $861029<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.2 |
| Industrials | 13.3 |
| Financials | 11.4 |
| Health Care | 10.9 |
| Consumer Discretionary | 10.0 |
| Communication Services | 8.7 |
| Consumer Staples | 4.4 |
| Materials | 2.7 |
| Energy | 2.4 |
| Real Estate | 2.1 |
| Utilities | 1.0 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Italy | 1.0 |
| Canada | 1.0 |
| United Kingdom | 0.9 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| Japan | 0.6 |
| Australia | 0.5 |
| Chile | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Canada - 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;United Kingdom - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.6<br>|
| Apple Inc | 6.5<br>|
| Microsoft Corp | 4.8<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.8<br>|
| Alphabet Inc Class C | 3.2<br>|
| JPMorgan Chase & Co | 2.0<br>|
| Eli Lilly & Co | 1.9<br>|
| Micron Technology Inc | 1.8<br>|
| GE Vernova Inc | 1.6<br>|
|  | 37.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3396_20260430_2.jpg)<br>| ![](img130814_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913298.101 3396-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class Z : FWOZX** <br>|

---

This annual shareholder report contains information about Fidelity® Women's Leadership Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $67  | 0.57% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI USA Women's Leadership Index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Security selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Alphabet gained 141% and was the top individual relative contributor. The stock was among the fund's largest holdings. The second-largest relative contributor was an overweight in NVIDIA (+83%). The company was the fund's biggest holding. Another notable relative contributor was our non-benchmark stake in GE Vernova (+195%). The company was among the fund's biggest holdings.

• In contrast, the biggest detractors from performance versus the benchmark were picks and an underweight in energy. Stock picking and an underweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The biggest individual relative detractor was an underweight in Western Digital (+745%). This was a position we established this period. The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained 113%. Not owning Analog Devices, a benchmark component that gained approximately 109%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 1, 2019 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9857<br>| $15439<br>| $13721<br>| $14077<br>| $16754<br>| $16950<br>| $23502<br>|
| MSCI USA Women's Leadership Index<br>| $10000 | $9399<br>| $14585<br>| $13499<br>| $13031<br>| $15104<br>| $15610<br>| $18118<br>|
| Russell 3000® Index<br>| $10000 | $9973<br>| $15051<br>| $14582<br>| $14801<br>| $18102<br>| $20166<br>| $26419<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130815_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 38.65% | 8.77% | 12.98% |
| MSCI USA Women's Leadership Index | 16.07%<br>| 4.43%<br>| 8.86% |
| Russell 3000® Index | 31.01%<br>| 11.91%<br>| 14.88% |

---

**A** From May 1, 2019

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $170418920<br>|
| Number of Holdings | 93<br>|
| Total Advisory Fee | $861029<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.2 |
| Industrials | 13.3 |
| Financials | 11.4 |
| Health Care | 10.9 |
| Consumer Discretionary | 10.0 |
| Communication Services | 8.7 |
| Consumer Staples | 4.4 |
| Materials | 2.7 |
| Energy | 2.4 |
| Real Estate | 2.1 |
| Utilities | 1.0 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Italy | 1.0 |
| Canada | 1.0 |
| United Kingdom | 0.9 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| Japan | 0.6 |
| Australia | 0.5 |
| Chile | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Canada - 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;United Kingdom - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.6<br>|
| Apple Inc | 6.5<br>|
| Microsoft Corp | 4.8<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.8<br>|
| Alphabet Inc Class C | 3.2<br>|
| JPMorgan Chase & Co | 2.0<br>|
| Eli Lilly & Co | 1.9<br>|
| Micron Technology Inc | 1.8<br>|
| GE Vernova Inc | 1.6<br>|
|  | 37.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3396_20260430_2.jpg)<br>| ![](img130815_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913303.101 3401-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class M : FWOEX** <br>|

---

This annual shareholder report contains information about Fidelity® Women's Leadership Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $144  | 1.22% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI USA Women's Leadership Index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Security selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Alphabet gained 141% and was the top individual relative contributor. The stock was among the fund's largest holdings. The second-largest relative contributor was an overweight in NVIDIA (+83%). The company was the fund's biggest holding. Another notable relative contributor was our non-benchmark stake in GE Vernova (+195%). The company was among the fund's biggest holdings.

• In contrast, the biggest detractors from performance versus the benchmark were picks and an underweight in energy. Stock picking and an underweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The biggest individual relative detractor was an underweight in Western Digital (+745%). This was a position we established this period. The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained 113%. Not owning Analog Devices, a benchmark component that gained approximately 109%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 1, 2019 through April 30, 2026.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9445<br>| $14702<br>| $12987<br>| $13225<br>| $15634<br>| $15714<br>| $21646<br>|
| MSCI USA Women's Leadership Index<br>| $10000 | $9399<br>| $14585<br>| $13499<br>| $13031<br>| $15104<br>| $15610<br>| $18118<br>|
| Russell 3000® Index<br>| $10000 | $9973<br>| $15051<br>| $14582<br>| $14801<br>| $18102<br>| $20166<br>| $26419<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130816_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 32.93% | 7.28%<br>| 11.66% |
| Class M (without 3.50% sales charge) | 37.75% | 8.04% | 12.23% |
| MSCI USA Women's Leadership Index | 16.07%<br>| 4.43%<br>| 8.86% |
| Russell 3000® Index | 31.01%<br>| 11.91%<br>| 14.88% |

---

**A** From May 1, 2019

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $170418920<br>|
| Number of Holdings | 93<br>|
| Total Advisory Fee | $861029<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.2 |
| Industrials | 13.3 |
| Financials | 11.4 |
| Health Care | 10.9 |
| Consumer Discretionary | 10.0 |
| Communication Services | 8.7 |
| Consumer Staples | 4.4 |
| Materials | 2.7 |
| Energy | 2.4 |
| Real Estate | 2.1 |
| Utilities | 1.0 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Italy | 1.0 |
| Canada | 1.0 |
| United Kingdom | 0.9 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| Japan | 0.6 |
| Australia | 0.5 |
| Chile | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Canada - 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;United Kingdom - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.6<br>|
| Apple Inc | 6.5<br>|
| Microsoft Corp | 4.8<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.8<br>|
| Alphabet Inc Class C | 3.2<br>|
| JPMorgan Chase & Co | 2.0<br>|
| Eli Lilly & Co | 1.9<br>|
| Micron Technology Inc | 1.8<br>|
| GE Vernova Inc | 1.6<br>|
|  | 37.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3396_20260430_2.jpg)<br>| ![](img130816_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913301.101 3399-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class I : FWMNX** <br>|

---

This annual shareholder report contains information about Fidelity® Women's Leadership Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $82  | 0.69% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI USA Women's Leadership Index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Security selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Alphabet gained 141% and was the top individual relative contributor. The stock was among the fund's largest holdings. The second-largest relative contributor was an overweight in NVIDIA (+83%). The company was the fund's biggest holding. Another notable relative contributor was our non-benchmark stake in GE Vernova (+195%). The company was among the fund's biggest holdings.

• In contrast, the biggest detractors from performance versus the benchmark were picks and an underweight in energy. Stock picking and an underweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The biggest individual relative detractor was an underweight in Western Digital (+745%). This was a position we established this period. The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained 113%. Not owning Analog Devices, a benchmark component that gained approximately 109%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 1, 2019 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9837<br>| $15397<br>| $13672<br>| $14009<br>| $16654<br>| $16823<br>| $23298<br>|
| MSCI USA Women's Leadership Index<br>| $10000 | $9399<br>| $14585<br>| $13499<br>| $13031<br>| $15104<br>| $15610<br>| $18118<br>|
| Russell 3000® Index<br>| $10000 | $9973<br>| $15051<br>| $14582<br>| $14801<br>| $18102<br>| $20166<br>| $26419<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130817_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class I | 38.49% | 8.64% | 12.84% |
| MSCI USA Women's Leadership Index | 16.07%<br>| 4.43%<br>| 8.86% |
| Russell 3000® Index | 31.01%<br>| 11.91%<br>| 14.88% |

---

**A** From May 1, 2019

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $170418920<br>|
| Number of Holdings | 93<br>|
| Total Advisory Fee | $861029<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.2 |
| Industrials | 13.3 |
| Financials | 11.4 |
| Health Care | 10.9 |
| Consumer Discretionary | 10.0 |
| Communication Services | 8.7 |
| Consumer Staples | 4.4 |
| Materials | 2.7 |
| Energy | 2.4 |
| Real Estate | 2.1 |
| Utilities | 1.0 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Italy | 1.0 |
| Canada | 1.0 |
| United Kingdom | 0.9 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| Japan | 0.6 |
| Australia | 0.5 |
| Chile | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Canada - 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;United Kingdom - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.6<br>|
| Apple Inc | 6.5<br>|
| Microsoft Corp | 4.8<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.8<br>|
| Alphabet Inc Class C | 3.2<br>|
| JPMorgan Chase & Co | 2.0<br>|
| Eli Lilly & Co | 1.9<br>|
| Micron Technology Inc | 1.8<br>|
| GE Vernova Inc | 1.6<br>|
|  | 37.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3396_20260430_2.jpg)<br>| ![](img130817_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913302.101 3400-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class C : FWOCX** <br>|

---

This annual shareholder report contains information about Fidelity® Women's Leadership Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $203  | 1.72% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI USA Women's Leadership Index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Security selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Alphabet gained 141% and was the top individual relative contributor. The stock was among the fund's largest holdings. The second-largest relative contributor was an overweight in NVIDIA (+83%). The company was the fund's biggest holding. Another notable relative contributor was our non-benchmark stake in GE Vernova (+195%). The company was among the fund's biggest holdings.

• In contrast, the biggest detractors from performance versus the benchmark were picks and an underweight in energy. Stock picking and an underweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The biggest individual relative detractor was an underweight in Western Digital (+745%). This was a position we established this period. The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained 113%. Not owning Analog Devices, a benchmark component that gained approximately 109%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 1, 2019 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9740<br>| $15090<br>| $13261<br>| $13445<br>| $15811<br>| $15812<br>| $21673<br>|
| MSCI USA Women's Leadership Index<br>| $10000 | $9399<br>| $14585<br>| $13499<br>| $13031<br>| $15104<br>| $15610<br>| $18118<br>|
| Russell 3000® Index<br>| $10000 | $9973<br>| $15051<br>| $14582<br>| $14801<br>| $18102<br>| $20166<br>| $26419<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130818_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 36.07% | 7.51%<br>| 11.68% |
| Class C | 37.07% | 7.51% | 11.68% |
| MSCI USA Women's Leadership Index | 16.07%<br>| 4.43%<br>| 8.86% |
| Russell 3000® Index | 31.01%<br>| 11.91%<br>| 14.88% |

---

**A** From May 1, 2019

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $170418920<br>|
| Number of Holdings | 93<br>|
| Total Advisory Fee | $861029<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.2 |
| Industrials | 13.3 |
| Financials | 11.4 |
| Health Care | 10.9 |
| Consumer Discretionary | 10.0 |
| Communication Services | 8.7 |
| Consumer Staples | 4.4 |
| Materials | 2.7 |
| Energy | 2.4 |
| Real Estate | 2.1 |
| Utilities | 1.0 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Italy | 1.0 |
| Canada | 1.0 |
| United Kingdom | 0.9 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| Japan | 0.6 |
| Australia | 0.5 |
| Chile | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Canada - 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;United Kingdom - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.6<br>|
| Apple Inc | 6.5<br>|
| Microsoft Corp | 4.8<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.8<br>|
| Alphabet Inc Class C | 3.2<br>|
| JPMorgan Chase & Co | 2.0<br>|
| Eli Lilly & Co | 1.9<br>|
| Micron Technology Inc | 1.8<br>|
| GE Vernova Inc | 1.6<br>|
|  | 37.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3396_20260430_2.jpg)<br>| ![](img130818_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913300.101 3398-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class A : FWOAX** <br>|

---

This annual shareholder report contains information about Fidelity® Women's Leadership Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $115  | 0.97% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI USA Women's Leadership Index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Security selection in information technology and industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Alphabet gained 141% and was the top individual relative contributor. The stock was among the fund's largest holdings. The second-largest relative contributor was an overweight in NVIDIA (+83%). The company was the fund's biggest holding. Another notable relative contributor was our non-benchmark stake in GE Vernova (+195%). The company was among the fund's biggest holdings.

• In contrast, the biggest detractors from performance versus the benchmark were picks and an underweight in energy. Stock picking and an underweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The biggest individual relative detractor was an underweight in Western Digital (+745%). This was a position we established this period. The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained 113%. Not owning Analog Devices, a benchmark component that gained approximately 109%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 1, 2019 through April 30, 2026.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9252<br>| $14436<br>| $12782<br>| $13051<br>| $15473<br>| $15593<br>| $21530<br>|
| MSCI USA Women's Leadership Index<br>| $10000 | $9399<br>| $14585<br>| $13499<br>| $13031<br>| $15104<br>| $15610<br>| $18118<br>|
| Russell 3000® Index<br>| $10000 | $9973<br>| $15051<br>| $14582<br>| $14801<br>| $18102<br>| $20166<br>| $26419<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130819_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | 30.13% | 7.05%<br>| 11.57% |
| Class A (without 5.75% sales charge) | 38.07% | 8.32% | 12.52% |
| MSCI USA Women's Leadership Index | 16.07%<br>| 4.43%<br>| 8.86% |
| Russell 3000® Index | 31.01%<br>| 11.91%<br>| 14.88% |

---

**A** From May 1, 2019

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $170418920<br>|
| Number of Holdings | 93<br>|
| Total Advisory Fee | $861029<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.2 |
| Industrials | 13.3 |
| Financials | 11.4 |
| Health Care | 10.9 |
| Consumer Discretionary | 10.0 |
| Communication Services | 8.7 |
| Consumer Staples | 4.4 |
| Materials | 2.7 |
| Energy | 2.4 |
| Real Estate | 2.1 |
| Utilities | 1.0 |

---

Common Stocks 98.8 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Italy | 1.0 |
| Canada | 1.0 |
| United Kingdom | 0.9 |
| Belgium | 0.8 |
| Netherlands | 0.7 |
| Japan | 0.6 |
| Australia | 0.5 |
| Chile | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Canada - 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;United Kingdom - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.6<br>|
| Apple Inc | 6.5<br>|
| Microsoft Corp | 4.8<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.8<br>|
| Alphabet Inc Class C | 3.2<br>|
| JPMorgan Chase & Co | 2.0<br>|
| Eli Lilly & Co | 1.9<br>|
| Micron Technology Inc | 1.8<br>|
| GE Vernova Inc | 1.6<br>|
|  | 37.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3396_20260430_2.jpg)<br>| ![](img130819_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913299.101 3397-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® U.S. Low Volatility Equity Fund<br> **Fidelity® U.S. Low Volatility Equity Fund : FULVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® U.S. Low Volatility Equity Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® U.S. Low Volatility Equity Fund  | $71  | 0.70% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending April 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI USA Minimum Volatility Index for the fiscal year, especially within information technology. Stock picks in health care also hampered the fund's result. Also detracting from our result were picks and an overweight in consumer staples.

• The biggest individual relative detractor was an underweight in Amphenol (+93%). This was an investment we established this period. Not owning Corning, a benchmark component that gained roughly 276%, was a second notable relative detractor. Another notable relative detractor was a non-benchmark stake in SAP (-41%).

• In contrast, the biggest contributor to performance versus the benchmark was security selection in communication services. Stock picks in industrials also boosted the fund's relative performance. Also contributing to our result were stock picks and an overweight in utilities.

• The top individual relative contributor was an overweight in Alphabet (+144%). The company was the fund's largest holding at period end. A non-benchmark stake in AngloGold Ashanti gained roughly 94% and was a second notable relative contributor. The security was not held at period end. Another relative contributor this period was avoiding Roper Technologies, a benchmark component that returned -36%.

• Notable changes in positioning include higher allocations to the energy and utilities sectors.

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

**CUMULATIVE PERFORMANCE**

November 5, 2019 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® U.S. Low Volatility Equity Fund<br>| $10000 | $9256<br>| $11596<br>| $11609<br>| $11584<br>| $12748<br>| $14272<br>| $14780<br>|
| MSCI USA Minimum Volatility Index<br>| $10000 | $9464<br>| $11767<br>| $12195<br>| $12488<br>| $13830<br>| $16180<br>| $16827<br>|
| Russell 3000® Index<br>| $10000 | $9442<br>| $14250<br>| $13806<br>| $14013<br>| $17138<br>| $19092<br>| $25013<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130820_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® U.S. Low Volatility Equity Fund | 3.56% | 4.97% | 6.21% |
| MSCI USA Minimum Volatility Index | 4.00%<br>| 7.42%<br>| 8.35% |
| Russell 3000® Index | 31.01%<br>| 11.91%<br>| 15.18% |

---

**A** From November 5, 2019

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $18586638<br>|
| Number of Holdings | 125<br>|
| Total Advisory Fee | $97966<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.2 |
| Health Care | 17.4 |
| Consumer Staples | 13.4 |
| Utilities | 12.1 |
| Financials | 10.5 |
| Industrials | 5.8 |
| Communication Services | 5.1 |
| Energy | 4.7 |
| Consumer Discretionary | 3.1 |
| Real Estate | 2.0 |
| Materials | 1.9 |

---

Common Stocks 99.2 <br> Domestic Equity Funds 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5029_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

United States 98.2 <br> United Kingdom 1.2 <br> Germany 0.6

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5029_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 1.4<br>|
| Zoom Communications Inc Class A | 1.3<br>|
| Chubb Ltd | 1.2<br>|
| Astrazeneca PLC | 1.2<br>|
| Visa Inc Class A | 1.2<br>|
| Johnson & Johnson | 1.2<br>|
| Travelers Companies Inc/The | 1.2<br>|
| O'Reilly Automotive Inc | 1.2<br>|
| Gilead Sciences Inc | 1.2<br>|
| Cisco Systems Inc | 1.2<br>|
|  | 12.3 |

---

**How has the Fund changed?**

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

The fund closed to new investors on October 3rd, 2025, in anticipation of its merger shortly after its target end date of May 8th, 2026.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img5029_20260430_2.jpg)<br>| ![](img130820_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913305.101 5029-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Short Duration High Income Fund<br> **Fidelity® Short Duration High Income Fund : FSAHX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Short Duration High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Short Duration High Income Fund  | $76  | 0.72% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.27% and contributed to performance versus the Fidelity Short Duration High Income Fund Composite Index for the fiscal year. By industry, security selection was the primary contributor, especially within technology & electronics. Security selection in telecommunications also boosted the fund's relative result, as did security selection and an overweight in energy.

• The top individual relative contributor was an overweight in EchoStar (+51%). The company was the fund's top holding this period. A non-benchmark stake in Wolfspeed gained about 104% and was a second notable relative contributor. It helped to hold a non-benchmark stake in Riot Platforms (+38%). This was an investment we established this period.

• In contrast, the biggest detractor from performance versus the Composite index was security selection in retail. Security selection in the utility sector also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Saks Global Enterprises (-98%). A second notable relative detractor was a non-benchmark stake in Ambipar Lux Sarl (-74%). This was a stake we established this period. Another notable relative detractor was a non-benchmark stake in Sunnova Energy (-99%).

• Notable changes in positioning include higher allocations to the utility and telecommunications industries.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Short Duration High Income Fund<br>| $10000 | $10900<br>| $11184<br>| $11719<br>| $11458<br>| $12731<br>| $12432<br>| $12578<br>| $13638<br>| $14567<br>| $15973<br>|
| Fidelity Short Duration High Income Fund Composite Index℠<br>| $10000 | $10899<br>| $11248<br>| $11920<br>| $11423<br>| $13267<br>| $13132<br>| $13464<br>| $14670<br>| $15721<br>| $16949<br>|
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index<br>| $10000 | $10999<br>| $11373<br>| $12091<br>| $11496<br>| $13369<br>| $13139<br>| $13444<br>| $14568<br>| $15636<br>| $16900<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10207<br>| $10208<br>| $10757<br>| $11741<br>| $11950<br>| $10926<br>| $10892<br>| $10855<br>| $11739<br>| $12278<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130826_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Short Duration High Income Fund | 9.66% | 4.64% | 4.79% |
| Fidelity Short Duration High Income Fund Composite Index℠ | 7.81%<br>| 5.02%<br>| 5.42% |
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index | 8.09%<br>| 4.80%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.07% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $332576591<br>|
| Number of Holdings | 568<br>|
| Total Advisory Fee | $1997993<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| BBB | 5.8 |
| BB | 36.2 |
| B | 38.1 |
| CCC,CC,C | 12.3 |
| D | 0.1 |
| Not Rated | 4.6 |
| Equities | 0.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 12.3&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;D - 0.1&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 76.6 |
| Bank Loan Obligations | 14.7 |
| Preferred Securities | 5.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Common Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |

---

---

| | |
|:---|:---|
| United States | 88.3 |
| Canada | 2.6 |
| United Kingdom | 1.6 |
| France | 0.9 |
| Switzerland | 0.6 |
| Brazil | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.4 |
| Colombia | 0.4 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Colombia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| TransDigm Inc | 1.6<br>|
| Citigroup Inc | 1.1<br>|
| EchoStar Corp | 1.0<br>|
| CoreWeave Inc | 1.0<br>|
| Sunoco LP | 1.0<br>|
| Cloud Software Group Inc | 1.0<br>|
| Vistra Operations Co LLC | 0.9<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| Univision Communications Inc | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2580_20260430_2.jpg)<br>| ![](img130826_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913276.101 2580-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class Z : FIJWX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Short Duration High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $69  | 0.66% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.27% and contributed to performance versus the Fidelity Short Duration High Income Fund Composite Index for the fiscal year. By industry, security selection was the primary contributor, especially within technology & electronics. Security selection in telecommunications also boosted the fund's relative result, as did security selection and an overweight in energy.

• The top individual relative contributor was an overweight in EchoStar (+51%). The company was the fund's top holding this period. A non-benchmark stake in Wolfspeed gained about 104% and was a second notable relative contributor. It helped to hold a non-benchmark stake in Riot Platforms (+38%). This was an investment we established this period.

• In contrast, the biggest detractor from performance versus the Composite index was security selection in retail. Security selection in the utility sector also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Saks Global Enterprises (-98%). A second notable relative detractor was a non-benchmark stake in Ambipar Lux Sarl (-74%). This was a stake we established this period. Another notable relative detractor was a non-benchmark stake in Sunnova Energy (-99%).

• Notable changes in positioning include higher allocations to the utility and telecommunications industries.

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10267<br>| $10037<br>| $11162<br>| $10909<br>| $11048<br>| $11985<br>| $12824<br>| $14059<br>|
| Fidelity Short Duration High Income Fund Composite Index℠<br>| $10000 | $10334<br>| $9902<br>| $11501<br>| $11384<br>| $11672<br>| $12717<br>| $13628<br>| $14693<br>|
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index<br>| $10000 | $10345<br>| $9836<br>| $11439<br>| $11242<br>| $11503<br>| $12464<br>| $13378<br>| $14460<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10464<br>| $11422<br>| $11625<br>| $10629<br>| $10596<br>| $10560<br>| $11420<br>| $11945<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130827_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 9.63% | 4.72% | 4.60% |
| Fidelity Short Duration High Income Fund Composite Index℠ | 7.81%<br>| 5.02%<br>| 5.21% |
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index | 8.09%<br>| 4.80%<br>| 4.99% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.37% |

---

**A** From October 2, 2018

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $332576591<br>|
| Number of Holdings | 568<br>|
| Total Advisory Fee | $1997993<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| BBB | 5.8 |
| BB | 36.2 |
| B | 38.1 |
| CCC,CC,C | 12.3 |
| D | 0.1 |
| Not Rated | 4.6 |
| Equities | 0.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 12.3&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;D - 0.1&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 76.6 |
| Bank Loan Obligations | 14.7 |
| Preferred Securities | 5.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Common Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |

---

---

| | |
|:---|:---|
| United States | 88.3 |
| Canada | 2.6 |
| United Kingdom | 1.6 |
| France | 0.9 |
| Switzerland | 0.6 |
| Brazil | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.4 |
| Colombia | 0.4 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Colombia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| TransDigm Inc | 1.6<br>|
| Citigroup Inc | 1.1<br>|
| EchoStar Corp | 1.0<br>|
| CoreWeave Inc | 1.0<br>|
| Sunoco LP | 1.0<br>|
| Cloud Software Group Inc | 1.0<br>|
| Vistra Operations Co LLC | 0.9<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| Univision Communications Inc | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2580_20260430_2.jpg)<br>| ![](img130827_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913281.101 3289-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class M : FSEHX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Short Duration High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $105  | 1.00% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.27% and contributed to performance versus the Fidelity Short Duration High Income Fund Composite Index for the fiscal year. By industry, security selection was the primary contributor, especially within technology & electronics. Security selection in telecommunications also boosted the fund's relative result, as did security selection and an overweight in energy.

• The top individual relative contributor was an overweight in EchoStar (+51%). The company was the fund's top holding this period. A non-benchmark stake in Wolfspeed gained about 104% and was a second notable relative contributor. It helped to hold a non-benchmark stake in Riot Platforms (+38%). This was an investment we established this period.

• In contrast, the biggest detractor from performance versus the Composite index was security selection in retail. Security selection in the utility sector also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Saks Global Enterprises (-98%). A second notable relative detractor was a non-benchmark stake in Ambipar Lux Sarl (-74%). This was a stake we established this period. Another notable relative detractor was a non-benchmark stake in Sunnova Energy (-99%).

• Notable changes in positioning include higher allocations to the utility and telecommunications industries.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9600 | $10449<br>| $10695<br>| $11179<br>| $10890<br>| $12084<br>| $11770<br>| $11879<br>| $12829<br>| $13682<br>| $14962<br>|
| Fidelity Short Duration High Income Fund Composite Index℠<br>| $10000 | $10899<br>| $11248<br>| $11920<br>| $11423<br>| $13267<br>| $13132<br>| $13464<br>| $14670<br>| $15721<br>| $16949<br>|
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index<br>| $10000 | $10999<br>| $11373<br>| $12091<br>| $11496<br>| $13369<br>| $13139<br>| $13444<br>| $14568<br>| $15636<br>| $16900<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10207<br>| $10208<br>| $10757<br>| $11741<br>| $11950<br>| $10926<br>| $10892<br>| $10855<br>| $11739<br>| $12278<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130828_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 4.00% sales charge)  | 4.98% | 3.52%<br>| 4.11% |
| Class M (without 4.00% sales charge) | 9.36% | 4.37% | 4.54% |
| Fidelity Short Duration High Income Fund Composite Index℠ | 7.81%<br>| 5.02%<br>| 5.42% |
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index | 8.09%<br>| 4.80%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.07% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $332576591<br>|
| Number of Holdings | 568<br>|
| Total Advisory Fee | $1997993<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| BBB | 5.8 |
| BB | 36.2 |
| B | 38.1 |
| CCC,CC,C | 12.3 |
| D | 0.1 |
| Not Rated | 4.6 |
| Equities | 0.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 12.3&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;D - 0.1&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 76.6 |
| Bank Loan Obligations | 14.7 |
| Preferred Securities | 5.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Common Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |

---

---

| | |
|:---|:---|
| United States | 88.3 |
| Canada | 2.6 |
| United Kingdom | 1.6 |
| France | 0.9 |
| Switzerland | 0.6 |
| Brazil | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.4 |
| Colombia | 0.4 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Colombia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| TransDigm Inc | 1.6<br>|
| Citigroup Inc | 1.1<br>|
| EchoStar Corp | 1.0<br>|
| CoreWeave Inc | 1.0<br>|
| Sunoco LP | 1.0<br>|
| Cloud Software Group Inc | 1.0<br>|
| Vistra Operations Co LLC | 0.9<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| Univision Communications Inc | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2580_20260430_2.jpg)<br>| ![](img130828_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913279.101 2583-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class I : FSFHX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Short Duration High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $78  | 0.74% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.27% and contributed to performance versus the Fidelity Short Duration High Income Fund Composite Index for the fiscal year. By industry, security selection was the primary contributor, especially within technology & electronics. Security selection in telecommunications also boosted the fund's relative result, as did security selection and an overweight in energy.

• The top individual relative contributor was an overweight in EchoStar (+51%). The company was the fund's top holding this period. A non-benchmark stake in Wolfspeed gained about 104% and was a second notable relative contributor. It helped to hold a non-benchmark stake in Riot Platforms (+38%). This was an investment we established this period.

• In contrast, the biggest detractor from performance versus the Composite index was security selection in retail. Security selection in the utility sector also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Saks Global Enterprises (-98%). A second notable relative detractor was a non-benchmark stake in Ambipar Lux Sarl (-74%). This was a stake we established this period. Another notable relative detractor was a non-benchmark stake in Sunnova Energy (-99%).

• Notable changes in positioning include higher allocations to the utility and telecommunications industries.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10899<br>| $11184<br>| $11719<br>| $11458<br>| $12731<br>| $12431<br>| $12578<br>| $13634<br>| $14560<br>| $15963<br>|
| Fidelity Short Duration High Income Fund Composite Index℠<br>| $10000 | $10899<br>| $11248<br>| $11920<br>| $11423<br>| $13267<br>| $13132<br>| $13464<br>| $14670<br>| $15721<br>| $16949<br>|
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index<br>| $10000 | $10999<br>| $11373<br>| $12091<br>| $11496<br>| $13369<br>| $13139<br>| $13444<br>| $14568<br>| $15636<br>| $16900<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10207<br>| $10208<br>| $10757<br>| $11741<br>| $11950<br>| $10926<br>| $10892<br>| $10855<br>| $11739<br>| $12278<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130829_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 9.63% | 4.63% | 4.79% |
| Fidelity Short Duration High Income Fund Composite Index℠ | 7.81%<br>| 5.02%<br>| 5.42% |
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index | 8.09%<br>| 4.80%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.07% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $332576591<br>|
| Number of Holdings | 568<br>|
| Total Advisory Fee | $1997993<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| BBB | 5.8 |
| BB | 36.2 |
| B | 38.1 |
| CCC,CC,C | 12.3 |
| D | 0.1 |
| Not Rated | 4.6 |
| Equities | 0.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 12.3&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;D - 0.1&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 76.6 |
| Bank Loan Obligations | 14.7 |
| Preferred Securities | 5.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Common Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |

---

---

| | |
|:---|:---|
| United States | 88.3 |
| Canada | 2.6 |
| United Kingdom | 1.6 |
| France | 0.9 |
| Switzerland | 0.6 |
| Brazil | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.4 |
| Colombia | 0.4 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Colombia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| TransDigm Inc | 1.6<br>|
| Citigroup Inc | 1.1<br>|
| EchoStar Corp | 1.0<br>|
| CoreWeave Inc | 1.0<br>|
| Sunoco LP | 1.0<br>|
| Cloud Software Group Inc | 1.0<br>|
| Vistra Operations Co LLC | 0.9<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| Univision Communications Inc | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2580_20260430_2.jpg)<br>| ![](img130829_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913280.101 2584-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class C : FSDHX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Short Duration High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $182  | 1.75% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.27% and contributed to performance versus the Fidelity Short Duration High Income Fund Composite Index for the fiscal year. By industry, security selection was the primary contributor, especially within technology & electronics. Security selection in telecommunications also boosted the fund's relative result, as did security selection and an overweight in energy.

• The top individual relative contributor was an overweight in EchoStar (+51%). The company was the fund's top holding this period. A non-benchmark stake in Wolfspeed gained about 104% and was a second notable relative contributor. It helped to hold a non-benchmark stake in Riot Platforms (+38%). This was an investment we established this period.

• In contrast, the biggest detractor from performance versus the Composite index was security selection in retail. Security selection in the utility sector also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Saks Global Enterprises (-98%). A second notable relative detractor was a non-benchmark stake in Ambipar Lux Sarl (-74%). This was a stake we established this period. Another notable relative detractor was a non-benchmark stake in Sunnova Energy (-99%).

• Notable changes in positioning include higher allocations to the utility and telecommunications industries.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10792<br>| $10964<br>| $11374<br>| $11010<br>| $12112<br>| $11710<br>| $11730<br>| $12588<br>| $13410<br>| $14664<br>|
| Fidelity Short Duration High Income Fund Composite Index℠<br>| $10000 | $10899<br>| $11248<br>| $11920<br>| $11423<br>| $13267<br>| $13132<br>| $13464<br>| $14670<br>| $15721<br>| $16949<br>|
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index<br>| $10000 | $10999<br>| $11373<br>| $12091<br>| $11496<br>| $13369<br>| $13139<br>| $13444<br>| $14568<br>| $15636<br>| $16900<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10207<br>| $10208<br>| $10757<br>| $11741<br>| $11950<br>| $10926<br>| $10892<br>| $10855<br>| $11739<br>| $12278<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130830_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 7.54% | 3.59%<br>| 3.90% |
| Class C | 8.54% | 3.59% | 3.90% |
| Fidelity Short Duration High Income Fund Composite Index℠ | 7.81%<br>| 5.02%<br>| 5.42% |
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index | 8.09%<br>| 4.80%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.07% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $332576591<br>|
| Number of Holdings | 568<br>|
| Total Advisory Fee | $1997993<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| BBB | 5.8 |
| BB | 36.2 |
| B | 38.1 |
| CCC,CC,C | 12.3 |
| D | 0.1 |
| Not Rated | 4.6 |
| Equities | 0.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 12.3&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;D - 0.1&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 76.6 |
| Bank Loan Obligations | 14.7 |
| Preferred Securities | 5.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Common Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |

---

---

| | |
|:---|:---|
| United States | 88.3 |
| Canada | 2.6 |
| United Kingdom | 1.6 |
| France | 0.9 |
| Switzerland | 0.6 |
| Brazil | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.4 |
| Colombia | 0.4 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Colombia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| TransDigm Inc | 1.6<br>|
| Citigroup Inc | 1.1<br>|
| EchoStar Corp | 1.0<br>|
| CoreWeave Inc | 1.0<br>|
| Sunoco LP | 1.0<br>|
| Cloud Software Group Inc | 1.0<br>|
| Vistra Operations Co LLC | 0.9<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| Univision Communications Inc | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2580_20260430_2.jpg)<br>| ![](img130830_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913278.101 2582-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class A : FSBHX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Short Duration High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $105  | 1.00% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.27% and contributed to performance versus the Fidelity Short Duration High Income Fund Composite Index for the fiscal year. By industry, security selection was the primary contributor, especially within technology & electronics. Security selection in telecommunications also boosted the fund's relative result, as did security selection and an overweight in energy.

• The top individual relative contributor was an overweight in EchoStar (+51%). The company was the fund's top holding this period. A non-benchmark stake in Wolfspeed gained about 104% and was a second notable relative contributor. It helped to hold a non-benchmark stake in Riot Platforms (+38%). This was an investment we established this period.

• In contrast, the biggest detractor from performance versus the Composite index was security selection in retail. Security selection in the utility sector also hampered the fund's result.

• The biggest individual relative detractor was an overweight in Saks Global Enterprises (-98%). A second notable relative detractor was a non-benchmark stake in Ambipar Lux Sarl (-74%). This was a stake we established this period. Another notable relative detractor was a non-benchmark stake in Sunnova Energy (-99%).

• Notable changes in positioning include higher allocations to the utility and telecommunications industries.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9600 | $10449<br>| $10695<br>| $11179<br>| $10902<br>| $12084<br>| $11770<br>| $11879<br>| $12843<br>| $13681<br>| $14961<br>|
| Fidelity Short Duration High Income Fund Composite Index℠<br>| $10000 | $10899<br>| $11248<br>| $11920<br>| $11423<br>| $13267<br>| $13132<br>| $13464<br>| $14670<br>| $15721<br>| $16949<br>|
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index<br>| $10000 | $10999<br>| $11373<br>| $12091<br>| $11496<br>| $13369<br>| $13139<br>| $13444<br>| $14568<br>| $15636<br>| $16900<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10207<br>| $10208<br>| $10757<br>| $11741<br>| $11950<br>| $10926<br>| $10892<br>| $10855<br>| $11739<br>| $12278<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130831_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 4.00% sales charge)  | 4.98% | 3.52%<br>| 4.11% |
| Class A (without 4.00% sales charge) | 9.35% | 4.36% | 4.54% |
| Fidelity Short Duration High Income Fund Composite Index℠ | 7.81%<br>| 5.02%<br>| 5.42% |
| ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index | 8.09%<br>| 4.80%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.07% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $332576591<br>|
| Number of Holdings | 568<br>|
| Total Advisory Fee | $1997993<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| BBB | 5.8 |
| BB | 36.2 |
| B | 38.1 |
| CCC,CC,C | 12.3 |
| D | 0.1 |
| Not Rated | 4.6 |
| Equities | 0.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 12.3&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;D - 0.1&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 76.6 |
| Bank Loan Obligations | 14.7 |
| Preferred Securities | 5.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Common Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 76.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |

---

---

| | |
|:---|:---|
| United States | 88.3 |
| Canada | 2.6 |
| United Kingdom | 1.6 |
| France | 0.9 |
| Switzerland | 0.6 |
| Brazil | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.4 |
| Colombia | 0.4 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Colombia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.1&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| TransDigm Inc | 1.6<br>|
| Citigroup Inc | 1.1<br>|
| EchoStar Corp | 1.0<br>|
| CoreWeave Inc | 1.0<br>|
| Sunoco LP | 1.0<br>|
| Cloud Software Group Inc | 1.0<br>|
| Vistra Operations Co LLC | 0.9<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| Univision Communications Inc | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2580_20260430_2.jpg)<br>| ![](img130831_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913277.101 2581-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Series High Income Fund<br> **Fidelity® Series High Income Fund : FSHNX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Series High Income Fund for the period May 1, 2025 to April 30, 2026. 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.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series High Income Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.91% and contributed to performance versus the benchmark ICE BofA US High Yield Constrained Index for the fiscal year. By industry, security selection was the primary contributor, especially within technology & electronics. Picks in energy and telecommunications also boosted the fund's relative result.

• The top individual relative contributor was a non-benchmark stake in Mesquite Energy (+122%), which was the largest holding for the 12 months. A second notable relative contributor was an overweight in Hughes Satellite Systems (+89%). It was one of the fund's top holdings. A non-benchmark stake in MKS gained roughly 182% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in retail. An overweight in technology & electronics also hurt, as did our picks in services.

• The largest individual relative detractor was an overweight in Saks Global Enterprises (-98%). A non-benchmark stake in Ambipar Lux Sarl returned -78% and was a second notable relative detractor. This was a stake we established this period. An overweight in Sunnova Energy (-99%) also hurt.

• Notable changes in positioning include increased exposure to the utility industry and a lower allocation to media.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series High Income Fund<br>| $10000 | $11425<br>| $12005<br>| $12740<br>| $12216<br>| $14259<br>| $13939<br>| $13997<br>| $15091<br>| $16462<br>| $18576<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11365<br>| $11731<br>| $12518<br>| $11858<br>| $14230<br>| $13525<br>| $13665<br>| $14879<br>| $16172<br>| $17581<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10207<br>| $10208<br>| $10757<br>| $11741<br>| $11950<br>| $10926<br>| $10892<br>| $10855<br>| $11739<br>| $12278<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130836_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series High Income Fund | 12.85% | 5.43% | 6.39% |
| ICE® BofA® US High Yield Constrained Index | 8.71%<br>| 4.32%<br>| 5.80% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.07% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1645798789<br>|
| Number of Holdings | 826<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 73%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 0.3 |
| BBB | 6.0 |
| BB | 37.5 |
| B | 30.1 |
| CCC,CC,C | 12.7 |
| D | 0.2 |
| Not Rated | 5.6 |
| Equities | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2269_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 0.3 |
| &nbsp;&nbsp;BBB - 6.0&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;BB - 37.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 30.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 12.7&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;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 6.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 77.1 |
| Bank Loan Obligations | 8.9 |
| Preferred Securities | 4.6 |
| Alternative Funds | 1.2 |
| Common Stocks | 0.8 |
| Preferred Stocks | 0.5 |
| U.S. Treasury Obligations | 0.3 |
| Asset-Backed Securities | 0.2 |
| CMOs and Other Mortgage Related Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2269_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 77.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) - 6.3 |

---

---

| | |
|:---|:---|
| United States | 88.4 |
| Canada | 2.4 |
| France | 1.6 |
| United Kingdom | 1.6 |
| Ireland | 0.6 |
| Switzerland | 0.5 |
| Brazil | 0.5 |
| Luxembourg | 0.5 |
| Colombia | 0.5 |
| Others | 3.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2269_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Colombia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| TransDigm Inc | 1.5<br>|
| Fidelity Private Credit Company LLC | 1.2<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| 1261229 BC Ltd | 1.1<br>|
| NRG Energy Inc | 1.0<br>|
| Sunoco LP | 1.0<br>|
| Citigroup Inc | 0.9<br>|
| Altice France SA | 0.8<br>|
| EchoStar Corp | 0.8<br>|
| Carnival Corp | 0.8<br>|
|  | 10.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2269_20260430_2.jpg)<br>| ![](img130836_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913268.101 2269-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® SAI High Income Fund<br> **Fidelity® SAI High Income Fund : FSHGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® SAI High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI High Income Fund  | $57  | 0.53% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds rose 10.54% and contributed to performance versus the benchmark ICE BofA US High Yield/US High Yield Constrained Blend Index for the fiscal year. By industry, security selection was the primary contributor, led by telecommunications. Security selection in energy and technology & electronics also boosted the fund's relative result.

• The top individual relative contributor was a stake in EchoStar (+107%), which was among the fund's biggest holdings this period. A non-benchmark stake in Mesquite Energy gained 124% and was a second notable relative contributor. The company was one of the fund's top holdings for the 12 months. A non-benchmark stake in Wolfspeed gained approximately 93% and notably helped.

• In contrast, the primary detractor from performance versus the benchmark was security selection in retail. Also hurting our result were our choices in sovereign and services.

• The largest individual relative detractor was a non-benchmark stake in Ambipar Lux Sarl (-78%). This was a stake we established this period. A non-benchmark investment in U.S. Treasury notes gained about 3% and was a second notable relative detractor. The company was the fund's largest holding. An overweight in Saks Global Enterprises (-99%) also hurt.

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

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

**CUMULATIVE PERFORMANCE**

May 13, 2021 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI High Income Fund<br>| $10000 | $9490<br>| $9484<br>| $10247<br>| $11170<br>| $12564<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $9513<br>| $9611<br>| $10466<br>| $11375<br>| $12366<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $9166<br>| $9137<br>| $9106<br>| $9848<br>| $10300<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130837_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® SAI High Income Fund | 12.49% | 4.70% |
| ICE® BofA® US High Yield Constrained Index | 8.71%<br>| 4.37% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.60% |

---

**A** From May 13, 2021

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2643290076<br>|
| Number of Holdings | 731<br>|
| Total Advisory Fee | $14546098<br>|
| Portfolio Turnover | 90%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 2.2 |
| BBB | 4.9 |
| BB | 35.9 |
| B | 29.3 |
| CCC,CC,C | 15.1 |
| D | 0.3 |
| Not Rated | 6.2 |
| Equities | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6345_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 2.2 |
| &nbsp;&nbsp;BBB - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 35.9&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;B - 29.3&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 - 15.1&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;D - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 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;Equities - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 78.6 |
| Bank Loan Obligations | 8.7 |
| Preferred Securities | 2.8 |
| U.S. Treasury Obligations | 2.2 |
| Alternative Funds | 1.6 |
| Common Stocks | 0.8 |
| Preferred Stocks | 0.5 |
| Asset-Backed Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6345_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 78.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 86.1 |
| Canada | 2.0 |
| France | 1.9 |
| United Kingdom | 1.2 |
| Luxembourg | 1.1 |
| Ghana | 1.0 |
| Switzerland | 0.9 |
| Colombia | 0.7 |
| Ireland | 0.7 |
| Others | 4.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6345_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.0&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;France - 1.9&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;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 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;Ghana - 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;Switzerland - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 2.0<br>|
| Fidelity Private Credit Company LLC | 1.6<br>|
| PG&E Corp | 1.2<br>|
| Sunoco LP | 1.1<br>|
| 1261229 BC Ltd | 1.1<br>|
| Celanese US Holdings LLC | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| CHS/Community Health Systems Inc | 1.0<br>|
| CoreWeave Inc | 0.9<br>|
| Oracle Corp | 0.9<br>|
|  | 11.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6345_20260430_2.jpg)<br>| ![](img130837_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913306.101 6345-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® High Income Fund<br> **Fidelity® High Income Fund : SPHIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® High Income Fund  | $70  | 0.66% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 10.44% and contributed to performance versus the benchmark ICE BofA US High Yield/US High Yield Constrained Blend Index for the fiscal year. By industry, security selection was the primary contributor, especially within telecommunications. Security selection in technology & electronics and energy also boosted the fund's relative result.

• The top individual relative contributor was a stake in EchoStar (+122%). The company was among the fund's biggest holdings this period. A non-benchmark stake in Mesquite Energy gained about 120% and was a second notable relative contributor. It was among the fund's largest holdings for the 12 months. A non-benchmark stake in Wolfspeed gained 94% and notably helped.

• In contrast, the primary detractor from performance versus the benchmark was security selection in retail. Security selection in sovereign also hampered the fund's result. Also detracting from our result was an overweight in technology & electronics.

• A non-benchmark stake in Ambipar Lux Sarl returned -78% and was the largest individual relative detractor. This was a stake we established this period. A second notable relative detractor was an overweight in Saks Global Enterprises (-99%). An overweight in Cornerstone Building Brands (-32%) also detracted.

• Notable changes in positioning include decreased exposure to the leisure industry and a higher allocation to basic industry.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® High Income Fund<br>| $10000 | $11356<br>| $11841<br>| $12532<br>| $11861<br>| $13627<br>| $12981<br>| $12845<br>| $13932<br>| $15138<br>| $16958<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11365<br>| $11731<br>| $12518<br>| $11858<br>| $14230<br>| $13525<br>| $13665<br>| $14879<br>| $16172<br>| $17581<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10207<br>| $10208<br>| $10757<br>| $11741<br>| $11950<br>| $10926<br>| $10892<br>| $10855<br>| $11739<br>| $12278<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130848_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® High Income Fund | 12.02% | 4.47% | 5.42% |
| ICE® BofA® US High Yield Constrained Index | 8.71%<br>| 4.32%<br>| 5.80% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.07% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3013278932<br>|
| Number of Holdings | 742<br>|
| Total Advisory Fee | $19507210<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 2.4 |
| BBB | 5.3 |
| BB | 36.2 |
| B | 29.5 |
| CCC,CC,C | 15.8 |
| D | 0.2 |
| Not Rated | 4.5 |
| Equities | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 2.4 |
| &nbsp;&nbsp;BBB - 5.3&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;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 29.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.8&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;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.5&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.1 |
| Bank Loan Obligations | 8.4 |
| Preferred Securities | 3.0 |
| U.S. Treasury Obligations | 2.4 |
| Common Stocks | 0.8 |
| Preferred Stocks | 0.5 |
| Asset-Backed Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 86.0 |
| Canada | 2.1 |
| France | 2.0 |
| United Kingdom | 1.2 |
| Luxembourg | 1.1 |
| Ghana | 1.0 |
| Switzerland | 1.0 |
| Colombia | 0.7 |
| Ireland | 0.7 |
| Others | 4.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&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;France - 2.0&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;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 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;Ghana - 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;Switzerland - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 2.2<br>|
| 1261229 BC Ltd | 1.2<br>|
| PG&E Corp | 1.1<br>|
| Sunoco LP | 1.1<br>|
| Celanese US Holdings LLC | 1.0<br>|
| CHS/Community Health Systems Inc | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Altice France SA | 1.0<br>|
| Oracle Corp | 0.9<br>|
| CoreWeave Inc | 0.9<br>|
|  | 11.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img455_20260430_2.jpg)<br>| ![](img130848_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913259.101 455-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® High Income Fund<br> **Fidelity Advisor® High Income Fund Class Z : FGUMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $64  | 0.60% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 10.44% and contributed to performance versus the benchmark ICE BofA US High Yield/US High Yield Constrained Blend Index for the fiscal year. By industry, security selection was the primary contributor, especially within telecommunications. Security selection in technology & electronics and energy also boosted the fund's relative result.

• The top individual relative contributor was a stake in EchoStar (+122%). The company was among the fund's biggest holdings this period. A non-benchmark stake in Mesquite Energy gained about 120% and was a second notable relative contributor. It was among the fund's largest holdings for the 12 months. A non-benchmark stake in Wolfspeed gained 94% and notably helped.

• In contrast, the primary detractor from performance versus the benchmark was security selection in retail. Security selection in sovereign also hampered the fund's result. Also detracting from our result was an overweight in technology & electronics.

• A non-benchmark stake in Ambipar Lux Sarl returned -78% and was the largest individual relative detractor. This was a stake we established this period. A second notable relative detractor was an overweight in Saks Global Enterprises (-99%). An overweight in Cornerstone Building Brands (-32%) also detracted.

• Notable changes in positioning include decreased exposure to the leisure industry and a higher allocation to basic industry.

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

**CUMULATIVE PERFORMANCE**

December 4, 2018 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10583<br>| $10023<br>| $11522<br>| $10983<br>| $10876<br>| $11804<br>| $12817<br>| $14367<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10620<br>| $10060<br>| $12073<br>| $11474<br>| $11593<br>| $12623<br>| $13720<br>| $14916<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10458<br>| $11415<br>| $11618<br>| $10623<br>| $10589<br>| $10554<br>| $11413<br>| $11937<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130849_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 12.10% | 4.51% | 5.01% |
| ICE® BofA® US High Yield Constrained Index | 8.71%<br>| 4.32%<br>| 5.55% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.42% |

---

**A** From December 4, 2018

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3013278932<br>|
| Number of Holdings | 742<br>|
| Total Advisory Fee | $19507210<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 2.4 |
| BBB | 5.3 |
| BB | 36.2 |
| B | 29.5 |
| CCC,CC,C | 15.8 |
| D | 0.2 |
| Not Rated | 4.5 |
| Equities | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 2.4 |
| &nbsp;&nbsp;BBB - 5.3&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;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 29.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.8&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;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.5&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.1 |
| Bank Loan Obligations | 8.4 |
| Preferred Securities | 3.0 |
| U.S. Treasury Obligations | 2.4 |
| Common Stocks | 0.8 |
| Preferred Stocks | 0.5 |
| Asset-Backed Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 86.0 |
| Canada | 2.1 |
| France | 2.0 |
| United Kingdom | 1.2 |
| Luxembourg | 1.1 |
| Ghana | 1.0 |
| Switzerland | 1.0 |
| Colombia | 0.7 |
| Ireland | 0.7 |
| Others | 4.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&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;France - 2.0&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;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 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;Ghana - 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;Switzerland - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 2.2<br>|
| 1261229 BC Ltd | 1.2<br>|
| PG&E Corp | 1.1<br>|
| Sunoco LP | 1.1<br>|
| Celanese US Holdings LLC | 1.0<br>|
| CHS/Community Health Systems Inc | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Altice France SA | 1.0<br>|
| Oracle Corp | 0.9<br>|
| CoreWeave Inc | 0.9<br>|
|  | 11.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img455_20260430_2.jpg)<br>| ![](img130849_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913258.101 3316-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® High Income Fund<br> **Fidelity Advisor® High Income Fund Class M : FGRMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $101  | 0.95% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 10.44% and contributed to performance versus the benchmark ICE BofA US High Yield/US High Yield Constrained Blend Index for the fiscal year. By industry, security selection was the primary contributor, especially within telecommunications. Security selection in technology & electronics and energy also boosted the fund's relative result.

• The top individual relative contributor was a stake in EchoStar (+122%). The company was among the fund's biggest holdings this period. A non-benchmark stake in Mesquite Energy gained about 120% and was a second notable relative contributor. It was among the fund's largest holdings for the 12 months. A non-benchmark stake in Wolfspeed gained 94% and notably helped.

• In contrast, the primary detractor from performance versus the benchmark was security selection in retail. Security selection in sovereign also hampered the fund's result. Also detracting from our result was an overweight in technology & electronics.

• A non-benchmark stake in Ambipar Lux Sarl returned -78% and was the largest individual relative detractor. This was a stake we established this period. A second notable relative detractor was an overweight in Saks Global Enterprises (-99%). An overweight in Cornerstone Building Brands (-32%) also detracted.

• Notable changes in positioning include decreased exposure to the leisure industry and a higher allocation to basic industry.

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

**CUMULATIVE PERFORMANCE**

December 4, 2018 through April 30, 2026.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9600 | $10145<br>| $9573<br>| $10966<br>| $10414<br>| $10275<br>| $11112<br>| $12024<br>| $13431<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10620<br>| $10060<br>| $12073<br>| $11474<br>| $11593<br>| $12623<br>| $13720<br>| $14916<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10458<br>| $11415<br>| $11618<br>| $10623<br>| $10589<br>| $10554<br>| $11413<br>| $11937<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130850_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class M (incl. 4.00% sales charge)  | 7.24% | 3.29%<br>| 4.06% |
| Class M (without 4.00% sales charge) | 11.71% | 4.14% | 4.64% |
| ICE® BofA® US High Yield Constrained Index | 8.71%<br>| 4.32%<br>| 5.55% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.42% |

---

**A** From December 4, 2018

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3013278932<br>|
| Number of Holdings | 742<br>|
| Total Advisory Fee | $19507210<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 2.4 |
| BBB | 5.3 |
| BB | 36.2 |
| B | 29.5 |
| CCC,CC,C | 15.8 |
| D | 0.2 |
| Not Rated | 4.5 |
| Equities | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 2.4 |
| &nbsp;&nbsp;BBB - 5.3&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;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 29.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.8&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;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.5&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.1 |
| Bank Loan Obligations | 8.4 |
| Preferred Securities | 3.0 |
| U.S. Treasury Obligations | 2.4 |
| Common Stocks | 0.8 |
| Preferred Stocks | 0.5 |
| Asset-Backed Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 86.0 |
| Canada | 2.1 |
| France | 2.0 |
| United Kingdom | 1.2 |
| Luxembourg | 1.1 |
| Ghana | 1.0 |
| Switzerland | 1.0 |
| Colombia | 0.7 |
| Ireland | 0.7 |
| Others | 4.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&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;France - 2.0&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;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 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;Ghana - 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;Switzerland - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 2.2<br>|
| 1261229 BC Ltd | 1.2<br>|
| PG&E Corp | 1.1<br>|
| Sunoco LP | 1.1<br>|
| Celanese US Holdings LLC | 1.0<br>|
| CHS/Community Health Systems Inc | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Altice France SA | 1.0<br>|
| Oracle Corp | 0.9<br>|
| CoreWeave Inc | 0.9<br>|
|  | 11.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img455_20260430_2.jpg)<br>| ![](img130850_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913255.101 3312-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® High Income Fund<br> **Fidelity Advisor® High Income Fund Class I : FGTMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 10.44% and contributed to performance versus the benchmark ICE BofA US High Yield/US High Yield Constrained Blend Index for the fiscal year. By industry, security selection was the primary contributor, especially within telecommunications. Security selection in technology & electronics and energy also boosted the fund's relative result.

• The top individual relative contributor was a stake in EchoStar (+122%). The company was among the fund's biggest holdings this period. A non-benchmark stake in Mesquite Energy gained about 120% and was a second notable relative contributor. It was among the fund's largest holdings for the 12 months. A non-benchmark stake in Wolfspeed gained 94% and notably helped.

• In contrast, the primary detractor from performance versus the benchmark was security selection in retail. Security selection in sovereign also hampered the fund's result. Also detracting from our result was an overweight in technology & electronics.

• A non-benchmark stake in Ambipar Lux Sarl returned -78% and was the largest individual relative detractor. This was a stake we established this period. A second notable relative detractor was an overweight in Saks Global Enterprises (-99%). An overweight in Cornerstone Building Brands (-32%) also detracted.

• Notable changes in positioning include decreased exposure to the leisure industry and a higher allocation to basic industry.

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

**CUMULATIVE PERFORMANCE**

December 4, 2018 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10577<br>| $10006<br>| $11492<br>| $10953<br>| $10831<br>| $11736<br>| $12731<br>| $14274<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10620<br>| $10060<br>| $12073<br>| $11474<br>| $11593<br>| $12623<br>| $13720<br>| $14916<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10458<br>| $11415<br>| $11618<br>| $10623<br>| $10589<br>| $10554<br>| $11413<br>| $11937<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130851_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class I | 12.12% | 4.43% | 4.92% |
| ICE® BofA® US High Yield Constrained Index | 8.71%<br>| 4.32%<br>| 5.55% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.42% |

---

**A** From December 4, 2018

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3013278932<br>|
| Number of Holdings | 742<br>|
| Total Advisory Fee | $19507210<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 2.4 |
| BBB | 5.3 |
| BB | 36.2 |
| B | 29.5 |
| CCC,CC,C | 15.8 |
| D | 0.2 |
| Not Rated | 4.5 |
| Equities | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 2.4 |
| &nbsp;&nbsp;BBB - 5.3&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;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 29.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.8&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;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.5&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.1 |
| Bank Loan Obligations | 8.4 |
| Preferred Securities | 3.0 |
| U.S. Treasury Obligations | 2.4 |
| Common Stocks | 0.8 |
| Preferred Stocks | 0.5 |
| Asset-Backed Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 86.0 |
| Canada | 2.1 |
| France | 2.0 |
| United Kingdom | 1.2 |
| Luxembourg | 1.1 |
| Ghana | 1.0 |
| Switzerland | 1.0 |
| Colombia | 0.7 |
| Ireland | 0.7 |
| Others | 4.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&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;France - 2.0&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;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 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;Ghana - 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;Switzerland - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 2.2<br>|
| 1261229 BC Ltd | 1.2<br>|
| PG&E Corp | 1.1<br>|
| Sunoco LP | 1.1<br>|
| Celanese US Holdings LLC | 1.0<br>|
| CHS/Community Health Systems Inc | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Altice France SA | 1.0<br>|
| Oracle Corp | 0.9<br>|
| CoreWeave Inc | 0.9<br>|
|  | 11.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img455_20260430_2.jpg)<br>| ![](img130851_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913257.101 3314-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® High Income Fund<br> **Fidelity Advisor® High Income Fund Class C : FGSMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $180  | 1.70% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 10.44% and contributed to performance versus the benchmark ICE BofA US High Yield/US High Yield Constrained Blend Index for the fiscal year. By industry, security selection was the primary contributor, especially within telecommunications. Security selection in technology & electronics and energy also boosted the fund's relative result.

• The top individual relative contributor was a stake in EchoStar (+122%). The company was among the fund's biggest holdings this period. A non-benchmark stake in Mesquite Energy gained about 120% and was a second notable relative contributor. It was among the fund's largest holdings for the 12 months. A non-benchmark stake in Wolfspeed gained 94% and notably helped.

• In contrast, the primary detractor from performance versus the benchmark was security selection in retail. Security selection in sovereign also hampered the fund's result. Also detracting from our result was an overweight in technology & electronics.

• A non-benchmark stake in Ambipar Lux Sarl returned -78% and was the largest individual relative detractor. This was a stake we established this period. A second notable relative detractor was an overweight in Saks Global Enterprises (-99%). An overweight in Cornerstone Building Brands (-32%) also detracted.

• Notable changes in positioning include decreased exposure to the leisure industry and a higher allocation to basic industry.

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

**CUMULATIVE PERFORMANCE**

December 4, 2018 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10536<br>| $9867<br>| $11217<br>| $10571<br>| $10350<br>| $11108<br>| $11930<br>| $13244<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10620<br>| $10060<br>| $12073<br>| $11474<br>| $11593<br>| $12623<br>| $13720<br>| $14916<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10458<br>| $11415<br>| $11618<br>| $10623<br>| $10589<br>| $10554<br>| $11413<br>| $11937<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130852_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 10.01% | 3.38%<br>| 3.86% |
| Class C | 11.01% | 3.38% | 3.86% |
| ICE® BofA® US High Yield Constrained Index | 8.71%<br>| 4.32%<br>| 5.55% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.42% |

---

**A** From December 4, 2018

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3013278932<br>|
| Number of Holdings | 742<br>|
| Total Advisory Fee | $19507210<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 2.4 |
| BBB | 5.3 |
| BB | 36.2 |
| B | 29.5 |
| CCC,CC,C | 15.8 |
| D | 0.2 |
| Not Rated | 4.5 |
| Equities | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 2.4 |
| &nbsp;&nbsp;BBB - 5.3&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;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 29.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.8&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;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.5&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.1 |
| Bank Loan Obligations | 8.4 |
| Preferred Securities | 3.0 |
| U.S. Treasury Obligations | 2.4 |
| Common Stocks | 0.8 |
| Preferred Stocks | 0.5 |
| Asset-Backed Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 86.0 |
| Canada | 2.1 |
| France | 2.0 |
| United Kingdom | 1.2 |
| Luxembourg | 1.1 |
| Ghana | 1.0 |
| Switzerland | 1.0 |
| Colombia | 0.7 |
| Ireland | 0.7 |
| Others | 4.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&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;France - 2.0&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;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 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;Ghana - 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;Switzerland - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 2.2<br>|
| 1261229 BC Ltd | 1.2<br>|
| PG&E Corp | 1.1<br>|
| Sunoco LP | 1.1<br>|
| Celanese US Holdings LLC | 1.0<br>|
| CHS/Community Health Systems Inc | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Altice France SA | 1.0<br>|
| Oracle Corp | 0.9<br>|
| CoreWeave Inc | 0.9<br>|
|  | 11.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img455_20260430_2.jpg)<br>| ![](img130852_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913256.101 3313-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® High Income Fund<br> **Fidelity Advisor® High Income Fund Class A : FGQMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $101  | 0.95% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 10.44% and contributed to performance versus the benchmark ICE BofA US High Yield/US High Yield Constrained Blend Index for the fiscal year. By industry, security selection was the primary contributor, especially within telecommunications. Security selection in technology & electronics and energy also boosted the fund's relative result.

• The top individual relative contributor was a stake in EchoStar (+122%). The company was among the fund's biggest holdings this period. A non-benchmark stake in Mesquite Energy gained about 120% and was a second notable relative contributor. It was among the fund's largest holdings for the 12 months. A non-benchmark stake in Wolfspeed gained 94% and notably helped.

• In contrast, the primary detractor from performance versus the benchmark was security selection in retail. Security selection in sovereign also hampered the fund's result. Also detracting from our result was an overweight in technology & electronics.

• A non-benchmark stake in Ambipar Lux Sarl returned -78% and was the largest individual relative detractor. This was a stake we established this period. A second notable relative detractor was an overweight in Saks Global Enterprises (-99%). An overweight in Cornerstone Building Brands (-32%) also detracted.

• Notable changes in positioning include decreased exposure to the leisure industry and a higher allocation to basic industry.

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

**CUMULATIVE PERFORMANCE**

December 4, 2018 through April 30, 2026.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9600 | $10146<br>| $9575<br>| $10969<br>| $10418<br>| $10280<br>| $11117<br>| $12030<br>| $13454<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10620<br>| $10060<br>| $12073<br>| $11474<br>| $11593<br>| $12623<br>| $13720<br>| $14916<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10458<br>| $11415<br>| $11618<br>| $10623<br>| $10589<br>| $10554<br>| $11413<br>| $11937<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130853_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class A (incl. 4.00% sales charge)  | 7.37% | 3.32%<br>| 4.09% |
| Class A (without 4.00% sales charge) | 11.84% | 4.17% | 4.66% |
| ICE® BofA® US High Yield Constrained Index | 8.71%<br>| 4.32%<br>| 5.55% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.42% |

---

**A** From December 4, 2018

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3013278932<br>|
| Number of Holdings | 742<br>|
| Total Advisory Fee | $19507210<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 2.4 |
| BBB | 5.3 |
| BB | 36.2 |
| B | 29.5 |
| CCC,CC,C | 15.8 |
| D | 0.2 |
| Not Rated | 4.5 |
| Equities | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 2.4 |
| &nbsp;&nbsp;BBB - 5.3&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;BB - 36.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 29.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.8&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;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.5&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.1 |
| Bank Loan Obligations | 8.4 |
| Preferred Securities | 3.0 |
| U.S. Treasury Obligations | 2.4 |
| Common Stocks | 0.8 |
| Preferred Stocks | 0.5 |
| Asset-Backed Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 86.0 |
| Canada | 2.1 |
| France | 2.0 |
| United Kingdom | 1.2 |
| Luxembourg | 1.1 |
| Ghana | 1.0 |
| Switzerland | 1.0 |
| Colombia | 0.7 |
| Ireland | 0.7 |
| Others | 4.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&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;France - 2.0&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;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 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;Ghana - 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;Switzerland - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 2.2<br>|
| 1261229 BC Ltd | 1.2<br>|
| PG&E Corp | 1.1<br>|
| Sunoco LP | 1.1<br>|
| Celanese US Holdings LLC | 1.0<br>|
| CHS/Community Health Systems Inc | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Altice France SA | 1.0<br>|
| Oracle Corp | 0.9<br>|
| CoreWeave Inc | 0.9<br>|
|  | 11.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img455_20260430_2.jpg)<br>| ![](img130853_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913254.101 3311-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Healthy Future Fund<br> **Fidelity® Healthy Future Fund : FAPHX** <br>|

---

This annual shareholder report contains information about Fidelity® Healthy Future Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Healthy Future Fund  | $113  | 1.05% |

---

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

• International equities gained for the 12 months ending April 30, 2026, reflecting an April surge that followed a downturn amid conflict in the Middle East and concern about the viability of investments in artificial intelligence. Increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions also aided international stocks.

• Against this backdrop, security selection in emerging markets, primarily in Taiwan, and the U.K. contributed to the fund's performance versus the MSCI World Health & Wellness Select Index for the fiscal year.

• By sector, market selection was the primary contributor, led by an overweight in information technology, where an overweight in semiconductors & semiconductor equipment helped most. Picks in communication services also helped.

• The top individual relative contributor was our non-benchmark stake in Zegona Communications (+163%). This was a stake we established this period. A second notable relative contributor was an underweight in Abbott Laboratories (-29%), while a non-benchmark stake in Taiwan Semiconductor Manufacturing (+78%) also helped. This was a stake we established this period.

• In contrast, from a regional standpoint, an underweight in Japan and Canada detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer staples. Also hurting our result were picks and an underweight in consumer discretionary.

• The largest individual relative detractor was an underweight in Tesla (+35%). This period we increased our position in Tesla. The company was one of the fund's largest holdings. A second notable relative detractor was our non-benchmark stake in Boston Scientific (-43%). Avoiding Murata Manufacturing, a benchmark component that gained 127%, hurt.

• Notable changes in positioning include increased exposure to Japan and a lower allocation to Switzerland. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 24, 2022 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fidelity® Healthy Future Fund<br>| $10000 | $10590<br>| $11979<br>| $12582<br>| $14418<br>|
| MSCI World Health & Wellness Select Index<br>| $10000 | $10562<br>| $11930<br>| $13118<br>| $14897<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10675<br>| $12583<br>| $14118<br>| $18549<br>|
|  | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130854_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Healthy Future Fund | 14.59% | 9.74% |
| MSCI World Health & Wellness Select Index | 13.56%<br>| 10.65% |
| MSCI ACWI (All Country World Index) Index | 31.39%<br>| 16.99% |

---

**A** From May 24, 2022

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $14882302<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $120655<br>|
| Portfolio Turnover | 80%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 34.6 |
| Information Technology | 14.4 |
| Financials | 14.3 |
| Consumer Staples | 12.2 |
| Consumer Discretionary | 11.1 |
| Industrials | 5.3 |
| Utilities | 2.9 |
| Real Estate | 2.8 |
| Communication Services | 0.6 |
| Materials | 0.6 |

---

Common Stocks 98.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20260430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| United States | 60.6 |
| United Kingdom | 8.1 |
| Japan | 6.7 |
| Hong Kong | 4.3 |
| France | 4.1 |
| Germany | 2.2 |
| Netherlands | 2.0 |
| Taiwan | 1.9 |
| Belgium | 1.9 |
| Others | 8.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 60.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 6.7&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;Hong Kong - 4.3&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;France - 4.1&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;Germany - 2.2&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;Netherlands - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.9&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;Belgium - 1.9&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;Others - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.8<br>|
| AIA Group Ltd | 4.3<br>|
| Tesla Inc | 4.3<br>|
| Procter & Gamble Co/The | 3.9<br>|
| UnitedHealth Group Inc | 3.9<br>|
| CVS Health Corp | 3.5<br>|
| Johnson & Johnson | 3.3<br>|
| Welltower Inc | 2.8<br>|
| Chubb Ltd | 2.7<br>|
| Hitachi Ltd | 2.5<br>|
|  | 38.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6553_20260430_2.jpg)<br>| ![](img130854_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913307.101 6553-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class Z : FAPNX** <br>|

---

This annual shareholder report contains information about Fidelity® Healthy Future Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $97  | 0.90% |

---

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

• International equities gained for the 12 months ending April 30, 2026, reflecting an April surge that followed a downturn amid conflict in the Middle East and concern about the viability of investments in artificial intelligence. Increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions also aided international stocks.

• Against this backdrop, security selection in emerging markets, primarily in Taiwan, and the U.K. contributed to the fund's performance versus the MSCI World Health & Wellness Select Index for the fiscal year.

• By sector, market selection was the primary contributor, led by an overweight in information technology, where an overweight in semiconductors & semiconductor equipment helped most. Picks in communication services also helped.

• The top individual relative contributor was our non-benchmark stake in Zegona Communications (+163%). This was a stake we established this period. A second notable relative contributor was an underweight in Abbott Laboratories (-29%), while a non-benchmark stake in Taiwan Semiconductor Manufacturing (+78%) also helped. This was a stake we established this period.

• In contrast, from a regional standpoint, an underweight in Japan and Canada detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer staples. Also hurting our result were picks and an underweight in consumer discretionary.

• The largest individual relative detractor was an underweight in Tesla (+35%). This period we increased our position in Tesla. The company was one of the fund's largest holdings. A second notable relative detractor was our non-benchmark stake in Boston Scientific (-43%). Avoiding Murata Manufacturing, a benchmark component that gained 127%, hurt.

• Notable changes in positioning include increased exposure to Japan and a lower allocation to Switzerland. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 24, 2022 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $10610<br>| $12009<br>| $12630<br>| $14500<br>|
| MSCI World Health & Wellness Select Index<br>| $10000 | $10562<br>| $11930<br>| $13118<br>| $14897<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10675<br>| $12583<br>| $14118<br>| $18549<br>|
|  | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130855_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class Z | 14.81% | 9.90% |
| MSCI World Health & Wellness Select Index | 13.56%<br>| 10.65% |
| MSCI ACWI (All Country World Index) Index | 31.39%<br>| 16.99% |

---

**A** From May 24, 2022

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $14882302<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $120655<br>|
| Portfolio Turnover | 80%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 34.6 |
| Information Technology | 14.4 |
| Financials | 14.3 |
| Consumer Staples | 12.2 |
| Consumer Discretionary | 11.1 |
| Industrials | 5.3 |
| Utilities | 2.9 |
| Real Estate | 2.8 |
| Communication Services | 0.6 |
| Materials | 0.6 |

---

Common Stocks 98.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20260430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| United States | 60.6 |
| United Kingdom | 8.1 |
| Japan | 6.7 |
| Hong Kong | 4.3 |
| France | 4.1 |
| Germany | 2.2 |
| Netherlands | 2.0 |
| Taiwan | 1.9 |
| Belgium | 1.9 |
| Others | 8.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 60.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 6.7&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;Hong Kong - 4.3&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;France - 4.1&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;Germany - 2.2&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;Netherlands - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.9&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;Belgium - 1.9&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;Others - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.8<br>|
| AIA Group Ltd | 4.3<br>|
| Tesla Inc | 4.3<br>|
| Procter & Gamble Co/The | 3.9<br>|
| UnitedHealth Group Inc | 3.9<br>|
| CVS Health Corp | 3.5<br>|
| Johnson & Johnson | 3.3<br>|
| Welltower Inc | 2.8<br>|
| Chubb Ltd | 2.7<br>|
| Hitachi Ltd | 2.5<br>|
|  | 38.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6553_20260430_2.jpg)<br>| ![](img130855_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913312.101 6558-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class M : FAPLX** <br>|

---

This annual shareholder report contains information about Fidelity® Healthy Future Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $166  | 1.55% |

---

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

• International equities gained for the 12 months ending April 30, 2026, reflecting an April surge that followed a downturn amid conflict in the Middle East and concern about the viability of investments in artificial intelligence. Increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions also aided international stocks.

• Against this backdrop, security selection in emerging markets, primarily in Taiwan, and the U.K. contributed to the fund's performance versus the MSCI World Health & Wellness Select Index for the fiscal year.

• By sector, market selection was the primary contributor, led by an overweight in information technology, where an overweight in semiconductors & semiconductor equipment helped most. Picks in communication services also helped.

• The top individual relative contributor was our non-benchmark stake in Zegona Communications (+163%). This was a stake we established this period. A second notable relative contributor was an underweight in Abbott Laboratories (-29%), while a non-benchmark stake in Taiwan Semiconductor Manufacturing (+78%) also helped. This was a stake we established this period.

• In contrast, from a regional standpoint, an underweight in Japan and Canada detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer staples. Also hurting our result were picks and an underweight in consumer discretionary.

• The largest individual relative detractor was an underweight in Tesla (+35%). This period we increased our position in Tesla. The company was one of the fund's largest holdings. A second notable relative detractor was our non-benchmark stake in Boston Scientific (-43%). Avoiding Murata Manufacturing, a benchmark component that gained 127%, hurt.

• Notable changes in positioning include increased exposure to Japan and a lower allocation to Switzerland. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 24, 2022 through April 30, 2026.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10171<br>| $11445<br>| $11966<br>| $13643<br>|
| MSCI World Health & Wellness Select Index<br>| $10000 | $10562<br>| $11930<br>| $13118<br>| $14897<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10675<br>| $12583<br>| $14118<br>| $18549<br>|
|  | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130856_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 10.02% | 8.21% |
| Class M (without 3.50% sales charge) | 14.01% | 9.19% |
| MSCI World Health & Wellness Select Index | 13.56%<br>| 10.65% |
| MSCI ACWI (All Country World Index) Index | 31.39%<br>| 16.99% |

---

**A** From May 24, 2022

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $14882302<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $120655<br>|
| Portfolio Turnover | 80%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 34.6 |
| Information Technology | 14.4 |
| Financials | 14.3 |
| Consumer Staples | 12.2 |
| Consumer Discretionary | 11.1 |
| Industrials | 5.3 |
| Utilities | 2.9 |
| Real Estate | 2.8 |
| Communication Services | 0.6 |
| Materials | 0.6 |

---

Common Stocks 98.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20260430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| United States | 60.6 |
| United Kingdom | 8.1 |
| Japan | 6.7 |
| Hong Kong | 4.3 |
| France | 4.1 |
| Germany | 2.2 |
| Netherlands | 2.0 |
| Taiwan | 1.9 |
| Belgium | 1.9 |
| Others | 8.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 60.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 6.7&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;Hong Kong - 4.3&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;France - 4.1&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;Germany - 2.2&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;Netherlands - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.9&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;Belgium - 1.9&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;Others - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.8<br>|
| AIA Group Ltd | 4.3<br>|
| Tesla Inc | 4.3<br>|
| Procter & Gamble Co/The | 3.9<br>|
| UnitedHealth Group Inc | 3.9<br>|
| CVS Health Corp | 3.5<br>|
| Johnson & Johnson | 3.3<br>|
| Welltower Inc | 2.8<br>|
| Chubb Ltd | 2.7<br>|
| Hitachi Ltd | 2.5<br>|
|  | 38.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6553_20260430_2.jpg)<br>| ![](img130856_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913310.101 6556-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class I : FAPMX** <br>|

---

This annual shareholder report contains information about Fidelity® Healthy Future Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $113  | 1.05% |

---

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

• International equities gained for the 12 months ending April 30, 2026, reflecting an April surge that followed a downturn amid conflict in the Middle East and concern about the viability of investments in artificial intelligence. Increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions also aided international stocks.

• Against this backdrop, security selection in emerging markets, primarily in Taiwan, and the U.K. contributed to the fund's performance versus the MSCI World Health & Wellness Select Index for the fiscal year.

• By sector, market selection was the primary contributor, led by an overweight in information technology, where an overweight in semiconductors & semiconductor equipment helped most. Picks in communication services also helped.

• The top individual relative contributor was our non-benchmark stake in Zegona Communications (+163%). This was a stake we established this period. A second notable relative contributor was an underweight in Abbott Laboratories (-29%), while a non-benchmark stake in Taiwan Semiconductor Manufacturing (+78%) also helped. This was a stake we established this period.

• In contrast, from a regional standpoint, an underweight in Japan and Canada detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer staples. Also hurting our result were picks and an underweight in consumer discretionary.

• The largest individual relative detractor was an underweight in Tesla (+35%). This period we increased our position in Tesla. The company was one of the fund's largest holdings. A second notable relative detractor was our non-benchmark stake in Boston Scientific (-43%). Avoiding Murata Manufacturing, a benchmark component that gained 127%, hurt.

• Notable changes in positioning include increased exposure to Japan and a lower allocation to Switzerland. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 24, 2022 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10590<br>| $11979<br>| $12578<br>| $14417<br>|
| MSCI World Health & Wellness Select Index<br>| $10000 | $10562<br>| $11930<br>| $13118<br>| $14897<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10675<br>| $12583<br>| $14118<br>| $18549<br>|
|  | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130857_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class I | 14.62% | 9.74% |
| MSCI World Health & Wellness Select Index | 13.56%<br>| 10.65% |
| MSCI ACWI (All Country World Index) Index | 31.39%<br>| 16.99% |

---

**A** From May 24, 2022

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $14882302<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $120655<br>|
| Portfolio Turnover | 80%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 34.6 |
| Information Technology | 14.4 |
| Financials | 14.3 |
| Consumer Staples | 12.2 |
| Consumer Discretionary | 11.1 |
| Industrials | 5.3 |
| Utilities | 2.9 |
| Real Estate | 2.8 |
| Communication Services | 0.6 |
| Materials | 0.6 |

---

Common Stocks 98.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20260430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| United States | 60.6 |
| United Kingdom | 8.1 |
| Japan | 6.7 |
| Hong Kong | 4.3 |
| France | 4.1 |
| Germany | 2.2 |
| Netherlands | 2.0 |
| Taiwan | 1.9 |
| Belgium | 1.9 |
| Others | 8.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 60.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 6.7&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;Hong Kong - 4.3&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;France - 4.1&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;Germany - 2.2&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;Netherlands - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.9&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;Belgium - 1.9&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;Others - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.8<br>|
| AIA Group Ltd | 4.3<br>|
| Tesla Inc | 4.3<br>|
| Procter & Gamble Co/The | 3.9<br>|
| UnitedHealth Group Inc | 3.9<br>|
| CVS Health Corp | 3.5<br>|
| Johnson & Johnson | 3.3<br>|
| Welltower Inc | 2.8<br>|
| Chubb Ltd | 2.7<br>|
| Hitachi Ltd | 2.5<br>|
|  | 38.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6553_20260430_2.jpg)<br>| ![](img130857_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913311.101 6557-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class C : FAPKX** <br>|

---

This annual shareholder report contains information about Fidelity® Healthy Future Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $219  | 2.05% |

---

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

• International equities gained for the 12 months ending April 30, 2026, reflecting an April surge that followed a downturn amid conflict in the Middle East and concern about the viability of investments in artificial intelligence. Increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions also aided international stocks.

• Against this backdrop, security selection in emerging markets, primarily in Taiwan, and the U.K. contributed to the fund's performance versus the MSCI World Health & Wellness Select Index for the fiscal year.

• By sector, market selection was the primary contributor, led by an overweight in information technology, where an overweight in semiconductors & semiconductor equipment helped most. Picks in communication services also helped.

• The top individual relative contributor was our non-benchmark stake in Zegona Communications (+163%). This was a stake we established this period. A second notable relative contributor was an underweight in Abbott Laboratories (-29%), while a non-benchmark stake in Taiwan Semiconductor Manufacturing (+78%) also helped. This was a stake we established this period.

• In contrast, from a regional standpoint, an underweight in Japan and Canada detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer staples. Also hurting our result were picks and an underweight in consumer discretionary.

• The largest individual relative detractor was an underweight in Tesla (+35%). This period we increased our position in Tesla. The company was one of the fund's largest holdings. A second notable relative detractor was our non-benchmark stake in Boston Scientific (-43%). Avoiding Murata Manufacturing, a benchmark component that gained 127%, hurt.

• Notable changes in positioning include increased exposure to Japan and a lower allocation to Switzerland. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 24, 2022 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10490<br>| $11750<br>| $12210<br>| $13856<br>|
| MSCI World Health & Wellness Select Index<br>| $10000 | $10562<br>| $11930<br>| $13118<br>| $14897<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10675<br>| $12583<br>| $14118<br>| $18549<br>|
|  | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130858_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 12.48% | 8.64% |
| Class C | 13.48% | 8.64% |
| MSCI World Health & Wellness Select Index | 13.56%<br>| 10.65% |
| MSCI ACWI (All Country World Index) Index | 31.39%<br>| 16.99% |

---

**A** From May 24, 2022

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $14882302<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $120655<br>|
| Portfolio Turnover | 80%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 34.6 |
| Information Technology | 14.4 |
| Financials | 14.3 |
| Consumer Staples | 12.2 |
| Consumer Discretionary | 11.1 |
| Industrials | 5.3 |
| Utilities | 2.9 |
| Real Estate | 2.8 |
| Communication Services | 0.6 |
| Materials | 0.6 |

---

Common Stocks 98.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20260430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| United States | 60.6 |
| United Kingdom | 8.1 |
| Japan | 6.7 |
| Hong Kong | 4.3 |
| France | 4.1 |
| Germany | 2.2 |
| Netherlands | 2.0 |
| Taiwan | 1.9 |
| Belgium | 1.9 |
| Others | 8.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 60.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 6.7&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;Hong Kong - 4.3&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;France - 4.1&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;Germany - 2.2&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;Netherlands - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.9&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;Belgium - 1.9&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;Others - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.8<br>|
| AIA Group Ltd | 4.3<br>|
| Tesla Inc | 4.3<br>|
| Procter & Gamble Co/The | 3.9<br>|
| UnitedHealth Group Inc | 3.9<br>|
| CVS Health Corp | 3.5<br>|
| Johnson & Johnson | 3.3<br>|
| Welltower Inc | 2.8<br>|
| Chubb Ltd | 2.7<br>|
| Hitachi Ltd | 2.5<br>|
|  | 38.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6553_20260430_2.jpg)<br>| ![](img130858_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913309.101 6555-TSRA-0626 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class A : FAPJX** <br>|

---

This annual shareholder report contains information about Fidelity® Healthy Future Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $139  | 1.30% |

---

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

• International equities gained for the 12 months ending April 30, 2026, reflecting an April surge that followed a downturn amid conflict in the Middle East and concern about the viability of investments in artificial intelligence. Increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions also aided international stocks.

• Against this backdrop, security selection in emerging markets, primarily in Taiwan, and the U.K. contributed to the fund's performance versus the MSCI World Health & Wellness Select Index for the fiscal year.

• By sector, market selection was the primary contributor, led by an overweight in information technology, where an overweight in semiconductors & semiconductor equipment helped most. Picks in communication services also helped.

• The top individual relative contributor was our non-benchmark stake in Zegona Communications (+163%). This was a stake we established this period. A second notable relative contributor was an underweight in Abbott Laboratories (-29%), while a non-benchmark stake in Taiwan Semiconductor Manufacturing (+78%) also helped. This was a stake we established this period.

• In contrast, from a regional standpoint, an underweight in Japan and Canada detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer staples. Also hurting our result were picks and an underweight in consumer discretionary.

• The largest individual relative detractor was an underweight in Tesla (+35%). This period we increased our position in Tesla. The company was one of the fund's largest holdings. A second notable relative detractor was our non-benchmark stake in Boston Scientific (-43%). Avoiding Murata Manufacturing, a benchmark component that gained 127%, hurt.

• Notable changes in positioning include increased exposure to Japan and a lower allocation to Switzerland. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to consumer staples.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

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

**CUMULATIVE PERFORMANCE**

May 24, 2022 through April 30, 2026.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9962<br>| $11235<br>| $11772<br>| $13451<br>|
| MSCI World Health & Wellness Select Index<br>| $10000 | $10562<br>| $11930<br>| $13118<br>| $14897<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10675<br>| $12583<br>| $14118<br>| $18549<br>|
|  | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130859_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | 7.70% | 7.82% |
| Class A (without 5.75% sales charge) | 14.27% | 9.46% |
| MSCI World Health & Wellness Select Index | 13.56%<br>| 10.65% |
| MSCI ACWI (All Country World Index) Index | 31.39%<br>| 16.99% |

---

**A** From May 24, 2022

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $14882302<br>|
| Number of Holdings | 84<br>|
| Total Advisory Fee | $120655<br>|
| Portfolio Turnover | 80%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 34.6 |
| Information Technology | 14.4 |
| Financials | 14.3 |
| Consumer Staples | 12.2 |
| Consumer Discretionary | 11.1 |
| Industrials | 5.3 |
| Utilities | 2.9 |
| Real Estate | 2.8 |
| Communication Services | 0.6 |
| Materials | 0.6 |

---

Common Stocks 98.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20260430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| United States | 60.6 |
| United Kingdom | 8.1 |
| Japan | 6.7 |
| Hong Kong | 4.3 |
| France | 4.1 |
| Germany | 2.2 |
| Netherlands | 2.0 |
| Taiwan | 1.9 |
| Belgium | 1.9 |
| Others | 8.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 60.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 6.7&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;Hong Kong - 4.3&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;France - 4.1&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;Germany - 2.2&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;Netherlands - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.9&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;Belgium - 1.9&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;Others - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.8<br>|
| AIA Group Ltd | 4.3<br>|
| Tesla Inc | 4.3<br>|
| Procter & Gamble Co/The | 3.9<br>|
| UnitedHealth Group Inc | 3.9<br>|
| CVS Health Corp | 3.5<br>|
| Johnson & Johnson | 3.3<br>|
| Welltower Inc | 2.8<br>|
| Chubb Ltd | 2.7<br>|
| Hitachi Ltd | 2.5<br>|
|  | 38.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6553_20260430_2.jpg)<br>| ![](img130859_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913308.101 6554-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Focused High Income Fund<br> **Fidelity® Focused High Income Fund : FHIFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Focused High Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Focused High Income Fund  | $78  | 0.75% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds rose 9.27% and contributed to performance versus the benchmark ICE BofA BB US High Yield Constrained Index for the fiscal year. By industry, security selection was the primary contributor, especially within telecommunications. Security selection in financial services and technology & electronics also boosted the fund's relative result.

• The top individual relative contributor was a non-benchmark stake in EchoStar (+86%). The second-largest relative contributor was an overweight in PBF Holding (+34%). Another notable relative contributor was a non-benchmark investment in Transocean International (+36%).

• In contrast, the biggest detractor from performance versus the benchmark was security selection in media. An underweight in energy also hampered the fund's result.

• The biggest individual relative detractor was an underweight in Warner Bros. Discovery (+10%). Not owning SM Energy, a benchmark component that gained about 17%, was a second notable relative detractor. A non-benchmark stake in Sunnova Energy returned -99% and hurt.

• Notable changes in positioning include increased exposure to the telecommunications and utility industries.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Focused High Income Fund<br>| $10000 | $11022<br>| $11226<br>| $12036<br>| $12017<br>| $13357<br>| $12501<br>| $12740<br>| $13511<br>| $14502<br>| $15797<br>|
| ICE® BofA® BB US High Yield Constrained Index<br>| $10000 | $10976<br>| $11226<br>| $12045<br>| $12038<br>| $13969<br>| $13180<br>| $13456<br>| $14441<br>| $15557<br>| $16863<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10207<br>| $10208<br>| $10757<br>| $11741<br>| $11950<br>| $10926<br>| $10892<br>| $10855<br>| $11739<br>| $12278<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130873_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Focused High Income Fund | 8.93% | 3.41% | 4.68% |
| ICE® BofA® BB US High Yield Constrained Index | 8.40%<br>| 3.84%<br>| 5.36% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.07% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $197651500<br>|
| Number of Holdings | 588<br>|
| Total Advisory Fee | $1339058<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| BBB | 7.2 |
| BB | 58.6 |
| B | 26.0 |
| CCC,CC,C | 3.8 |
| Not Rated | 1.9 |
| Equities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1366_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 58.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 26.0&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;CCC,CC,C - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 1.9&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;Equities - 0.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 85.6 |
| Bank Loan Obligations | 6.0 |
| Preferred Securities | 5.7 |
| Asset-Backed Securities | 0.2 |
| Common Stocks | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1366_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 85.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| United States | 89.3 |
| Canada | 2.9 |
| United Kingdom | 2.0 |
| France | 0.9 |
| Ireland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Zambia | 0.4 |
| Panama | 0.4 |
| Norway | 0.4 |
| Others | 2.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1366_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.9&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;United Kingdom - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Panama - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.6<br>|
| NRG Energy Inc | 1.6<br>|
| TransDigm Inc | 1.5<br>|
| Carnival Corp | 1.4<br>|
| Venture Global Plaquemines LNG LLC | 1.3<br>|
| Vistra Operations Co LLC | 1.2<br>|
| Tenet Healthcare Corp | 1.2<br>|
| Hilton Domestic Operating Co Inc | 1.2<br>|
| Sunoco LP | 1.1<br>|
| Citigroup Inc | 1.1<br>|
|  | 13.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1366_20260430_2.jpg)<br>| ![](img130873_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913267.101 1366-TSRA-0626 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Capital & Income Fund<br> **Fidelity® Capital & Income Fund : FAGIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Capital & Income Fund for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Capital & Income Fund  | $68  | 0.62% |

---

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

• High-yield bonds achieved a strong gain for the 12 months ending April 30, 2026, driven by resilient corporate fundamentals, falling yields, historically compressed spreads, a steady economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds rose 9.71% and contributed to performance versus the benchmark ICE BofA US High Yield/US High Yield Constrained Blend Index for the fiscal year. By industry, security selection was the primary contributor, led by technology & electronics. Our picks in basic industry and telecommunications also boosted the fund's relative result.

• A non-benchmark stake in Comfort Systems USA gained about 362% and was the top individual relative contributor. The second-largest relative contributor was an overweight in EchoStar (+82%). A non-benchmark stake in Nvidia gained 83% and notably helped. Each was among the fund's top holdings.

• In contrast, the primary detractor from performance versus the benchmark was an overweight in technology & electronics. Security selection in automotive also hampered the fund's result, as did an underweight in energy. Lastly, the fund's position in cash detracted.

• A stake in Monday.com returned roughly -77% and was the biggest individual relative detractor. The second-largest relative detractor was a position in Arthur J. Gallagher (-35%). An investment in BYD returned -21% and hurt versus the benchmark. It was not held at period end. All of these detractors were non-benchmark positions.

• Notable changes in positioning include increased exposure to the media industry and a lower allocation to retail.

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

**CUMULATIVE PERFORMANCE**

April 30, 2016 through April 30, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Capital & Income Fund<br>| $10000 | $11385<br>| $12012<br>| $12821<br>| $11938<br>| $15801<br>| $15284<br>| $15604<br>| $17307<br>| $18499<br>| $22179<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11365<br>| $11731<br>| $12518<br>| $11858<br>| $14230<br>| $13525<br>| $13665<br>| $14879<br>| $16172<br>| $17581<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10207<br>| $10208<br>| $10757<br>| $11741<br>| $11950<br>| $10926<br>| $10892<br>| $10855<br>| $11739<br>| $12278<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img130877_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Capital & Income Fund | 19.89% | 7.02% | 8.29% |
| ICE® BofA® US High Yield Constrained Index | 8.71%<br>| 4.32%<br>| 5.80% |
| Bloomberg U.S. Universal Bond Index | 4.59%<br>| 0.54%<br>| 2.07% |

---

---

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

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15689983550<br>|
| Number of Holdings | 707<br>|
| Total Advisory Fee | $89295802<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| A | 0.1 |
| BBB | 5.3 |
| BB | 18.0 |
| B | 21.6 |
| CCC,CC,C | 9.5 |
| Not Rated | 3.6 |
| Equities | 25.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 16.2 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img38_20260430_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.1&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.3&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;BB - 18.0&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 - 21.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 9.5&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;Not Rated - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 25.7&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;Short-Term Investments and Net Other Assets (Liabilities) - 16.2 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 44.5 |
| Common Stocks | 23.7 |
| Bank Loan Obligations | 8.0 |
| Preferred Securities | 3.1 |
| Alternative Funds | 2.3 |
| Preferred Stocks | 2.0 |
| Asset-Backed Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 16.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img38_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 44.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 23.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bank Loan Obligations - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 16.2 |

---

---

| | |
|:---|:---|
| United States | 92.6 |
| Taiwan | 1.4 |
| United Kingdom | 1.3 |
| France | 1.2 |
| Canada | 1.1 |
| Australia | 0.5 |
| Zambia | 0.3 |
| Netherlands | 0.3 |
| Switzerland | 0.2 |
| Others | 1.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img38_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| EchoStar Corp | 2.3<br>|
| Fidelity Private Credit Company LLC | 2.3<br>|
| Comfort Systems USA Inc | 2.0<br>|
| NVIDIA Corp | 1.8<br>|
| TransDigm Inc | 1.7<br>|
| Alphabet Inc Class A | 1.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.4<br>|
| Ally Financial Inc | 1.3<br>|
| Altice France SA | 1.1<br>|
| Meta Platforms Inc Class A | 1.0<br>|
|  | 16.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by June 27, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img38_20260430_2.jpg)<br>| ![](img130877_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913245.101 38-TSRA-0626 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, April 30, 2026, Fidelity Summer Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Series High Income Fund, Fidelity Short Duration High Income Fund and Fidelity Women's Leadership Fund (the "Funds"):

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

**<u>April 30, 2026 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Series High Income Fund | &nbsp;&nbsp;$54100  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9500  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity Short Duration High Income Fund | &nbsp;&nbsp;$56900  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9500  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;Fidelity Women's Leadership Fund | &nbsp;&nbsp;$40600  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$100  |

---

**<u>April 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Series High Income Fund | &nbsp;&nbsp;$54100  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9500  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Short Duration High Income Fund | &nbsp;&nbsp;$56900  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9500  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Women's Leadership Fund | &nbsp;&nbsp;$40600  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$900  |

---

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

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Capital & Income Fund, Fidelity Focused High Income Fund, Fidelity Healthy Future Fund, Fidelity High Income Fund, Fidelity SAI High Income Fund and Fidelity U.S. Low Volatility Equity Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>April 30, 2026 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Capital & Income Fund | &nbsp;&nbsp;$102500  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$11600  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Focused High Income Fund | &nbsp;&nbsp;$64400  | &nbsp;&nbsp;$900  | &nbsp;&nbsp;$9100  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Healthy Future Fund | &nbsp;&nbsp;$29800  | &nbsp;&nbsp;$500  | &nbsp;&nbsp;$8000  | &nbsp;&nbsp;$100  |
| &nbsp;&nbsp;Fidelity High Income Fund | &nbsp;&nbsp;$81300  | &nbsp;&nbsp;$1200  | &nbsp;&nbsp;$12700  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity SAI High Income Fund | &nbsp;&nbsp;$75400  | &nbsp;&nbsp;$1100  | &nbsp;&nbsp;$12600  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity U.S. Low Volatility Equity Fund | &nbsp;&nbsp;$7800  | &nbsp;&nbsp;$500  | &nbsp;&nbsp;$0  | &nbsp;&nbsp;$100  |

---

**<u>April 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Capital & Income Fund | &nbsp;&nbsp;$102800  | &nbsp;&nbsp;$8800  | &nbsp;&nbsp;$11600  | &nbsp;&nbsp;$3000  |
| &nbsp;&nbsp;Fidelity Focused High Income Fund | &nbsp;&nbsp;$64300  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$9100  | &nbsp;&nbsp;$2000  |
| &nbsp;&nbsp;Fidelity Healthy Future Fund | &nbsp;&nbsp;$29800  | &nbsp;&nbsp;$2900  | &nbsp;&nbsp;$8000  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity High Income Fund | &nbsp;&nbsp;$93900  | &nbsp;&nbsp;$7200  | &nbsp;&nbsp;$12700  | &nbsp;&nbsp;$2500  |
| &nbsp;&nbsp;Fidelity SAI High Income Fund | &nbsp;&nbsp;$75400  | &nbsp;&nbsp;$6800  | &nbsp;&nbsp;$12600  | &nbsp;&nbsp;$2400  |
| &nbsp;&nbsp;Fidelity U.S. Low Volatility Equity Fund | &nbsp;&nbsp;$34100  | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$19600  | &nbsp;&nbsp;$1000  |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>April 30, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>April 30, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp; $154800  | &nbsp;&nbsp; $250000  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$3964900 |

---

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

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>April 30, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>April 30, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$9428700  | &nbsp;&nbsp;$9765100  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

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

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>April 30, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>April 30, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2679400  | &nbsp;&nbsp;$4561100  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$14702400  | &nbsp;&nbsp;$14917300  |

---

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

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

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

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

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

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

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

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

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

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

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

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Fidelity® Women's Leadership Fund**

**Annual Report**

**April 30, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img130781_1.jpg)

![](img130781_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_WLF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Women's Leadership Fund](#Sub_Sec_Fund_3396_WLF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3396_WLF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_WLF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_WLF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_WLF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_WLF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_WLF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_WLF-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Women's Leadership Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Commercial Services & Supplies - 0.5% |  |  |
| Brambles Ltd  | 51584 | 844376 |
| BELGIUM - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA (a) | 5070 | 1375734 |
| CANADA - 1.0%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Specialty Retail - 1.0% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 16193 | 1709125 |
| CHILE - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Antofagasta PLC  | 16761 | 809553 |
| ITALY - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Electrical Equipment - 1.0% |  |  |
| Prysmian SpA  | 11412 | 1735870 |
| JAPAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Renesas Electronics Corp  | 49344 | 997866 |
| NETHERLANDS - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| NXP Semiconductors NV  | 4067 | 1194031 |
| UNITED KINGDOM - 0.9%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Starling Bank Ltd (b)(c) | 34700 | 103407 |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| GSK PLC ADR  | 27731 | 1450609 |
| TOTAL UNITED KINGDOM |  | 1554016 |
| UNITED STATES - 92.8%  |  |  |
| Communication Services - 8.7% |  |  |
| Entertainment - 1.7% |  |  |
| Netflix Inc (a) | 18885 | 1767825 |
| Walt Disney Co/The  | 12090 | 1254337 |
|  |  | 3022162 |
| Interactive Media & Services - 7.0% |  |  |
| Alphabet Inc Class A  | 16738 | 6440783 |
| Alphabet Inc Class C  | 14159 | 5407888 |
|  |  | 11848671 |
| TOTAL COMMUNICATION SERVICES |  | 14870833 |
| Consumer Discretionary - 9.0% |  |  |
| Broadline Retail - 5.2% |  |  |
| Amazon.com Inc (a) | 29153 | 7727294 |
| Etsy Inc (a) | 16691 | 1073899 |
|  |  | 8801193 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Starbucks Corp  | 11579 | 1219616 |
| Household Durables - 0.8% |  |  |
| Taylor Morrison Home Corp (a) | 21367 | 1297832 |
| Specialty Retail - 0.9% |  |  |
| Williams-Sonoma Inc  | 8397 | 1521620 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Deckers Outdoor Corp (a) | 8102 | 828024 |
| Tapestry Inc  | 11188 | 1622708 |
|  |  | 2450732 |
| TOTAL CONSUMER DISCRETIONARY |  | 15290993 |
| Consumer Staples - 4.4% |  |  |
| Beverages - 1.5% |  |  |
| Coca-Cola Co/The  | 22259 | 1753119 |
| Keurig Dr Pepper Inc  | 28392 | 834725 |
|  |  | 2587844 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Casey's General Stores Inc  | 1459 | 1199516 |
| Household Products - 0.9% |  |  |
| Procter & Gamble Co/The  | 10065 | 1480461 |
| Personal Care Products - 1.3% |  |  |
| Estee Lauder Cos Inc/The Class A  | 16940 | 1299468 |
| Kenvue Inc  | 48497 | 850152 |
|  |  | 2149620 |
| TOTAL CONSUMER STAPLES |  | 7417441 |
| Energy - 2.4% |  |  |
| Energy Equipment & Services - 1.1% |  |  |
| Baker Hughes Co Class A  | 27295 | 1901642 |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Antero Resources Corp (a) | 28844 | 1132416 |
| ConocoPhillips  | 8821 | 1109505 |
|  |  | 2241921 |
| TOTAL ENERGY |  | 4143563 |
| Financials - 11.4% |  |  |
| Banks - 6.3% |  |  |
| Bank of America Corp  | 40059 | 2141554 |
| Citigroup Inc  | 15072 | 1928915 |
| Huntington Bancshares Inc/OH  | 61822 | 1036137 |
| JPMorgan Chase & Co  | 10500 | 3288915 |
| US Bancorp  | 16404 | 929450 |
| Wells Fargo & Co  | 16355 | 1344872 |
|  |  | 10669843 |
| Capital Markets - 1.5% |  |  |
| Bank of New York Mellon Corp/The  | 9116 | 1224917 |
| Nasdaq Inc  | 13582 | 1248322 |
|  |  | 2473239 |
| Consumer Finance - 0.2% |  |  |
| SLM Corp  | 20362 | 469955 |
| Financial Services - 1.0% |  |  |
| Mastercard Inc Class A  | 3445 | 1732559 |
| Insurance - 2.4% |  |  |
| Hartford Insurance Group Inc/The  | 13131 | 1796452 |
| Marsh & McLennan Cos Inc  | 6105 | 1023869 |
| Progressive Corp/The  | 6395 | 1287186 |
|  |  | 4107507 |
| TOTAL FINANCIALS |  | 19453103 |
| Health Care - 8.9% |  |  |
| Biotechnology - 2.4% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 5174 | 1601301 |
| Biogen Inc (a) | 5260 | 995613 |
| Gilead Sciences Inc  | 11550 | 1511202 |
|  |  | 4108116 |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Insulet Corp (a) | 3792 | 652754 |
| Health Care Providers & Services - 1.5% |  |  |
| Cigna Group/The  | 4898 | 1423261 |
| CVS Health Corp  | 12713 | 1058866 |
|  |  | 2482127 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Thermo Fisher Scientific Inc  | 3032 | 1452207 |
| Pharmaceuticals - 3.8% |  |  |
| Elanco Animal Health Inc (a) | 34768 | 777760 |
| Eli Lilly & Co  | 3497 | 3268297 |
| Johnson & Johnson  | 9517 | 2187482 |
| Viatris Inc  | 13627 | 203587 |
|  |  | 6437126 |
| TOTAL HEALTH CARE |  | 15132330 |
| Industrials - 11.8% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Boeing Co (a) | 6176 | 1414489 |
| Air Freight & Logistics - 0.5% |  |  |
| United Parcel Service Inc Class B  | 8672 | 943514 |
| Building Products - 0.8% |  |  |
| Trane Technologies PLC  | 2914 | 1435262 |
| Construction & Engineering - 0.9% |  |  |
| Quanta Services Inc  | 2098 | 1526861 |
| Electrical Equipment - 4.1% |  |  |
| Eaton Corp PLC  | 3344 | 1447985 |
| GE Vernova Inc  | 2403 | 2603555 |
| nVent Electric PLC  | 11078 | 1583046 |
| Regal Rexnord Corp  | 5949 | 1279213 |
|  |  | 6913799 |
| Machinery - 3.6% |  |  |
| Cummins Inc  | 2221 | 1490313 |
| Ingersoll Rand Inc  | 13986 | 1116922 |
| Parker-Hannifin Corp  | 2107 | 1916148 |
| Westinghouse Air Brake Technologies Corp  | 5739 | 1548899 |
|  |  | 6072282 |
| Professional Services - 1.1% |  |  |
| Leidos Holdings Inc  | 7615 | 1136310 |
| UL Solutions Inc Class A  | 8044 | 727902 |
|  |  | 1864212 |
| TOTAL INDUSTRIALS |  | 20170419 |
| Information Technology - 30.9% |  |  |
| Communications Equipment - 1.3% |  |  |
| Arista Networks Inc (a) | 12434 | 2147476 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Coherent Corp (a) | 4154 | 1328075 |
| IT Services - 0.7% |  |  |
| IBM Corporation  | 4947 | 1142658 |
| Semiconductors & Semiconductor Equipment - 11.6% |  |  |
| First Solar Inc (a) | 7628 | 1540017 |
| Marvell Technology Inc  | 12925 | 2134564 |
| Micron Technology Inc  | 5979 | 3092100 |
| NVIDIA Corp  | 65321 | 13036112 |
|  |  | 19802793 |
| Software - 6.9% |  |  |
| Autodesk Inc (a) | 4369 | 1035453 |
| Gen Digital Inc  | 39961 | 770848 |
| Intuit Inc  | 1786 | 693861 |
| Microsoft Corp  | 19863 | 8099734 |
| Synopsys Inc (a) | 2322 | 1120597 |
|  |  | 11720493 |
| Technology Hardware, Storage & Peripherals - 9.6% |  |  |
| Apple Inc  | 40989 | 11122366 |
| Dell Technologies Inc Class C  | 6587 | 1376354 |
| Sandisk Corp/DE (a) | 1447 | 1586650 |
| Western Digital Corp  | 5329 | 2315557 |
|  |  | 16400927 |
| TOTAL INFORMATION TECHNOLOGY |  | 52542422 |
| Materials - 2.2% |  |  |
| Construction Materials - 1.0% |  |  |
| CRH PLC  | 8744 | 1035464 |
| James Hardie Industries PLC (a) | 34949 | 733580 |
|  |  | 1769044 |
| Metals & Mining - 1.2% |  |  |
| Newmont Corp  | 9320 | 1035359 |
| Steel Dynamics Inc  | 4426 | 1012049 |
|  |  | 2047408 |
| TOTAL MATERIALS |  | 3816452 |
| Real Estate - 2.1% |  |  |
| Health Care REITs - 1.0% |  |  |
| Ventas Inc  | 19435 | 1707559 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 4768 | 871161 |
| Public Storage  | 3161 | 956045 |
|  |  | 1827206 |
| TOTAL REAL ESTATE |  | 3534765 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| NextEra Energy Inc  | 18010 | 1762819 |
| TOTAL UNITED STATES |  | 158135140 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $105,421,342) |  | <br> **168355711** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Somatus Inc Series E (a)(b)(c)<br>(Cost $350,799)<br>| 402 | **515826** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d)<br>(Cost $1,708,900)<br>| 3.69 | 1708558 | **1708900** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $107,481,041)<br>| <br>**170580437** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(161517)** |
| **NET ASSETS - 100.0%** | **170418920** |

---

**Legend**

(a) Non-income producing.

(b) Level 3 security.

(c) 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 $619,233 or 0.4% of net assets.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Somatus Inc Series E | 1/31/2022 | 350799 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 68001 |

---

**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 | - | 29732742 | 28023717 | 59681 | (125) | - | 1708900 | 1708558 | 0.0% |
| Total | - | 29732742 | 28023717 | 59681 | (125) | - | 1708900 |  |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 14870833 | 14870833 | - | - |
| Consumer Discretionary | 17000118 | 17000118 | - | - |
| Consumer Staples | 7417441 | 7417441 | - | - |
| Energy | 4143563 | 4143563 | - | - |
| Financials | 19556510 | 19453103 | - | 103407 |
| Health Care | 17958673 | 17958673 | - | - |
| Industrials | 22750665 | 20170419 | 2580246 | - |
| Information Technology | 54734319 | 53736453 | 997866 | - |
| Materials | 4626005 | 4626005 | - | - |
| Real Estate | 3534765 | 3534765 | - | - |
| Utilities | 1762819 | 1762819 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 515826 | - | - | 515826 |
|  **Money Market Funds** | 1708900 | 1708900 | - | - |
| **Total Investments in Securities:** | 170580437 | 166383092 | 3578112 | 619233 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $105,772,141) | $168871537 |  |
| Fidelity Central Funds (cost $1,708,900) | 1708900 |  |
| Total Investment in Securities (cost $107,481,041) |  | $170580437 |
| Foreign currency held at value (cost $25) |  | 27 |
| Receivable for fund shares sold |  | 68120 |
| Dividends receivable |  | 64645 |
| Distributions receivable from Fidelity Central Funds |  | 4415 |
| Prepaid expenses |  | 39 |
| **Total assets** |  | 170717683 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $42049 |  |
| Payable for fund shares redeemed | 127744 |  |
| Accrued management fee | 77033 |  |
| Distribution and service plan fees payable | 4325 |  |
| Audit fee payable | 47383 |  |
| Other payables and accrued expenses | 229 |  |
| **Total liabilities** |  | 298763 |
| **Net Assets**  |  | $170418920 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $102783918 |
| Total accumulated earnings (loss) |  | 67635002 |
| **Net Assets** |  | $170418920 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($10,866,548 ÷ 532,213 shares)(a) |  | $20.42 |
| Maximum offering price per share (100/94.25 of $20.42) |  | $21.67 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,472,777 ÷ 72,585 shares)(a) |  | $20.29 |
| Maximum offering price per share (100/96.50 of $20.29) |  | $21.03 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,728,845 ÷ 87,551 shares)(a) |  | $19.75 |
| **Fidelity Women's Leadership Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($130,797,446 ÷ 6,371,649 shares) |  | $20.53 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($16,867,656 ÷ 822,461 shares) |  | $20.51 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($8,685,648 ÷ 420,468 shares) |  | $20.66 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $1622203 |
| Income from Fidelity Central Funds  |  | 59681 |
| **Total income** |  | 1681884 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $1007707 |  |
| Performance adjustment | (146678) |  |
| Distribution and service plan fees | 50091 |  |
| Custodian fees and expenses | 3550 |  |
| Independent trustees' fees and expenses | 500 |  |
| Registration fees | 88873 |  |
| Audit fees | 58293 |  |
| Legal | 2489 |  |
| Miscellaneous | 463 |  |
| **Total expenses** |  | 1065288 |
| **Net Investment income (loss)** |  | 616596 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 8353121 |  |
| Fidelity Central Funds | (125) |  |
| Foreign currency transactions | 2707 |  |
| Total net realized gain (loss) |  | 8355703 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 39479761 |  |
| Assets and liabilities in foreign currencies | (3419) |  |
| Total change in net unrealized appreciation (depreciation) |  | 39476342 |
| **Net gain (loss)** |  | 47832045 |
| **Net increase (decrease) in net assets resulting from operations** |  | $48448641 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $616596 | $711298 |
| &nbsp;&nbsp;Net realized gain (loss) | 8355703<br>| 7779815<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 39476342 | (5922911)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 48448641<br>| 2568202<br>|
| Distributions to shareholders | (8780634)<br>| (2762542)<br>|
| Share transactions - net increase (decrease) | (1345942)<br>| (15966191)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 38322065<br>| (16160531)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 132096855 | 148257386<br>|
| &nbsp;&nbsp;End of period | $170418920 | $132096855 |

---

**Financial Highlights** 

**Fidelity Advisor® Women's Leadership Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.68 | $15.81 | $13.39 | $13.18 | $15.28 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .03  | .06  | .07  | - C |
| Net realized and unrealized gain (loss)  | 5.75  | .12  | 2.42  | .20  | (1.70)  |
| Total from investment operations  | 5.78  | .15  | 2.48  | .27  | (1.70)  |
| Distributions from net investment income  | (.03)  | (.04)  | (.06)  | (.06)  | - C |
| Distributions from net realized gain  | (1.01)  | (.24)  | -  | -  | (.40)  |
| Total distributions  | (1.04)  | (.28)  | (.06)  | (.06)  | (.40)  |
| Net asset value, end of period  | $20.42 | $15.68 | $15.81 | $13.39 | $13.18 |
| **Total Return** D,E | 38.07% <br>| .78%  | 18.56%  | 2.10%  | (11.46)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .97%  | .98%  | 1.03%  | 1.09%  | 1.10%  |
| Expenses net of fee waivers, if any  | .97% <br>| .98%  | 1.02%  | 1.09%  | 1.10%  |
| Expenses net of all reductions, if any  | .97%  | .98%  | 1.02%  | 1.09%  | 1.10%  |
| Net investment income (loss)  | .14%  | .20%  | .38%  | .57%  | (.01)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10867 | $8479 | $7926 | $6104 | $5171 |
| Portfolio turnover rate H | 25% <br>| 45%  | 33%  | 22%  | 48%  |

---

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

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

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

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

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

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

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

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

**Fidelity Advisor® Women's Leadership Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.60 | $15.74 | $13.34 | $13.14 | $15.22 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | (.01)  | .02  | .04  | (.04)  |
| Net realized and unrealized gain (loss)  | 5.72  | .11  | 2.41  | .20  | (1.69)  |
| Total from investment operations  | 5.70  | .10  | 2.43  | .24  | (1.73)  |
| Distributions from net investment income  | -  | -  | (.03)  | (.04)  | -  |
| Distributions from net realized gain  | (1.01)  | (.24)  | -  | -  | (.35)  |
| Total distributions  | (1.01)  | (.24)  | (.03)  | (.04)  | (.35)  |
| Net asset value, end of period  | $20.29 | $15.60 | $15.74 | $13.34 | $13.14 |
| **Total Return** C,D | 37.75% <br>| .51%  | 18.22%  | 1.83%  | (11.66)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.22%  | 1.23%  | 1.29%  | 1.37%  | 1.35%  |
| Expenses net of fee waivers, if any  | 1.22% <br>| 1.23%  | 1.29%  | 1.37%  | 1.35%  |
| Expenses net of all reductions, if any  | 1.22%  | 1.23%  | 1.29%  | 1.37%  | 1.35%  |
| Net investment income (loss)  | (.11)%  | (.05)%  | .12%  | .28%  | (.27)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1473 | $1241 | $1333 | $1122 | $1054 |
| Portfolio turnover rate G | 25% <br>| 45%  | 33%  | 22%  | 48%  |

---

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

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

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

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

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

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

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

**Fidelity Advisor® Women's Leadership Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.28 | $15.50 | $13.18 | $13.00 | $15.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.11)  | (.09)  | (.05)  | (.03)  | (.11)  |
| Net realized and unrealized gain (loss)  | 5.59  | .11  | 2.37  | .21  | (1.68)  |
| Total from investment operations  | 5.48  | .02  | 2.32  | .18  | (1.79)  |
| Distributions from net realized gain  | (1.01)  | (.24)  | -  | -  | (.30)  |
| Total distributions  | (1.01)  | (.24)  | -  | -  | (.30)  |
| Net asset value, end of period  | $19.75 | $15.28 | $15.50 | $13.18 | $13.00 |
| **Total Return** C,D | 37.07% <br>| -% E | 17.60%  | 1.38%  | (12.12)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.72%  | 1.73%  | 1.79%  | 1.86%  | 1.84%  |
| Expenses net of fee waivers, if any  | 1.72% <br>| 1.73%  | 1.78%  | 1.86%  | 1.84%  |
| Expenses net of all reductions, if any  | 1.72%  | 1.73%  | 1.78%  | 1.86%  | 1.84%  |
| Net investment income (loss)  | (.61)%  | (.55)%  | (.37)%  | (.20)%  | (.75)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1729 | $1529 | $1745 | $1603 | $1540 |
| Portfolio turnover rate H | 25% <br>| 45%  | 33%  | 22%  | 48%  |

---

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

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

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

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

E*Amount represents less than .005%.*

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

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

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

**Fidelity® Women's Leadership Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.76 | $15.88 | $13.45 | $13.22 | $15.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .08  | .09  | .10  | .03  |
| Net realized and unrealized gain (loss)  | 5.78  | .12  | 2.43  | .21  | (1.70)  |
| Total from investment operations  | 5.86  | .20  | 2.52  | .31  | (1.67)  |
| Distributions from net investment income  | (.08)  | (.08)  | (.09)  | (.08)  | (.02)  |
| Distributions from net realized gain  | (1.01)  | (.24)  | -  | -  | (.40)  |
| Total distributions  | (1.09)  | (.32)  | (.09)  | (.08)  | (.42)  |
| Net asset value, end of period  | $20.53 | $15.76 | $15.88 | $13.45 | $13.22 |
| **Total Return** C | 38.46% <br>| 1.09%  | 18.76%  | 2.37%  | (11.25)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .67%  | .68%  | .79%  | .89%  | .92%  |
| Expenses net of fee waivers, if any  | .67% <br>| .68%  | .78%  | .89%  | .90%  |
| Expenses net of all reductions, if any  | .67%  | .68%  | .78%  | .89%  | .90%  |
| Net investment income (loss)  | .44%  | .50%  | .63%  | .76%  | .18%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $130797 | $98609 | $105832 | $115107 | $101533 |
| Portfolio turnover rate F | 25% <br>| 45%  | 33%  | 22%  | 48%  |

---

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

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

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

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

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

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

**Fidelity Advisor® Women's Leadership Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.74 | $15.87 | $13.44 | $13.21 | $15.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .08  | .10  | .11  | .04  |
| Net realized and unrealized gain (loss)  | 5.78  | .11  | 2.43  | .21  | (1.70)  |
| Total from investment operations  | 5.86  | .19  | 2.53  | .32  | (1.66)  |
| Distributions from net investment income  | (.08)  | (.08)  | (.10)  | (.09)  | (.04)  |
| Distributions from net realized gain  | (1.01)  | (.24)  | -  | -  | (.40)  |
| Total distributions  | (1.09)  | (.32)  | (.10)  | (.09)  | (.44)  |
| Net asset value, end of period  | $20.51 | $15.74 | $15.87 | $13.44 | $13.21 |
| **Total Return** C | 38.49% <br>| 1.02%  | 18.88%  | 2.46%  | (11.20)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .69%  | .69%  | .74%  | .80%  | .81%  |
| Expenses net of fee waivers, if any  | .69% <br>| .69%  | .73%  | .79%  | .81%  |
| Expenses net of all reductions, if any  | .69%  | .69%  | .73%  | .79%  | .81%  |
| Net investment income (loss)  | .42%  | .49%  | .68%  | .86%  | .28%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16868 | $12892 | $16279 | $13381 | $11273 |
| Portfolio turnover rate F | 25% <br>| 45%  | 33%  | 22%  | 48%  |

---

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

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

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

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

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

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

**Fidelity Advisor® Women's Leadership Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.83 | $15.93 | $13.49 | $13.25 | $15.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .10  | .12  | .13  | .06  |
| Net realized and unrealized gain (loss)  | 5.82  | .11  | 2.44  | .21  | (1.71)  |
| Total from investment operations  | 5.92  | .21  | 2.56  | .34  | (1.65)  |
| Distributions from net investment income  | (.08)  | (.07)  | (.12)  | (.10)  | (.05)  |
| Distributions from net realized gain  | (1.01)  | (.24)  | -  | -  | (.40)  |
| Total distributions  | (1.09)  | (.31)  | (.12)  | (.10)  | (.45)  |
| Net asset value, end of period  | $20.66 | $15.83 | $15.93 | $13.49 | $13.25 |
| **Total Return** C | 38.65% <br>| 1.17%  | 19.02%  | 2.59%  | (11.13)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .57%  | .57%  | .62%  | .68%  | .69%  |
| Expenses net of fee waivers, if any  | .57% <br>| .57%  | .61%  | .67%  | .69%  |
| Expenses net of all reductions, if any  | .57%  | .57%  | .61%  | .67%  | .69%  |
| Net investment income (loss)  | .54%  | .61%  | .80%  | .98%  | .40%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8686 | $9347 | $15144 | $10181 | $8216 |
| Portfolio turnover rate F | 25% <br>| 45%  | 33%  | 22%  | 48%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Women's Leadership Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Women's Leadership Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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 April 30, 2026 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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, 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $67540030 |
| **Gross unrealized depreciation**  | <u>(4470418)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$63069612</u> |
| **Tax Cost**  | <u>$107510825</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$187494</u> |
| **Undistributed long-term capital gain**  | <u>$4377170</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$63070337</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $587928 | $646544 |
| **Long-term Capital Gains**  | <u>8192706</u> | <u>2115998</u> |
| **Total**  | <u>$8780634</u> | <u>$2762542</u> |

---

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

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Women's Leadership Fund** | 38250535 | 48756938 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Fidelity Women's Leadership Fund** | .72 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Fidelity Women's Leadership Fund** | .66 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

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

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Women's Leadership Fund** | Russell 3000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Women's Leadership Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.10)%.

**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% | 24770 | 744 |
| **Class M** | .25% | .25% | 7052 | 243 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>18269</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1413</u> |
|  |  |  | <u>50091</u> | <u>2400</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 5057 |
| **Class M** | 183 |
| **Class C**A | <u>15</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5255</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 Women's Leadership Fund** | 414 |

---

**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 Women's Leadership Fund** | 2900309 | 2303815 | 115999 |

---

**6. 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, (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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Women's Leadership Fund** | 184 |

---

**7. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Women's Leadership Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $551194 | $147378 |
| Class M | 78888 | 18319 |
| Class C | 102331 | 25878 |
| Fidelity Women's Leadership Fund | 6741565 | 2101314 |
| Class I | 887465 | 280010 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>419191</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>189643</u> |
| Total  | <u>$8780634</u> | <u>$2762542</u> |

---

**8. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **April 30, 2026**  | **Year ended**<br> **April 30, 2025** | **Year ended** <br> **April 30, 2026**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Women's Leadership Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 56675 | 114129 | $1048582 | $1928216 |
| Reinvestment of distributions  | 30744 | 8296 | 538860 | 143108 |
| Shares redeemed | <u>(96013)</u> | <u>(82945)</u> | <u>(1769076)</u> | <u>(1387205)</u> |
| Net increase (decrease) | <u>(8594)</u> | <u>39480</u> | <u>$(181634)</u> | <u>$684119</u> |
| **Class M** |  |  |  |  |
| Shares sold | 3113 | 11783 | $57445 | $203410 |
| Reinvestment of distributions  | 4541 | 956 | 78888 | 16431 |
| Shares redeemed | <u>(14629)</u> | <u>(17836)</u> | <u>(264039)</u> | <u>(298578)</u> |
| Net increase (decrease) | <u>(6975)</u> | <u>(5097)</u> | <u>$(127706)</u> | <u>$(78737)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 10263 | 7303 | $185745 | $120549 |
| Reinvestment of distributions  | 6008 | 1535 | 102331 | 25878 |
| Shares redeemed | <u>(28749)</u> | <u>(21410)</u> | <u>(540320)</u> | <u>(349531)</u> |
| Net increase (decrease) | <u>(12478)</u> | <u>(12572)</u> | <u>$(252244)</u> | <u>$(203104)</u> |
| **Fidelity Women's Leadership Fund** |  |  |  |  |
| Shares sold | 675789 | 726369 | $12627615 | $12281104 |
| Reinvestment of distributions  | 350759 | 111168 | 6185077 | 1921767 |
| Shares redeemed | <u>(913498)</u> | <u>(1244160)</u> | <u>(16785582)</u> | <u>(20698294)</u> |
| Net increase (decrease) | <u>113050</u> | <u>(406623)</u> | <u>$2027110</u> | <u>$(6495423)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 66113 | 148657 | $1237292 | $2468135 |
| Reinvestment of distributions  | 49479 | 16017 | 871962 | 276365 |
| Shares redeemed | <u>(112001)</u> | <u>(371817)</u> | <u>(2071021)</u> | <u>(6236025)</u> |
| Net increase (decrease) | <u>3591</u> | <u>(207143)</u> | <u>$38233</u> | <u>$(3491525)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 85822 | 149250 | $1620328 | $2503384 |
| Reinvestment of distributions  | 21870 | 6610 | 388870 | 114201 |
| Shares redeemed | <u>(277636)</u> | <u>(516122)</u> | <u>(4858899)</u> | <u>(8999106)</u> |
| Net increase (decrease) | <u>(169944)</u> | <u>(360262)</u> | <u>$(2849701)</u> | <u>$(6381521)</u> |

---

**9. 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.

**10. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and the Shareholders of Fidelity Women's Leadership Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Women's Leadership Fund (the "Fund"), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 12, 2026

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2026, $8,290,498 or, if subsequently determined to be different, the net capital gain of such year.

Class A, Class I, Women's Leadership, and Class Z designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Class I, Women's Leadership, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130781_4.jpg)<br>

1.9893105.106 WLF-ANN-0626

**Fidelity® Short Duration High Income Fund**

**Annual Report**

**April 30, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img130786_1.jpg)

![](img130786_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SDH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Short Duration High Income Fund](#Sub_Sec_Fund_2580_SDH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2580_SDH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SDH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SDH-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SDH-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SDH-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SDH-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SDH-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Short Duration High Income Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Bbam US CLO I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.6731% 3/30/2038 (c)(d)(j) | 125000 | 125099 |
| Carlyle US CLO Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.4166% 10/25/2037 (c)(d)(j) | 150000 | 150159 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.4304% 1/17/2038 (c)(d)(j) | 100000 | 99547 |
| Flatiron RR CLO 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 8.9231% 4/15/2038 (c)(d)(j) | 200000 | 200470 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 575275 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $575,000) |  | <br> **575275** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 14.7%** | &nbsp;&nbsp;**Bank Loan Obligations - 14.7%** | &nbsp;&nbsp;**Bank Loan Obligations - 14.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Canacol Energy Ltd Tranche DIP 1LN, term loan CME Term SOFR 3 month Index + 9%, 15% 6/30/2026 (b)(c)(d)(f) | 161230 | 161230 |
| FINLAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Paper & Forest Products - 0.2% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2112% 5/23/2030 (b)(c)(d) | 540923 | 532906 |
| FRANCE - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.5481% 5/31/2031 (b)(c)(d) | 1078915 | 1098001 |
| LUXEMBOURG - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.6731% 10/31/2027 (b)(c)(d) | 129000 | 97994 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9496% 10/1/2032 (b)(c)(d) | 728175 | 649896 |
| TOTAL LUXEMBOURG |  | 747890 |
| NETHERLANDS - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9612% 8/30/2028 (b)(c)(d) | 48498 | 20611 |
| SWITZERLAND - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Consolidated Energy Finance SA 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 11/15/2030 (b)(c)(d) | 205000 | 195861 |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1634% 11/15/2030 (b)(c)(d) | 906828 | 870700 |
| TOTAL SWITZERLAND |  | 1066561 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 2/10/2031 (b)(c)(d) | 695000 | 695000 |
| UNITED STATES - 13.5%  |  |  |
| Communication Services - 1.6% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 10/6/2032 (b)(c)(d) | 508725 | 508725 |
| Entertainment - 0.1% |  |  |
| OAK-Eagle Acquireco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 3/24/2033 (b)(c)(d)(e) | 305000 | 305076 |
| Media - 1.3% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2996% 6/18/2029 (b)(c)(d) | 608839 | 571091 |
| EW Scripps Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.35%, 7.1255% 11/30/2029 (b)(c)(d) | 357447 | 351041 |
| Sinclair Television Group Inc Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3.3%, 7.0667% 12/31/2029 (b)(c)(d) | 204484 | 184931 |
| Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 7.8522% 12/31/2030 (b)(c)(d) | 1174960 | 1055995 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0167% 1/31/2029 (b)(c)(d) | 1434134 | 1422777 |
| Virgin Media Bristol LLC Tranche Q 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0192% 1/31/2029 (b)(c)(d) | 785000 | 766521 |
|  |  | 4352356 |
| TOTAL COMMUNICATION SERVICES |  | 5166157 |
| Consumer Discretionary - 3.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 1/28/2032 (b)(c)(d) | 94525 | 94919 |
| Broadline Retail - 0.3% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 1/23/2032 (b)(c)(d) | 1002273 | 1007535 |
| Distributors - 0.4% |  |  |
| BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 12/29/2032 (b)(c)(d) | 865000 | 863106 |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.6996% 6/20/2031 (b)(c)(d) | 511466 | 504627 |
|  |  | 1367733 |
| Diversified Consumer Services - 0.1% |  |  |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.168% 8/19/2030 (b)(c)(d) | 350000 | 347813 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 1/29/2029 (b)(c)(d) | 1478219 | 1464664 |
| Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4022% 1/28/2032 (b)(c)(d) | 350296 | 348033 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6522% 8/2/2028 (b)(c)(d) | 32660 | 32679 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9612% 6/1/2028 (b)(c)(d) | 1362868 | 1297000 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.925% 12/30/2026 (b)(c)(d) | 752308 | 720335 |
|  |  | 3862711 |
| Household Durables - 0.4% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0022% 6/29/2028 (b)(c)(d) | 379468 | 342253 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4418% 10/1/2032 (b)(c)(d) | 1010000 | 982700 |
|  |  | 1324953 |
| Specialty Retail - 0.7% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5023% 6/6/2031 (b)(c)(d) | 776673 | 646193 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6523% 6/6/2031 (b)(c)(d) | 659955 | 585162 |
| Michaels Cos Inc/The 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.668% 2/22/2033 (b)(c)(d) | 490000 | 484385 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1918% 3/15/2031 (b)(c)(d) | 29925 | 29858 |
| Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 4/18/2031 (b)(c)(d)(e) | 240000 | 237900 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 1/30/2031 (b)(c)(d) | 150446 | 150623 |
| White Cap Supply Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 2/10/2033 (b)(c)(d) | 275000 | 272555 |
|  |  | 2406676 |
| TOTAL CONSUMER DISCRETIONARY |  | 10412340 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6996% 9/20/2030 (b)(c)(d) | 497500 | 483406 |
| Food Products - 0.1% |  |  |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (b)(c)(d)(f)(g) | 57406 | 0 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (b)(c)(d)(f)(g) | 16704 | 0 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 9.5%, 0% (b)(c)(d)(f)(g) | 123889 | 46920 |
| Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6687% 7/9/2032 (b)(c)(d) | 403988 | 406008 |
|  |  | 452928 |
| TOTAL CONSUMER STAPLES |  | 936334 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (b)(c)(d)(g) | 2229210 | 1434831 |
| Financials - 1.6% |  |  |
| Capital Markets - 0.3% |  |  |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4132% 2/3/2032 (b)(c)(d) | 1132457 | 1130339 |
| Financial Services - 0.8% |  |  |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 7/31/2031 (b)(c)(d) | 479644 | 469653 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 7/31/2031 (b)(c)(d) | 562749 | 551212 |
| Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.4022% 2/16/2032 (b)(c)(d) | 355000 | 342465 |
| Vci Asset Holdings 3 LLC Tranche TL, term loan 6.875% 4/15/2031 (b)(f) | 215000 | 212850 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1619% 2/20/2032 (b)(c)(d) | 1008063 | 1008224 |
|  |  | 2584404 |
| Insurance - 0.5% |  |  |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6522% 11/6/2030 (b)(c)(d) | 4938 | 4851 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 9/19/2031 (b)(c)(d) | 382492 | 381735 |
| Asurion LLC Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4134% 2/23/2033 (b)(c)(d) | 761014 | 748016 |
| USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9496% 11/21/2029 (b)(c)(d) | 615858 | 616406 |
|  |  | 1751008 |
| TOTAL FINANCIALS |  | 5465751 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4022% 1/15/2031 (b)(c)(d) | 1213900 | 1219593 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.4022% 10/23/2028 (b)(c)(d) | 184940 | 185552 |
|  |  | 1405145 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.6996% 6/28/2029 (b)(c)(d)(f) | 207819 | 145473 |
| Health Care Technology - 0.2% |  |  |
| AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 2/15/2029 (b)(c)(d) | 502920 | 500677 |
| Pharmaceuticals - 0.5% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9022% 10/8/2030 (b)(c)(d) | 1526667 | 1484302 |
| Jazz Financing Lux Sarl Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9022% 5/5/2028 (b)(c)(d) | 33758 | 33895 |
|  |  | 1518197 |
| TOTAL HEALTH CARE |  | 3569492 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| TransDigm Inc Tranche N 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 2/13/2033 (b)(c)(d) | 85000 | 85122 |
| Building Products - 0.0% |  |  |
| Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.024% 4/12/2028 (b)(c)(d) | 59843 | 36680 |
| Commercial Services & Supplies - 1.1% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9022% 12/21/2028 (b)(c)(d) | 558905 | 559989 |
| Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 8/20/2032 (b)(c)(d) | 293525 | 294238 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1636% 8/1/2030 (b)(c)(d) | 363134 | 314075 |
| CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9277% 9/4/2030 (b)(c)(d) | 1567083 | 1084422 |
| CSC ServiceWorks East LLC Tranche INITIAL FL1O 1LN, term loan CME Term SOFR 1 month Index + 5.43%, 9.0961% 9/4/2030 (b)(c)(d) | 333855 | 339240 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.7687% 2/3/2033 (b)(c)(d) | 725000 | 709231 |
|  |  | 3301195 |
| Ground Transportation - 0.2% |  |  |
| Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4496% 4/10/2031 (b)(c)(d) | 749217 | 749667 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 9/13/2032 (b)(c)(d) | 44888 | 45028 |
| Passenger Airlines - 0.0% |  |  |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4418% 4/1/2031 (b)(c)(d) | 39399 | 39012 |
| Transportation Infrastructure - 0.0% |  |  |
| GB AIT Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 4/22/2033 (b)(c)(d)(e) | 130000 | 130108 |
| TOTAL INDUSTRIALS |  | 4386812 |
| Information Technology - 1.2% |  |  |
| IT Services - 0.1% |  |  |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9347% 2/10/2028 (b)(c)(d) | 398891 | 373035 |
| Software - 1.1% |  |  |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6522% 12/11/2028 (b)(c)(d) | 946583 | 929506 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.925% 6/2/2028 (b)(c)(d) | 318031 | 276410 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6996% 8/31/2028 (b)(c)(d) | 1788516 | 1734110 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 9/8/2032 (b)(c)(d) | 845000 | 838265 |
|  |  | 3778291 |
| TOTAL INFORMATION TECHNOLOGY |  | 4151326 |
| Materials - 2.6% |  |  |
| Chemicals - 2.2% |  |  |
| Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7727% 11/24/2027 (b)(c)(d) | 888032 | 808110 |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 10/15/2032 (b)(c)(d) | 498750 | 496880 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4136% 10/4/2029 (b)(c)(d) | 997425 | 986952 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.7246% 7/3/2028 (b)(c)(d) | 1227008 | 1133448 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6523% 3/15/2029 (b)(c)(d) | 1014916 | 982438 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 8/25/2031 (b)(c)(d) | 1008955 | 995082 |
| Mativ Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1522% 4/4/2033 (b)(c)(d) | 520000 | 514800 |
| Olympus Water US Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9496% 11/3/2032 (b)(c)(d) | 34913 | 34505 |
| Scih Salt Hldgs Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.3504% 1/31/2029 (b)(c)(d) | 120685 | 121030 |
| Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1788% 9/30/2031 (b)(c)(d) | 1112270 | 941859 |
| Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9496% 4/4/2029 (b)(c)(d) | 139296 | 122163 |
|  |  | 7137267 |
| Containers & Packaging - 0.4% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.8272% 4/13/2029 (b)(c)(d) | 1363925 | 1298047 |
| TOTAL MATERIALS |  | 8435314 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4189% 4/16/2031 (b)(c)(d) | 44658 | 44729 |
| WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6648% 1/27/2031 (b)(c)(d) | 441625 | 442504 |
|  |  | 487233 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1727% 3/29/2030 (b)(c)(d) | 262510 | 264039 |
| TOTAL UTILITIES |  | 751272 |
| TOTAL UNITED STATES |  | 44709629 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $49,936,181) |  | <br> **49031828** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.2%** | &nbsp;&nbsp;**Common Stocks - 0.2%** | &nbsp;&nbsp;**Common Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice France Holding SA (f) | 9686 | 145509 |
| UNITED STATES - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| White Iris LLC (f) | 652 | 8254 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Forbes Energy Services Ltd (f)(h) | 6468 | 0 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Mesquite Energy Inc (f)(h) | 4636 | 71622 |
| TOTAL ENERGY |  | 71622 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Limetree Bay Cayman Ltd (f)(h) | 80 | 0 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Cano Health LLC (f)(h) | 29327 | 282126 |
| Cano Health LLC warrants 6/28/2029 (f)(h) | 901 | 1586 |
| TOTAL HEALTH CARE |  | 283712 |
| TOTAL UNITED STATES |  | 363588 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $951,103) |  | <br> **509097** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 2.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 2.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 2.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 2.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (c) | 126427 | 474338 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 1719000 | 1639926 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Eos Energy Enterprises Inc 1.75% 12/1/2031 (j) | 415000 | 302328 |
| Information Technology - 1.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| MKS Inc 1.25% 6/1/2030  | 164000 | 322588 |
| Software - 1.1% |  |  |
| Riot Platforms Inc 0.75% 1/15/2030  | 866000 | 1235176 |
| Strategy Inc 0% 12/1/2029 (k) | 1990000 | 1719161 |
| Terawulf Inc 0% 5/1/2032 (j)(k) | 552000 | 753369 |
|  |  | 3707706 |
| TOTAL INFORMATION TECHNOLOGY |  | 4030294 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Compass Inc 0.25% 4/15/2031 (j) | 400000 | 351200 |
| TOTAL UNITED STATES |  | 6798086 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $5,833,279) |  | <br> **6798086** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| Whirlpool Corp Series A, 8.5%  | 8089 | 342003 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Apollo Global Management Inc Series A, 6.75%  | 4984 | 327697 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Oracle Corp Series D 6.5%  | 3150 | 154004 |
| TOTAL UNITED STATES |  | 823704 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $877,979) |  | <br> **823704** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 74.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 74.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 74.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| ANGOLA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Azule Energy Finance Plc 8.125% 1/23/2030 (j) | 305000 | 314149 |
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Mineral Resources Ltd 6% 5/1/2032 (j) | 150000 | 148804 |
| Mineral Resources Ltd 7% 4/1/2031 (j) | 155000 | 160885 |
| Mineral Resources Ltd 9.25% 10/1/2028 (j) | 776000 | 805403 |
| TOTAL AUSTRALIA |  | 1115092 |
| BAILIWICK OF JERSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.1% |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (j) | 355000 | 285006 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| A&K Travel Group Holdings Ltd 7.5% 5/15/2033 (j) | 320000 | 321578 |
| TOTAL BAILIWICK OF JERSEY |  | 606584 |
| BRAZIL - 0.6%  |  |  |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Ambipar Lux Sarl 9.875% (g)(j) | 1115000 | 203833 |
| Passenger Airlines - 0.0% |  |  |
| Azul Secured Finance LLP 9.875% 2/15/2031 (j) | 155000 | 137756 |
| TOTAL INDUSTRIALS |  | 341589 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (j) | 915000 | 913161 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (c)(j) | 694735 | 695430 |
| TOTAL MATERIALS |  | 1608591 |
| TOTAL BRAZIL |  | 1950180 |
| CAMEROON - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Golar LNG Ltd 7.5% 10/2/2030 (j) | 580000 | 590150 |
| Golar LNG Ltd 7.75% 9/19/2029 (j)(o) | 200000 | 202372 |
| TOTAL CAMEROON |  | 792522 |
| CANADA - 2.6%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| TELUS Corp 6.375% 6/9/2056 (c) | 485000 | 485055 |
| TELUS Corp 6.625% 10/15/2055 (c) | 605000 | 611758 |
|  |  | 1096813 |
| Wireless Telecommunication Services - 0.4% |  |  |
| Rogers Communications Inc 6.875% 7/31/2056 (c) | 1260000 | 1279652 |
| TOTAL COMMUNICATION SERVICES |  | 2376465 |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (j) | 855000 | 839091 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (j) | 815000 | 775357 |
| 1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (j) | 725000 | 731505 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (j) | 345000 | 351086 |
| TOTAL CONSUMER DISCRETIONARY |  | 2697039 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| TransCanada PipeLines Ltd 6.125% 10/17/2056 (c) | 670000 | 672933 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (j) | 365000 | 376541 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Open Text Corp 3.875% 2/15/2028 (j) | 1255000 | 1214296 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| Methanex Corp 5.125% 10/15/2027  | 830000 | 830468 |
| Metals & Mining - 0.1% |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (j) | 265000 | 269685 |
| TOTAL MATERIALS |  | 1100153 |
| TOTAL CANADA |  | 8437427 |
| COLOMBIA - 0.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Canacol Energy Ltd 5.75% (g)(j) | 1145000 | 423650 |
| Gran Tierra Energy Inc 9.75% 4/15/2031 (j)(m) | 235000 | 213850 |
| TOTAL ENERGY |  | 637500 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (j) | 757621 | 702239 |
| TOTAL COLOMBIA |  | 1339739 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Mines Ltd 7.875% 1/23/2030 (j) | 345000 | 350427 |
| FRANCE - 0.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Altice France SA 6.5% 4/15/2032 (j) | 190548 | 187411 |
| Altice France SA 6.875% 10/15/2030 (j) | 159116 | 156424 |
| Altice France SA 6.875% 7/15/2032 (j) | 240305 | 236379 |
| TOTAL COMMUNICATION SERVICES |  | 580214 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Viridien 10% 10/15/2030 (j) | 251000 | 269547 |
| TOTAL FRANCE |  | 849761 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (j)(m) | 215000 | 213582 |
| ZF North America Capital Inc 7.5% 3/24/2031 (j) | 285000 | 285367 |
| TOTAL CONSUMER DISCRETIONARY |  | 498949 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (j) | 274000 | 274068 |
| TOTAL GERMANY |  | 773017 |
| GHANA - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Kosmos Energy Ltd 7.5% 3/1/2028 (j) | 1195000 | 1163070 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (j) | 1070000 | 1085313 |
| IRELAND - 0.4%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (j) | 525000 | 528869 |
| GGAM Finance Ltd 6.875% 4/15/2029 (j) | 320000 | 326922 |
| TOTAL FINANCIALS |  | 855791 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Avolon Holdings Funding Ltd 4.85% 4/1/2033 (j) | 385000 | 371336 |
| TOTAL IRELAND |  | 1227127 |
| ISRAEL - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Energean Israel Finance Ltd 5.375% 3/30/2028 (j)(o) | 195000 | 191797 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 550000 | 564511 |
| TOTAL ISRAEL |  | 756308 |
| LUXEMBOURG - 0.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Altice France Lux 3 / Altice Holdings 1 10% 1/15/2033 (j) | 275000 | 272010 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Breakwater Energy Holdings Sarl 9.25% 11/15/2030 (j) | 285000 | 303521 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (j) | 275000 | 243375 |
| TOTAL LUXEMBOURG |  | 818906 |
| MAURITIUS - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (j) | 170000 | 171096 |
| NIGERIA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| IHS Holding Ltd 5.625% 11/29/2026 (j) | 655000 | 651542 |
| IHS Holding Ltd 7.875% 5/29/2030 (j) | 200000 | 206222 |
| TOTAL NIGERIA |  | 857764 |
| NORWAY - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (j) | 445000 | 466503 |
| TGS ASA 8.5% 1/15/2030 (j) | 680000 | 710119 |
| TOTAL NORWAY |  | 1176622 |
| PANAMA - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (j) | 675000 | 677261 |
| Wireless Telecommunication Services - 0.2% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (j) | 685000 | 700199 |
| TOTAL PANAMA |  | 1377460 |
| PERU - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (j) | 300000 | 308621 |
| SOUTH AFRICA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liquid Telecommunications Financing Plc 10.75% 4/14/2031 (j) | 330000 | 334722 |
| SWITZERLAND - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (j) | 645000 | 645039 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (j) | 210000 | 212284 |
| TOTAL INDUSTRIALS |  | 857323 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Consolidated Energy Finance SA 5.625% 10/15/2028 (j) | 180000 | 171000 |
| TOTAL SWITZERLAND |  | 1028323 |
| TANZANIA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| HTA Group Ltd/Mauritius 6.75% 4/1/2031 (j) | 200000 | 203437 |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (j) | 595000 | 612862 |
| TOTAL TANZANIA |  | 816299 |
| UNITED KINGDOM - 1.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (j) | 800000 | 808033 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (j) | 1855000 | 1978801 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (j) | 705000 | 700718 |
| TOTAL UNITED KINGDOM |  | 3487552 |
| UNITED STATES - 65.0%  |  |  |
| Communication Services - 8.6% |  |  |
| Diversified Telecommunication Services - 4.1% |  |  |
| APLD ComputeCo 2 LLC 6.75% 3/15/2031 (j) | 525000 | 519779 |
| APLD ComputeCo LLC 9.25% 12/15/2030 (j) | 2010000 | 2160519 |
| Black Pearl Compute LLC 6.125% 2/15/2031 (j)(m) | 359000 | 364237 |
| Cipher Compute LLC 7.125% 11/15/2030 (j)(m) | 365000 | 378326 |
| Core Scientific Finance I LLC 7.75% 5/15/2031 (j)(n) | 1755000 | 1750620 |
| Edged Compute LLC 7.5% 4/30/2031 (j) | 1355000 | 1328597 |
| Flash Compute LLC 7.25% 12/31/2030 (j)(m) | 980000 | 999669 |
| Level 3 Financing Inc 7% 3/31/2034 (j) | 75000 | 77791 |
| Meridian Arc Holdco LLC 6.25% 4/30/2031 (j) | 1050000 | 1049761 |
| PR RNO Property Owner 1 LLC 6.5% 5/1/2031 (j) | 2215000 | 2195539 |
| SV RNO Property Owner 1 LLC 5.875% 3/1/2031 (j) | 955000 | 936997 |
| Uniti Services LLC 7.5% 10/15/2033 (j) | 290000 | 305327 |
| WULF Compute LLC 7.75% 10/15/2030 (j)(m) | 1345000 | 1413589 |
|  |  | 13480751 |
| Entertainment - 0.9% |  |  |
| Live Nation Entertainment Inc 4.75% 10/15/2027 (j) | 1700000 | 1694919 |
| OAK-Eagle Acquireco Inc 7.25% 7/1/2033 (j) | 500000 | 515208 |
| OAK-Eagle Acquireco Inc 8.75% 7/1/2034 (j) | 365000 | 379829 |
| ROBLOX Corp 3.875% 5/1/2030 (j) | 465000 | 440443 |
|  |  | 3030399 |
| Media - 3.6% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 (j) | 580000 | 549799 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (j) | 499000 | 498449 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (j) | 920000 | 905151 |
| CCO Holdings LLC / CCO Holdings Capital Corp 7% 2/1/2033 (j)(m) | 1070000 | 1054735 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (j) | 600000 | 623768 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (j) | 180000 | 189085 |
| Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (j) | 145000 | 150966 |
| CSC Holdings LLC 3.375% 2/15/2031 (j) | 50000 | 29062 |
| CSC Holdings LLC 4.5% 11/15/2031 (j) | 510000 | 297355 |
| CSC Holdings LLC 5.5% 4/15/2027 (j) | 280000 | 236192 |
| DISH Network Corp 11.75% 11/15/2027 (j) | 1460000 | 1507158 |
| EchoStar Corp 10.75% 11/30/2029  | 1959934 | 2128003 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (c) | 917483 | 930894 |
| EW Scripps Co/The 9.875% 8/15/2030 (j) | 1425000 | 1429223 |
| Univision Communications Inc 4.5% 5/1/2029 (j) | 340000 | 324398 |
| Univision Communications Inc 7.375% 6/30/2030 (j) | 725000 | 724310 |
| Univision Communications Inc 8.875% 4/15/2033 (j) | 315000 | 316717 |
| Univision Communications Inc 9.375% 8/1/2032 (j) | 150000 | 155227 |
|  |  | 12050492 |
| TOTAL COMMUNICATION SERVICES |  | 28561642 |
| Consumer Discretionary - 8.2% |  |  |
| Automobile Components - 0.9% |  |  |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (j) | 220000 | 219606 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (j) | 770000 | 787664 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (j) | 315000 | 325455 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (j) | 170000 | 172954 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.125% 4/15/2031 (j) | 1025000 | 1032077 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.375% 4/15/2034 (j) | 105000 | 104866 |
| Patrick Industries Inc 6.375% 11/1/2032 (j) | 440000 | 442701 |
|  |  | 3085323 |
| Automobiles - 0.3% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (j) | 50000 | 46190 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (j) | 85000 | 83217 |
| Nissan Motor Acceptance Co LLC 6.125% 9/30/2030 (j) | 215000 | 211750 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (j) | 685000 | 681788 |
|  |  | 1022945 |
| Broadline Retail - 0.5% |  |  |
| Saks Global Enterprises LLC 11% (f)(g)(j) | 174915 | 0 |
| Wayfair LLC 6.75% 11/15/2032 (j) | 145000 | 146596 |
| Wayfair LLC 7.25% 10/31/2029 (j) | 540000 | 553377 |
| Wayfair LLC 7.75% 9/15/2030 (j)(m) | 840000 | 871571 |
|  |  | 1571544 |
| Diversified Consumer Services - 1.2% |  |  |
| Service Corp International/US 5.75% 10/15/2032 (m) | 670000 | 675907 |
| Sotheby's 8.25% 4/15/2031 (j) | 1010000 | 981206 |
| StoneMor Inc 8.5% 5/15/2029 (j) | 815000 | 804332 |
| TKC Holdings Inc 12% 2/15/2031 (j) | 650000 | 677299 |
| TKC Holdings Inc 8.5% 8/15/2030 (j) | 705000 | 721634 |
|  |  | 3860378 |
| Hotels, Restaurants & Leisure - 3.3% |  |  |
| Boyd Gaming Corp 4.75% 12/1/2027  | 435000 | 433047 |
| Caesars Entertainment Inc 4.625% 10/15/2029 (j)(m) | 615000 | 593587 |
| Carnival Corp 5.125% 5/1/2029 (j) | 495000 | 493516 |
| Carnival Corp 5.75% 3/15/2030 (j) | 295000 | 299279 |
| Carnival Corp 5.875% 6/15/2031 (j) | 480000 | 486828 |
| Carnival Corp 6.125% 2/15/2033 (j) | 1365000 | 1385011 |
| Churchill Downs Inc 4.75% 1/15/2028 (j)(m) | 365000 | 361818 |
| Churchill Downs Inc 6.75% 5/1/2031 (j)(m) | 700000 | 715972 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (j) | 1495000 | 1448565 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (j) | 540000 | 521141 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (j) | 285000 | 288920 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 5% 6/1/2029 (j)(m) | 540000 | 522591 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (j)(m) | 335000 | 338888 |
| Life Time Inc 6% 11/15/2031 (j) | 500000 | 507562 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (j) | 125000 | 104523 |
| NCL Corp Ltd 5.875% 1/15/2031 (j) | 425000 | 413661 |
| Royal Caribbean Cruises Ltd 5.5% 4/1/2028 (j) | 450000 | 454833 |
| Viking Cruises Ltd 9.125% 7/15/2031 (j) | 460000 | 484717 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (j) | 150000 | 149902 |
| VOC Escrow Ltd 5% 2/15/2028 (j) | 240000 | 239490 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 5/15/2027 (j) | 390000 | 390352 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (j) | 195000 | 195956 |
|  |  | 10830159 |
| Household Durables - 0.9% |  |  |
| LGI Homes Inc 4% 7/15/2029 (j)(m) | 435000 | 394589 |
| LGI Homes Inc 7% 11/15/2032 (j)(m) | 445000 | 426472 |
| LGI Homes Inc 8.75% 12/15/2028 (j) | 425000 | 437617 |
| Risewell Homes Inc 8.5% 11/1/2030 (j) | 305000 | 311625 |
| Somnigroup International Inc 4% 4/15/2029 (j) | 1145000 | 1107643 |
| Whirlpool Corp 6.125% 6/15/2030 (m) | 390000 | 382448 |
| Whirlpool Corp 6.5% 6/15/2033  | 95000 | 90987 |
|  |  | 3151381 |
| Specialty Retail - 1.1% |  |  |
| Advance Auto Parts Inc 7% 8/1/2030 (j) | 205000 | 211473 |
| Carvana Co 5.875% 10/1/2028 (j) | 115000 | 112413 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (j) | 675000 | 685967 |
| LBM Acquisition LLC 6.25% 1/15/2029 (j) | 140000 | 97020 |
| LBM Acquisition LLC 9.5% 6/15/2031 (j) | 455000 | 398118 |
| Michaels Cos Inc/The 8.5% 3/15/2033 (j) | 310000 | 306140 |
| Park River Holdings Inc 8% 3/15/2031 (j) | 110000 | 110604 |
| Staples Inc 10.75% 9/1/2029 (j) | 1300000 | 1242604 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (j) | 205000 | 213412 |
| White Cap Supply Holdings LLC 7.375% 11/15/2030 (j) | 255000 | 257843 |
|  |  | 3635594 |
| TOTAL CONSUMER DISCRETIONARY |  | 27157324 |
| Consumer Staples - 1.9% |  |  |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (j) | 370000 | 352847 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (j) | 260000 | 258555 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.5% 2/15/2028 (j) | 1040000 | 1052345 |
| Albertsons Cos Inc 5.625% 3/31/2032 (j) | 625000 | 616573 |
| C&S Group Enterprises LLC 5% 12/15/2028 (j) | 310000 | 289163 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 7.125% 4/30/2033 (j) | 120000 | 121488 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (j) | 820000 | 857157 |
| Performance Food Group Inc 4.25% 8/1/2029 (j) | 270000 | 261766 |
| Performance Food Group Inc 6.125% 9/15/2032 (j)(m) | 435000 | 440947 |
| US Foods Inc 4.75% 2/15/2029 (j) | 645000 | 637978 |
| US Foods Inc 5.75% 4/15/2033 (j) | 215000 | 215789 |
|  |  | 5104608 |
| Food Products - 0.4% |  |  |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (j) | 240000 | 247842 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (j) | 795000 | 822166 |
| Post Holdings Inc 4.625% 4/15/2030 (j) | 370000 | 359468 |
| Post Holdings Inc 6.375% 3/1/2033 (j)(m) | 225000 | 224912 |
|  |  | 1654388 |
| TOTAL CONSUMER STAPLES |  | 6758996 |
| Energy - 7.5% |  |  |
| Energy Equipment & Services - 1.2% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (j) | 150000 | 154343 |
| Kodiak Gas Services LLC 5.875% 4/1/2031 (j) | 305000 | 307216 |
| SESI LLC 7.875% 9/30/2030 (j) | 770000 | 795135 |
| Transocean International Ltd 7.875% 10/15/2032 (j) | 80000 | 85723 |
| Transocean International Ltd 8.25% 5/15/2029 (j) | 665000 | 690454 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (j) | 320000 | 322916 |
| USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (j) | 210000 | 217021 |
| Valaris Ltd 8.375% 4/30/2030 (j) | 355000 | 370183 |
| WBI Operating LLC 6.25% 10/15/2030 (j) | 990000 | 1003771 |
|  |  | 3946762 |
| Oil, Gas & Consumable Fuels - 6.3% |  |  |
| Aethon United BR LP / Aethon United Finance Corp 7.5% 10/1/2029 (j) | 305000 | 318633 |
| Buckeye Partners LP 4.125% 12/1/2027  | 310000 | 304759 |
| California Resources Corp 8.25% 6/15/2029 (j) | 588000 | 613131 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (j) | 690000 | 667719 |
| CNX Resources Corp 7.25% 3/1/2032 (j)(m) | 485000 | 505291 |
| Comstock Resources Inc 5.875% 1/15/2030 (j)(m) | 485000 | 469792 |
| Comstock Resources Inc 6.75% 3/1/2029 (j) | 975000 | 974656 |
| CVR Energy Inc 7.5% 2/15/2031 (j) | 1150000 | 1164631 |
| DBR Land Holdings LLC 6.25% 12/1/2030 (j) | 350000 | 358313 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (j) | 80000 | 79991 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (j) | 970000 | 1012053 |
| Energy Transfer LP 6.5% 2/15/2056 (c) | 470000 | 471267 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  | 230000 | 232112 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (j) | 115000 | 117857 |
| Harvest Midstream I LP 7.5% 5/15/2032 (j) | 415000 | 432077 |
| Hess Midstream Operations LP 5.875% 3/1/2028 (j) | 910000 | 918943 |
| Hess Midstream Operations LP 6.5% 6/1/2029 (j) | 755000 | 773554 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (j) | 460000 | 479669 |
| Kinetik Holdings LP 6.625% 12/15/2028 (j) | 1145000 | 1168006 |
| Matador Resources Co 6.5% 4/15/2032 (j) | 365000 | 372725 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (j) | 320000 | 323954 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (j)(m) | 405000 | 419740 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (j)(m) | 445000 | 464682 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  | 400000 | 399653 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (j) | 630000 | 645817 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (j) | 865000 | 929455 |
| Prairie Acquiror LP 9% 8/1/2029 (j) | 1440000 | 1503752 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (j)(m) | 255000 | 265869 |
| SM Energy Co 6.625% 1/15/2027  | 431000 | 431041 |
| Summit Midstream Holdings LLC 8.625% 10/31/2029 (j) | 150000 | 156835 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028 (m) | 250000 | 250305 |
| Sunoco LP 5.375% 7/15/2031 (j) | 545000 | 542447 |
| Sunoco LP 5.625% 3/15/2031 (j)(m) | 1095000 | 1099064 |
| Sunoco LP 6.625% 8/15/2032 (j) | 590000 | 603221 |
| Talos Production Inc 9% 2/1/2029 (j) | 295000 | 307752 |
| Venture Global LNG Inc 7% 1/15/2030 (j)(m) | 300000 | 308588 |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (j) | 315000 | 324853 |
| Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (j)(m) | 180000 | 188358 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (j) | 285000 | 316054 |
|  |  | 20916619 |
| TOTAL ENERGY |  | 24863381 |
| Financials - 8.0% |  |  |
| Capital Markets - 1.1% |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (j) | 595000 | 585894 |
| Focus Financial Partners LLC 6.75% 9/15/2031 (j)(m) | 575000 | 584973 |
| Hightower Holding LLC 6.75% 4/15/2029 (j) | 135000 | 134080 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (j) | 425000 | 427234 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (j) | 395000 | 405788 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (j)(m) | 1015000 | 973730 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (j) | 580000 | 609085 |
|  |  | 3720784 |
| Consumer Finance - 1.3% |  |  |
| Ford Motor Credit Co LLC 5.42% 4/9/2031  | 1200000 | 1189589 |
| Navient Corp 6.75% 6/15/2026  | 250000 | 250391 |
| OneMain Finance Corp 3.5% 1/15/2027  | 775000 | 765018 |
| OneMain Finance Corp 5.375% 11/15/2029  | 870000 | 857601 |
| OneMain Finance Corp 6.125% 5/15/2030  | 415000 | 414856 |
| OneMain Finance Corp 6.75% 3/15/2032  | 85000 | 84975 |
| OneMain Finance Corp 7.125% 11/15/2031  | 210000 | 212950 |
| PRA Group Inc 5% 10/1/2029 (j)(m) | 165000 | 156648 |
| PRA Group Inc 8.875% 1/31/2030 (j)(m) | 420000 | 434573 |
|  |  | 4366601 |
| Financial Services - 2.4% |  |  |
| Block Inc 5.625% 8/15/2030 (j) | 295000 | 295298 |
| Block Inc 6% 8/15/2033 (j) | 165000 | 164681 |
| Block Inc 6.5% 5/15/2032  | 595000 | 606337 |
| Compass Group Diversified Holdings LLC 5.25% 4/15/2029 (j)(m) | 1315000 | 1244439 |
| CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (j) | 290000 | 284912 |
| CrossCountry Intermediate HoldCo LLC 6.75% 12/1/2032 (j) | 180000 | 173984 |
| Freedom Mortgage Corp 6.625% 1/15/2027 (j) | 335000 | 334681 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (j) | 980000 | 988555 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  | 1525000 | 1510371 |
| Rocket Cos Inc 6.125% 8/1/2030 (j) | 600000 | 608901 |
| Rocket Cos Inc 6.5% 8/1/2029 (j) | 350000 | 356541 |
| UWM Holdings LLC 6.25% 3/15/2031 (j) | 340000 | 315299 |
| UWM Holdings LLC 6.625% 2/1/2030 (j) | 655000 | 628646 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (j) | 470000 | 497118 |
|  |  | 8009763 |
| Insurance - 2.7% |  |  |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (j) | 880000 | 883085 |
| Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (j) | 1160000 | 1160699 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (j) | 30000 | 29979 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (j) | 1355000 | 1370504 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (j) | 150000 | 153089 |
| AmWINS Group Inc 4.875% 6/30/2029 (j)(m) | 540000 | 522234 |
| AmWINS Group Inc 6.375% 2/15/2029 (j)(m) | 385000 | 389486 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (j) | 890000 | 861654 |
| Athene Holding Ltd 6.875% 6/28/2055 (c) | 500000 | 485207 |
| HUB International Ltd 7.25% 6/15/2030 (j) | 350000 | 362065 |
| HUB International Ltd 7.375% 1/31/2032 (j) | 835000 | 855350 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (j) | 940000 | 944402 |
| Ryan Specialty LLC 5.875% 8/1/2032 (j) | 450000 | 449931 |
| USI Inc/NY 7.5% 1/15/2032 (j) | 225000 | 231436 |
|  |  | 8699121 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.5% |  |  |
| Rithm Capital Corp 8% 4/1/2029 (j) | 140000 | 140644 |
| Starwood Property Trust Inc 5.25% 10/15/2028 (j) | 980000 | 975315 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (j) | 665000 | 681323 |
|  |  | 1797282 |
| TOTAL FINANCIALS |  | 26593551 |
| Health Care - 5.6% |  |  |
| Biotechnology - 0.2% |  |  |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (j) | 870000 | 774343 |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (j) | 330000 | 313701 |
| Avantor Funding Inc 4.625% 7/15/2028 (j) | 635000 | 625850 |
| Medline Borrower LP 3.875% 4/1/2029 (j) | 60000 | 58294 |
| Medline Borrower LP 5.25% 10/1/2029 (j)(m) | 825000 | 821049 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (j) | 990000 | 1012395 |
|  |  | 2831289 |
| Health Care Providers & Services - 3.4% |  |  |
| Acadia Healthcare Co Inc 5% 4/15/2029 (j)(m) | 495000 | 484370 |
| Accendra Health Inc 6.625% 4/1/2030 (j) | 330000 | 177333 |
| Centene Corp 3.375% 2/15/2030  | 1505000 | 1398503 |
| Centene Corp 4.625% 12/15/2029  | 800000 | 779919 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (j) | 285000 | 269108 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (j) | 225000 | 232067 |
| CVS Health Corp 7% 3/10/2055 (c) | 635000 | 658823 |
| Humana Inc 6.625% 9/15/2056 (c) | 1685000 | 1660320 |
| Molina Healthcare Inc 3.875% 5/15/2032 (j)(m) | 235000 | 210929 |
| Molina Healthcare Inc 6.25% 1/15/2033 (j) | 460000 | 459516 |
| Molina Healthcare Inc 6.5% 2/15/2031 (j) | 1005000 | 1022537 |
| National Mentor Holdings Inc 10.5% 12/15/2030 (j) | 490000 | 512611 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (j) | 300000 | 299199 |
| Tenet Healthcare Corp 5.125% 11/1/2027  | 2300000 | 2297931 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (j) | 650000 | 614274 |
|  |  | 11077440 |
| Health Care Technology - 0.5% |  |  |
| IQVIA Inc 5% 5/15/2027 (j) | 1165000 | 1164064 |
| IQVIA Inc 6.25% 6/1/2032 (j)(m) | 355000 | 361531 |
| IQVIA Inc 6.5% 5/15/2030 (j) | 270000 | 275560 |
|  |  | 1801155 |
| Pharmaceuticals - 0.6% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (j) | 1151000 | 1188727 |
| Jazz Securities DAC 4.375% 1/15/2029 (j) | 415000 | 405865 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (j) | 535000 | 528038 |
|  |  | 2122630 |
| TOTAL HEALTH CARE |  | 18606857 |
| Industrials - 8.4% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| BWX Technologies Inc 4.125% 4/15/2029 (j) | 1035000 | 1005501 |
| Moog Inc 5.5% 10/15/2034 (j) | 165000 | 165146 |
| TransDigm Inc 6.125% 7/31/2034 (j) | 315000 | 315346 |
| TransDigm Inc 6.25% 1/31/2034 (j) | 90000 | 92035 |
| TransDigm Inc 6.375% 3/1/2029 (j) | 1715000 | 1749223 |
| TransDigm Inc 6.75% 1/31/2034 (j) | 410000 | 421191 |
| TransDigm Inc 6.75% 8/15/2028 (j) | 2495000 | 2526188 |
|  |  | 6274630 |
| Air Freight & Logistics - 0.2% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (j) | 485000 | 503793 |
| Building Products - 0.6% |  |  |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (j) | 950000 | 605607 |
| JH North America Holdings Inc 5.875% 1/31/2031 (j) | 660000 | 659696 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (j)(m) | 320000 | 295221 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (j) | 295000 | 297915 |
|  |  | 1858439 |
| Commercial Services & Supplies - 2.7% |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (j) | 330000 | 339521 |
| Artera Services LLC 8.5% 2/15/2031 (j) | 1775000 | 1528647 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (j)(m) | 365000 | 336023 |
| CoreCivic Inc 4.75% 10/15/2027  | 35000 | 34746 |
| CoreCivic Inc 8.25% 4/15/2029  | 675000 | 703179 |
| GEO Group Inc/The 10.25% 4/15/2031  | 770000 | 826405 |
| GEO Group Inc/The 8.625% 4/15/2029  | 455000 | 473392 |
| GFL Environmental Inc 4% 8/1/2028 (j) | 1245000 | 1216734 |
| GFL Environmental Inc 6.75% 1/15/2031 (j) | 230000 | 238460 |
| Madison IAQ LLC 4.125% 6/30/2028 (j) | 800000 | 788853 |
| Neptune Bidco US Inc 10.375% 5/15/2031 (j) | 505000 | 521145 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (j)(m) | 1200000 | 1213620 |
| Waste Pro USA Inc 7% 2/1/2033 (j) | 235000 | 239396 |
| Williams Scotsman Inc 6.625% 4/15/2030 (j)(m) | 645000 | 664299 |
|  |  | 9124420 |
| Construction & Engineering - 0.2% |  |  |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (j) | 660000 | 661424 |
| Electrical Equipment - 0.2% |  |  |
| WESCO Distribution Inc 5.25% 4/15/2031 (j) | 380000 | 379764 |
| WESCO Distribution Inc 6.375% 3/15/2033 (j)(m) | 295000 | 304703 |
|  |  | 684467 |
| Ground Transportation - 0.4% |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.25% 1/15/2030 (j)(m) | 145000 | 148880 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (j) | 395000 | 404280 |
| XPO Inc 6.25% 6/1/2028 (j) | 825000 | 835403 |
|  |  | 1388563 |
| Machinery - 0.4% |  |  |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (c)(j) | 289863 | 318852 |
| Esab Corp 5.625% 4/1/2031 (j) | 330000 | 333039 |
| Esab Corp 6.25% 4/15/2029 (j) | 545000 | 552198 |
|  |  | 1204089 |
| Passenger Airlines - 0.4% |  |  |
| American Airlines Inc 7.25% 2/15/2028 (j)(m) | 270000 | 273623 |
| United Airlines Holdings Inc 5.375% 3/1/2031 (m) | 1095000 | 1079247 |
|  |  | 1352870 |
| Professional Services - 0.5% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (j) | 570000 | 590013 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (j) | 365000 | 337096 |
| TriNet Group Inc 7.125% 8/15/2031 (j)(m) | 850000 | 843726 |
|  |  | 1770835 |
| Trading Companies & Distributors - 0.8% |  |  |
| FTAI Aviation Investors LLC 7% 6/15/2032 (j) | 230000 | 237414 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (j)(m) | 425000 | 446240 |
| Herc Holdings Inc 5.75% 3/15/2031 (j)(m) | 200000 | 200480 |
| Herc Holdings Inc 7% 6/15/2030 (j)(m) | 585000 | 608619 |
| QXO Building Products Inc 6.75% 4/30/2032 (j) | 420000 | 428417 |
| Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (j) | 125000 | 131238 |
| United Rentals North America Inc 3.875% 11/15/2027  | 645000 | 636384 |
|  |  | 2688792 |
| Transportation Infrastructure - 0.1% |  |  |
| Beacon Mobility Corp 7.25% 8/1/2030 (j) | 285000 | 296763 |
| GB AIT Buyer Inc 8.75% 4/30/2034 (j) | 120000 | 120710 |
|  |  | 417473 |
| TOTAL INDUSTRIALS |  | 27929795 |
| Information Technology - 5.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Coherent Corp 5% 12/15/2029 (j) | 925000 | 914997 |
| IT Services - 2.1% |  |  |
| Ahead DB Holdings LLC 6.625% 5/1/2028 (j) | 1800000 | 1781641 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (j)(m) | 1305000 | 1298433 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (j) | 585000 | 581424 |
| CoreWeave Inc 9% 2/1/2031 (j)(m) | 1290000 | 1281821 |
| CoreWeave Inc 9.25% 6/1/2030 (j) | 1355000 | 1372084 |
| CoreWeave Inc 9.75% 10/1/2031 (j) | 640000 | 643706 |
| Sabre GLBL Inc 11.125% 7/15/2030 (j) | 220000 | 189200 |
|  |  | 7148309 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Entegris Inc 4.75% 4/15/2029 (j) | 1595000 | 1582653 |
| Wolfspeed Inc 7% 6/15/2031 pay-in-kind (c) | 59125 | 48187 |
|  |  | 1630840 |
| Software - 2.8% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (j) | 865000 | 842212 |
| Cloud Software Group Inc 9% 9/30/2029 (j) | 2355000 | 2312340 |
| Elastic NV 4.125% 7/15/2029 (j) | 705000 | 669173 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (j)(m) | 1235000 | 1214712 |
| Oracle Corp 2.95% 4/1/2030  | 675000 | 618503 |
| Oracle Corp 4.8% 9/26/2032  | 380000 | 361329 |
| Oracle Corp 4.95% 2/4/2031  | 315000 | 308128 |
| SS&C Technologies Inc 5.5% 9/30/2027 (j) | 1040000 | 1039088 |
| UKG Inc 6.875% 2/1/2031 (j) | 1675000 | 1630300 |
|  |  | 8995785 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (j) | 640000 | 653893 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (j) | 145000 | 151537 |
|  |  | 805430 |
| TOTAL INFORMATION TECHNOLOGY |  | 19495361 |
| Materials - 4.7% |  |  |
| Chemicals - 2.7% |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (c)(j) | 294846 | 236614 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (j) | 605000 | 628225 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (m) | 360000 | 368252 |
| Celanese US Holdings LLC 7% 2/15/2031 (m) | 835000 | 868816 |
| Chemours Co/The 4.625% 11/15/2029 (j)(m) | 140000 | 134286 |
| Chemours Co/The 5.75% 11/15/2028 (j) | 1000000 | 997781 |
| Chemours Co/The 7.875% 3/15/2034 (j) | 345000 | 352804 |
| LSB Industries Inc 6.25% 10/15/2028 (j) | 505000 | 505197 |
| Mativ Holdings Inc 8% 10/1/2029 (j) | 525000 | 508117 |
| Methanex US Operations Inc 6.25% 3/15/2032 (j)(m) | 265000 | 272697 |
| Olin Corp 6.625% 4/1/2033 (j)(m) | 155000 | 153550 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (j)(m) | 200000 | 195489 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (j)(m) | 515000 | 518053 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (j) | 585000 | 579270 |
| Scih Salt Hldgs Inc 6.625% 5/1/2029 (j) | 960000 | 952907 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (j) | 510000 | 486590 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (j) | 625000 | 620361 |
| WR Grace Holdings LLC 7% 8/1/2033 (j) | 210000 | 208601 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (j) | 190000 | 191976 |
|  |  | 8779586 |
| Construction Materials - 0.7% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (j) | 830000 | 843096 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (j) | 835000 | 874297 |
| VM Consolidated Inc 5.5% 4/15/2029 (j)(m) | 650000 | 637202 |
|  |  | 2354595 |
| Containers & Packaging - 0.8% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (j) | 695000 | 650461 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (j) | 245000 | 246667 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (j) | 280000 | 263429 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (j) | 1180000 | 1070645 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (j)(m) | 445000 | 444126 |
|  |  | 2675328 |
| Metals & Mining - 0.5% |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (j) | 90000 | 92616 |
| Alumina Pty Ltd 6.375% 9/15/2032 (j) | 895000 | 920204 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (j) | 400000 | 408475 |
| Coeur Mining Inc 6.875% 4/1/2032 (j) | 310000 | 319494 |
|  |  | 1740789 |
| TOTAL MATERIALS |  | 15550298 |
| Real Estate - 2.2% |  |  |
| Diversified REITs - 0.3% |  |  |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (j) | 1085000 | 1066030 |
| Health Care REITs - 0.2% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 800000 | 779997 |
| Hotel & Resort REITs - 0.5% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (j)(m) | 470000 | 457189 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (j)(m) | 395000 | 403269 |
| RHP Hotel Properties LP / RHP Finance Corp 5.75% 3/15/2034 (j) | 300000 | 298202 |
| RHP Hotel Properties LP / RHP Finance Corp 7.25% 7/15/2028 (j) | 425000 | 434889 |
|  |  | 1593549 |
| Real Estate Management & Development - 0.1% |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (j) | 455000 | 485882 |
| Retail REITs - 0.2% |  |  |
| Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 5.75% 5/15/2026 (j) | 776000 | 775185 |
| Specialized REITs - 0.9% |  |  |
| Iron Mountain Inc 4.875% 9/15/2027 (j) | 375000 | 374162 |
| Millrose Properties Inc 6.375% 8/1/2030 (j) | 820000 | 830466 |
| SBA Communications Corp 3.875% 2/15/2027 (m) | 1340000 | 1331692 |
|  |  | 2536320 |
| TOTAL REAL ESTATE |  | 7236963 |
| Utilities - 4.0% |  |  |
| Electric Utilities - 3.5% |  |  |
| American Electric Power Co Inc 5.8% 3/15/2056 (c) | 790000 | 785567 |
| Edison International 7.875% 6/15/2054 (c)(m) | 240000 | 247569 |
| Eversource Energy 6.1% 8/15/2056 (c) | 680000 | 677244 |
| Eversource Energy 6.35% 8/15/2056 (c) | 160000 | 159928 |
| NRG Energy Inc 5.75% 7/15/2029 (j) | 1525000 | 1524305 |
| PG&E Corp 5% 7/1/2028  | 310000 | 308483 |
| PG&E Corp 6.85% 9/15/2056 (c)(m) | 497000 | 496900 |
| PG&E Corp 7.375% 3/15/2055 (c) | 1340000 | 1378267 |
| Sierra Pacific Power Co 6.2% 12/15/2055 (c) | 1036000 | 1018854 |
| Sierra Pacific Power Co 6.375% 9/15/2056 (c) | 620000 | 617466 |
| Vistra Operations Co LLC 4.7% 1/31/2031 (j) | 1380000 | 1358613 |
| Vistra Operations Co LLC 5% 4/30/2031 (j) | 118000 | 117664 |
| Vistra Operations Co LLC 5% 7/31/2027 (j) | 1025000 | 1024817 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (j) | 565000 | 592532 |
| Xcel Energy Inc 5.75% 12/3/2056 (c) | 1025000 | 1013741 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (j) | 360000 | 374376 |
|  |  | 11696326 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (j) | 290000 | 288018 |
| Alpha Generation LLC 6.75% 10/15/2032 (j) | 365000 | 373835 |
| Sunnova Energy Corp 5.875% (f)(g)(j) | 675000 | 1687 |
|  |  | 663540 |
| Multi-Utilities - 0.3% |  |  |
| Sempra 6.375% 4/1/2056 (c) | 835000 | 844529 |
| TOTAL UTILITIES |  | 13204395 |
| TOTAL UNITED STATES |  | 215958563 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd 8% 3/1/2033 (j) | 275000 | 288379 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (j) | 560000 | 583111 |
| TOTAL ZAMBIA |  | 871490 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $246,059,018) |  | <br> **247968134** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Strategy Inc 11.5% (i) | 3396 | 338751 |
| Strategy Inc Series A, 10%  | 4143 | 418236 |
| TOTAL UNITED STATES |  | 756987 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $701,550) |  | <br> **756987** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 5.6%** | &nbsp;&nbsp;**Preferred Securities - 5.6%** | &nbsp;&nbsp;**Preferred Securities - 5.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| BNP Paribas SA 6.875% (c)(j)(l) | 705000 | 718466 |
| BNP Paribas SA 7.2% (c)(j)(l) | 200000 | 201741 |
| TOTAL FRANCE |  | 920207 |
| UNITED KINGDOM - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Barclays PLC 7.625% (c)(l) | 245000 | 260432 |
| HSBC Holdings PLC 6.75% (c)(l) | 1100000 | 1121809 |
| TOTAL UNITED KINGDOM |  | 1382241 |
| UNITED STATES - 4.9%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Energy Transfer LP Series G, 7.125% (c)(l) | 1170000 | 1239625 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.0241% (c)(d)(l) | 855000 | 868902 |
| Sunoco LP 7.875% (c)(j)(l) | 950000 | 992723 |
| TOTAL ENERGY |  | 3101250 |
| Financials - 3.7% |  |  |
| Banks - 2.7% |  |  |
| Bank of America Corp 6.25% (c)(l) | 1250000 | 1264412 |
| Citigroup Inc 6.5% (c)(l) | 825000 | 841345 |
| Citigroup Inc 6.625% (c)(l) | 715000 | 742328 |
| Citigroup Inc 6.75% (c)(l) | 200000 | 204054 |
| Citigroup Inc 6.875% (c)(l) | 785000 | 808382 |
| Citigroup Inc 6.95% (c)(l) | 425000 | 438744 |
| Citigroup Inc 7.125% (c)(l) | 405000 | 417008 |
| JPMorgan Chase & Co 6.1% (c)(l) | 670000 | 670000 |
| JPMorgan Chase & Co 6.5% (c)(l) | 1615000 | 1666538 |
| Wells Fargo & Co 6.125% (c)(l) | 1390000 | 1404990 |
| Wells Fargo & Co 7.625% (c)(l)(m) | 290000 | 307329 |
|  |  | 8765130 |
| Capital Markets - 0.4% |  |  |
| Bank of New York Mellon Corp/The 5.625% (c)(l)(m) | 540000 | 538628 |
| Goldman Sachs Group Inc/The 6.125% (c)(l) | 120000 | 124388 |
| Goldman Sachs Group Inc/The 6.85% (c)(l) | 690000 | 721298 |
|  |  | 1384314 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc 4.7% (c)(l)(m) | 1245000 | 1253648 |
| Ally Financial Inc 4.7% (c)(l)(m) | 320000 | 310952 |
| Ally Financial Inc 5 year U.S. Treasury Index + 0%, 7.1% (c)(d)(l) | 450000 | 449646 |
|  |  | 2014246 |
| TOTAL FINANCIALS |  | 12163690 |
| Industrials - 0.3% |  |  |
| Trading Companies & Distributors - 0.3% |  |  |
| Sumisho Air Lease Corp 4.125% (c)(l) | 1050000 | 1041510 |
| TOTAL UNITED STATES |  | 16306450 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $18,045,646) |  | <br> **18608898** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 10.6%** | &nbsp;&nbsp;**Money Market Funds - 10.6%** | &nbsp;&nbsp;**Money Market Funds - 10.6%** | &nbsp;&nbsp;**Money Market Funds - 10.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (p) | 3.69 | 8356228 | 8357899 |
| Fidelity Securities Lending Cash Central Fund (p)(q) | 3.69 | 26775108 | 26777786 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $35,135,685) |  |  | **35135685** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.3%**<br> (Cost $358,115,441)<br>| <br>**360207694** |
| **NET OTHER ASSETS (LIABILITIES) - (8.3)%**  | **(27631103)** |
| **NET ASSETS - 100.0%** | **332576591** |

---

**Legend**

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

(b) 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.

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

(f) Level 3 security.

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

(h) Non-income producing.

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

(j) Security 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 $211,528,840 or 63.6% of net assets.

(k) Zero coupon bond which is issued at a discount.

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

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

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

(o) 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 $394,169 or 0.1% of net assets.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 11182220 | 141269807 | 144094266 | 486833 | 138 | - | 8357899 | 8356228 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 24361332 | 139142657 | 136726404 | 59125 | 201 | - | 26777786 | 26775108 | 0.1% |
| Total | 35543552 | 280412464 | 280820670 | 545958 | 339 | - | 35135685 |  |  |

---

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 April 30, 2026, 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** | 575275 | - | 575275 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 6362152 | - | 6362152 | - |
| Consumer Discretionary | 10412340 | - | 10412340 | - |
| Consumer Staples | 936334 | - | 889414 | 46920 |
| Energy | 2291061 | - | 2129831 | 161230 |
| Financials | 6115647 | - | 5902797 | 212850 |
| Health Care | 3569492 | - | 3424019 | 145473 |
| Industrials | 4386812 | - | 4386812 | - |
| Information Technology | 4151326 | - | 4151326 | - |
| Materials | 10034781 | - | 10034781 | - |
| Utilities | 771883 | - | 771883 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 145509 | - | - | 145509 |
| Consumer Discretionary | 8254 | - | - | 8254 |
| Energy | 71622 | - | - | 71622 |
| Financials | - | - | - | - |
| Health Care | 283712 | - | - | 283712 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 474338 | - | 474338 | - |
| Financials | 1639926 | - | 1639926 | - |
| Industrials | 302328 | - | 302328 | - |
| Information Technology | 4030294 | - | 4030294 | - |
| Real Estate | 351200 | - | 351200 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 342003 | - | 342003 | - |
| Financials | 327697 | - | 327697 | - |
| Information Technology | 154004 | - | 154004 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 34531373 | - | 34531373 | - |
| Consumer Discretionary | 31767929 | - | 31767929 | - |
| Consumer Staples | 6758996 | - | 6758996 | - |
| Energy | 32363843 | - | 32363843 | - |
| Financials | 28534655 | - | 28534655 | - |
| Health Care | 19171368 | - | 19171368 | - |
| Industrials | 30150652 | - | 30150652 | - |
| Information Technology | 21525956 | - | 21525956 | - |
| Materials | 21319047 | - | 21319047 | - |
| Real Estate | 7236963 | - | 7236963 | - |
| Utilities | 14607352 | - | 14605665 | 1687 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 756987 | 756987 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 3101250 | - | 3101250 | - |
| Financials | 14466138 | - | 14466138 | - |
| Industrials | 1041510 | - | 1041510 | - |
|  **Money Market Funds** | 35135685 | 35135685 | - | - |
| **Total Investments in Securities:** | 360207694 | 35892672 | 323237765 | 1077257 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $27,116,347) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $322,979,756) | $325072009 |  |
| Fidelity Central Funds (cost $35,135,685) | 35135685 |  |
| Total Investment in Securities (cost $358,115,441) |  | $360207694 |
| Cash |  | 65601 |
| Receivable for investments sold |  | 5138648 |
| Receivable for fund shares sold |  | 333327 |
| Interest receivable |  | 4227939 |
| Distributions receivable from Fidelity Central Funds |  | 40900 |
| Prepaid expenses |  | 81 |
| Receivable from investment adviser for expense reductions |  | 688 |
| **Total assets** |  | 370014878 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $7573426 |  |
| Delayed delivery | 1677325 |  |
| Payable for fund shares redeemed | 918674 |  |
| Distributions payable | 227707 |  |
| Accrued management fee | 183419 |  |
| Distribution and service plan fees payable | 12594 |  |
| Other payables and accrued expenses | 67557 |  |
| Collateral on securities loaned | 26777585 |  |
| **Total liabilities** |  | 37438287 |
| **Net Assets**  |  | $332576591 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $340780625 |
| Total accumulated earnings (loss) |  | (8204034) |
| **Net Assets** |  | $332576591 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($41,344,652 ÷ 4,592,444 shares)(a) |  | $9.00 |
| Maximum offering price per share (100/96.00 of $9.00) |  | $9.38 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($4,078,760 ÷ 453,119 shares)(a) |  | $9.00 |
| Maximum offering price per share (100/96.00 of $9.00) |  | $9.38 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($3,905,753 ÷ 433,784 shares)(a) |  | $9.00 |
| **Short Duration High Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($241,644,424 ÷ 26,840,784 shares) |  | $9.00 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($12,867,478 ÷ 1,429,078 shares) |  | $9.00 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($28,735,524 ÷ 3,191,228 shares) |  | $9.00 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $663308 |
| Interest  |  | 20937209 |
| Income from Fidelity Central Funds (including $59,125 from security lending)  |  | 545958 |
| Security lending |  | 61 |
| **Total income** |  | 22146536 |
| **Expenses** |  |  |
| Management fee | $1997993 |  |
| Distribution and service plan fees | 144367 |  |
| Custodian fees and expenses | 18323 |  |
| Independent trustees' fees and expenses | 1014 |  |
| Registration fees | 117638 |  |
| Audit fees | 75238 |  |
| Legal | 1607 |  |
| Miscellaneous | 886 |  |
| Total expenses before reductions | 2357066 |  |
| Expense reductions | (32076) |  |
| Total expenses after reductions |  | 2324990 |
| **Net Investment income (loss)** |  | 19821546 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4216415 |  |
| Fidelity Central Funds | 339 |  |
| Foreign currency transactions | (180) |  |
| Total net realized gain (loss) |  | 4216574 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3405123 |  |
| Assets and liabilities in foreign currencies | (45) |  |
| Total change in net unrealized appreciation (depreciation) |  | 3405078 |
| **Net gain (loss)** |  | 7621652 |
| **Net increase (decrease) in net assets resulting from operations** |  | $27443198 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $19821546 | $17526248 |
| &nbsp;&nbsp;Net realized gain (loss) | 4216574<br>| 144182<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3405078 | (2296228)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 27443198<br>| 15374202<br>|
| Distributions to shareholders | (22065970)<br>| (16480878)<br>|
| Share transactions - net increase (decrease) | 33318552<br>| 66461198<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 38695780<br>| 65354522<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 293880811 | 228526289<br>|
| &nbsp;&nbsp;End of period | $332576591 | $293880811 |

---

**Financial Highlights** 

**Fidelity Advisor® Short Duration High Income Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .565  | .593  | .604  | .502  | .307  |
| Net realized and unrealized gain (loss)  | .240  | (.025)  | .078  | (.429)  | (.546)  |
| Total from investment operations  | .805  | .568  | .682  | .073  | (.239)  |
| Distributions from net investment income  | (.635)  | (.558)  | (.522)  | (.393)  | (.301)  |
| Total distributions  | (.635)  | (.558)  | (.522)  | (.393)  | (.301)  |
| Net asset value, end of period  | $9.00 | $8.83 | $8.82 | $8.66 | $8.98 |
| **Total Return** C,D | 9.35% <br>| 6.53%  | 8.12%  | .93%  | (2.60)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.02%  | 1.03%  | 1.04%  | 1.10%  | 1.13%  |
| Expenses net of fee waivers, if any  | 1.00% <br>| 1.00%  | 1.01%  | 1.00%  | 1.01%  |
| Expenses net of all reductions, if any  | 1.00%  | .99%  | 1.01%  | 1.00%  | 1.01%  |
| Net investment income (loss)  | 6.29%  | 6.63%  | 6.94%  | 5.81%  | 3.27%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $41345 | $32869 | $26215 | $21379 | $22554 |
| Portfolio turnover rate G | 88% <br>| 43%  | 30%  | 14%  | 42%  |

---

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

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

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

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

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

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

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

**Fidelity Advisor® Short Duration High Income Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.81 | $8.66 | $8.98 | $9.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .566  | .591  | .604  | .502  | .307  |
| Net realized and unrealized gain (loss)  | .239  | (.013)  | .068  | (.429)  | (.546)  |
| Total from investment operations  | .805  | .578  | .672  | .073  | (.239)  |
| Distributions from net investment income  | (.635)  | (.558)  | (.522)  | (.393)  | (.301)  |
| Total distributions  | (.635)  | (.558)  | (.522)  | (.393)  | (.301)  |
| Net asset value, end of period  | $9.00 | $8.83 | $8.81 | $8.66 | $8.98 |
| **Total Return** C,D | 9.36% <br>| 6.65%  | 8.00%  | .93%  | (2.60)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.04%  | 1.05%  | 1.06%  | 1.12%  | 1.13%  |
| Expenses net of fee waivers, if any  | 1.00% <br>| 1.00%  | 1.01%  | 1.00%  | 1.01%  |
| Expenses net of all reductions, if any  | .99%  | .99%  | 1.01%  | 1.00%  | 1.01%  |
| Net investment income (loss)  | 6.29%  | 6.63%  | 6.94%  | 5.81%  | 3.27%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4079 | $3834 | $2065 | $2318 | $2812 |
| Portfolio turnover rate G | 88% <br>| 43%  | 30%  | 14%  | 42%  |

---

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

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

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

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

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

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

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

**Fidelity Advisor® Short Duration High Income Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .498  | .526  | .539  | .439  | .237  |
| Net realized and unrealized gain (loss)  | .239  | (.025)  | .078  | (.430)  | (.546)  |
| Total from investment operations  | .737  | .501  | .617  | .009  | (.309)  |
| Distributions from net investment income  | (.567)  | (.491)  | (.457)  | (.329)  | (.231)  |
| Total distributions  | (.567)  | (.491)  | (.457)  | (.329)  | (.231)  |
| Net asset value, end of period  | $9.00 | $8.83 | $8.82 | $8.66 | $8.98 |
| **Total Return** C,D | 8.54% <br>| 5.73%  | 7.31%  | .18%  | (3.33)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.81%  | 1.82%  | 1.83%  | 1.90%  | 1.91%  |
| Expenses net of fee waivers, if any  | 1.75% <br>| 1.75%  | 1.76%  | 1.75%  | 1.76%  |
| Expenses net of all reductions, if any  | 1.74%  | 1.74%  | 1.76%  | 1.75%  | 1.76%  |
| Net investment income (loss)  | 5.54%  | 5.88%  | 6.19%  | 5.06%  | 2.52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3906 | $4168 | $3453 | $2795 | $3884 |
| Portfolio turnover rate G | 88% <br>| 43%  | 30%  | 14%  | 42%  |

---

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

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

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

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

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

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

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

**Fidelity® Short Duration High Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .590  | .617  | .624  | .523  | .331  |
| Net realized and unrealized gain (loss)  | .240  | (.025)  | .083  | (.428)  | (.546)  |
| Total from investment operations  | .830  | .592  | .707  | .095  | (.215)  |
| Distributions from net investment income  | (.660)  | (.582)  | (.547)  | (.415)  | (.325)  |
| Total distributions  | (.660)  | (.582)  | (.547)  | (.415)  | (.325)  |
| Net asset value, end of period  | $9.00 | $8.83 | $8.82 | $8.66 | $8.98 |
| **Total Return** C | 9.66% <br>| 6.81%  | 8.42%  | 1.18%  | (2.35)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .72%  | .73%  | .73%  | .76%  | .83%  |
| Expenses net of fee waivers, if any  | .72% <br>| .73%  | .73%  | .75%  | .75%  |
| Expenses net of all reductions, if any  | .72%  | .73%  | .73%  | .75%  | .75%  |
| Net investment income (loss)  | 6.57%  | 6.90%  | 7.22%  | 6.06%  | 3.52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $241644 | $201292 | $180997 | $460873 | $87949 |
| Portfolio turnover rate F | 88% <br>| 43%  | 30%  | 14%  | 42%  |

---

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

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

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

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

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

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

**Fidelity Advisor® Short Duration High Income Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .589  | .615  | .625  | .524  | .331  |
| Net realized and unrealized gain (loss)  | .239  | (.025)  | .079  | (.429)  | (.546)  |
| Total from investment operations  | .828  | .590  | .704  | .095  | (.215)  |
| Distributions from net investment income  | (.658)  | (.580)  | (.544)  | (.415)  | (.325)  |
| Total distributions  | (.658)  | (.580)  | (.544)  | (.415)  | (.325)  |
| Net asset value, end of period  | $9.00 | $8.83 | $8.82 | $8.66 | $8.98 |
| **Total Return** C | 9.63% <br>| 6.79%  | 8.39%  | 1.18%  | (2.35)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .74%  | .75%  | .76%  | .84%  | .88%  |
| Expenses net of fee waivers, if any  | .74% <br>| .75%  | .76%  | .75%  | .76%  |
| Expenses net of all reductions, if any  | .74%  | .74%  | .76%  | .75%  | .76%  |
| Net investment income (loss)  | 6.55%  | 6.89%  | 7.19%  | 6.06%  | 3.52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12867 | $12757 | $6093 | $4855 | $5055 |
| Portfolio turnover rate F | 88% <br>| 43%  | 30%  | 14%  | 42%  |

---

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

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

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

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

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

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

**Fidelity Advisor® Short Duration High Income Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.84 | $8.82 | $8.66 | $8.98 | $9.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .593  | .617  | .632  | .531  | .339  |
| Net realized and unrealized gain (loss)  | .235  | (.009)  | .080  | (.428)  | (.546)  |
| Total from investment operations  | .828  | .608  | .712  | .103  | (.207)  |
| Distributions from net investment income  | (.668)  | (.588)  | (.552)  | (.423)  | (.333)  |
| Total distributions  | (.668)  | (.588)  | (.552)  | (.423)  | (.333)  |
| Net asset value, end of period  | $9.00 | $8.84 | $8.82 | $8.66 | $8.98 |
| **Total Return** C | 9.63% <br>| 7.01%  | 8.48%  | 1.27%  | (2.27)%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .68%  | .69%  | .70%  | .75%  | .78%  |
| Expenses net of fee waivers, if any  | .66% <br>| .66%  | .67%  | .66%  | .66%  |
| Expenses net of all reductions, if any  | .65%  | .65%  | .67%  | .66%  | .66%  |
| Net investment income (loss)  | 6.63%  | 6.97%  | 7.28%  | 6.15%  | 3.61%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28736 | $38961 | $9702 | $10289 | $5246 |
| Portfolio turnover rate F | 88% <br>| 43%  | 30%  | 14%  | 42%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Short Duration High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Short Duration High Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

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 April 30, 2026 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, 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.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, defaulted bonds, market discount, contingent interest, partnerships, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $9122393 |
| **Gross unrealized depreciation**  | <u>(4585115)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$4537278</u> |
| **Tax Cost**  | <u>$355670416</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$842755</u> |
| **Capital loss carryforward**  | <u>$(13584067)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$4537278</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(6607608) |
| Long-term | <u>(6976459)</u> |
| **Total capital loss carryforward** | <u>$(13584067)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $22065970 | $16480877 |

---

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

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

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

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Short Duration High Income Fund** | 289132087 | 253778303 |

---

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

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

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** | .72 |
| **Class C** | .74 |
| **Short Duration High Income** | .65 |
| **Class I** | .67 |
| **Class Z** | .61 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .70 |
| **Class M** | .72 |
| **Class C** | .74 |
| **Short Duration High Income** | .65 |
| **Class I** | .67 |
| **Class Z** | .61 |

---

**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% | 94035 | 6378 |
| **Class M** | - % | .25% | 9855 | - |
| **Class C** | .75% | .25% | <u>40477</u> | <u>7934</u> |
|  |  |  | <u>144367</u> | <u>14312</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** | 11792 |
| **Class M** | 83 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>550</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>12425</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 Short Duration High Income Fund** | 22 |

---

**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 Short Duration High Income Fund** | - | 13873 | 2673 |

---

**6. 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, (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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Short Duration High Income Fund** | 373 |

---

**7. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Short Duration High Income Fund** | 5896 | - | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Short Duration High Income Fund** | 1256507 |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | 1.00% | 7916 |
| **Class M** | 1.00% | 1624 |
| **Class C** | 1.75% | 2496 |
| **Short Duration High Income** | .75% | - |
| **Class I** | .75% | - |
| **Class Z** | .66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5126</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; <u>17162</u> |

---

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 $14,914.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Short Duration High Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2667150 | $1854026 |
| Class M | 279358 | 175287 |
| Class C | 253514 | 226993 |
| Short Duration High Income | 16446279 | 12677223 |
| Class I | 958438 | 585048 |
| Class Z | <u>1461231</u> | <u>962301</u> |
| Total  | <u>$22065970</u> | <u>$16480878</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **April 30, 2026**  | **Year ended**<br> **April 30, 2025** | **Year ended** <br> **April 30, 2026**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Short Duration High Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1152106 | 1151323 | $10353452 | $10310454 |
| Reinvestment of distributions  | 293296 | 203908 | 2637363 | 1827157 |
| Shares redeemed | <u>(573856)</u> | <u>(608175)</u> | <u>(5163109)</u> | <u>(5439073)</u> |
| Net increase (decrease) | <u>871546</u> | <u>747056</u> | <u>$7827706</u> | <u>$6698538</u> |
| **Class M** |  |  |  |  |
| Shares sold | 66316 | 241271 | $597524 | $2158460 |
| Reinvestment of distributions  | 30600 | 19155 | 275054 | 171576 |
| Shares redeemed | <u>(77827)</u> | <u>(60734)</u> | <u>(698987)</u> | <u>(544509)</u> |
| Net increase (decrease) | <u>19089</u> | <u>199692</u> | <u>$173591</u> | <u>$1785527</u> |
| **Class C** |  |  |  |  |
| Shares sold | 100357 | 258244 | $900538 | $2308787 |
| Reinvestment of distributions  | 27023 | 24350 | 243002 | 218256 |
| Shares redeemed | <u>(165415)</u> | <u>(202420)</u> | <u>(1485751)</u> | <u>(1802193)</u> |
| Net increase (decrease) | <u>(38035)</u> | <u>80174</u> | <u>$(342211)</u> | <u>$724850</u> |
| **Short Duration High Income** |  |  |  |  |
| Shares sold | 14972695 | 12671857 | $134779860 | $113621982 |
| Reinvestment of distributions  | 1513211 | 1193138 | 13606648 | 10690735 |
| Shares redeemed | <u>(12432110)</u> | <u>(11610306)</u> | <u>(111673807)</u> | <u>(103651955)</u> |
| Net increase (decrease) | <u>4053796</u> | <u>2254689</u> | <u>$36712701</u> | <u>$20660762</u> |
| **Class I** |  |  |  |  |
| Shares sold | 525000 | 1186513 | $4728730 | $10650092 |
| Reinvestment of distributions  | 90692 | 58094 | 815717 | 520274 |
| Shares redeemed | <u>(630682)</u> | <u>(491668)</u> | <u>(5684048)</u> | <u>(4353050)</u> |
| Net increase (decrease) | <u>(14990)</u> | <u>752939</u> | <u>$(139601)</u> | <u>$6817316</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 3216926 | 4403967 | $28965635 | $39608814 |
| Reinvestment of distributions  | 131408 | 99889 | 1178843 | 892707 |
| Shares redeemed | <u>(4565670)</u> | <u>(1195458)</u> | <u>(41058112)</u> | <u>(10727316)</u> |
| Net increase (decrease) | <u>(1217336)</u> | <u>3308398</u> | <u>$(10913634)</u> | <u>$29774205</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and the Shareholders of Fidelity Short Duration High Income Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Short Duration High Income Fund (the "Fund"), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2026

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

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

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

A total of 0.97% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $15,902,460 of distributions paid in the calendar year 2025 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $22,065,970 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130786_4.jpg)<br>

1.969434.112 SDH-ANN-0626

**Fidelity® Series High Income Fund**

**Annual Report**

**April 30, 2026**

![](img130790_1.jpg)

![](img130790_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FSH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series High Income Fund](#Sub_Sec_Fund_2269_FSH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2269_FSH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FSH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FSH-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FSH-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FSH-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FSH-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FSH-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Series High Income Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 1.2%** | &nbsp;&nbsp;**Alternative Funds - 1.2%** | &nbsp;&nbsp;**Alternative Funds - 1.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (o)(p)<br>(Cost $21,098,428)<br>| 2178474 | **20404672** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Goldentree Loan Management US CLO 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.3752% 7/20/2037 (d)(g)(h) | 397000 | 397349 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Balboa Bay Loan Funding Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (d)(g)(h) | 150000 | 150523 |
| Balboa Bay Loan Funding Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 5.75%, 9.4252% 7/20/2038 (d)(g)(h) | 150000 | 150699 |
| Bbam US CLO I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.6731% 3/30/2038 (d)(g)(h) | 125000 | 125099 |
| Bbam US CLO III Ltd Series 2025-3A Class DR, CME Term SOFR 3 month Index + 5.2%, 8.8731% 10/15/2038 (d)(g)(h) | 100000 | 96955 |
| Bbam US CLO IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 9.9231% 7/15/2039 (d)(g)(h) | 250000 | 250092 |
| Benefit Street Partners CLO XXXIX Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.3231% 4/15/2038 (d)(g)(h) | 250000 | 246890 |
| Birch Grove CLO 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.4252% 10/20/2037 (d)(g)(h) | 100000 | 98511 |
| Carlyle US CLO Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 10.4166% 7/25/2038 (d)(g)(h) | 250000 | 252465 |
| Carval CLO Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.0252% 10/20/2037 (d)(g)(h) | 150000 | 150107 |
| CIFC Funding Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 10.9221% 7/21/2038 (d)(g)(h) | 250000 | 253304 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.4304% 1/17/2038 (d)(g)(h) | 100000 | 99547 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 7.7731% 4/15/2038 (d)(g)(h) | 150000 | 149606 |
| Flatiron RR CLO 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 8.9231% 4/15/2038 (d)(g)(h) | 200000 | 200470 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9252% 7/20/2037 (d)(g)(h) | 100000 | 100369 |
| Magnetite XXIX Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.6731% 7/15/2037 (d)(g)(h) | 100000 | 99997 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9252% 7/20/2036 (d)(g)(h) | 114000 | 114126 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9252% 10/20/2037 (d)(g)(h) | 125000 | 123837 |
| Palmer Square Loan Funding Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 8.1731% 7/15/2033 (d)(g)(h) | 250000 | 250229 |
| Pikes Peak CLO 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.4752% 4/20/2038 (d)(g)(h) | 100000 | 95177 |
| RR 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.6731% 10/15/2039 (d)(g)(h) | 208000 | 208472 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 3216475 |
| UNITED STATES - 0.0%  |  |  |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.4252% 1/20/2038 (d)(g)(h) | 150000 | 150351 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $3,769,422) |  | <br> **3764175** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 8.9%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.9%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| COLOMBIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Canacol Energy Ltd Tranche DIP 1LN, term loan CME Term SOFR 3 month Index + 9%, 15% 6/30/2026 (c)(f)(g)(h) | 861769 | 861768 |
| FINLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2112% 5/23/2030 (f)(g)(h) | 1434190 | 1412935 |
| FRANCE - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Altice France SA Tranche B13 1LN, term loan CME Term SOFR 1 month Index + 5.375%, 9.0481% 5/14/2029 (f)(g)(h) | 2668849 | 2682193 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.5481% 5/31/2031 (f)(g)(h) | 4568577 | 4649395 |
| TOTAL FRANCE |  | 7331588 |
| LUXEMBOURG - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.6731% 10/31/2027 (f)(g)(h) | 858346 | 652034 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9496% 10/1/2032 (f)(g)(h) | 2264325 | 2020910 |
| TOTAL LUXEMBOURG |  | 2672944 |
| NETHERLANDS - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9612% 8/30/2028 (f)(g)(h) | 4651006 | 1976678 |
| SWITZERLAND - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Consolidated Energy Finance SA 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 11/15/2030 (f)(g)(h) | 950000 | 907649 |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1634% 11/15/2030 (f)(g)(h) | 3653684 | 3508121 |
| TOTAL SWITZERLAND |  | 4415770 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 2/10/2031 (f)(g)(h) | 3170000 | 3170000 |
| UNITED STATES - 7.5%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 10/6/2032 (f)(g)(h) | 2249363 | 2249363 |
| Entertainment - 0.1% |  |  |
| OAK-Eagle Acquireco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 3/24/2033 (f)(g)(h)(i) | 1430000 | 1430357 |
| Media - 0.4% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2996% 6/18/2029 (f)(g)(h) | 2336208 | 2191363 |
| EW Scripps Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.35%, 7.1255% 11/30/2029 (f)(g)(h) | 714893 | 702083 |
| Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 7.8522% 12/31/2030 (f)(g)(h) | 4313567 | 3876818 |
|  |  | 6770264 |
| TOTAL COMMUNICATION SERVICES |  | 10449984 |
| Consumer Discretionary - 1.9% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 1/28/2032 (f)(g)(h) | 497500 | 499575 |
| Broadline Retail - 0.1% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 1/23/2032 (f)(g)(h) | 1471494 | 1479219 |
| Distributors - 0.1% |  |  |
| BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 12/29/2032 (f)(g)(h) | 2395000 | 2389755 |
| Diversified Consumer Services - 0.1% |  |  |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.168% 8/19/2030 (f)(g)(h) | 1745000 | 1734094 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 1/29/2029 (f)(g)(h) | 4714166 | 4670937 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9612% 6/1/2028 (f)(g)(h) | 4567755 | 4346995 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.925% 12/30/2026 (f)(g)(h) | 4092229 | 3918310 |
|  |  | 12936242 |
| Household Durables - 0.3% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0022% 6/29/2028 (f)(g)(h) | 1588509 | 1432724 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4418% 10/1/2032 (f)(g)(h) | 3985000 | 3877285 |
|  |  | 5310009 |
| Specialty Retail - 0.4% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5023% 6/6/2031 (f)(g)(h) | 4967269 | 4132768 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6523% 6/6/2031 (f)(g)(h) | 208950 | 185270 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1918% 3/15/2031 (f)(g)(h) | 149625 | 149294 |
| Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 4/18/2031 (f)(g)(h)(i) | 1140000 | 1130025 |
| White Cap Supply Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 2/10/2033 (f)(g)(h) | 1375000 | 1362776 |
|  |  | 6960133 |
| TOTAL CONSUMER DISCRETIONARY |  | 31309027 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6996% 9/20/2030 (f)(g)(h) | 2218850 | 2155990 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (f)(g)(h)(j) | 11355775 | 7309145 |
| Financials - 0.6% |  |  |
| Financial Services - 0.6% |  |  |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 7/31/2031 (f)(g)(h) | 2044177 | 2001597 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 7/31/2031 (f)(g)(h) | 1557175 | 1525253 |
| Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.4022% 2/16/2032 (f)(g)(h) | 1880000 | 1813617 |
| Vci Asset Holdings 3 LLC Tranche TL, term loan 6.875% 4/15/2031 (c)(f) | 1025000 | 1014750 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1619% 2/20/2032 (f)(g)(h) | 3407650 | 3408195 |
|  |  | 9763412 |
| Insurance - 0.0% |  |  |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 9/19/2031 (f)(g)(h) | 157235 | 156923 |
| TOTAL FINANCIALS |  | 9920335 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4022% 1/15/2031 (f)(g)(h) | 2124325 | 2134288 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.6996% 6/28/2029 (c)(f)(g)(h) | 755278 | 528695 |
| Pharmaceuticals - 0.6% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9022% 10/8/2030 (f)(g)(h) | 8990692 | 8741200 |
| TOTAL HEALTH CARE |  | 11404183 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| TransDigm Inc Tranche N 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 2/13/2033 (f)(g)(h) | 420000 | 420605 |
| Building Products - 0.0% |  |  |
| Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.024% 4/12/2028 (f)(g)(h) | 558530 | 342351 |
| Commercial Services & Supplies - 0.6% |  |  |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1636% 8/1/2030 (f)(g)(h) | 619189 | 535536 |
| CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9277% 9/4/2030 (f)(g)(h) | 7245542 | 5013916 |
| CSC ServiceWorks East LLC Tranche INITIAL FL1O 1LN, term loan CME Term SOFR 1 month Index + 5.43%, 9.0961% 9/4/2030 (f)(g)(h) | 1243073 | 1263124 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.7687% 2/3/2033 (f)(g)(h) | 780000 | 763035 |
|  |  | 7575611 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 9/13/2032 (f)(g)(h) | 199500 | 200124 |
| Passenger Airlines - 0.0% |  |  |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4418% 4/1/2031 (f)(g)(h) | 98992 | 98020 |
| Transportation Infrastructure - 0.0% |  |  |
| GB AIT Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 4/22/2033 (f)(g)(h)(i) | 640000 | 640531 |
| TOTAL INDUSTRIALS |  | 9277242 |
| Information Technology - 0.8% |  |  |
| IT Services - 0.2% |  |  |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9347% 2/10/2028 (f)(g)(h) | 1771791 | 1656944 |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (f)(g) | 1840811 | 1487982 |
|  |  | 3144926 |
| Software - 0.6% |  |  |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6522% 12/11/2028 (f)(g)(h) | 2254317 | 2213649 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.925% 6/2/2028 (f)(g)(h) | 1604315 | 1394358 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6996% 8/31/2028 (f)(g)(h) | 5995519 | 5813136 |
|  |  | 9421143 |
| TOTAL INFORMATION TECHNOLOGY |  | 12566069 |
| Materials - 1.7% |  |  |
| Chemicals - 1.6% |  |  |
| Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7727% 11/24/2027 (f)(g)(h) | 2580000 | 2347800 |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 10/15/2032 (f)(g)(h) | 1895250 | 1888143 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4136% 10/4/2029 (f)(g)(h) | 2400442 | 2375238 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.7246% 7/3/2028 (f)(g)(h) | 5435239 | 5020802 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6523% 3/15/2029 (f)(g)(h) | 4150021 | 4017220 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 8/25/2031 (f)(g)(h) | 3931051 | 3876999 |
| Mativ Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1522% 4/4/2033 (f)(g)(h) | 2450000 | 2425500 |
| Olympus Water US Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9496% 11/3/2032 (f)(g)(h) | 174563 | 172525 |
| Scih Salt Hldgs Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.3504% 1/31/2029 (f)(g)(h) | 49625 | 49767 |
| Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1788% 9/30/2031 (f)(g)(h) | 4126832 | 3494560 |
| Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9496% 4/4/2029 (f)(g)(h) | 786030 | 689348 |
|  |  | 26357902 |
| Containers & Packaging - 0.1% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.8272% 4/13/2029 (f)(g)(h) | 2145893 | 2042246 |
| TOTAL MATERIALS |  | 28400148 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1727% 3/29/2030 (f)(g)(h) | 1379625 | 1387668 |
| TOTAL UNITED STATES |  | 124179791 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $148,582,454) |  | <br> **146021474** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 0.1%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.1%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (d)(g) | 772000 | 761599 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 5.9695% 7/15/2038 (d)(g)(h) | 1791000 | 1789881 |
| TOTAL UNITED STATES |  | 2551480 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $2,420,470) |  | <br> **2551480** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.8%** | &nbsp;&nbsp;**Common Stocks - 0.8%** | &nbsp;&nbsp;**Common Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (c) | 135641 | 2037697 |
| Altice France Holding SA rights (b)(c)(d)(e) | 2350 | 29235 |
| TOTAL FRANCE |  | 2066932 |
| UNITED STATES - 0.7%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Southeastern Grocers LLC rights (b)(c) | 963443 | 10 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Mesquite Energy Inc (b)(c) | 360137 | 5564123 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Anteris Technologies Global Corp (b) | 59700 | 367155 |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC (b)(c) | 106584 | 1025338 |
| Cano Health LLC warrants 6/28/2029 (b)(c) | 4738 | 8339 |
| Surgery Partners Inc (b) | 67800 | 951234 |
|  |  | 1984911 |
| TOTAL HEALTH CARE |  | 2352066 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| GTT Communications Inc (b)(c) | 40978 | 1647725 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ON Semiconductor Corp (b) | 7500 | 756075 |
| TOTAL INFORMATION TECHNOLOGY |  | 2403800 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Elah Holdings Inc (b) | 333 | 4246 |
| TOTAL UNITED STATES |  | 10324245 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,870,699) |  | <br> **12391177** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 1.9%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.9%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (g) | 949496 | 3562390 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 4936000 | 4708944 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Eos Energy Enterprises Inc 1.75% 12/1/2031 (d) | 1965000 | 1431503 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| MKS Inc 1.25% 6/1/2030  | 762000 | 1498854 |
| ON Semiconductor Corp 0% 5/1/2027 (l) | 355000 | 683375 |
|  |  | 2182229 |
| Software - 1.0% |  |  |
| Riot Platforms Inc 0.75% 1/15/2030  | 4091000 | 5834993 |
| Strategy Inc 0% 12/1/2029 (l) | 7155000 | 6181205 |
| Terawulf Inc 0% 5/1/2032 (d)(l) | 2876000 | 3925165 |
|  |  | 15941363 |
| TOTAL INFORMATION TECHNOLOGY |  | 18123592 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Compass Inc 0.25% 4/15/2031 (d) | 1835000 | 1611130 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| PG&E Corp 4.25% 12/1/2027  | 990000 | 1014254 |
| TOTAL UNITED STATES |  | 30451813 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $24,081,103) |  | <br> **30451813** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| Whirlpool Corp Series A, 8.5%  | 37448 | 1583301 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Acrisure Holdings Inc Series A-2 (b)(c) | 88376 | 2583230 |
| Apollo Global Management Inc Series A, 6.75%  | 22978 | 1510801 |
| TOTAL FINANCIALS |  | 4094031 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Oracle Corp Series D 6.5%  | 14849 | 725968 |
| TOTAL UNITED STATES |  | 6403300 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $6,206,348) |  | <br> **6403300** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 75.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 75.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 75.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| ANGOLA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Azule Energy Finance Plc 8.125% 1/23/2030 (d) | 980000 | 1009400 |
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (d) | 513000 | 490191 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (d) | 630000 | 625086 |
| Mineral Resources Ltd 6% 5/1/2032 (d) | 700000 | 694417 |
| Mineral Resources Ltd 6.25% 5/1/2034 (d) | 640000 | 630957 |
| Mineral Resources Ltd 7% 4/1/2031 (d) | 605000 | 627971 |
| Mineral Resources Ltd 8.5% 5/1/2030 (d) | 565000 | 581977 |
| Mineral Resources Ltd 9.25% 10/1/2028 (d) | 753000 | 781532 |
| TOTAL AUSTRALIA |  | 4432131 |
| BAILIWICK OF JERSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.1% |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (d) | 1210000 | 971430 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| A&K Travel Group Holdings Ltd 7.5% 5/15/2033 (d) | 1505000 | 1512419 |
| TOTAL BAILIWICK OF JERSEY |  | 2483849 |
| BRAZIL - 0.5%  |  |  |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Ambipar Lux Sarl 9.875% (d)(j) | 4285000 | 783341 |
| Passenger Airlines - 0.0% |  |  |
| Azul Secured Finance LLP 9.875% 2/15/2031 (d) | 715000 | 635456 |
| TOTAL INDUSTRIALS |  | 1418797 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (d) | 4265000 | 4256428 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (d)(g) | 2510254 | 2512764 |
| TOTAL MATERIALS |  | 6769192 |
| TOTAL BRAZIL |  | 8187989 |
| CANADA - 2.4%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| TELUS Corp 6.375% 6/9/2056 (g) | 1545000 | 1545177 |
| TELUS Corp 6.625% 10/15/2055 (g) | 715000 | 722987 |
| TELUS Corp 6.625% 6/9/2056 (g) | 1235000 | 1228202 |
| TELUS Corp 7% 10/15/2055 (g) | 1425000 | 1473917 |
|  |  | 4970283 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Rogers Communications Inc 6.875% 7/31/2056 (g) | 3300000 | 3351469 |
| TOTAL COMMUNICATION SERVICES |  | 8321752 |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.5% 2/15/2029 (d) | 1170000 | 1127340 |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (d) | 930000 | 912695 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (d) | 6200000 | 5898422 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (d) | 3320000 | 3378562 |
| TOTAL CONSUMER DISCRETIONARY |  | 11317019 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (g) | 535000 | 565620 |
| TransCanada PipeLines Ltd 6.125% 10/17/2056 (g) | 1590000 | 1596960 |
| TOTAL ENERGY |  | 2162580 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Bausch Health Cos Inc 11% 9/30/2028 (d) | 304000 | 316160 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Bombardier Inc 6.75% 6/15/2033 (d) | 415000 | 432722 |
| Bombardier Inc 7% 6/1/2032 (d) | 1610000 | 1680589 |
| Bombardier Inc 7.25% 7/1/2031 (d) | 1515000 | 1594066 |
|  |  | 3707377 |
| Commercial Services & Supplies - 0.4% |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (d) | 5510000 | 5684215 |
| TOTAL INDUSTRIALS |  | 9391592 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Open Text Corp 3.875% 12/1/2029 (d) | 515000 | 464163 |
| Open Text Corp 3.875% 2/15/2028 (d) | 1310000 | 1267513 |
| TOTAL INFORMATION TECHNOLOGY |  | 1731676 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| Methanex Corp 5.125% 10/15/2027  | 1685000 | 1685948 |
| Methanex Corp 5.65% 12/1/2044  | 717000 | 651945 |
|  |  | 2337893 |
| Metals & Mining - 0.2% |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (d) | 2405000 | 2447523 |
| TOTAL MATERIALS |  | 4785416 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| TransAlta Corp 5.875% 2/1/2034  | 1545000 | 1541135 |
| TOTAL CANADA |  | 39567330 |
| COLOMBIA - 0.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Canacol Energy Ltd 5.75% (d)(j) | 6120000 | 2264400 |
| Gran Tierra Energy Inc 9.75% 4/15/2031 (d)(n) | 725000 | 659750 |
| TOTAL ENERGY |  | 2924150 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (d) | 2446176 | 2267360 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (d) | 720000 | 743940 |
| TOTAL UTILITIES |  | 3011300 |
| TOTAL COLOMBIA |  | 5935450 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| GENMAB A/S/GENMAB FINANCE LLC 6.25% 12/15/2032 (d) | 1210000 | 1241763 |
| FINLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (d) | 2205000 | 2159812 |
| FRANCE - 0.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Altice France SA 6.5% 10/15/2031 (d) | 1996951 | 1959315 |
| Altice France SA 6.5% 4/15/2032 (d) | 2265670 | 2228369 |
| Altice France SA 6.875% 10/15/2030 (d) | 626615 | 616015 |
| Altice France SA 6.875% 7/15/2032 (d) | 2132345 | 2097502 |
| TOTAL COMMUNICATION SERVICES |  | 6901201 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (d) | 2398000 | 2528439 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Iliad Holding SAS 7% 4/15/2032 (d) | 1360000 | 1380745 |
| TOTAL FRANCE |  | 10810385 |
| GERMANY - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (d) | 315000 | 312922 |
| ZF North America Capital Inc 7.5% 3/24/2031 (d)(n) | 1495000 | 1496925 |
| TOTAL CONSUMER DISCRETIONARY |  | 1809847 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (d)(n) | 3382000 | 3382842 |
| TOTAL GERMANY |  | 5192689 |
| GHANA - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Kosmos Energy Ltd 7.5% 3/1/2028 (d) | 4160000 | 4048845 |
| Kosmos Energy Ltd 8.75% 10/1/2031 (d) | 680000 | 631040 |
| TOTAL GHANA |  | 4679885 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (d) | 2240000 | 2272057 |
| GUATEMALA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (d) | 1405000 | 1312551 |
| IRELAND - 0.6%  |  |  |
| Financials - 0.5% |  |  |
| Consumer Finance - 0.1% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (g) | 850000 | 865307 |
| Financial Services - 0.4% |  |  |
| GGAM Finance Ltd 6.875% 4/15/2029 (d) | 1715000 | 1752095 |
| GGAM Finance Ltd 8% 2/15/2027 (d) | 2705000 | 2717373 |
| GGAM Finance Ltd 8% 6/15/2028 (d) | 1675000 | 1744665 |
|  |  | 6214133 |
| TOTAL FINANCIALS |  | 7079440 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Avolon Holdings Funding Ltd 4.85% 4/1/2033 (d) | 2360000 | 2276244 |
| TOTAL IRELAND |  | 9355684 |
| ISRAEL - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Energean Israel Finance Ltd 5.375% 3/30/2028 (d)(e) | 615000 | 604897 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  | 1110000 | 1155799 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 2225000 | 2283704 |
| TOTAL HEALTH CARE |  | 3439503 |
| TOTAL ISRAEL |  | 4044400 |
| LUXEMBOURG - 0.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.1% |  |  |
| Altice Financing SA 5.75% 8/15/2029 (d) | 1775000 | 1306590 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Altice France Lux 3 / Altice Holdings 1 10% 1/15/2033 (d) | 1292000 | 1277953 |
| TOTAL COMMUNICATION SERVICES |  | 2584543 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Breakwater Energy Holdings Sarl 9.25% 11/15/2030 (d) | 880000 | 937187 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (d) | 730000 | 646050 |
| TOTAL LUXEMBOURG |  | 4167780 |
| MAURITIUS - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (d) | 225000 | 226450 |
| NETHERLANDS - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Ziggo BV 4.875% 1/15/2030 (d) | 815000 | 766650 |
| NIGERIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| IHS Holding Ltd 5.625% 11/29/2026 (d) | 455000 | 452597 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (d) | 1005000 | 1053563 |
| TGS ASA 8.5% 1/15/2030 (d) | 1925000 | 2010263 |
| TOTAL NORWAY |  | 3063826 |
| PANAMA - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (d) | 3530000 | 3541826 |
| Wireless Telecommunication Services - 0.2% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (d) | 3105000 | 3173892 |
| TOTAL PANAMA |  | 6715718 |
| PERU - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (d) | 1205000 | 1239632 |
| SOUTH AFRICA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liquid Telecommunications Financing Plc 10.75% 4/14/2031 (d) | 785000 | 796232 |
| SPAIN - 0.2%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA 4.75% 10/15/2028 (d) | 660000 | 650750 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (d) | 1940000 | 1894882 |
| TOTAL SPAIN |  | 2545632 |
| SWITZERLAND - 0.2%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (d) | 604000 | 565625 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (d) | 955000 | 955058 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (d) | 440000 | 444786 |
| TOTAL INDUSTRIALS |  | 1965469 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (d) | 2085000 | 2137125 |
| TOTAL SWITZERLAND |  | 4102594 |
| TANZANIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| HTA Group Ltd/Mauritius 6.75% 4/1/2031 (d) | 470000 | 478078 |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (d) | 425000 | 437759 |
| TOTAL TANZANIA |  | 915837 |
| TURKEY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (d) | 1545000 | 1545896 |
| UNITED KINGDOM - 0.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.0% |  |  |
| Virgin Media Secured Finance PLC 4.5% 8/15/2030 (d) | 935000 | 827576 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (d) | 1025000 | 882442 |
| Vmed O2 UK Financing I PLC 6.75% 1/15/2033 (d) | 745000 | 680995 |
|  |  | 1563437 |
| TOTAL COMMUNICATION SERVICES |  | 2391013 |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (d) | 1375000 | 1388807 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (d) | 5900000 | 6293760 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (d) | 1055000 | 1016987 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (d) | 3630000 | 3607950 |
| TOTAL UNITED KINGDOM |  | 14698517 |
| UNITED STATES - 66.2%  |  |  |
| Communication Services - 8.3% |  |  |
| Diversified Telecommunication Services - 3.7% |  |  |
| APLD ComputeCo 2 LLC 6.75% 3/15/2031 (d) | 2430000 | 2405834 |
| APLD ComputeCo LLC 9.25% 12/15/2030 (d) | 7245000 | 7787541 |
| Black Pearl Compute LLC 6.125% 2/15/2031 (d)(n) | 1778000 | 1803937 |
| Cipher Compute LLC 7.125% 11/15/2030 (d) | 1325000 | 1373374 |
| Core Scientific Finance I LLC 7.75% 5/15/2031 (d)(q) | 5610000 | 5595999 |
| Edged Compute LLC 7.5% 4/30/2031 (d) | 3990000 | 3912252 |
| Flash Compute LLC 7.25% 12/31/2030 (d) | 3725000 | 3799761 |
| Frontier Communications Holdings LLC 5.875% 11/1/2029  | 1385000 | 1391964 |
| Frontier Communications Holdings LLC 8.75% 5/15/2030 (d) | 1320000 | 1350485 |
| Level 3 Financing Inc 6.875% 6/30/2033 (d)(n) | 5065000 | 5227242 |
| Level 3 Financing Inc 7% 3/31/2034 (d) | 3300000 | 3422849 |
| Level 3 Financing Inc 8.5% 1/15/2036 (d)(n) | 1545000 | 1654712 |
| Meridian Arc Holdco LLC 6.25% 4/30/2031 (d) | 4960000 | 4958871 |
| PR RNO Property Owner 1 LLC 6.5% 5/1/2031 (d) | 8185000 | 8113086 |
| SV RNO Property Owner 1 LLC 5.875% 3/1/2031 (d) | 1885000 | 1849465 |
| Uniti Services LLC 7.5% 10/15/2033 (d) | 2130000 | 2242583 |
| WULF Compute LLC 7.75% 10/15/2030 (d)(n) | 3770000 | 3962252 |
|  |  | 60852207 |
| Entertainment - 0.4% |  |  |
| OAK-Eagle Acquireco Inc 7.25% 7/1/2033 (d) | 2695000 | 2776971 |
| OAK-Eagle Acquireco Inc 8.75% 7/1/2034 (d) | 2920000 | 3038631 |
|  |  | 5815602 |
| Interactive Media & Services - 0.0% |  |  |
| Snap Inc 6.875% 3/15/2034 (d)(n) | 950000 | 919478 |
| Media - 4.2% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (d)(n) | 2145000 | 1799131 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032 (n) | 3280000 | 2880357 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (d)(n) | 675000 | 629615 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (d)(n) | 3090000 | 2766879 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 (d) | 4510000 | 4275162 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (d) | 1495000 | 1477453 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (d) | 1705000 | 1677481 |
| CCO Holdings LLC / CCO Holdings Capital Corp 7% 2/1/2033 (d)(n) | 3105000 | 3060702 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (d) | 1445000 | 1502239 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (d) | 2165000 | 2274277 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (d) | 780000 | 781435 |
| CMG Media Corp 8.875% 6/18/2029 (d) | 360000 | 320835 |
| CSC Holdings LLC 3.375% 2/15/2031 (d) | 4650000 | 2702798 |
| CSC Holdings LLC 4.125% 12/1/2030 (d) | 5990000 | 3566223 |
| CSC Holdings LLC 4.5% 11/15/2031 (d) | 4015000 | 2340938 |
| CSC Holdings LLC 4.625% 12/1/2030 (d) | 1615000 | 564117 |
| CSC Holdings LLC 5.375% 2/1/2028 (d) | 1220000 | 910823 |
| CSC Holdings LLC 5.5% 4/15/2027 (d) | 840000 | 708577 |
| Discovery Global Holdings Inc 4.279% 3/15/2032  | 525000 | 475508 |
| Discovery Global Holdings Inc 5.05% 3/15/2042  | 2045000 | 1459169 |
| Discovery Global Holdings Inc 5.141% 3/15/2052  | 600000 | 393000 |
| DISH Network Corp 11.75% 11/15/2027 (d) | 2115000 | 2183315 |
| Dotdash Meredith Inc 7.625% 6/15/2032 (d) | 575000 | 539701 |
| EchoStar Corp 10.75% 11/30/2029  | 5004806 | 5433980 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (g) | 4120384 | 4180612 |
| EW Scripps Co/The 9.875% 8/15/2030 (d) | 4905000 | 4919535 |
| Nexstar Media Inc 6.5% 9/15/2033 (d) | 1880000 | 1894468 |
| Sirius XM Radio LLC 4% 7/15/2028 (d) | 2200000 | 2136436 |
| Sirius XM Radio LLC 5.5% 7/1/2029 (d) | 660000 | 655240 |
| Univision Communications Inc 4.5% 5/1/2029 (d)(n) | 2170000 | 2070420 |
| Univision Communications Inc 7.375% 6/30/2030 (d) | 285000 | 284729 |
| Univision Communications Inc 8.5% 7/31/2031 (d)(n) | 2755000 | 2796049 |
| Univision Communications Inc 8.875% 4/15/2033 (d) | 1490000 | 1498121 |
| Univision Communications Inc 9.375% 8/1/2032 (d) | 3600000 | 3725453 |
|  |  | 68884778 |
| TOTAL COMMUNICATION SERVICES |  | 136472065 |
| Consumer Discretionary - 9.3% |  |  |
| Automobile Components - 1.0% |  |  |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (d) | 1140000 | 1137963 |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (d)(n) | 2150000 | 2099104 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (d) | 2855000 | 2920494 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (d) | 2430000 | 2510652 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (d) | 395000 | 401863 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.125% 4/15/2031 (d) | 3160000 | 3181817 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.375% 4/15/2034 (d) | 2055000 | 2052391 |
| Patrick Industries Inc 6.375% 11/1/2032 (d)(n) | 2195000 | 2208473 |
|  |  | 16512757 |
| Automobiles - 0.2% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (d)(n) | 245000 | 226331 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (d) | 415000 | 406293 |
| Nissan Motor Acceptance Co LLC 6.125% 9/30/2030 (d) | 775000 | 763286 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (d) | 2430000 | 2418607 |
|  |  | 3814517 |
| Broadline Retail - 0.5% |  |  |
| Match Group Holdings II LLC 3.625% 10/1/2031 (d) | 640000 | 573531 |
| Match Group Holdings II LLC 4.125% 8/1/2030 (d) | 1045000 | 981434 |
| Saks Global Enterprises LLC 11% (c)(d)(j) | 875319 | 0 |
| Wayfair LLC 6.75% 11/15/2032 (d) | 945000 | 955401 |
| Wayfair LLC 7.25% 10/31/2029 (d) | 2005000 | 2054670 |
| Wayfair LLC 7.75% 9/15/2030 (d)(n) | 3420000 | 3548538 |
|  |  | 8113574 |
| Diversified Consumer Services - 1.0% |  |  |
| Service Corp International/US 4% 5/15/2031 (n) | 1665000 | 1573125 |
| Service Corp International/US 5.125% 6/1/2029  | 597000 | 595802 |
| Service Corp International/US 5.75% 10/15/2032 (n) | 3490000 | 3520771 |
| Sotheby's 8.25% 4/15/2031 (d) | 3990000 | 3876246 |
| StoneMor Inc 8.5% 5/15/2029 (d) | 2225000 | 2195877 |
| TKC Holdings Inc 12% 2/15/2031 (d) | 1805000 | 1880808 |
| TKC Holdings Inc 8.5% 8/15/2030 (d) | 3000000 | 3070779 |
|  |  | 16713408 |
| Hotels, Restaurants & Leisure - 4.2% |  |  |
| Acushnet Co 5.625% 12/1/2033 (d)(n) | 970000 | 974507 |
| Aramark Services Inc 5% 2/1/2028 (d) | 1560000 | 1556858 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (d) | 800000 | 777324 |
| Caesars Entertainment Inc 7% 2/15/2030 (d) | 1305000 | 1324841 |
| Carnival Corp 5.125% 5/1/2029 (d) | 1490000 | 1485534 |
| Carnival Corp 5.75% 3/15/2030 (d) | 1400000 | 1420305 |
| Carnival Corp 5.75% 8/1/2032 (d) | 1735000 | 1743724 |
| Carnival Corp 5.875% 6/15/2031 (d) | 2630000 | 2667409 |
| Carnival Corp 6.125% 2/15/2033 (d) | 2785000 | 2825827 |
| Carnival Corp 7% 8/15/2029 (d) | 2465000 | 2559008 |
| Churchill Downs Inc 4.75% 1/15/2028 (d) | 560000 | 555118 |
| Churchill Downs Inc 6.75% 5/1/2031 (d)(n) | 2045000 | 2091661 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (d) | 2730000 | 2657789 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d) | 5315000 | 5149912 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (d) | 2960000 | 2709831 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (d) | 495000 | 477713 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (d) | 1805000 | 1709372 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (d) | 1260000 | 1250688 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (d)(n) | 1440000 | 1449670 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (d) | 995000 | 1007515 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (d) | 685000 | 694422 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (d)(n) | 2585000 | 2615007 |
| Life Time Inc 6% 11/15/2031 (d) | 2920000 | 2964159 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (d) | 1050000 | 877997 |
| NCL Finance Ltd 6.125% 3/15/2028 (d) | 1395000 | 1415290 |
| Royal Caribbean Cruises Ltd 5.5% 4/1/2028 (d) | 2745000 | 2774483 |
| Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (d) | 1145000 | 1160752 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (d) | 2795000 | 2837833 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (d) | 1730000 | 1768373 |
| Station Casinos LLC 4.5% 2/15/2028 (d) | 1665000 | 1639108 |
| Station Casinos LLC 6.625% 3/15/2032 (d)(n) | 1705000 | 1726255 |
| Viking Cruises Ltd 5.875% 10/15/2033 (d) | 2975000 | 2982559 |
| Viking Cruises Ltd 9.125% 7/15/2031 (d) | 520000 | 547941 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (d) | 630000 | 629590 |
| VOC Escrow Ltd 5% 2/15/2028 (d) | 865000 | 863161 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 7.125% 2/15/2031 (d) | 2025000 | 2143264 |
| Yum! Brands Inc 3.625% 3/15/2031  | 545000 | 507639 |
| Yum! Brands Inc 4.625% 1/31/2032  | 3085000 | 2967947 |
| Yum! Brands Inc 5.375% 4/1/2032  | 435000 | 435304 |
|  |  | 67945690 |
| Household Durables - 0.9% |  |  |
| Century Communities Inc 6.625% 9/15/2033 (d)(n) | 1480000 | 1472569 |
| LGI Homes Inc 4% 7/15/2029 (d) | 340000 | 308414 |
| LGI Homes Inc 7% 11/15/2032 (d)(n) | 3675000 | 3521987 |
| Newell Brands Inc 6.375% 9/15/2027  | 555000 | 558825 |
| Risewell Homes Inc 8.5% 11/1/2030 (d) | 1340000 | 1369109 |
| Somnigroup International Inc 3.875% 10/15/2031 (d) | 1560000 | 1442840 |
| TopBuild Corp 4.125% 2/15/2032 (d)(n) | 1390000 | 1389515 |
| TopBuild Corp 5.625% 1/31/2034 (d) | 785000 | 795190 |
| Whirlpool Corp 6.125% 6/15/2030 (n) | 795000 | 779604 |
| Whirlpool Corp 6.5% 6/15/2033 (n) | 2620000 | 2509338 |
|  |  | 14147391 |
| Specialty Retail - 1.4% |  |  |
| Asbury Automotive Group Inc 4.75% 3/1/2030  | 870000 | 847281 |
| Asbury Automotive Group Inc 5% 2/15/2032 (d)(n) | 1195000 | 1145921 |
| Bath & Body Works Inc 6.625% 10/1/2030 (d) | 870000 | 881691 |
| Bath & Body Works Inc 6.95% 3/1/2033 (n) | 615000 | 597661 |
| Carvana Co 10.25% 5/1/2030 (d) | 150000 | 160500 |
| Carvana Co 4.875% 9/1/2029 (d) | 1480000 | 1361600 |
| Carvana Co 5.5% 4/15/2027 (d) | 1025000 | 1004500 |
| Carvana Co 5.875% 10/1/2028 (d) | 507000 | 495593 |
| Carvana Co 9% 6/1/2030 pay-in-kind (d)(g) | 974652 | 1013885 |
| Carvana Co 9% 6/1/2031 pay-in-kind (d)(g) | 1330538 | 1471903 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (d) | 1330000 | 1351610 |
| LBM Acquisition LLC 6.25% 1/15/2029 (d) | 1015000 | 703396 |
| LBM Acquisition LLC 9.5% 6/15/2031 (d) | 2800000 | 2449957 |
| Michaels Cos Inc/The 8.5% 3/15/2033 (d) | 3240000 | 3199662 |
| Park River Holdings Inc 8% 3/15/2031 (d) | 560000 | 563073 |
| Staples Inc 10.75% 9/1/2029 (d) | 4650000 | 4444701 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (d) | 825000 | 858851 |
|  |  | 22551785 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Crocs Inc 4.125% 8/15/2031 (d)(n) | 2000000 | 1861070 |
| TOTAL CONSUMER DISCRETIONARY |  | 151660192 |
| Consumer Staples - 2.5% |  |  |
| Beverages - 0.1% |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (d)(n) | 2285000 | 2287721 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d) | 2690000 | 2565290 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (d) | 1855000 | 1815801 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (d) | 1320000 | 1312667 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.75% 3/31/2034 (d) | 745000 | 725271 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (d)(n) | 1495000 | 1508264 |
| Albertsons Cos Inc 5.625% 3/31/2032 (d) | 1555000 | 1534033 |
| C&S Group Enterprises LLC 5% 12/15/2028 (d) | 2450000 | 2285324 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 7.125% 4/30/2033 (d) | 570000 | 577066 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (d) | 2255000 | 2357184 |
| Performance Food Group Inc 4.25% 8/1/2029 (d) | 2690000 | 2607966 |
| Performance Food Group Inc 5.625% 3/1/2034 (d) | 1815000 | 1777178 |
| Performance Food Group Inc 6.125% 9/15/2032 (d)(n) | 970000 | 983260 |
| US Foods Inc 4.625% 6/1/2030 (d) | 820000 | 802001 |
| US Foods Inc 4.75% 2/15/2029 (d) | 2180000 | 2156268 |
| US Foods Inc 5.75% 4/15/2033 (d) | 2960000 | 2970863 |
| US Foods Inc 7.25% 1/15/2032 (d)(n) | 1225000 | 1274191 |
|  |  | 27252627 |
| Food Products - 0.7% |  |  |
| Darling Ingredients Inc 6% 6/15/2030 (d)(n) | 1225000 | 1235624 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (d) | 2520000 | 2606111 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (d) | 3210000 | 3075283 |
| Pilgrim's Pride Corp 3.5% 3/1/2032  | 2515000 | 2297198 |
| Post Holdings Inc 4.625% 4/15/2030 (d)(n) | 880000 | 854950 |
| Post Holdings Inc 6.375% 3/1/2033 (d)(n) | 1535000 | 1534403 |
|  |  | 11603569 |
| TOTAL CONSUMER STAPLES |  | 41143917 |
| Energy - 8.7% |  |  |
| Energy Equipment & Services - 1.3% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (d)(n) | 2090000 | 2150520 |
| Archrock Services LP / Archrock Partners Finance Corp 6% 2/1/2034 (d)(n) | 1550000 | 1560100 |
| Kodiak Gas Services LLC 5.875% 4/1/2031 (d) | 1410000 | 1420245 |
| Kodiak Gas Services LLC 6.5% 10/1/2033 (d) | 880000 | 900154 |
| Kodiak Gas Services LLC 6.75% 10/1/2035 (d) | 1465000 | 1521747 |
| Nabors Industries Inc 8.875% 8/15/2031 (d) | 610000 | 644112 |
| SESI LLC 7.875% 9/30/2030 (d) | 785000 | 810625 |
| Transocean International Ltd 7.875% 10/15/2032 (d) | 295000 | 316105 |
| Transocean International Ltd 8.25% 5/15/2029 (d) | 4065000 | 4220593 |
| Transocean International Ltd 8.5% 5/15/2031 (d) | 1510000 | 1596784 |
| Transocean International Ltd 8.75% 2/15/2030 (d) | 640500 | 670860 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (d)(n) | 1680000 | 1695307 |
| USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (d) | 1630000 | 1684497 |
| Valaris Ltd 8.375% 4/30/2030 (d) | 710000 | 740366 |
| WBI Operating LLC 6.25% 10/15/2030 (d)(n) | 1490000 | 1510726 |
| WBI Operating LLC 6.5% 10/15/2033 (d) | 1490000 | 1506032 |
|  |  | 22948773 |
| Oil, Gas & Consumable Fuels - 7.4% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 10/15/2033 (d) | 1485000 | 1482064 |
| California Resources Corp 7% 1/15/2034 (d) | 1560000 | 1591872 |
| California Resources Corp 8.25% 6/15/2029 (d) | 2221000 | 2315926 |
| Cheniere Energy Inc 5.2% 7/30/2036 (d)(n) | 3165000 | 3128926 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (d) | 1230000 | 1265754 |
| CNX Resources Corp 5.875% 3/1/2034 (d) | 1675000 | 1661576 |
| CNX Resources Corp 7.25% 3/1/2032 (d)(n) | 2720000 | 2833798 |
| CNX Resources Corp 7.375% 1/15/2031 (d) | 625000 | 644219 |
| Comstock Resources Inc 5.875% 1/15/2030 (d)(n) | 2050000 | 1985718 |
| Comstock Resources Inc 6.75% 3/1/2029 (d) | 3005000 | 3003939 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (d) | 2545000 | 2513981 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (d) | 1560000 | 1658646 |
| CVR Energy Inc 7.5% 2/15/2031 (d) | 3895000 | 3944556 |
| DBR Land Holdings LLC 6.25% 12/1/2030 (d)(n) | 1795000 | 1837631 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (d) | 1885000 | 1884784 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (d) | 605000 | 624386 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (d) | 2305000 | 2404932 |
| DT Midstream Inc 4.125% 6/15/2029 (d) | 1140000 | 1116173 |
| DT Midstream Inc 4.375% 6/15/2031 (d) | 645000 | 623514 |
| Energy Transfer LP 6.5% 2/15/2056 (g) | 2100000 | 2105660 |
| Energy Transfer LP 6.75% 2/15/2056 (g) | 880000 | 886323 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  | 2210000 | 2230295 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (d) | 540000 | 553413 |
| Harvest Midstream I LP 7.5% 5/15/2032 (d) | 2535000 | 2639315 |
| Harvest Midstream I LP 7.5% 9/1/2028 (d) | 1110000 | 1117314 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (d) | 1115000 | 1081391 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (d) | 3025000 | 3011044 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (d) | 2120000 | 2120979 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (d) | 1640000 | 1668362 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (d) | 1380000 | 1439006 |
| Kinetik Holdings LP 5.875% 6/15/2030 (d) | 1820000 | 1826157 |
| Kinetik Holdings LP 6.625% 12/15/2028 (d) | 955000 | 974189 |
| Matador Resources Co 6% 4/15/2034 (d) | 630000 | 632394 |
| Matador Resources Co 6.25% 4/15/2033 (d)(n) | 720000 | 732215 |
| Matador Resources Co 6.5% 4/15/2032 (d)(n) | 2025000 | 2067857 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (d) | 1035000 | 1047790 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (d)(n) | 1545000 | 1443081 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (d)(n) | 2365000 | 2451072 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (d)(n) | 3150000 | 3289325 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d) | 3780000 | 3874905 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d)(n) | 2010000 | 2159773 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (d) | 1573000 | 1573000 |
| Permian Resources Operating LLC 7% 1/15/2032 (d) | 2785000 | 2896400 |
| Prairie Acquiror LP 9% 8/1/2029 (d) | 2125000 | 2219078 |
| Rockies Express Pipeline LLC 4.8% 5/15/2030 (d) | 145000 | 141292 |
| Rockies Express Pipeline LLC 4.95% 7/15/2029 (d) | 1480000 | 1459749 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (d)(n) | 1195000 | 1245937 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (d) | 435000 | 439299 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  | 4570000 | 4487920 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028  | 875000 | 876068 |
| Sunoco LP 4.625% 5/1/2030 (d) | 3475000 | 3379591 |
| Sunoco LP 5.375% 7/15/2031 (d) | 2515000 | 2503218 |
| Sunoco LP 5.625% 3/15/2031 (d)(n) | 1480000 | 1485492 |
| Sunoco LP 5.625% 7/15/2034 (d)(n) | 1255000 | 1238122 |
| Sunoco LP 6.25% 7/1/2033 (d)(n) | 1405000 | 1435942 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (d)(n) | 2965000 | 2957860 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (d)(n) | 2505000 | 2518730 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6.75% 3/15/2034 (d) | 740000 | 756121 |
| Venture Global Calcasieu Pass LLC 3.875% 8/15/2029 (d) | 770000 | 737624 |
| Venture Global LNG Inc 7% 1/15/2030 (d)(n) | 425000 | 437167 |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (d) | 1605000 | 1655201 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (d) | 2835000 | 2969665 |
| Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (d)(n) | 1760000 | 1841722 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (d) | 2715000 | 2886154 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d) | 2680000 | 2972021 |
|  |  | 120987628 |
| TOTAL ENERGY |  | 143936401 |
| Financials - 7.1% |  |  |
| Capital Markets - 1.1% |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (d) | 1560000 | 1536126 |
| Coinbase Global Inc 3.375% 10/1/2028 (d)(n) | 1510000 | 1447822 |
| Focus Financial Partners LLC 6.75% 9/15/2031 (d)(n) | 2340000 | 2380587 |
| Hightower Holding LLC 6.75% 4/15/2029 (d) | 1120000 | 1112368 |
| Hightower Holding LLC 9.125% 1/31/2030 (d) | 2630000 | 2730079 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (d) | 970000 | 942079 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (d) | 2015000 | 2025594 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (d) | 1965000 | 2018666 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (d)(n) | 1345000 | 1290311 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (d) | 2005000 | 2105545 |
|  |  | 17589177 |
| Consumer Finance - 1.0% |  |  |
| Ally Financial Inc 6.7% 2/14/2033 (n) | 1760000 | 1817114 |
| Ford Motor Credit Co LLC 5.42% 4/9/2031 (n) | 2205000 | 2185869 |
| OneMain Finance Corp 3.5% 1/15/2027  | 2975000 | 2936681 |
| OneMain Finance Corp 3.875% 9/15/2028 (n) | 3005000 | 2905798 |
| OneMain Finance Corp 6.125% 5/15/2030  | 850000 | 849704 |
| OneMain Finance Corp 6.75% 9/15/2033 (n) | 1540000 | 1514741 |
| OneMain Finance Corp 7.125% 11/15/2031  | 1930000 | 1957115 |
| OneMain Finance Corp 7.125% 9/15/2032  | 775000 | 785894 |
| PRA Group Inc 5% 10/1/2029 (d)(n) | 795000 | 754760 |
|  |  | 15707676 |
| Financial Services - 2.2% |  |  |
| Block Inc 3.5% 6/1/2031 (n) | 3117000 | 2830628 |
| Block Inc 5.625% 8/15/2030 (d) | 1365000 | 1366377 |
| Block Inc 6% 8/15/2033 (d) | 1080000 | 1077915 |
| Block Inc 6.5% 5/15/2032  | 2720000 | 2771826 |
| Compass Group Diversified Holdings LLC 5.25% 4/15/2029 (d)(n) | 2765000 | 2616633 |
| CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (d) | 1490000 | 1463859 |
| CrossCountry Intermediate HoldCo LLC 6.75% 12/1/2032 (d) | 1340000 | 1295214 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d) | 1335000 | 1346654 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 905000 | 793300 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  | 3220000 | 3189111 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030 (n) | 1320000 | 1271267 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (d) | 1740000 | 1684030 |
| Rocket Cos Inc 6.125% 8/1/2030 (d)(n) | 1720000 | 1745516 |
| Rocket Cos Inc 6.375% 8/1/2033 (d) | 1550000 | 1568902 |
| Rocket Cos Inc 6.5% 8/1/2029 (d) | 2095000 | 2134154 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (d)(n) | 1090000 | 1087846 |
| UWM Holdings LLC 6.25% 3/15/2031 (d) | 750000 | 695514 |
| UWM Holdings LLC 6.625% 2/1/2030 (d) | 1510000 | 1449244 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (d)(n) | 1375000 | 1367380 |
| WEX Inc 6.5% 3/15/2033 (d)(n) | 1250000 | 1245022 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (d) | 3220000 | 3405788 |
|  |  | 36406180 |
| Insurance - 2.6% |  |  |
| Acrisure LLC / Acrisure Finance Inc 4.25% 2/15/2029 (d) | 435000 | 415475 |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (d) | 1000000 | 943528 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (d) | 705000 | 694574 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (d) | 1485000 | 1490206 |
| Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (d) | 2830000 | 2831704 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (d) | 3010000 | 2963463 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (d) | 1365000 | 1338078 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (d) | 5520000 | 5516158 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d) | 940000 | 950755 |
| AmWINS Group Inc 4.875% 6/30/2029 (d) | 2160000 | 2088936 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (d) | 2635000 | 2551075 |
| Asurion LLC/ Asurion Co-Issuer Inc 8% 12/31/2032 (d) | 1933000 | 2019191 |
| Athene Holding Ltd 6.875% 6/28/2055 (g)(n) | 3360000 | 3260590 |
| HUB International Ltd 5.625% 12/1/2029 (d) | 965000 | 952880 |
| HUB International Ltd 7.25% 6/15/2030 (d) | 3995000 | 4132712 |
| HUB International Ltd 7.375% 1/31/2032 (d) | 2145000 | 2197276 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (d) | 4210000 | 4229714 |
| Ryan Specialty LLC 5.875% 8/1/2032 (d)(n) | 2940000 | 2939549 |
| USI Inc/NY 7.5% 1/15/2032 (d) | 1335000 | 1373195 |
|  |  | 42889059 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.2% |  |  |
| Starwood Property Trust Inc 5.25% 10/15/2028 (d) | 745000 | 741438 |
| Starwood Property Trust Inc 6.5% 10/15/2030 (d)(n) | 1400000 | 1439907 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (d) | 2030000 | 2079829 |
|  |  | 4261174 |
| TOTAL FINANCIALS |  | 116853266 |
| Health Care - 5.4% |  |  |
| Biotechnology - 0.1% |  |  |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (d) | 2145000 | 1909156 |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (d)(n) | 1345000 | 1278570 |
| Avantor Funding Inc 4.625% 7/15/2028 (d) | 885000 | 872248 |
| Insulet Corp 6.5% 4/1/2033 (d)(n) | 675000 | 689038 |
| Medline Borrower LP 3.875% 4/1/2029 (d) | 6955000 | 6757216 |
| Medline Borrower LP 5.25% 10/1/2029 (d)(n) | 1265000 | 1258942 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d) | 2740000 | 2801982 |
|  |  | 13657996 |
| Health Care Providers & Services - 3.1% |  |  |
| Accendra Health Inc 6.625% 4/1/2030 (d) | 1305000 | 701270 |
| Centene Corp 3.375% 2/15/2030  | 2605000 | 2420666 |
| Centene Corp 4.625% 12/15/2029  | 2475000 | 2412873 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (d) | 860000 | 804689 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (d) | 660000 | 623196 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (d) | 360000 | 319160 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (d)(n) | 2165000 | 2233003 |
| CVS Health Corp 6.75% 12/10/2054 (g) | 830000 | 859902 |
| CVS Health Corp 7% 3/10/2055 (g) | 3370000 | 3496433 |
| DaVita Inc 3.75% 2/15/2031 (d) | 855000 | 793174 |
| DaVita Inc 4.625% 6/1/2030 (d) | 2960000 | 2865436 |
| DaVita Inc 6.75% 7/15/2033 (d)(n) | 1920000 | 1979654 |
| DaVita Inc 6.875% 9/1/2032 (d)(n) | 700000 | 722534 |
| HealthEquity Inc 4.5% 10/1/2029 (d) | 1865000 | 1810204 |
| Humana Inc 5.875% 3/1/2033  | 920000 | 943697 |
| Humana Inc 6.625% 9/15/2056 (g) | 5890000 | 5803729 |
| Molina Healthcare Inc 3.875% 11/15/2030 (d) | 1465000 | 1357583 |
| Molina Healthcare Inc 6.25% 1/15/2033 (d) | 2535000 | 2532333 |
| Molina Healthcare Inc 6.5% 2/15/2031 (d) | 3130000 | 3184619 |
| National Mentor Holdings Inc 10.5% 12/15/2030 (d)(n) | 1530000 | 1600601 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (d) | 1215000 | 1211756 |
| Tenet Healthcare Corp 4.25% 6/1/2029 (n) | 2790000 | 2717549 |
| Tenet Healthcare Corp 4.375% 1/15/2030  | 1005000 | 973628 |
| Tenet Healthcare Corp 5.5% 11/15/2032 (d) | 1935000 | 1930065 |
| Tenet Healthcare Corp 6.125% 10/1/2028 (n) | 2291000 | 2296771 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 2820000 | 2835738 |
| Tenet Healthcare Corp 6.75% 5/15/2031  | 390000 | 400751 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (d) | 2065000 | 1951502 |
|  |  | 51782516 |
| Health Care Technology - 0.4% |  |  |
| IQVIA Inc 6.25% 6/1/2032 (d) | 3475000 | 3538927 |
| IQVIA Inc 6.5% 5/15/2030 (d) | 2720000 | 2776018 |
|  |  | 6314945 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (d) | 1195000 | 1142741 |
| Charles River Laboratories International Inc 4% 3/15/2031 (d) | 465000 | 434140 |
|  |  | 1576881 |
| Pharmaceuticals - 0.9% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (d) | 7761000 | 8015390 |
| Jazz Securities DAC 4.375% 1/15/2029 (d) | 1455000 | 1422973 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d) | 745000 | 735305 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (d) | 3285000 | 3264131 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 5/15/2034 (d) | 610000 | 643149 |
|  |  | 14080948 |
| TOTAL HEALTH CARE |  | 89322442 |
| Industrials - 8.7% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| ATI Inc 4.875% 10/1/2029  | 1440000 | 1430287 |
| ATI Inc 5.875% 12/1/2027  | 1230000 | 1231269 |
| BWX Technologies Inc 4.125% 6/30/2028 (d)(n) | 3247000 | 3194440 |
| Carpenter Technology Corp 5.625% 3/1/2034 (d) | 2055000 | 2056237 |
| Moog Inc 5.5% 10/15/2034 (d) | 770000 | 770687 |
| TransDigm Inc 6% 1/15/2033 (d) | 4265000 | 4305772 |
| TransDigm Inc 6.125% 7/31/2034 (d) | 2685000 | 2687953 |
| TransDigm Inc 6.25% 1/31/2034 (d)(n) | 485000 | 495964 |
| TransDigm Inc 6.375% 3/1/2029 (d) | 6800000 | 6935695 |
| TransDigm Inc 6.375% 5/31/2033 (d) | 5150000 | 5189598 |
| TransDigm Inc 6.75% 1/31/2034 (d)(n) | 2495000 | 2563104 |
| TransDigm Inc 6.75% 8/15/2028 (d) | 1630000 | 1650375 |
|  |  | 32511381 |
| Air Freight & Logistics - 0.1% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (d) | 1530000 | 1589286 |
| Building Products - 0.9% |  |  |
| Advanced Drainage Systems Inc 5.375% 3/1/2034 (d)(n) | 1605000 | 1582313 |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (d) | 1375000 | 1394743 |
| Builders FirstSource Inc 4.25% 2/1/2032 (d) | 2210000 | 2050078 |
| Builders FirstSource Inc 6.75% 5/15/2035 (d) | 2700000 | 2726673 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (d) | 4500000 | 2868666 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (d) | 3300000 | 3378471 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (d)(n) | 1060000 | 977919 |
|  |  | 14978863 |
| Commercial Services & Supplies - 2.5% |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (d) | 1225000 | 1260343 |
| Allied Universal Holdco LLC 7.875% 2/15/2031 (d) | 755000 | 791898 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (d) | 2190000 | 2157253 |
| Artera Services LLC 8.5% 2/15/2031 (d) | 9245000 | 7961884 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (d) | 3230000 | 2973570 |
| Clean Harbors Inc 5.75% 10/15/2033 (d) | 745000 | 751917 |
| Clean Harbors Inc 6.375% 2/1/2031 (d) | 1635000 | 1664002 |
| CoreCivic Inc 4.75% 10/15/2027  | 3661000 | 3634409 |
| CoreCivic Inc 8.25% 4/15/2029  | 1365000 | 1421985 |
| GEO Group Inc/The 10.25% 4/15/2031  | 2950000 | 3166098 |
| GEO Group Inc/The 8.625% 4/15/2029  | 1375000 | 1430580 |
| GFL Environmental Holdings US Inc 5.5% 2/1/2034 (d) | 930000 | 914821 |
| GFL Environmental Inc 6.75% 1/15/2031 (d) | 930000 | 964209 |
| Madison IAQ LLC 4.125% 6/30/2028 (d) | 865000 | 852947 |
| Madison IAQ LLC 5.875% 6/30/2029 (d) | 2465000 | 2458329 |
| Neptune Bidco US Inc 10.375% 5/15/2031 (d) | 780000 | 804937 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (d)(n) | 3855000 | 3898753 |
| Neptune Bidco US Inc 9.5% 2/15/2033 (d) | 1830000 | 1831452 |
| Waste Pro USA Inc 7% 2/1/2033 (d) | 740000 | 753842 |
| Williams Scotsman Inc 6.625% 4/15/2030 (d)(n) | 985000 | 1014472 |
|  |  | 40707701 |
| Construction & Engineering - 0.3% |  |  |
| AECOM 6% 8/1/2033 (d) | 2885000 | 2908551 |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (d) | 2325000 | 2330017 |
|  |  | 5238568 |
| Electrical Equipment - 0.2% |  |  |
| Sensata Technologies BV 4% 4/15/2029 (d) | 643000 | 624445 |
| WESCO Distribution Inc 5.25% 4/15/2031 (d) | 1820000 | 1818867 |
| WESCO Distribution Inc 5.5% 4/15/2034 (d) | 1575000 | 1570949 |
|  |  | 4014261 |
| Ground Transportation - 0.3% |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.25% 1/15/2030 (d)(n) | 275000 | 282359 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (d) | 2040000 | 2087926 |
| XPO Inc 6.25% 6/1/2028 (d) | 335000 | 339224 |
| XPO Inc 7.125% 2/1/2032 (d)(n) | 1650000 | 1720656 |
| XPO Inc 7.125% 6/1/2031 (d)(n) | 550000 | 569324 |
|  |  | 4999489 |
| Machinery - 0.5% |  |  |
| Allison Transmission Inc 5.875% 12/1/2033 (d) | 1490000 | 1504238 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (d)(g) | 1760261 | 1936303 |
| Enpro Inc 6.125% 6/1/2033 (d) | 2090000 | 2129949 |
| Mueller Water Products Inc 4% 6/15/2029 (d) | 1905000 | 1845174 |
|  |  | 7415664 |
| Passenger Airlines - 0.3% |  |  |
| American Airlines Inc 7.25% 2/15/2028 (d)(n) | 280000 | 283757 |
| JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (d) | 2265000 | 2109550 |
| United Airlines Holdings Inc 5.375% 3/1/2031  | 2335000 | 2301408 |
|  |  | 4694715 |
| Professional Services - 0.6% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (d)(n) | 3010000 | 3115680 |
| CACI International Inc 6.375% 6/15/2033 (d) | 2710000 | 2772474 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (d) | 620000 | 572601 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (d) | 170000 | 159004 |
| Science Applications International Corp 4.875% 4/1/2028 (d) | 1130000 | 1118770 |
| Science Applications International Corp 5.875% 11/1/2033 (d)(n) | 1565000 | 1543621 |
| TriNet Group Inc 7.125% 8/15/2031 (d)(n) | 1320000 | 1310258 |
|  |  | 10592408 |
| Trading Companies & Distributors - 1.0% |  |  |
| FTAI Aviation Investors LLC 5.875% 4/15/2033 (d) | 860000 | 855156 |
| FTAI Aviation Investors LLC 7% 6/15/2032 (d) | 680000 | 701921 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (d) | 1860000 | 1952955 |
| Herc Holdings Inc 5.75% 3/15/2031 (d)(n) | 1025000 | 1027461 |
| Herc Holdings Inc 6% 3/15/2034 (d)(n) | 940000 | 932024 |
| Herc Holdings Inc 7% 6/15/2030 (d)(n) | 2045000 | 2127564 |
| Herc Holdings Inc 7.25% 6/15/2033 (d)(n) | 1975000 | 2068277 |
| QXO Building Products Inc 6.75% 4/30/2032 (d) | 1425000 | 1453558 |
| United Rentals North America Inc 5.375% 11/15/2033 (d) | 915000 | 904736 |
| United Rentals North America Inc 6% 12/15/2029 (d) | 545000 | 554198 |
| United Rentals North America Inc 6.125% 3/15/2034 (d) | 3415000 | 3509158 |
|  |  | 16087008 |
| Transportation Infrastructure - 0.0% |  |  |
| GB AIT Buyer Inc 8.75% 4/30/2034 (d) | 580000 | 583431 |
| TOTAL INDUSTRIALS |  | 143412775 |
| Information Technology - 4.9% |  |  |
| Communications Equipment - 0.0% |  |  |
| Viasat Inc 6.5% 7/15/2028 (d) | 1390000 | 1384539 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Coherent Corp 5% 12/15/2029 (d) | 2885000 | 2853802 |
| Sensata Technologies Inc 3.75% 2/15/2031 (d) | 545000 | 506241 |
| Sensata Technologies Inc 6.625% 7/15/2032 (d)(n) | 685000 | 706770 |
| TTM Technologies Inc 4% 3/1/2029 (d) | 2950000 | 2853832 |
|  |  | 6920645 |
| IT Services - 1.5% |  |  |
| Ahead DB Holdings LLC 6.625% 5/1/2028 (d) | 3705000 | 3667212 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d) | 3980000 | 3955674 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d)(n) | 1535000 | 1527275 |
| CoreWeave Inc 9% 2/1/2031 (d) | 4080000 | 4054131 |
| CoreWeave Inc 9.25% 6/1/2030 (d) | 4615000 | 4673188 |
| CoreWeave Inc 9.75% 10/1/2031 (d) | 3575000 | 3595701 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (d) | 2070000 | 1934410 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (d) | 625000 | 623728 |
|  |  | 24031319 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Entegris Inc 3.625% 5/1/2029 (d)(n) | 2690000 | 2565662 |
| Entegris Inc 5.95% 6/15/2030 (d)(n) | 3270000 | 3310221 |
| ON Semiconductor Corp 3.875% 9/1/2028 (d) | 1480000 | 1442828 |
| Wolfspeed Inc 7% 6/15/2031 pay-in-kind (g) | 347977 | 283602 |
|  |  | 7602313 |
| Software - 2.2% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (d) | 3645000 | 3548976 |
| Cloud Software Group Inc 9% 9/30/2029 (d) | 7335000 | 7202128 |
| Elastic NV 4.125% 7/15/2029 (d) | 2200000 | 2088201 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (d)(n) | 3260000 | 3206447 |
| Fair Isaac Corp 6% 5/15/2033 (d)(n) | 3050000 | 3007984 |
| Gen Digital Inc 6.25% 4/1/2033 (d)(n) | 1090000 | 1062199 |
| Oracle Corp 3.6% 4/1/2040  | 2975000 | 2145245 |
| Oracle Corp 3.8% 11/15/2037  | 2120000 | 1676354 |
| Oracle Corp 5.35% 5/4/2033  | 1870000 | 1818332 |
| Rackspace Finance LLC 3.5% 5/15/2028 (d) | 2262850 | 1114453 |
| SS&C Technologies Inc 5.5% 9/30/2027 (d) | 440000 | 439614 |
| SS&C Technologies Inc 6.5% 6/1/2032 (d) | 2710000 | 2742067 |
| UKG Inc 6.875% 2/1/2031 (d) | 5635000 | 5484621 |
|  |  | 35536621 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (d) | 1210000 | 1230804 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (d) | 1810000 | 1849290 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (d) | 555000 | 580021 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (d) | 670000 | 701810 |
|  |  | 4361925 |
| TOTAL INFORMATION TECHNOLOGY |  | 79837362 |
| Materials - 5.1% |  |  |
| Chemicals - 2.8% |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (d)(g) | 4692157 | 3765456 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (d) | 2445000 | 2538861 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (n) | 1135000 | 1161019 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (n) | 1018000 | 1048523 |
| Celanese US Holdings LLC 7% 2/15/2031 (n) | 1850000 | 1924921 |
| Celanese US Holdings LLC 7.375% 2/15/2034 (n) | 1540000 | 1612355 |
| Chemours Co/The 4.625% 11/15/2029 (d)(n) | 3310000 | 3174911 |
| Chemours Co/The 5.75% 11/15/2028 (d) | 2863000 | 2856646 |
| Chemours Co/The 7.875% 3/15/2034 (d) | 1580000 | 1615738 |
| CVR Partners LP / CVR Nitrogen Finance Corp 6.125% 6/15/2028 (d) | 1807000 | 1805781 |
| LSB Industries Inc 6.25% 10/15/2028 (d) | 985000 | 985385 |
| Mativ Holdings Inc 8% 10/1/2029 (d) | 970000 | 938807 |
| Methanex US Operations Inc 6.25% 3/15/2032 (d)(n) | 1175000 | 1209129 |
| Olin Corp 6.625% 4/1/2033 (d)(n) | 1095000 | 1084759 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (d) | 590000 | 573855 |
| Olympus Water US Holding Corp 6.25% 10/1/2029 (d) | 320000 | 312779 |
| Olympus Water US Holding Corp 6.75% 8/1/2032 (d)(n) | 2315000 | 2243874 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (d)(n) | 2985000 | 2917667 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (d)(n) | 760000 | 764506 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (d)(n) | 2720000 | 2693359 |
| Scih Salt Hldgs Inc 6.625% 5/1/2029 (d) | 2410000 | 2392190 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (d) | 4580000 | 4369771 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (d) | 1455000 | 1444197 |
| WR Grace Holdings LLC 7% 8/1/2033 (d) | 1045000 | 1038040 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (d) | 440000 | 444576 |
|  |  | 44917105 |
| Construction Materials - 0.4% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (d) | 2740000 | 2783232 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d) | 2100000 | 2198830 |
| VM Consolidated Inc 5.5% 4/15/2029 (d) | 1120000 | 1097948 |
|  |  | 6080010 |
| Containers & Packaging - 1.3% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (d) | 4725000 | 4422195 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (d) | 1125000 | 1132656 |
| Ball Corp 2.875% 8/15/2030  | 545000 | 495744 |
| Ball Corp 3.125% 9/15/2031  | 1095000 | 992851 |
| Ball Corp 5.5% 9/15/2033 (n) | 2180000 | 2185797 |
| Ball Corp 6% 6/15/2029 (n) | 710000 | 722314 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (d)(n) | 2350000 | 2313039 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (d) | 1585000 | 1491195 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)(n) | 3045000 | 2762808 |
| Crown Americas LLC 5.875% 6/1/2033  | 2785000 | 2805253 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (d)(n) | 610000 | 569742 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (d)(n) | 1880000 | 1876310 |
|  |  | 21769904 |
| Metals & Mining - 0.6% |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (d) | 530000 | 545410 |
| Alumina Pty Ltd 6.375% 9/15/2032 (d) | 4205000 | 4323417 |
| Cleveland-Cliffs Inc 6.875% 11/1/2029 (d)(n) | 730000 | 743895 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (d) | 320000 | 319801 |
| Cleveland-Cliffs Inc 7.375% 5/1/2033 (d)(n) | 730000 | 737759 |
| Cleveland-Cliffs Inc 7.625% 1/15/2034 (d)(n) | 740000 | 747499 |
| Commercial Metals Co 3.875% 2/15/2031  | 655000 | 608780 |
| Commercial Metals Co 4.125% 1/15/2030  | 1140000 | 1094602 |
| Commercial Metals Co 5.75% 11/15/2033 (d) | 745000 | 746246 |
| Kaiser Aluminum Corp 5.875% 3/1/2034 (d)(n) | 745000 | 746165 |
|  |  | 10613574 |
| TOTAL MATERIALS |  | 83380593 |
| Real Estate - 1.9% |  |  |
| Diversified REITs - 0.6% |  |  |
| GLP Capital LP / GLP Financing II Inc 5.625% 3/1/2036  | 3150000 | 3095721 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (d) | 655000 | 632894 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (d) | 4091000 | 4019473 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (d) | 1250000 | 1308256 |
| Vornado Realty LP 3.4% 6/1/2031 (n) | 1595000 | 1449624 |
|  |  | 10505968 |
| Health Care REITs - 0.3% |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (d) | 2070000 | 2016702 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 3265000 | 3183362 |
|  |  | 5200064 |
| Hotel & Resort REITs - 0.3% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (d) | 1470000 | 1429931 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (d)(n) | 540000 | 551303 |
| RHP Hotel Properties LP / RHP Finance Corp 5.75% 3/15/2034 (d) | 1390000 | 1381671 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (d)(n) | 1510000 | 1555320 |
|  |  | 4918225 |
| Real Estate Management & Development - 0.4% |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (d) | 730000 | 779547 |
| Howard Hughes Corp/The 4.125% 2/1/2029 (d) | 945000 | 909895 |
| Howard Hughes Corp/The 4.375% 2/1/2031 (d) | 925000 | 866120 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  | 1595000 | 1568970 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (d)(n) | 1010000 | 1005915 |
| Taylor Morrison Communities Inc 5.75% 11/15/2032 (d)(n) | 780000 | 788331 |
|  |  | 5918778 |
| Specialized REITs - 0.3% |  |  |
| Iron Mountain Inc 4.5% 2/15/2031 (d) | 545000 | 523732 |
| Iron Mountain Inc 6.25% 1/15/2033 (d)(n) | 600000 | 609292 |
| Millrose Properties Inc 6.375% 8/1/2030 (d) | 1740000 | 1762209 |
| SBA Communications Corp 3.125% 2/1/2029  | 2250000 | 2165967 |
|  |  | 5061200 |
| TOTAL REAL ESTATE |  | 31604235 |
| Utilities - 4.3% |  |  |
| Electric Utilities - 3.6% |  |  |
| American Electric Power Co Inc 5.8% 3/15/2056 (g) | 1515000 | 1506498 |
| American Electric Power Co Inc 6.05% 3/15/2056 (g) | 1515000 | 1510180 |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (d) | 280000 | 258159 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (d) | 2580000 | 2414300 |
| Clearway Energy Operating LLC 5.75% 1/15/2034 (d) | 1555000 | 1555392 |
| Edison International 7.875% 6/15/2054 (g) | 1415000 | 1459629 |
| Edison International 8.125% 6/15/2053 (g) | 415000 | 425762 |
| Eversource Energy 6.1% 8/15/2056 (g) | 1265000 | 1259872 |
| Eversource Energy 6.35% 8/15/2056 (g) | 1105000 | 1104505 |
| Hawaiian Electric Co Inc 6% 10/1/2033 (d)(n) | 1080000 | 1083604 |
| NRG Energy Inc 3.375% 2/15/2029 (d) | 2360000 | 2254666 |
| NRG Energy Inc 3.625% 2/15/2031 (d) | 790000 | 733860 |
| NRG Energy Inc 5.25% 6/15/2029 (d) | 2565000 | 2555479 |
| NRG Energy Inc 5.75% 1/15/2034 (d) | 2240000 | 2223452 |
| NRG Energy Inc 5.75% 7/15/2029 (d) | 1390000 | 1389366 |
| NRG Energy Inc 5.875% 5/15/2034 (d) | 865000 | 861888 |
| NRG Energy Inc 6% 1/15/2036 (d) | 3730000 | 3704475 |
| NRG Energy Inc 6.125% 5/15/2036 (d) | 925000 | 921505 |
| NRG Energy Inc 6.25% 11/1/2034 (d) | 1660000 | 1679306 |
| PG&E Corp 6.85% 9/15/2056 (g)(n) | 2452000 | 2451509 |
| PG&E Corp 7.375% 3/15/2055 (g) | 5636000 | 5796947 |
| Sierra Pacific Power Co 6.2% 12/15/2055 (g)(n) | 2960000 | 2911010 |
| Sierra Pacific Power Co 6.375% 9/15/2056 (g) | 2695000 | 2683986 |
| Vistra Operations Co LLC 5% 4/30/2031 (d) | 558000 | 556413 |
| Vistra Operations Co LLC 5% 7/31/2027 (d) | 2849000 | 2848491 |
| Vistra Operations Co LLC 5.25% 4/30/2033 (d) | 592000 | 589899 |
| Vistra Operations Co LLC 6.875% 4/15/2032 (d)(n) | 2660000 | 2776968 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (d) | 2445000 | 2564145 |
| Xcel Energy Inc 5.75% 12/3/2056 (g)(n) | 3155000 | 3120343 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(n) | 965000 | 1003535 |
| XPLR Infrastructure Operating Partners LP 7.75% 4/15/2034 (d) | 1730000 | 1813302 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(n) | 815000 | 870881 |
|  |  | 58889327 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (d) | 2240000 | 2224689 |
| Alpha Generation LLC 6.75% 10/15/2032 (d) | 3000000 | 3072618 |
| Sunnova Energy Corp 5.875% (c)(d)(j) | 3885000 | 9713 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (d) | 2240000 | 2223282 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (d) | 1750000 | 1756627 |
|  |  | 9286929 |
| Multi-Utilities - 0.1% |  |  |
| Sempra 6.375% 4/1/2056 (g) | 2920000 | 2953323 |
| TOTAL UTILITIES |  | 71129579 |
| TOTAL UNITED STATES |  | 1088752827 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd 6.375% 2/15/2036 (d) | 1505000 | 1477760 |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (d) | 810000 | 835061 |
| First Quantum Minerals Ltd 8% 3/1/2033 (d) | 1260000 | 1321299 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (d) | 1180000 | 1228699 |
| TOTAL ZAMBIA |  | 4862819 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,232,434,842) |  | <br> **1237538382** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Compass Diversified Holdings Series C, 7.875%  | 1778 | 38440 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Strategy Inc 11.5% (k) | 16034 | 1599392 |
| Strategy Inc Series A, 10%  | 19614 | 1980033 |
| TOTAL INFORMATION TECHNOLOGY |  | 3579425 |
| TOTAL UNITED STATES |  | 3617865 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $3,368,287) |  | <br> **3617865** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 4.6%** | &nbsp;&nbsp;**Preferred Securities - 4.6%** | &nbsp;&nbsp;**Preferred Securities - 4.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| BNP Paribas SA 6.875% (d)(g)(m) | 1850000 | 1885335 |
| BNP Paribas SA 7.2% (d)(g)(m) | 2065000 | 2082980 |
| BNP Paribas SA 7.45% (d)(g)(m) | 2000000 | 2123018 |
| TOTAL FRANCE |  | 6091333 |
| UNITED KINGDOM - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Barclays PLC 7.625% (g)(m) | 2135000 | 2269480 |
| HSBC Holdings PLC 6.75% (g)(m) | 1575000 | 1606226 |
| HSBC Holdings PLC 7% (g)(m) | 1260000 | 1294805 |
| HSBC Holdings PLC 7.05% (g)(m) | 2780000 | 2934149 |
| TOTAL UNITED KINGDOM |  | 8104660 |
| UNITED STATES - 3.7%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Energy Transfer LP Series G, 7.125% (g)(m) | 3520000 | 3729471 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.0241% (g)(h)(m) | 4010000 | 4075200 |
| Sunoco LP 7.875% (d)(g)(m) | 4720000 | 4932267 |
| TOTAL ENERGY |  | 12736938 |
| Financials - 2.8% |  |  |
| Banks - 1.9% |  |  |
| Bank of America Corp 5.875% (g)(m)(n) | 2195000 | 2218508 |
| Bank of America Corp 6.25% (g)(m) | 3760000 | 3803351 |
| Citigroup Inc 6.5% (g)(m) | 3140000 | 3202205 |
| Citigroup Inc 6.625% (g)(m) | 3540000 | 3675303 |
| Citigroup Inc 6.75% (g)(m) | 1135000 | 1158007 |
| Citigroup Inc 6.875% (g)(m) | 4325000 | 4453824 |
| Citigroup Inc 6.95% (g)(m) | 700000 | 722638 |
| Citigroup Inc 7.125% (g)(m) | 1705000 | 1755551 |
| JPMorgan Chase & Co 6.1% (g)(m) | 3970000 | 3970000 |
| JPMorgan Chase & Co 6.5% (g)(m) | 2785000 | 2873875 |
| Wells Fargo & Co 6.125% (g)(m) | 2670000 | 2698793 |
| Wells Fargo & Co 7.625% (g)(m)(n) | 615000 | 651751 |
|  |  | 31183806 |
| Capital Markets - 0.3% |  |  |
| Bank of New York Mellon Corp/The 5.625% (g)(m)(n) | 1900000 | 1895172 |
| Charles Schwab Corp/The 4% (g)(m)(n) | 1405000 | 1318679 |
| Goldman Sachs Group Inc/The 6.125% (g)(m)(n) | 720000 | 746331 |
| Goldman Sachs Group Inc/The 6.85% (g)(m) | 2520000 | 2634305 |
|  |  | 6594487 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc 4.7% (g)(m)(n) | 5230000 | 5266928 |
| Ally Financial Inc 4.7% (g)(m)(n) | 1785000 | 1734532 |
| Ally Financial Inc 5 year U.S. Treasury Index + 0%, 7.1% (g)(h)(m) | 2125000 | 2123327 |
|  |  | 9124787 |
| TOTAL FINANCIALS |  | 46903080 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Aircastle Ltd 5.25% (d)(g)(m) | 225000 | 226083 |
| Sumisho Air Lease Corp 4.125% (g)(m) | 1070000 | 1061348 |
| TOTAL INDUSTRIALS |  | 1287431 |
| TOTAL UNITED STATES |  | 60927449 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $71,508,945) |  | <br> **75123442** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** |
|  | Yield (%) (r) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Notes 4% 2/15/2034 <br>(Cost $4,680,180)<br>| 4.00 | 4680000 | **4597003** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.9%** | &nbsp;&nbsp;**Money Market Funds - 11.9%** | &nbsp;&nbsp;**Money Market Funds - 11.9%** | &nbsp;&nbsp;**Money Market Funds - 11.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (s) | 3.69 | 64903078 | 64916059 |
| Fidelity Securities Lending Cash Central Fund (s)(t) | 3.69 | 130235885 | 130248909 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $195,164,967) |  |  | **195164968** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.6%**<br> (Cost $1,721,186,145)<br>| <br>**1738029751** |
| **NET OTHER ASSETS (LIABILITIES) - (5.6)%**  | **(92230962)** |
| **NET ASSETS - 100.0%** | **1645798789** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 5Y US Treasury Notes Contracts (United States) | 83 | 6/2026 | 8950383 | (135158) |
| The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. | The notional amount of long futures as a percentage of Net Assets is 0.5%. |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,071,370,921 or 65.1% of net assets.

(e) 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 $634,132 or 0.0% of net assets.

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

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

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

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

(k) 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.

(l) Zero coupon bond which is issued at a discount.

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

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

(o) 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 $20,404,672 or 1.2% of net assets.

(p) Affiliated fund.

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

(r) 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.

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

(t) 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>|
| Fidelity Private Credit Company LLC | 4/15/2022 - 4/2/2026 | 21098428 |

---

**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 | 41151050 | 494577457 | 470813580 | 1742941 | 1131 | 1 | 64916059 | 64903078 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 116780015 | 550118730 | 536650990 | 273688 | 1154 | - | 130248909 | 130235885 | 0.4% |
| Total | 157931065 | 1044696187 | 1007464570 | 2016629 | 2285 | 1 | 195164968 |  |  |

---

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

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

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

**Affiliated Underlying Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 20655268 | 2817252 | 2595269 | 2394955 | (158604) | 108322 | 20404672 | 2178474 |
|  | 20655268 | 2817252 | 2595269 | 2394955 | (158604) | 108322 | 20404672 |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 20404672 | - | 20404672 | - |
|  **Asset-Backed Securities** | 3764175 | - | 3764175 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 18433606 | - | 18433606 | - |
| Consumer Discretionary | 31309027 | - | 31309027 | - |
| Consumer Staples | 2155990 | - | 2155990 | - |
| Energy | 11340913 | - | 10479145 | 861768 |
| Financials | 11941245 | - | 10926495 | 1014750 |
| Health Care | 11404183 | - | 10875488 | 528695 |
| Industrials | 9277242 | - | 9277242 | - |
| Information Technology | 12566069 | - | 12566069 | - |
| Materials | 34228853 | - | 34228853 | - |
| Utilities | 3364346 | - | 3364346 | - |
|  **Commercial Mortgage Securities** | 2551480 | - | 2551480 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2066932 | - | - | 2066932 |
| Consumer Staples | 10 | - | - | 10 |
| Energy | 5564123 | - | - | 5564123 |
| Health Care | 2352066 | 1318389 | - | 1033677 |
| Information Technology | 2403800 | 756075 | - | 1647725 |
| Materials | 4246 | 4246 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 3562390 | - | 3562390 | - |
| Financials | 4708944 | - | 4708944 | - |
| Industrials | 1431503 | - | 1431503 | - |
| Information Technology | 18123592 | - | 18123592 | - |
| Real Estate | 1611130 | - | 1611130 | - |
| Utilities | 1014254 | - | 1014254 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 1583301 | - | 1583301 | - |
| Financials | 4094031 | - | 1510801 | 2583230 |
| Information Technology | 725968 | - | 725968 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 166940772 | - | 166940772 | - |
| Consumer Discretionary | 168659714 | - | 168659714 | - |
| Consumer Staples | 41143917 | - | 41143917 | - |
| Energy | 168140525 | - | 168140525 | - |
| Financials | 127585508 | - | 127585508 | - |
| Health Care | 95987605 | - | 95987605 | - |
| Industrials | 161847719 | - | 161847719 | - |
| Information Technology | 82484875 | - | 82484875 | - |
| Materials | 111958666 | - | 111958666 | - |
| Real Estate | 31604235 | - | 31604235 | - |
| Utilities | 81184846 | - | 81175133 | 9713 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 38440 | 38440 | - | - |
| Information Technology | 3579425 | 3579425 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 12736938 | - | 12736938 | - |
| Financials | 61099073 | - | 61099073 | - |
| Industrials | 1287431 | - | 1287431 | - |
|  **U.S. Treasury Obligations** | 4597003 | - | 4597003 | - |
|  **Money Market Funds** | 195164968 | 195164968 | - | - |
| **Total Investments in Securities:** | 1738029751 | 200861543 | 1521857585 | 15310623 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (135158) | (135158) | - | - |
| Total Liabilities | (135158) | (135158) | - | - |
| **Total Derivative Instruments:** | (135158) | (135158) | - | - |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2026 ($)** |
| **Bank Loan Obligations** | 3308239 | 81235 | 2401526 | 2589964 | (6006327) | 30576 | - | - | 2405213 | (210713) |
| **Common Stocks** | 16099134 | 17803923 | (5462231) | 5079000 | (23207359) | - | - | - | 10312467 | (5455642) |
| **Convertible Preferred Stocks** | - | - | 455136 | 2128094 | - | - | - | - | 2583230 | 455136 |
| **Non-Convertible Corporate Bonds** | 2470950 | (604773) | (665440) | 9789 | (2606760) | (32553) | 1438500 | - | 9713 | (666395) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. 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 ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (135158) |
| **Total Interest Rate Risk**  | - | (135158) |
| **Total Value of Derivatives** | - | (135158) |

---

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $155,769,775) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,504,922,750) | $1522460111 |  |
| Fidelity Central Funds (cost $195,164,967) | 195164968 |  |
| Other affiliated issuers (cost $21,098,428) | 20404672 |  |
| Total Investment in Securities (cost $1,721,186,145) |  | $1738029751 |
| Segregated cash with brokers for derivative instruments |  | 126250 |
| Cash |  | 425295 |
| Receivable for investments sold |  | 4109146 |
| Receivable for fund shares sold |  | 48275989 |
| Interest receivable |  | 20641011 |
| Distributions receivable from Fidelity Central Funds |  | 216066 |
| Receivable for variation margin on futures contracts |  | 14266 |
| Receivable from investment adviser for expense reductions |  | 12523 |
| Other receivables |  | 21 |
| **Total assets** |  | 1811850318 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $30992242 |  |
| Delayed delivery | 4744150 |  |
| Payable for fund shares redeemed | 65443 |  |
| Other payables and accrued expenses | 1939 |  |
| Collateral on securities loaned | 130247755 |  |
| **Total liabilities** |  | 166051529 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $1645798789 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2017528399 |
| Total accumulated earnings (loss) |  | (371729610) |
| **Net Assets** |  | $1645798789 |
| **Net Asset Value**, offering price and redemption price per share ($1,645,798,789 ÷ 184,134,434 shares) |  | $8.94 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $2734703 |
| Affiliated issuers |  | 2299591 |
| Interest  |  | 99379773 |
| Income from Fidelity Central Funds (including $273,688 from security lending)  |  | 2016629 |
| Security lending |  | 450 |
| Payment from investment adviser |  | 155620 |
| **Total income** |  | 106586766 |
| **Expenses** |  |  |
| Custodian fees and expenses | $20711 |  |
| Independent trustees' fees and expenses | 4973 |  |
| Legal | 6446 |  |
| Total expenses before reductions | 32130 |  |
| Expense reductions | (20088) |  |
| Total expenses after reductions |  | 12042 |
| **Net Investment income (loss)** |  | 106574724 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19516508 |  |
| Fidelity Central Funds | 2285 |  |
| Other affiliated issuers | (158604) |  |
| Foreign currency transactions | (1391) |  |
| Futures contracts | 87139 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 95364 |  |
| Total net realized gain (loss) |  | 19541301 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 52520027 |  |
| Fidelity Central Funds  | 1 |  |
| Other affiliated issuers  | 108322 |  |
| Assets and liabilities in foreign currencies | (377) |  |
| Futures contracts | (135158) |  |
| Total change in net unrealized appreciation (depreciation) |  | 52492815 |
| **Net gain (loss)** |  | 72034116 |
| **Net increase (decrease) in net assets resulting from operations** |  | $178608840 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $106574724 | $101200882 |
| &nbsp;&nbsp;Net realized gain (loss) | 19541301<br>| (16023062)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 52492815 | 36111565<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 178608840<br>| 121289385<br>|
| Distributions to shareholders | (106220124)<br>| (94299693)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 228474099 | 248393417 |
| Reinvestment of distributions | 106216117<br>| 94284692<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (142058400) | (338088119) |
| **Net increase (decrease) in net assets resulting from share transactions** | 192631816<br>| 4589990<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 265020532<br>| 31579682<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1380778257 | 1349198575<br>|
| &nbsp;&nbsp;End of period | $1645798789 | $1380778257 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 25714957 | 28727843 |
| Issued in reinvestment of distributions | 11976254<br>| 10966489<br>|
| &nbsp;&nbsp;Redeemed | (16034609) | (39121863) |
| &nbsp;&nbsp;Net increase (decrease) | 21656602 | 572469 |

---

**Financial Highlights** 

**Fidelity® Series High Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.50 | $8.33 | $8.24 | $8.74 | $9.44 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .628  | .618  | .562  | .536  | .510  |
| Net realized and unrealized gain (loss)  | .438  | .127  | .060  | (.516)  | (.699)  |
| Total from investment operations  | 1.066  | .745  | .622  | .020  | (.189)  |
| Distributions from net investment income  | (.626)  | (.575)  | (.532)  | (.520)  | (.511)  |
| Total distributions  | (.626)  | (.575)  | (.532)  | (.520)  | (.511)  |
| Net asset value, end of period  | $8.94 | $8.50 | $8.33 | $8.24 | $8.74 |
| **Total Return** C | 12.85% <br>| 9.08%  | 7.82%  | .41%  | (2.24)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | -% F | -% F | -% F | .04%  | .02%  |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 7.10%  | 7.20%  | 6.83%  | 6.49%  | 5.42%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1645799 | $1380778 | $1349199 | $1200069 | $1474882 |
| Portfolio turnover rate G | 73% <br>| 43%  | 28%  | 34%  | 49%  |

---

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

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

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

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

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

F*Amount represents less than .005%.*

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Series High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. 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.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

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. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the three month period ended March 31, 2026 was 9.59%.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, 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 and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. 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.

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

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

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 April 30, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The investment adviser has contractually agreed to reimburse the Fund with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until August 31, 2027 as presented in the Statement of Operations in payment from investment adviser.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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 short-term gain distributions from the underlying funds, foreign currency transactions, futures transactions, defaulted bonds, passive foreign investment companies (PFIC), market discount, certain conversion ratio adjustments, partnerships, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $57672483 |
| **Gross unrealized depreciation**  | <u>(27056703)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$30615780</u> |
| **Tax Cost**  | <u>$1707413971</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1663888</u> |
| **Capital loss carryforward**  | <u>$(404009277)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$30615780</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(24127531) |
| Long-term | <u>(379881746)</u> |
| **Total capital loss carryforward** | <u>$(404009277)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $106220124 | $94299693 |

---

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Series High Income Fund** | Fidelity Private Credit Company LLC | 1700009 | - |

---

**5. Derivative Instruments.**

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

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

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

<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. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the 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. Subsequent payments from or to a fund are made or as needed depending on the 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 variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

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

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

**6. 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 Series High Income Fund** | 1199439609 | 1055949303 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**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 Series High Income Fund** | 293 |

---

**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 Series High Income Fund** | 498420 | 2481066 | 571759 |

---

**8. 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 borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (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 2027 unless extended or renewed.

**9. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 Series High Income Fund** | 27969 | - | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series High Income Fund** | 31112138 |

---

**10. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $20,088.

**11. Other.**

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

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

**12. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and the Shareholders of Fidelity Series High Income Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Series High Income Fund (the "Fund"), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 12, 2026

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

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

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

A total of 0.64% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $106,220,124 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130790_4.jpg)<br>

1.924270.115 FSH-ANN-0626

**Fidelity® High Income Fund**

**Annual Report**

**April 30, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img130799_1.jpg)

![](img130799_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SPH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® High Income Fund](#Sub_Sec_Fund_455_SPH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements455_SPH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SPH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SPH-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SPH-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SPH-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SPH-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SPH-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® High Income Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.0%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.0%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Hilton Grand Vacations Trust Series 2025-3EXT Class D, 7.38% 10/25/2044 (f)<br> (Cost $432,336) | 432454 | **433797** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 8.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| COLOMBIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Canacol Energy Ltd Tranche DIP 1LN, term loan CME Term SOFR 3 month Index + 9%, 15% 6/30/2026 (b)(h)(i)(j) | 2260563 | 2260563 |
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2112% 5/23/2030 (h)(i)(j) | 858929 | 846199 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Altice France SA Tranche B13 1LN, term loan CME Term SOFR 1 month Index + 5.375%, 9.0481% 5/14/2029 (h)(i)(j) | 415354 | 417430 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.5481% 5/31/2031 (h)(i)(j) | 3439967 | 3500820 |
| TOTAL FRANCE |  | 3918250 |
| LUXEMBOURG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.6731% 10/31/2027 (h)(i)(j) | 258000 | 195987 |
| NETHERLANDS - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9612% 8/30/2028 (h)(i)(j) | 5212591 | 2215351 |
| SWITZERLAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 11/15/2030 (h)(i)(j) | 1845000 | 1762750 |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1634% 11/15/2030 (h)(i)(j) | 3001752 | 2882163 |
| TOTAL SWITZERLAND |  | 4644913 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 2/10/2031 (h)(i)(j) | 2220000 | 2220000 |
| UNITED STATES - 7.8%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Connect Holding II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6523% 10/3/2031 (h)(i)(j) | 777601 | 648410 |
| Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9043% 4/3/2031 (h)(i)(j) | 6565000 | 6254410 |
|  |  | 6902820 |
| Entertainment - 0.1% |  |  |
| OAK-Eagle Acquireco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 3/24/2033 (h)(i)(j)(k) | 2685000 | 2685671 |
| Media - 0.1% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2996% 6/18/2029 (h)(i)(j) | 3288015 | 3084158 |
| TOTAL COMMUNICATION SERVICES |  | 12672649 |
| Consumer Discretionary - 2.1% |  |  |
| Distributors - 0.2% |  |  |
| BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 12/29/2032 (h)(i)(j) | 6070000 | 6056707 |
| Diversified Consumer Services - 0.1% |  |  |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.168% 8/19/2030 (h)(i)(j) | 3380000 | 3358874 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 10/31/2031 (h)(i)(j) | 5482774 | 5071566 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9612% 6/1/2028 (h)(i)(j) | 7017421 | 6678269 |
| Sizzling Platter LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6522% 7/2/2032 (h)(i)(j) | 4992162 | 4330701 |
| Sizzling Platter LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 5% 7/2/2032 (h)(i)(j)(m) | 212838 | 184637 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.925% 12/30/2026 (h)(i)(j) | 14256768 | 13650855 |
| United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.425% 12/30/2026 (h)(i)(j) | 1417593 | 1353801 |
|  |  | 31269829 |
| Household Durables - 0.4% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0022% 6/29/2028 (h)(i)(j) | 6888322 | 6212784 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4418% 10/1/2032 (h)(i)(j) | 6069000 | 5904955 |
|  |  | 12117739 |
| Specialty Retail - 0.3% |  |  |
| Champions Financing Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 0% 2/23/2029 (h)(i)(j)(k) | 3216000 | 3056808 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6523% 6/6/2031 (h)(i)(j) | 2495702 | 2212864 |
| Michaels Cos Inc/The 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.668% 2/22/2033 (h)(i)(j) | 1835000 | 1813971 |
| Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 9.4136% 9/4/2029 (h)(i)(j) | 915177 | 855123 |
| Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 4/18/2031 (h)(i)(j)(k) | 2150000 | 2131188 |
|  |  | 10069954 |
| TOTAL CONSUMER DISCRETIONARY |  | 62873103 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6996% 9/20/2030 (h)(i)(j) | 3004900 | 2919772 |
| Food Products - 0.0% |  |  |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (b)(h)(i)(j)(l) | 80433 | 0 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (b)(h)(i)(j)(l) | 23259 | 0 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 9.5%, 0% (b)(h)(i)(j)(l) | 173341 | 65649 |
|  |  | 65649 |
| TOTAL CONSUMER STAPLES |  | 2985421 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (h)(i)(j)(l) | 30192931 | 19433680 |
| Financials - 0.3% |  |  |
| Financial Services - 0.1% |  |  |
| Vci Asset Holdings 3 LLC Tranche TL, term loan 6.875% 4/15/2031 (b)(h) | 1925000 | 1905750 |
| Insurance - 0.2% |  |  |
| Asurion LLC Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4134% 2/23/2033 (h)(i)(j) | 7160000 | 7037707 |
| TOTAL FINANCIALS |  | 8943457 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.6996% 6/28/2029 (b)(h)(i)(j) | 1925369 | 1347758 |
| ModivCare Inc Tranche EXIT 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.7007% 12/29/2030 (h)(i)(j) | 851258 | 753363 |
| Team Public Choices LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9496% 3/31/2033 (h)(i)(j) | 1570000 | 1514391 |
|  |  | 3615512 |
| Pharmaceuticals - 0.6% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9022% 10/8/2030 (h)(i)(j) | 16695864 | 16232554 |
| TOTAL HEALTH CARE |  | 19848066 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| TransDigm Inc Tranche N 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 2/13/2033 (h)(i)(j) | 505000 | 505727 |
| Building Products - 0.2% |  |  |
| Cornerstone Building Brands Inc 1LN, term loan CME Term SOFR 1 month Index + 5.625%, 9.299% 8/1/2028 (h)(i)(j) | 674769 | 412453 |
| Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.024% 4/12/2028 (h)(i)(j) | 10806943 | 6624115 |
|  |  | 7036568 |
| Commercial Services & Supplies - 1.0% |  |  |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1522% 2/15/2031 (h)(i)(j) | 4360278 | 3721672 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1636% 8/1/2030 (h)(i)(j) | 4732450 | 4093096 |
| CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9277% 9/4/2030 (h)(i)(j) | 20718060 | 14336899 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.7687% 2/3/2033 (h)(i)(j) | 6205000 | 6070041 |
|  |  | 28221708 |
| Transportation Infrastructure - 0.0% |  |  |
| GB AIT Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 4/22/2033 (h)(i)(j)(k) | 1210000 | 1211004 |
| TOTAL INDUSTRIALS |  | 36975007 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Constant Contact Inc 2LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.4347% 2/12/2029 (h)(i)(j) | 379000 | 309158 |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9347% 2/10/2028 (h)(i)(j) | 5131877 | 4799229 |
| TOTAL INFORMATION TECHNOLOGY |  | 5108387 |
| Materials - 2.1% |  |  |
| Chemicals - 2.1% |  |  |
| Advancion Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 7.75%, 11.5227% 11/24/2028 (h)(i)(j) | 3965000 | 3092700 |
| Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7727% 11/24/2027 (h)(i)(j) | 11051423 | 10056795 |
| American Rock Salt Co LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.7667% 6/9/2028 (h)(i)(j) | 957385 | 857884 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4136% 10/4/2029 (h)(i)(j) | 9731575 | 9629393 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.7246% 7/3/2028 (h)(i)(j) | 10668993 | 9855482 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6523% 3/15/2029 (h)(i)(j) | 9307700 | 9009854 |
| Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.1897% 3/15/2030 (h)(i)(j) | 2556765 | 2349028 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 8/25/2031 (h)(i)(j) | 7596446 | 7491995 |
| Mativ Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1522% 4/4/2033 (h)(i)(j) | 4590000 | 4544100 |
| Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1788% 9/30/2031 (h)(i)(j) | 5889360 | 4987051 |
| TOTAL MATERIALS |  | 61874282 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Clean Energy Future-Trumbull LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 4/22/2033 (h)(i)(j)(k) | 200000 | 200250 |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1727% 3/29/2030 (h)(i)(j) | 4506694 | 4532968 |
| TOTAL UTILITIES |  | 4733218 |
| TOTAL UNITED STATES |  | 235447270 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $264,094,217) |  | <br> **251748533** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.8%** | &nbsp;&nbsp;**Common Stocks - 0.8%** | &nbsp;&nbsp;**Common Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Canacol Energy Ltd (b)(c) | 121200 | 136516 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (b) | 225800 | 3392131 |
| Altice France Holding SA rights (b)(c)(f)(g) | 6157 | 76597 |
| TOTAL FRANCE |  | 3468728 |
| LUXEMBOURG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| SES SA rights (b)(c) | 2308 | 9001 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Travelport Finance Luxembourg Sarl (b)(c) | 7 | 6197 |
| TOTAL LUXEMBOURG |  | 15198 |
| UNITED STATES - 0.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC / New Cotai Capital Corp (b)(c)(e) | 125816 | 10065 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Northeast Grocery Inc (b)(c)(e) | 12754 | 102925 |
| Southeastern Grocers LLC rights (b)(c) | 1243047 | 11 |
| TOTAL CONSUMER STAPLES |  | 102936 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Forbes Energy Services Ltd (b)(c) | 47062 | 0 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EP Energy Corp (b)(c) | 7975 | 13318 |
| Mesquite Energy Inc (b)(c) | 523302 | 8085021 |
|  |  | 8098339 |
| TOTAL ENERGY |  | 8098339 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Anteris Technologies Global Corp (c) | 217800 | 1339470 |
| Health Care Providers & Services - 0.3% |  |  |
| Cano Health LLC (b)(c) | 271705 | 2613802 |
| Cano Health LLC warrants 6/28/2029 (b)(c) | 14480 | 25485 |
| ModivCare Inc (b) | 109735 | 617259 |
| Surgery Partners Inc (c)(d) | 225900 | 3169377 |
|  |  | 6425923 |
| TOTAL HEALTH CARE |  | 7765393 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| GTT Communications Inc (b)(c) | 113281 | 4555029 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ON Semiconductor Corp (c) | 7600 | 766156 |
| TOTAL INFORMATION TECHNOLOGY |  | 5321185 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| PureWest Energy LLC (b)(c) | 105 | 24 |
| TOTAL UNITED STATES |  | 21297942 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $23,420,170) |  | <br> **24918384** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 2.7%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 2.7%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 2.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CAMEROON - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Golar LNG Ltd 2.75% 12/15/2030 (f) | 5125000 | 6183312 |
| GHANA - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Kosmos Energy Ltd 3.125% 3/15/2030  | 11080000 | 9281716 |
| UNITED STATES - 2.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (i) | 1840678 | 6905994 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC 5% 2/24/2027 (b) | 175193 | 142589 |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 13167000 | 12561318 |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Eos Energy Enterprises Inc 1.75% 12/1/2031 (f) | 7845000 | 5715083 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| MKS Inc 1.25% 6/1/2030  | 1557000 | 3062619 |
| ON Semiconductor Corp 0% 5/1/2027 (o) | 1191000 | 2292675 |
|  |  | 5355294 |
| Software - 0.9% |  |  |
| Riot Platforms Inc 0.75% 1/15/2030  | 7107000 | 10136714 |
| Strategy Inc 0% 12/1/2029 (o) | 8870000 | 7662793 |
| Terawulf Inc 0% 5/1/2032 (f)(o) | 5052000 | 6894970 |
|  |  | 24694477 |
| TOTAL INFORMATION TECHNOLOGY |  | 30049771 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| PG&E Corp 4.25% 12/1/2027  | 8814000 | 9029943 |
| TOTAL UNITED STATES |  | 64404698 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $65,197,136) |  | <br> **79869726** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| Whirlpool Corp Series A, 8.5%  | 88088 | 3724361 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Acrisure Holdings Inc Series A-2 (b)(c) | 194418 | 5682838 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Oracle Corp Series D 6.5%  | 68579 | 3352827 |
| TOTAL UNITED STATES |  | 12760026 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $12,389,918) |  | <br> **12760026** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.4%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.3%  |  |  |  |
| Materials - 0.3% |  |  |  |
| Metals & Mining - 0.3% |  |  |  |
| Mineral Resources Ltd 6% 5/1/2032 (f) |  | 1315000 | 1304512 |
| Mineral Resources Ltd 6.25% 5/1/2034 (f) |  | 1405000 | 1385148 |
| Mineral Resources Ltd 7% 4/1/2031 (f) |  | 1660000 | 1723027 |
| Mineral Resources Ltd 8.5% 5/1/2030 (f) |  | 3535000 | 3641220 |
| Mineral Resources Ltd 9.25% 10/1/2028 (f) |  | 1653000 | 1715633 |
| TOTAL AUSTRALIA |  |  | 9769540 |
| BAILIWICK OF JERSEY - 0.2%  |  |  |  |
| Consumer Discretionary - 0.2% |  |  |  |
| Automobiles - 0.1% |  |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (f) |  | 4852000 | 3895356 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |  |
| A&K Travel Group Holdings Ltd 7.5% 5/15/2033 (f) |  | 2840000 | 2853998 |
| TOTAL BAILIWICK OF JERSEY |  |  | 6749354 |
| BRAZIL - 0.5%  |  |  |  |
| Industrials - 0.1% |  |  |  |
| Commercial Services & Supplies - 0.0% |  |  |  |
| Ambipar Lux Sarl 9.875% (f)(l) |  | 13002000 | 2376895 |
| Passenger Airlines - 0.1% |  |  |  |
| Azul Secured Finance LLP 9.875% 2/15/2031 (f) |  | 3325000 | 2955094 |
| TOTAL INDUSTRIALS |  |  | 5331989 |
| Materials - 0.4% |  |  |  |
| Metals & Mining - 0.4% |  |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (f) |  | 4528000 | 4518899 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (f)(i) |  | 6251275 | 6257526 |
| TOTAL MATERIALS |  |  | 10776425 |
| TOTAL BRAZIL |  |  | 16108414 |
| CAMEROON - 0.4%  |  |  |  |
| Energy - 0.4% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |  |
| Golar LNG Ltd 7.5% 10/2/2030 (f) |  | 5690000 | 5789575 |
| Golar LNG Ltd 7.75% 9/19/2029 (f)(g) |  | 5000000 | 5059300 |
| TOTAL CAMEROON |  |  | 10848875 |
| CANADA - 2.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| TELUS Corp 6.625% 10/15/2055 (i) |  | 2956000 | 2989021 |
| Consumer Discretionary - 0.4% |  |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (f) |  | 6263000 | 5958358 |
| 1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (f) |  | 3060000 | 3087457 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (f) |  | 2710000 | 2757802 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 11803617 |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (i) |  | 5362000 | 5668891 |
| South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (i) |  | 424000 | 442535 |
| TOTAL ENERGY |  |  | 6111426 |
| Health Care - 0.0% |  |  |  |
| Pharmaceuticals - 0.0% |  |  |  |
| Bausch Health Cos Inc 11% 9/30/2028 (f) |  | 587000 | 610480 |
| Industrials - 0.4% |  |  |  |
| Aerospace & Defense - 0.2% |  |  |  |
| Bombardier Inc 6.75% 6/15/2033 (f) |  | 2625000 | 2737095 |
| Bombardier Inc 7.25% 7/1/2031 (f) |  | 2795000 | 2940869 |
|  |  |  | 5677964 |
| Commercial Services & Supplies - 0.2% |  |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (f) |  | 5150000 | 5312832 |
| TOTAL INDUSTRIALS |  |  | 10990796 |
| Materials - 0.7% |  |  |  |
| Chemicals - 0.6% |  |  |  |
| Methanex Corp 5.125% 10/15/2027  |  | 11571000 | 11577512 |
| Methanex Corp 5.65% 12/1/2044  |  | 6771000 | 6156649 |
|  |  |  | 17734161 |
| Metals & Mining - 0.1% |  |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (f) |  | 2330000 | 2371197 |
| Champion Iron Canada Inc 7.875% 7/15/2032 (f) |  | 1190000 | 1247241 |
|  |  |  | 3618438 |
| TOTAL MATERIALS |  |  | 21352599 |
| Utilities - 0.3% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |  |
| TransAlta Corp 5.875% 2/1/2034  |  | 4665000 | 4653330 |
| TransAlta Corp 6.5% 3/15/2040  |  | 3110000 | 3113141 |
| TOTAL UTILITIES |  |  | 7766471 |
| TOTAL CANADA |  |  | 61624410 |
| COLOMBIA - 0.6%  |  |  |  |
| Energy - 0.4% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |  |
| Canacol Energy Ltd 5.75% (f)(l) |  | 19977000 | 7391490 |
| Gran Tierra Energy Inc 9.75% 4/15/2031 (d)(f) |  | 5393000 | 4907630 |
| TOTAL ENERGY |  |  | 12299120 |
| Utilities - 0.2% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (f) |  | 5433085 | 5035927 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (f) |  | 1065000 | 1100411 |
| TOTAL UTILITIES |  |  | 6136338 |
| TOTAL COLOMBIA |  |  | 18435458 |
| FINLAND - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Paper & Forest Products - 0.1% |  |  |  |
| Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (f) |  | 2735000 | 2678950 |
| FRANCE - 1.5%  |  |  |  |
| Communication Services - 0.9% |  |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |  |
| Altice France SA 6.5% 10/15/2031 (f) |  | 9499999 | 9320957 |
| Altice France SA 6.5% 4/15/2032 (f) |  | 8586127 | 8444767 |
| Altice France SA 6.875% 10/15/2030 (f) |  | 4070121 | 4001269 |
| Altice France SA 6.875% 7/15/2032 (f) |  | 1089939 | 1072129 |
| TOTAL COMMUNICATION SERVICES |  |  | 22839122 |
| Consumer Discretionary - 0.1% |  |  |  |
| Automobile Components - 0.1% |  |  |  |
| Forvia SE 6.75% 9/15/2033 (f) |  | 3014000 | 3022581 |
| Energy - 0.3% |  |  |  |
| Energy Equipment & Services - 0.3% |  |  |  |
| Vallourec SACA 7.5% 4/15/2032 (f) |  | 5140000 | 5419590 |
| Viridien 10% 10/15/2030 (f) |  | 2406000 | 2583789 |
| TOTAL ENERGY |  |  | 8003379 |
| Financials - 0.2% |  |  |  |
| Financial Services - 0.2% |  |  |  |
| Iliad Holding SAS 7% 4/15/2032 (f) |  | 3165000 | 3213279 |
| Iliad Holding SAS 8.5% 4/15/2031 (f) |  | 3653000 | 3875492 |
| TOTAL FINANCIALS |  |  | 7088771 |
| TOTAL FRANCE |  |  | 40953853 |
| GERMANY - 0.5%  |  |  |  |
| Consumer Discretionary - 0.2% |  |  |  |
| Automobile Components - 0.2% |  |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (d)(f) |  | 2275000 | 2259992 |
| ZF North America Capital Inc 6.875% 4/23/2032 (d)(f) |  | 2400000 | 2348553 |
| ZF North America Capital Inc 7.125% 4/14/2030 (f) |  | 1440000 | 1443832 |
| ZF North America Capital Inc 7.5% 3/24/2031 (d)(f) |  | 1500000 | 1501931 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 7554308 |
| Industrials - 0.3% |  |  |  |
| Machinery - 0.3% |  |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (d)(f) |  | 8306000 | 8308069 |
| TOTAL GERMANY |  |  | 15862377 |
| GHANA - 0.7%  |  |  |  |
| Energy - 0.7% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |  |
| Kosmos Energy Ltd 7.5% 3/1/2028 (f) |  | 3328000 | 3239076 |
| Kosmos Energy Ltd 7.75% 5/1/2027 (f) |  | 3065000 | 3050794 |
| Kosmos Energy Ltd 8.75% 10/1/2031 (f) |  | 3735000 | 3466080 |
| Tullow Holdco 2 Ltd 15% 11/15/2028 (f) |  | 10452145 | 10731739 |
| TOTAL GHANA |  |  | 20487689 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |  |
| Financials - 0.3% |  |  |  |
| Financial Services - 0.3% |  |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (f) |  | 10156000 | 10301343 |
| GREECE - 0.1%  |  |  |  |
| Industrials - 0.1% |  |  |  |
| Marine Transportation - 0.1% |  |  |  |
| Danaos Corp 6.875% 10/15/2032 (f) |  | 2925000 | 3004853 |
| GUATEMALA - 0.2%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (f) |  | 1349000 | 1260236 |
| Millicom International Cellular SA 5.125% 1/15/2028 (f) |  | 2930400 | 2908422 |
| Millicom International Cellular SA 7.375% 4/2/2032 (f) |  | 1720000 | 1777190 |
| TOTAL GUATEMALA |  |  | 5945848 |
| IRELAND - 0.7%  |  |  |  |
| Financials - 0.7% |  |  |  |
| Consumer Finance - 0.1% |  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (i) |  | 2952000 | 3005160 |
| Financial Services - 0.6% |  |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (f) |  | 4275000 | 4306507 |
| GGAM Finance Ltd 6.875% 4/15/2029 (f) |  | 3625000 | 3703409 |
| GGAM Finance Ltd 8% 6/15/2028 (f) |  | 7870000 | 8197321 |
|  |  |  | 16207237 |
| TOTAL FINANCIALS |  |  | 19212397 |
| Industrials - 0.0% |  |  |  |
| Transportation Infrastructure - 0.0% |  |  |  |
| Avolon Holdings Funding Ltd 4.85% 4/1/2033 (f) |  | 1527000 | 1472807 |
| TOTAL IRELAND |  |  | 20685204 |
| ISRAEL - 0.2%  |  |  |  |
| Health Care - 0.2% |  |  |  |
| Pharmaceuticals - 0.2% |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  |  | 2087000 | 2072022 |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  |  | 2895000 | 3014448 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  |  | 1475000 | 1513916 |
| TOTAL ISRAEL |  |  | 6600386 |
| LUXEMBOURG - 1.1%  |  |  |  |
| Communication Services - 0.6% |  |  |  |
| Media - 0.4% |  |  |  |
| Altice Financing SA 5.75% 8/15/2029 (f) |  | 12167000 | 8956217 |
| Altice Financing SA 9.625% 7/15/2027 (f) |  | 3868000 | 3002168 |
|  |  |  | 11958385 |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| Altice France Lux 3 / Altice Holdings 1 10% 1/15/2033 (f) |  | 6097600 | 6031305 |
| TOTAL COMMUNICATION SERVICES |  |  | 17989690 |
| Energy - 0.1% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| Breakwater Energy Holdings Sarl 9.25% 11/15/2030 (f) |  | 2856000 | 3041597 |
| Materials - 0.4% |  |  |  |
| Chemicals - 0.4% |  |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (f) |  | 13835000 | 12243975 |
| TOTAL LUXEMBOURG |  |  | 33275262 |
| MAURITIUS - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (f) |  | 3000000 | 3019350 |
| NIGERIA - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| IHS Holding Ltd 5.625% 11/29/2026 (f) |  | 4091000 | 4069400 |
| NORWAY - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| TGS ASA 8.5% 1/15/2030 (f) |  | 1435000 | 1498560 |
| PANAMA - 0.4%  |  |  |  |
| Communication Services - 0.4% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (f) |  | 4632000 | 4647517 |
| Wireless Telecommunication Services - 0.3% |  |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (f) |  | 8130000 | 8310385 |
| TOTAL PANAMA |  |  | 12957902 |
| PERU - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Metals & Mining - 0.1% |  |  |  |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (f) |  | 2975000 | 3060502 |
| RUSSIA - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| TMK OAO Via TMK Capital SA loan participation 4.3% (b)(g)(l) |  | 200000 | 9999 |
| SOUTH AFRICA - 0.2%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |  |
| Liquid Telecommunications Financing Plc 10.75% 4/14/2031 (f) |  | 4922000 | 4992425 |
| SWITZERLAND - 0.8%  |  |  |  |
| Industrials - 0.5% |  |  |  |
| Aerospace & Defense - 0.5% |  |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (f) |  | 4766000 | 4463191 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (f) |  | 4795000 | 4795293 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 8.75% 1/15/2032 (f)(q) |  | 3010000 | 2919543 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (f) |  | 2263000 | 2287613 |
| TOTAL INDUSTRIALS |  |  | 14465640 |
| Materials - 0.3% |  |  |  |
| Chemicals - 0.3% |  |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (f) |  | 5231000 | 5361775 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 (f) |  | 3910000 | 3714500 |
| TOTAL MATERIALS |  |  | 9076275 |
| TOTAL SWITZERLAND |  |  | 23541915 |
| TANZANIA - 0.0%  |  |  |  |
| Information Technology - 0.0% |  |  |  |
| Communications Equipment - 0.0% |  |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (f) |  | 698000 | 718953 |
| UNITED KINGDOM - 1.0%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Virgin Media Finance PLC 5% 7/15/2030 (f) |  | 2510000 | 2115744 |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (f) |  | 1179000 | 1015023 |
| Vmed O2 UK Financing I PLC 6.75% 1/15/2033 (f) |  | 1535000 | 1403125 |
|  |  |  | 2418148 |
| TOTAL COMMUNICATION SERVICES |  |  | 4533892 |
| Consumer Discretionary - 0.1% |  |  |  |
| Automobile Components - 0.1% |  |  |  |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (f) |  | 3810000 | 3981778 |
| Energy - 0.3% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |  |
| EG Global Finance PLC 12% 11/30/2028 (f) |  | 9365000 | 9990011 |
| Utilities - 0.4% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (f) |  | 9206000 | 9150079 |
| ContourGlobal Power Holdings SA 6.75% 2/28/2030 (f) |  | 3220000 | 3268300 |
| TOTAL UTILITIES |  |  | 12418379 |
| TOTAL UNITED KINGDOM |  |  | 30924060 |
| UNITED STATES - 65.0%  |  |  |  |
| Communication Services - 6.9% |  |  |  |
| Diversified Telecommunication Services - 3.7% |  |  |  |
| APLD ComputeCo 2 LLC 6.75% 3/15/2031 (f) |  | 4419000 | 4375054 |
| APLD ComputeCo LLC 9.25% 12/15/2030 (f) |  | 13242000 | 14233625 |
| Black Pearl Compute LLC 6.125% 2/15/2031 (d)(f) |  | 2960000 | 3003180 |
| Cipher Compute LLC 7.125% 11/15/2030 (d)(f) |  | 2908000 | 3014169 |
| Connect Holding II LLC 10.5% 4/3/2031 (f) |  | 3085000 | 3143718 |
| Core Scientific Finance I LLC 7.75% 5/15/2031 (f)(q) |  | 10600000 | 10573545 |
| Edged Compute LLC 7.5% 4/30/2031 (d)(f) |  | 9075000 | 8898167 |
| Flash Compute LLC 7.25% 12/31/2030 (d)(f) |  | 5635000 | 5748095 |
| Level 3 Financing Inc 3.625% 1/15/2029 (d)(f) |  | 1905000 | 1809750 |
| Level 3 Financing Inc 4.25% 7/1/2028 (f) |  | 595000 | 578638 |
| Level 3 Financing Inc 6.875% 6/30/2033 (f) |  | 6600000 | 6811410 |
| Level 3 Financing Inc 7% 3/31/2034 (f) |  | 5335000 | 5533606 |
| Level 3 Financing Inc 8.5% 1/15/2036 (d)(f) |  | 8220000 | 8803711 |
| Lumen Technologies Inc 4.5% 1/15/2029 (f) |  | 630000 | 604800 |
| Meridian Arc Holdco LLC 6.25% 4/30/2031 (f) |  | 9350000 | 9347872 |
| PR RNO Property Owner 1 LLC 6.5% 5/1/2031 (f) |  | 14430000 | 14303216 |
| RD Michigan Property Owner I LLC 7.5% 3/30/2045 (f) |  | 4552000 | 4551085 |
| WULF Compute LLC 7.75% 10/15/2030 (d)(f) |  | 6548000 | 6881916 |
|  |  |  | 112215557 |
| Entertainment - 0.3% |  |  |  |
| OAK-Eagle Acquireco Inc 7.25% 7/1/2033 (f) |  | 4765000 | 4909932 |
| OAK-Eagle Acquireco Inc 8.75% 7/1/2034 (f) |  | 5190000 | 5400854 |
|  |  |  | 10310786 |
| Interactive Media & Services - 0.2% |  |  |  |
| Snap Inc 6.875% 3/1/2033 (f) |  | 3260000 | 3173732 |
| Snap Inc 6.875% 3/15/2034 (d)(f) |  | 1485000 | 1437290 |
|  |  |  | 4611022 |
| Media - 2.7% |  |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (d)(f) |  | 3985000 | 3342441 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (f) |  | 4914000 | 4463201 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032 (d) |  | 5806000 | 5098583 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 6/1/2033 (d)(f) |  | 3500000 | 3006870 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (d)(f) |  | 2330000 | 2086352 |
| CCO Holdings LLC / CCO Holdings Capital Corp 7% 2/1/2033 (d)(f) |  | 1530000 | 1508172 |
| CCO Holdings LLC / CCO Holdings Capital Corp 7.375% 2/1/2036 (d)(f) |  | 1225000 | 1200939 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (f) |  | 4505000 | 4683452 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (f) |  | 2505000 | 2631437 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (f) |  | 3679000 | 3685769 |
| Clear Channel Outdoor Holdings Inc 7.75% 4/15/2028 (f) |  | 35000 | 35251 |
| Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (f) |  | 5015000 | 5221358 |
| CMG Media Corp 8.875% 6/18/2029 (f) |  | 955000 | 851105 |
| CSC Holdings LLC 3.375% 2/15/2031 (f) |  | 11649000 | 6770945 |
| CSC Holdings LLC 4.125% 12/1/2030 (f) |  | 4374000 | 2604117 |
| CSC Holdings LLC 4.5% 11/15/2031 (f) |  | 8245000 | 4807231 |
| CSC Holdings LLC 4.625% 12/1/2030 (f) |  | 4520000 | 1578828 |
| EW Scripps Co/The 9.875% 8/15/2030 (f) |  | 3175000 | 3184409 |
| Lamar Media Corp 5.375% 11/1/2033 (d)(f) |  | 4595000 | 4546248 |
| Nexstar Media Inc 6.5% 9/15/2033 (f) |  | 2940000 | 2962626 |
| Outfront Media Capital LLC / Outfront Media Capital Corp 7.375% 2/15/2031 (f) |  | 1439000 | 1505021 |
| Univision Communications Inc 8.5% 7/31/2031 (d)(f) |  | 6850000 | 6952064 |
| Univision Communications Inc 8.875% 4/15/2033 (f) |  | 2795000 | 2810233 |
| Univision Communications Inc 9.375% 8/1/2032 (f) |  | 4950000 | 5122498 |
|  |  |  | 80659150 |
| TOTAL COMMUNICATION SERVICES |  |  | 207796515 |
| Consumer Discretionary - 8.4% |  |  |  |
| Automobile Components - 0.8% |  |  |  |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (f) |  | 2335000 | 2330827 |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (d)(f) |  | 4405000 | 4300724 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (f) |  | 4474000 | 4576634 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (f) |  | 1455000 | 1503291 |
| Cooper-Standard Automotive Inc 9.25% 3/1/2031 (f) |  | 3710000 | 3564902 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.125% 4/15/2031 (f) |  | 4620000 | 4651896 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.375% 4/15/2034 (f) |  | 4595000 | 4589167 |
| Hertz Corp/The 5.5% (b)(l)(p) |  | 65000 | 0 |
| Hertz Corp/The 6% (b)(l)(p) |  | 85000 | 0 |
| Hertz Corp/The 6.25% (b)(l)(p) |  | 60000 | 0 |
| Hertz Corp/The 7.125% (b)(l)(p) |  | 85000 | 0 |
|  |  |  | 25517441 |
| Automobiles - 0.2% |  |  |  |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (f) |  | 7600000 | 7564367 |
| Broadline Retail - 0.8% |  |  |  |
| GrubHub Holdings Inc 13% 7/31/2030 pay-in-kind (f) |  | 1996520 | 1635429 |
| Saks Global Enterprises LLC 11% (b)(f)(l) |  | 1603308 | 0 |
| Wayfair LLC 6.75% 11/15/2032 (f) |  | 3605000 | 3644680 |
| Wayfair LLC 7.25% 10/31/2029 (d)(f) |  | 8684000 | 8899129 |
| Wayfair LLC 7.75% 9/15/2030 (d)(f) |  | 9895000 | 10266895 |
|  |  |  | 24446133 |
| Diversified Consumer Services - 0.9% |  |  |  |
| Sotheby's 8.25% 4/15/2031 (f) |  | 7505000 | 7291034 |
| Sotheby's/Bidfair Holdings Inc 5.875% 6/1/2029 (d)(f) |  | 330000 | 313296 |
| StoneMor Inc 8.5% 5/15/2029 (f) |  | 9443000 | 9319400 |
| TKC Holdings Inc 12% 2/15/2031 (f) |  | 2900000 | 3021797 |
| TKC Holdings Inc 8.5% 8/15/2030 (f) |  | 5805000 | 5941957 |
|  |  |  | 25887484 |
| Hotels, Restaurants & Leisure - 2.5% |  |  |  |
| Acushnet Co 5.625% 12/1/2033 (d)(f) |  | 1501000 | 1507974 |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc 9.5% 7/1/2032 (d)(f) |  | 5020000 | 4378518 |
| Carnival Corp 5.75% 8/1/2032 (f) |  | 2995000 | 3010059 |
| Carnival Corp 5.875% 6/15/2031 (f) |  | 4890000 | 4959555 |
| Carnival Corp 6.125% 2/15/2033 (f) |  | 2701000 | 2740596 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (f) |  | 10601000 | 10271726 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (f) |  | 6102000 | 5586280 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (f) |  | 2500000 | 2481524 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (d)(f) |  | 2980000 | 3000011 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (f) |  | 1445000 | 1463174 |
| Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (d)(f) |  | 2325000 | 2368229 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (d)(f) |  | 3005000 | 3039882 |
| Life Time Inc 6% 11/15/2031 (f) |  | 1476000 | 1498322 |
| Light & Wonder International Inc 6.25% 10/1/2033 (d)(f) |  | 4542000 | 4504358 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (f) |  | 6555000 | 5481210 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 11.875% 4/15/2031 (d)(f) |  | 1341000 | 1439163 |
| NCL Corp Ltd 6.25% 9/15/2033 (f) |  | 3025000 | 2927689 |
| NCL Corp Ltd 6.75% 2/1/2032 (f) |  | 2740000 | 2726557 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (f) |  | 2541000 | 2579941 |
| Viking Cruises Ltd 5.875% 10/15/2033 (f) |  | 7370000 | 7388727 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (f) |  | 1605000 | 1603955 |
|  |  |  | 74957450 |
| Household Durables - 1.5% |  |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 8/1/2029 (f) |  | 2555000 | 2445563 |
| Ashton Woods USA LLC / Ashton Woods Finance Co 6.875% 8/1/2033 (f) |  | 1500000 | 1471774 |
| Beazer Homes USA Inc 7.5% 3/15/2031 (f) |  | 2160000 | 2151070 |
| Century Communities Inc 6.625% 9/15/2033 (d)(f) |  | 3005000 | 2989912 |
| Dream Finders Homes Inc 6.875% 9/15/2030 (d)(f) |  | 3386000 | 3320516 |
| LGI Homes Inc 4% 7/15/2029 (d)(f) |  | 895000 | 811856 |
| LGI Homes Inc 7% 11/15/2032 (d)(f) |  | 11012000 | 10553500 |
| Risewell Homes Inc 8.5% 11/1/2030 (d)(f) |  | 3005000 | 3070278 |
| Whirlpool Corp 5.75% 3/1/2034 (d) |  | 660000 | 595818 |
| Whirlpool Corp 6.125% 6/15/2030 (d) |  | 6060000 | 5942642 |
| Whirlpool Corp 6.5% 6/15/2033 (d) |  | 12419000 | 11894454 |
|  |  |  | 45247383 |
| Specialty Retail - 1.7% |  |  |  |
| Advance Auto Parts Inc 3.5% 3/15/2032 (d) |  | 1720000 | 1512181 |
| Advance Auto Parts Inc 3.9% 4/15/2030  |  | 530000 | 497134 |
| Advance Auto Parts Inc 7% 8/1/2030 (f) |  | 1330000 | 1371996 |
| Advance Auto Parts Inc 7.375% 8/1/2033 (d)(f) |  | 4370000 | 4509097 |
| Carvana Co 10.25% 5/1/2030 (f) |  | 357000 | 381989 |
| Carvana Co 4.875% 9/1/2029 (f) |  | 2253000 | 2072760 |
| Carvana Co 5.5% 4/15/2027 (f) |  | 2422000 | 2373560 |
| Carvana Co 5.875% 10/1/2028 (f) |  | 1267000 | 1238493 |
| Carvana Co 9% 6/1/2030 pay-in-kind (f)(i) |  | 2261502 | 2352536 |
| Carvana Co 9% 6/1/2031 pay-in-kind (f)(i) |  | 4096799 | 4532071 |
| Champions Financing Inc 8.75% 2/15/2029 (d)(f) |  | 6442000 | 6268808 |
| LBM Acquisition LLC 6.25% 1/15/2029 (f) |  | 4299000 | 2979211 |
| Michaels Cos Inc/The 11% 3/15/2034 (f) |  | 4945000 | 4771944 |
| Michaels Cos Inc/The 8.5% 3/15/2033 (f) |  | 4845000 | 4784679 |
| Staples Inc 10.75% 9/1/2029 (f) |  | 7229000 | 6909837 |
| Staples Inc 12.75% 1/15/2030 (f) |  | 4707209 | 3534463 |
|  |  |  | 50090759 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 253711017 |
| Consumer Staples - 1.9% |  |  |  |
| Consumer Staples Distribution & Retail - 1.1% |  |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.75% 3/31/2034 (f) |  | 3635000 | 3538736 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (d)(f) |  | 3080000 | 3107326 |
| Albertsons Cos Inc 5.625% 3/31/2032 (f) |  | 3095000 | 3053268 |
| C&S Group Enterprises LLC 5% 12/15/2028 (f) |  | 3237000 | 3019426 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 7.125% 4/30/2033 (f) |  | 1075000 | 1088327 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (f) |  | 5792000 | 6054459 |
| Performance Food Group Inc 5.625% 3/1/2034 (f) |  | 3515000 | 3441754 |
| Performance Food Group Inc 6.125% 9/15/2032 (d)(f) |  | 1505000 | 1525573 |
| US Foods Inc 4.75% 2/15/2029 (f) |  | 2800000 | 2769518 |
| US Foods Inc 5.75% 4/15/2033 (f) |  | 2585000 | 2594487 |
| US Foods Inc 6.875% 9/15/2028 (f) |  | 1455000 | 1485730 |
| US Foods Inc 7.25% 1/15/2032 (d)(f) |  | 50000 | 52007 |
|  |  |  | 31730611 |
| Food Products - 0.8% |  |  |  |
| Chobani LLC / Chobani Finance Corp Inc 6.375% 4/15/2034 (f) |  | 4475000 | 4565868 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (f) |  | 8425000 | 8071420 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (f) |  | 1370000 | 1290334 |
| Post Holdings Inc 6.25% 10/15/2034 (d)(f) |  | 2836000 | 2799591 |
| Post Holdings Inc 6.25% 2/15/2032 (f) |  | 3485000 | 3551553 |
| Post Holdings Inc 6.375% 3/1/2033 (d)(f) |  | 3800000 | 3798522 |
| Post Holdings Inc 6.5% 3/15/2036 (f) |  | 605000 | 601023 |
|  |  |  | 24678311 |
| Household Products - 0.0% |  |  |  |
| Resideo Funding Inc 6.5% 7/15/2032 (f) |  | 1492000 | 1505720 |
| TOTAL CONSUMER STAPLES |  |  | 57914642 |
| Energy - 8.5% |  |  |  |
| Energy Equipment & Services - 0.8% |  |  |  |
| Archrock Services LP / Archrock Partners Finance Corp 6% 2/1/2034 (d)(f) |  | 6130000 | 6169942 |
| Kodiak Gas Services LLC 6.5% 10/1/2033 (f) |  | 2091000 | 2138888 |
| Kodiak Gas Services LLC 6.75% 10/1/2035 (f) |  | 2400000 | 2492965 |
| Star Holding LLC 8.75% 8/1/2031 (f) |  | 1870000 | 1908023 |
| Transocean Aquila Ltd 8% 9/30/2028 (f) |  | 852308 | 874572 |
| Transocean International Ltd 7.875% 10/15/2032 (f) |  | 850000 | 910812 |
| Transocean International Ltd 8.25% 5/15/2029 (f) |  | 2465000 | 2559350 |
| Transocean International Ltd 8.5% 5/15/2031 (f) |  | 3160000 | 3341615 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (d)(f) |  | 3045000 | 3072743 |
| WBI Operating LLC 6.5% 10/15/2033 (f) |  | 1485000 | 1500979 |
|  |  |  | 24969889 |
| Oil, Gas & Consumable Fuels - 7.7% |  |  |  |
| Alpha Natural Resources Inc 9.75% (b)(l) |  | 210000 | 0 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 10/15/2033 (f) |  | 1515000 | 1512004 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 7/1/2034 (f) |  | 4570000 | 4558223 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.625% 7/15/2033 (f) |  | 1221000 | 1254452 |
| California Resources Corp 7% 1/15/2034 (f) |  | 3320000 | 3387831 |
| California Resources Corp 8.25% 6/15/2029 (f) |  | 5002000 | 5215786 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 2/15/2031 (f) |  | 2295000 | 2432016 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 7/15/2028 (f) |  | 7498000 | 7722940 |
| Cheniere Energy Inc 5.2% 7/30/2036 (d)(f) |  | 7665000 | 7577637 |
| Cheniere Energy Inc 6% 7/30/2056 (f) |  | 2143000 | 2114490 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (f) |  | 1405000 | 1445841 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (f) |  | 4019000 | 3889223 |
| CNX Resources Corp 5.875% 3/1/2034 (f) |  | 3250000 | 3223953 |
| CNX Resources Corp 7.25% 3/1/2032 (d)(f) |  | 4305000 | 4485111 |
| CNX Resources Corp 7.375% 1/15/2031 (f) |  | 1580000 | 1628585 |
| Comstock Resources Inc 5.875% 1/15/2030 (d)(f) |  | 4086000 | 3957875 |
| Comstock Resources Inc 6.75% 3/1/2029 (f) |  | 4870000 | 4868280 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (f) |  | 5263000 | 5595806 |
| CVR Energy Inc 7.5% 2/15/2031 (f) |  | 3100000 | 3139441 |
| CVR Energy Inc 7.875% 2/15/2034 (f) |  | 1550000 | 1554714 |
| DBR Land Holdings LLC 6.25% 12/1/2030 (d)(f) |  | 1460000 | 1494675 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (f) |  | 7191000 | 7190177 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (f) |  | 1480000 | 1527425 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (f) |  | 3560000 | 3714340 |
| Energy Transfer LP 6.5% 2/15/2056 (i) |  | 1552000 | 1556183 |
| Energy Transfer LP 6.75% 2/15/2056 (i) |  | 297000 | 299134 |
| Genesis Energy LP / Genesis Energy Finance Corp 6.75% 3/15/2034  |  | 1530000 | 1541045 |
| Genesis Energy LP / Genesis Energy Finance Corp 8% 5/15/2033 (d) |  | 4121000 | 4338346 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  |  | 2160000 | 2179835 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (f) |  | 1115000 | 1142696 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (d)(f) |  | 560000 | 587910 |
| Harvest Midstream I LP 7.5% 5/15/2032 (f) |  | 1565000 | 1629400 |
| Harvest Midstream I LP 7.5% 9/1/2028 (f) |  | 2905000 | 2924141 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (f) |  | 1270000 | 1231719 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (f) |  | 6630000 | 6599411 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (f) |  | 1400000 | 1400647 |
| Hess Midstream Operations LP 6.5% 6/1/2029 (f) |  | 265000 | 271512 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (f) |  | 1510000 | 1536114 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (f) |  | 1960000 | 2043806 |
| Kinetik Holdings LP 5.875% 6/15/2030 (f) |  | 3835000 | 3847974 |
| Kinetik Holdings LP 6.625% 12/15/2028 (f) |  | 4290000 | 4376199 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (f) |  | 4651000 | 4708472 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  |  | 2435000 | 2432885 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (f) |  | 7594000 | 7784663 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d)(f) |  | 3653000 | 3925200 |
| Prairie Acquiror LP 9% 8/1/2029 (f) |  | 840000 | 877188 |
| Rockies Express Pipeline LLC 4.8% 5/15/2030 (f) |  | 1900000 | 1851417 |
| Rockies Express Pipeline LLC 4.95% 7/15/2029 (f) |  | 2849000 | 2810016 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (d)(f) |  | 4020000 | 4191354 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (f) |  | 1598000 | 1613793 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  |  | 3519000 | 3455796 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028 (d) |  | 5610000 | 5616850 |
| Sunoco LP 4.5% 10/1/2029 (f) |  | 1673000 | 1639530 |
| Sunoco LP 4.625% 5/1/2030 (f) |  | 7875000 | 7658785 |
| Sunoco LP 5.375% 7/15/2031 (f) |  | 3065000 | 3050642 |
| Sunoco LP 5.625% 3/15/2031 (d)(f) |  | 1505000 | 1510585 |
| Sunoco LP 5.625% 7/15/2034 (d)(f) |  | 3065000 | 3023780 |
| Sunoco LP 6.25% 7/1/2033 (d)(f) |  | 3815000 | 3899018 |
| Sunoco LP 6.625% 8/15/2032 (f) |  | 810000 | 828150 |
| Sunoco LP 7% 5/1/2029 (f) |  | 1480000 | 1528325 |
| Sunoco LP 7.25% 5/1/2032 (d)(f) |  | 1775000 | 1859007 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (d)(f) |  | 7715000 | 7696422 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (f) |  | 2020000 | 2030714 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (d)(f) |  | 8510000 | 8556643 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6.75% 3/15/2034 (f) |  | 1505000 | 1537788 |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (f) |  | 3180000 | 3279464 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (f) |  | 5520000 | 5782206 |
| Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (f) |  | 1940000 | 2030080 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (f) |  | 5780000 | 6144371 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (f) |  | 2930000 | 3249262 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (d)(f) |  | 2995000 | 3368518 |
|  |  |  | 228937821 |
| TOTAL ENERGY |  |  | 253907710 |
| Financials - 6.1% |  |  |  |
| Banks - 0.2% |  |  |  |
| Western Alliance Bancorp 3% 6/15/2031 (d)(i) |  | 5683000 | 5469888 |
| Capital Markets - 0.8% |  |  |  |
| Hightower Holding LLC 6.75% 4/15/2029 (f) |  | 1437000 | 1427207 |
| Hightower Holding LLC 9.125% 1/31/2030 (f) |  | 3695000 | 3835606 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (f) |  | 3976000 | 3996903 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (f) |  | 8365000 | 8593457 |
| Jane Street Group / JSG Finance Inc 7.125% 4/30/2031 (f) |  | 285000 | 295480 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (f) |  | 5674000 | 5443291 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (d)(f) |  | 1980000 | 1931983 |
|  |  |  | 25523927 |
| Consumer Finance - 1.7% |  |  |  |
| Ally Financial Inc 6.646% 1/17/2040 (i) |  | 4724000 | 4651812 |
| Ally Financial Inc 6.7% 2/14/2033 (d) |  | 6655000 | 6870963 |
| Encore Capital Group Inc 8.5% 5/15/2030 (f) |  | 4279000 | 4569779 |
| LFS Topco LLC 8.75% 7/15/2030 (d)(f) |  | 4685000 | 4526989 |
| Navient Corp 4.875% 3/15/2028  |  | 1869000 | 1822176 |
| Navient Corp 5% 3/15/2027 (d) |  | 4269000 | 4241527 |
| Navient Corp 5.5% 3/15/2029 (d) |  | 1500000 | 1441689 |
| Navient Corp 5.625% 8/1/2033 (d) |  | 1259000 | 1071477 |
| Navient Corp 7.875% 6/15/2032 (d) |  | 3474000 | 3344016 |
| OneMain Finance Corp 6.125% 5/15/2030  |  | 1806000 | 1805372 |
| OneMain Finance Corp 6.5% 3/15/2033  |  | 1505000 | 1474037 |
| OneMain Finance Corp 6.75% 3/15/2032 (d) |  | 1185000 | 1184658 |
| OneMain Finance Corp 6.75% 9/15/2033 (d) |  | 1525000 | 1499987 |
| OneMain Finance Corp 7.125% 11/15/2031  |  | 1698000 | 1721855 |
| OneMain Finance Corp 7.125% 9/15/2032 (d) |  | 4335000 | 4395938 |
| OneMain Finance Corp 7.5% 5/15/2031  |  | 1320000 | 1353342 |
| PRA Group Inc 8.875% 1/31/2030 (d)(f) |  | 1461000 | 1511690 |
| SLM Corp 6.5% 1/31/2030  |  | 2800000 | 2826869 |
|  |  |  | 50314176 |
| Financial Services - 2.1% |  |  |  |
| Block Inc 3.5% 6/1/2031 (d) |  | 4153000 | 3771446 |
| Block Inc 5.625% 8/15/2030 (f) |  | 2785000 | 2787810 |
| Block Inc 6% 8/15/2033 (f) |  | 2205000 | 2200744 |
| Block Inc 6.5% 5/15/2032  |  | 8030000 | 8183001 |
| Burford Capital Global Finance LLC 7.5% 7/15/2033 (d)(f) |  | 3495000 | 2872383 |
| Clue Opco LLC 9.5% 10/15/2031 (d)(f) |  | 3035000 | 3101482 |
| HA Sustainable Infrastructure Capital Inc 6% 3/15/2036  |  | 4852000 | 4784366 |
| HA Sustainable Infrastructure Capital Inc 7.125% 11/15/2056 (i) |  | 2972000 | 3000174 |
| HA Sustainable Infrastructure Capital Inc 8% 6/1/2056 (d)(i) |  | 4548000 | 4827702 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (f) |  | 2125000 | 2143550 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  |  | 4835000 | 4238241 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  |  | 12363000 | 12244402 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030 (d) |  | 1020000 | 982343 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (d)(f) |  | 2050000 | 2038639 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (f) |  | 4325000 | 4574544 |
|  |  |  | 61750827 |
| Insurance - 0.7% |  |  |  |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (f) |  | 4845000 | 4690686 |
| Asurion LLC/ Asurion Co-Issuer Inc 8% 12/31/2032 (f) |  | 8930000 | 9328180 |
| Asurion LLC/ Asurion Co-Issuer Inc 8.375% 2/1/2034 (f) |  | 6815000 | 6723733 |
|  |  |  | 20742599 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |  |
| EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/TRS / EF Cayman Non-MTM 7.375% 9/30/2030 (f) |  | 3005000 | 2985742 |
| Rithm Capital Corp 8% 4/1/2029 (f) |  | 1605000 | 1612383 |
| Rithm Capital Corp 8% 7/15/2030 (f) |  | 2985000 | 2987170 |
| Starwood Property Trust Inc 3.625% 7/15/2026 (d)(f) |  | 645000 | 642228 |
| Starwood Property Trust Inc 5.75% 1/15/2031 (f) |  | 2445000 | 2442608 |
| Starwood Property Trust Inc 6% 4/15/2030 (f) |  | 2495000 | 2524159 |
| Starwood Property Trust Inc 6.5% 10/15/2030 (d)(f) |  | 540000 | 555393 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (f) |  | 3245000 | 3324652 |
| Starwood Property Trust Inc 7.25% 4/1/2029 (f) |  | 1625000 | 1683919 |
|  |  |  | 18758254 |
| TOTAL FINANCIALS |  |  | 182559671 |
| Health Care - 6.6% |  |  |  |
| Biotechnology - 0.3% |  |  |  |
| BioMarin Pharmaceutical Inc5.5% 2/15/2034 (d)(f) |  | 2280000 | 2263968 |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (f) |  | 8776000 | 7811075 |
|  |  |  | 10075043 |
| Health Care Equipment & Supplies - 0.4% |  |  |  |
| DENTSPLY SIRONA Inc 8.375% 9/12/2055 (d)(i) |  | 432000 | 434316 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (f) |  | 10355000 | 10589240 |
|  |  |  | 11023556 |
| Health Care Providers & Services - 5.0% |  |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (d)(f) |  | 4687000 | 4794295 |
| Accendra Health Inc 6.625% 4/1/2030 (d)(f) |  | 11583000 | 6224385 |
| Centene Corp 3.375% 2/15/2030 (d) |  | 3245000 | 3015378 |
| Centene Corp 4.625% 12/15/2029  |  | 6155000 | 6000499 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (f) |  | 9852000 | 9218372 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (f) |  | 11349000 | 10716134 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (f) |  | 6666000 | 5909774 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (d)(f) |  | 3010000 | 3104545 |
| CVS Health Corp 6.75% 12/10/2054 (i) |  | 5272000 | 5461929 |
| CVS Health Corp 7% 3/10/2055 (i) |  | 7155000 | 7423436 |
| DaVita Inc 4.625% 6/1/2030 (f) |  | 6760000 | 6544036 |
| DaVita Inc 6.75% 7/15/2033 (d)(f) |  | 4290000 | 4423290 |
| DaVita Inc 6.875% 9/1/2032 (d)(f) |  | 4620000 | 4768722 |
| Global Medical Response Inc 7.375% 10/1/2032 (d)(f) |  | 1455000 | 1516750 |
| Humana Inc 6.625% 9/15/2056 (i) |  | 10985000 | 10824101 |
| LifePoint Health Inc 10% 6/1/2032 (f) |  | 2871000 | 2938469 |
| Molina Healthcare Inc 6.25% 1/15/2033 (d)(f) |  | 9580000 | 9569923 |
| Molina Healthcare Inc 6.5% 2/15/2031 (f) |  | 4515000 | 4593786 |
| National Mentor Holdings Inc 10.5% 12/15/2030 (d)(f) |  | 4495000 | 4702419 |
| Pediatrix Medical Group Inc 5.375% 2/15/2030 (f) |  | 2937000 | 2920312 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (f) |  | 2840000 | 2832418 |
| TEAM Services Holding Inc 9% 2/15/2033 (d)(f) |  | 6180000 | 6182657 |
| Tenet Healthcare Corp 4.375% 1/15/2030  |  | 3225000 | 3124329 |
| Tenet Healthcare Corp 5.5% 11/15/2032 (f) |  | 3020000 | 3012297 |
| Tenet Healthcare Corp 6% 11/15/2033 (d)(f) |  | 2460000 | 2486418 |
| Tenet Healthcare Corp 6.125% 10/1/2028 (d) |  | 4983000 | 4995552 |
| Tenet Healthcare Corp 6.125% 6/15/2030  |  | 6275000 | 6310021 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (f) |  | 6733000 | 6362935 |
|  |  |  | 149977182 |
| Health Care Technology - 0.2% |  |  |  |
| IQVIA Inc 6.25% 6/1/2032 (d)(f) |  | 5950000 | 6059456 |
| IQVIA Inc 6.5% 5/15/2030 (f) |  | 2080000 | 2122838 |
|  |  |  | 8182294 |
| Pharmaceuticals - 0.7% |  |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (f) |  | 15490000 | 15997731 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 7.875% 5/15/2034 (d)(f) |  | 3993000 | 4277886 |
|  |  |  | 20275617 |
| TOTAL HEALTH CARE |  |  | 199533692 |
| Industrials - 8.8% |  |  |  |
| Aerospace & Defense - 1.3% |  |  |  |
| Axon Enterprise Inc 6.125% 3/15/2030 (f) |  | 2940000 | 3006197 |
| Axon Enterprise Inc 6.25% 3/15/2033 (d)(f) |  | 3760000 | 3858365 |
| BWX Technologies Inc 4.125% 6/30/2028 (f) |  | 6123000 | 6023886 |
| Carpenter Technology Corp 5.625% 3/1/2034 (f) |  | 4160000 | 4162504 |
| Signature Aviation US Holdings Inc 4% 3/1/2028 (f) |  | 150000 | 142125 |
| TransDigm Inc 6% 1/15/2033 (d)(f) |  | 1525000 | 1539578 |
| TransDigm Inc 6.125% 7/31/2034 (d)(f) |  | 4575000 | 4580032 |
| TransDigm Inc 6.25% 1/31/2034 (d)(f) |  | 990000 | 1012380 |
| TransDigm Inc 6.375% 5/31/2033 (f) |  | 8715000 | 8782011 |
| TransDigm Inc 6.75% 1/31/2034 (d)(f) |  | 5095000 | 5234073 |
| TransDigm Inc 7.125% 12/1/2031 (f) |  | 1560000 | 1616581 |
|  |  |  | 39957732 |
| Air Freight & Logistics - 0.3% |  |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (f) |  | 5380000 | 5588470 |
| Stonepeak Nile Parent LLC 7.25% 3/15/2032 (f) |  | 2160000 | 2260034 |
|  |  |  | 7848504 |
| Building Products - 1.2% |  |  |  |
| Ameritex Holdco Intermediate LLC 7.625% 8/15/2033 (f) |  | 2855000 | 2967741 |
| Builders FirstSource Inc 4.25% 2/1/2032 (f) |  | 2130000 | 1975867 |
| Builders FirstSource Inc 6.375% 3/1/2034 (d)(f) |  | 1630000 | 1621911 |
| Builders FirstSource Inc 6.75% 5/15/2035 (f) |  | 7120000 | 7190338 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (f) |  | 2615000 | 1667014 |
| Cornerstone Building Brands Inc 9.5% 8/15/2029 (f) |  | 1590000 | 1011181 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (f) |  | 6405000 | 6557305 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.75% 7/15/2031 (f) |  | 2370000 | 2450072 |
| JH North America Holdings Inc 6.125% 7/31/2032 (f) |  | 460000 | 460977 |
| Standard Building Solutions Inc 5.875% 3/15/2034 (f) |  | 3035000 | 2958752 |
| Standard Building Solutions Inc 6.25% 8/1/2033 (f) |  | 6295000 | 6290966 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (f) |  | 1850000 | 1868278 |
|  |  |  | 37020402 |
| Commercial Services & Supplies - 2.0% |  |  |  |
| ADT Security Corp/The 5.875% 10/15/2033 (f) |  | 3055000 | 3009625 |
| Artera Services LLC 8.5% 2/15/2031 (d)(f) |  | 16904000 | 14557888 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (d)(f) |  | 9830000 | 9049596 |
| CoreCivic Inc 4.75% 10/15/2027  |  | 7084000 | 7032547 |
| CoreCivic Inc 8.25% 4/15/2029  |  | 1432000 | 1491781 |
| GEO Group Inc/The 10.25% 4/15/2031  |  | 4401000 | 4723390 |
| GEO Group Inc/The 8.625% 4/15/2029  |  | 4485000 | 4666293 |
| GFL Environmental Holdings US Inc 5.5% 2/1/2034 (f) |  | 1530000 | 1505028 |
| GFL Environmental Inc 3.5% 9/1/2028 (f) |  | 1505000 | 1469137 |
| GFL Environmental Inc 6.75% 1/15/2031 (f) |  | 505000 | 523576 |
| Neptune Bidco US Inc 9.5% 2/15/2033 (f) |  | 3420000 | 3422713 |
| OT Midco Inc 10% 2/15/2030 (f) |  | 4646000 | 1811940 |
| Reworld Holding Corp 4.875% 12/1/2029 (f) |  | 1630000 | 1557880 |
| Williams Scotsman Inc 6.625% 4/15/2030 (d)(f) |  | 1205000 | 1241054 |
| Williams Scotsman Inc 6.625% 6/15/2029 (f) |  | 2665000 | 2735415 |
|  |  |  | 58797863 |
| Construction & Engineering - 0.5% |  |  |  |
| AECOM 6% 8/1/2033 (f) |  | 6010000 | 6059060 |
| Amsted Industries Inc 6.375% 3/15/2033 (f) |  | 1474000 | 1499518 |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (f) |  | 6254000 | 6267496 |
|  |  |  | 13826074 |
| Electrical Equipment - 0.4% |  |  |  |
| Sensata Technologies BV 4% 4/15/2029 (f) |  | 2287000 | 2221006 |
| WESCO Distribution Inc 5.25% 4/15/2031 (f) |  | 2734000 | 2732297 |
| WESCO Distribution Inc 5.5% 4/15/2034 (d)(f) |  | 4595000 | 4583182 |
| WESCO Distribution Inc 6.375% 3/15/2033 (d)(f) |  | 1485000 | 1533846 |
|  |  |  | 11070331 |
| Ground Transportation - 0.5% |  |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.375% 6/15/2032 (d)(f) |  | 1940000 | 1950416 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (f) |  | 5500000 | 5629212 |
| XPO Inc 7.125% 2/1/2032 (d)(f) |  | 4920000 | 5130684 |
| XPO Inc 7.125% 6/1/2031 (d)(f) |  | 1330000 | 1376728 |
|  |  |  | 14087040 |
| Industrial Conglomerates - 0.2% |  |  |  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.75% 6/15/2029 (f) |  | 3985000 | 3901835 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 7% 7/15/2031 (f) |  | 2640000 | 2738018 |
|  |  |  | 6639853 |
| Machinery - 0.5% |  |  |  |
| Allison Transmission Inc 5.875% 12/1/2033 (f) |  | 2970000 | 2998381 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (f)(i) |  | 5823618 | 6406033 |
| Columbus McKinnon Corp/NY 7.125% 2/1/2033 (d)(f) |  | 3105000 | 3122714 |
| Enpro Inc 6.125% 6/1/2033 (f) |  | 1451000 | 1478734 |
|  |  |  | 14005862 |
| Passenger Airlines - 0.4% |  |  |  |
| JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (f) |  | 4798000 | 4468706 |
| United Airlines Holdings Inc 4.875% 3/1/2029  |  | 4535000 | 4467254 |
| United Airlines Holdings Inc 5.375% 3/1/2031 (d) |  | 3100000 | 3055403 |
|  |  |  | 11991363 |
| Professional Services - 0.2% |  |  |  |
| CACI International Inc 6.375% 6/15/2033 (d)(f) |  | 4436000 | 4538264 |
| Trading Companies & Distributors - 1.3% |  |  |  |
| FTAI Aviation Investors LLC 7% 5/1/2031 (f) |  | 100000 | 103492 |
| FTAI Aviation Investors LLC 7% 6/15/2032 (f) |  | 1050000 | 1083849 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (d)(f) |  | 3205000 | 3365173 |
| Herc Holdings Inc 5.75% 3/15/2031 (d)(f) |  | 2030000 | 2034874 |
| Herc Holdings Inc 6% 3/15/2034 (d)(f) |  | 1855000 | 1839261 |
| Herc Holdings Inc 7% 6/15/2030 (d)(f) |  | 4735000 | 4926167 |
| Herc Holdings Inc 7.25% 6/15/2033 (d)(f) |  | 4115000 | 4309347 |
| QXO Building Products Inc 6.75% 4/30/2032 (d)(f) |  | 9930000 | 10129002 |
| Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (f) |  | 1440000 | 1511861 |
| United Rentals North America Inc 5.375% 11/15/2033 (d)(f) |  | 5030000 | 4973576 |
| United Rentals North America Inc 6.125% 3/15/2034 (f) |  | 5835000 | 5995883 |
|  |  |  | 40272485 |
| Transportation Infrastructure - 0.0% |  |  |  |
| Beacon Mobility Corp 7.25% 8/1/2030 (f) |  | 1460000 | 1520257 |
| GB AIT Buyer Inc 8.75% 4/30/2034 (f) |  | 1090000 | 1096450 |
|  |  |  | 2616707 |
| TOTAL INDUSTRIALS |  |  | 262672480 |
| Information Technology - 4.0% |  |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |  |
| Coherent Corp 5% 12/15/2029 (f) |  | 3281000 | 3245519 |
| Sensata Technologies Inc 3.75% 2/15/2031 (f) |  | 1370000 | 1272569 |
| Sensata Technologies Inc 6.625% 7/15/2032 (d)(f) |  | 3145000 | 3244951 |
|  |  |  | 7763039 |
| IT Services - 1.4% |  |  |  |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d)(f) |  | 10550000 | 10485518 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d)(f) |  | 3045000 | 3029675 |
| CoreWeave Inc 9% 2/1/2031 (f) |  | 15030000 | 14934703 |
| CoreWeave Inc 9.25% 6/1/2030 (f) |  | 5305000 | 5371888 |
| CoreWeave Inc 9.75% 10/1/2031 (f) |  | 7225000 | 7266837 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (f) |  | 1620000 | 1513886 |
|  |  |  | 42602507 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |  |
| Amkor Technology Inc 5.875% 10/1/2033 (d)(f) |  | 1505000 | 1513180 |
| Entegris Inc 3.625% 5/1/2029 (d)(f) |  | 1702000 | 1623329 |
| Entegris Inc 4.75% 4/15/2029 (f) |  | 4430000 | 4395707 |
| Entegris Inc 5.95% 6/15/2030 (f) |  | 9385000 | 9500436 |
| ON Semiconductor Corp 3.875% 9/1/2028 (f) |  | 4025000 | 3923907 |
| Wolfspeed Inc 7% 6/15/2031 pay-in-kind (i) |  | 1468937 | 1197189 |
|  |  |  | 22153748 |
| Software - 1.3% |  |  |  |
| Cloud Software Group Inc 9% 9/30/2029 (f) |  | 7745000 | 7604700 |
| Oracle Corp 3.6% 4/1/2040  |  | 20545000 | 14814812 |
| Oracle Corp 4.55% 2/4/2029  |  | 920000 | 908903 |
| Oracle Corp 4.95% 2/4/2031  |  | 3062000 | 2995200 |
| Oracle Corp 5.35% 5/4/2033  |  | 3070000 | 2985176 |
| Oracle Corp 5.7% 2/4/2036  |  | 1547000 | 1485659 |
| Oracle Corp 6.55% 2/4/2046  |  | 1547000 | 1438703 |
| Oracle Corp 6.7% 2/4/2056  |  | 1547000 | 1425719 |
| Oracle Corp 6.85% 2/4/2066  |  | 309000 | 283906 |
| Oracle Corp U.S. SOFR Averages Index + 1.11%, 4.7772% 2/4/2029 (i)(j) |  | 1550000 | 1539014 |
| Rackspace Finance LLC 3.5% 5/15/2028 (f) |  | 6437850 | 3170641 |
|  |  |  | 38652433 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |  |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (f) |  | 4045000 | 4114546 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (f) |  | 2565000 | 2620678 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (f) |  | 938000 | 980289 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (f) |  | 1625000 | 1702152 |
|  |  |  | 9417665 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 120589392 |
| Materials - 6.7% |  |  |  |
| Chemicals - 4.0% |  |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (f)(i) |  | 7215990 | 5790832 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (f) |  | 1225000 | 1272026 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (d) |  | 2200000 | 2250433 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (d) |  | 7150000 | 7364378 |
| Celanese US Holdings LLC 6.879% 7/15/2032 (d)(i) |  | 3010000 | 3189944 |
| Celanese US Holdings LLC 7% 2/15/2031 (d) |  | 4560000 | 4744671 |
| Celanese US Holdings LLC 7.05% 11/15/2030 (d)(i) |  | 2955000 | 3171956 |
| Celanese US Holdings LLC 7.2% 11/15/2033 (d)(i) |  | 2055000 | 2221841 |
| Celanese US Holdings LLC 7.375% 2/15/2034 (d) |  | 8095000 | 8475336 |
| Chemours Co/The 4.625% 11/15/2029 (d)(f) |  | 1213000 | 1163495 |
| Chemours Co/The 5.75% 11/15/2028 (f) |  | 5817000 | 5804090 |
| Chemours Co/The 7.875% 3/15/2034 (f) |  | 3770000 | 3855274 |
| Chemours Co/The 8% 1/15/2033 (d)(f) |  | 3905000 | 4024844 |
| CompoSecure Holdings LLC 5.625% 2/1/2033 (d)(f) |  | 6145000 | 6023268 |
| GPD Cos Inc 12.5% 12/31/2029 pay-in-kind (f) |  | 2777577 | 1735986 |
| Mativ Holdings Inc 8% 10/1/2029 (f) |  | 6327000 | 6123538 |
| Olin Corp 5% 2/1/2030 (d) |  | 9230000 | 8945660 |
| Olin Corp 6.625% 4/1/2033 (d)(f) |  | 5400000 | 5349494 |
| Olympus Water US Holding Corp 6.25% 10/1/2029 (d)(f) |  | 5040000 | 4926267 |
| Olympus Water US Holding Corp 6.75% 8/1/2032 (d)(f) |  | 4640000 | 4497440 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (d)(f) |  | 6128000 | 5989770 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (d)(f) |  | 380000 | 382253 |
| Perimeter Holdings LLC 6.25% 1/15/2034 (f) |  | 3015000 | 3000468 |
| Tronox Inc 4.625% 3/15/2029 (d)(f) |  | 8597000 | 7194529 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (f) |  | 7540000 | 7193901 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (f) |  | 4455000 | 4421923 |
| WR Grace Holdings LLC 7% 8/1/2033 (f) |  | 2065000 | 2051247 |
|  |  |  | 121164864 |
| Construction Materials - 0.5% |  |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (f) |  | 8720000 | 8857585 |
| Quikrete Holdings Inc 6.75% 3/1/2033 (d)(f) |  | 4171000 | 4229664 |
| Smyrna Ready Mix Concrete LLC 6% 11/1/2028 (f) |  | 3880000 | 3876829 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (f) |  | 960000 | 1005179 |
|  |  |  | 17969257 |
| Containers & Packaging - 0.7% |  |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (f) |  | 3840000 | 3593911 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (f) |  | 1625000 | 1636059 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (f) |  | 4075000 | 3833830 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)(f) |  | 3142000 | 2850819 |
| Crown Americas LLC 5.875% 6/1/2033 (d) |  | 4185000 | 4215433 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (d)(f) |  | 1600000 | 1494406 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (d)(f) |  | 2589000 | 2583919 |
|  |  |  | 20208377 |
| Metals & Mining - 1.5% |  |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (f) |  | 10362000 | 10663283 |
| Alumina Pty Ltd 6.375% 9/15/2032 (f) |  | 5480000 | 5634322 |
| Century Aluminum Co 6.875% 8/1/2032 (f) |  | 2645000 | 2738080 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (d)(f) |  | 1079000 | 1078327 |
| Cleveland-Cliffs Inc 7.375% 5/1/2033 (d)(f) |  | 1530000 | 1546262 |
| Cleveland-Cliffs Inc 7.625% 1/15/2034 (d)(f) |  | 1775000 | 1792989 |
| Commercial Metals Co 3.875% 2/15/2031  |  | 1685000 | 1566099 |
| Commercial Metals Co 5.75% 11/15/2033 (f) |  | 4070000 | 4076805 |
| Commercial Metals Co 6% 12/15/2035 (d)(f) |  | 4070000 | 4065974 |
| Kaiser Aluminum Corp 5.875% 3/1/2034 (d)(f) |  | 3020000 | 3024723 |
| Novelis Corp 3.875% 8/15/2031 (d)(f) |  | 1475000 | 1340819 |
| Novelis Corp 6.375% 8/15/2033 (f) |  | 1485000 | 1491233 |
| Novelis Corp 6.875% 1/30/2030 (d)(f) |  | 4820000 | 4941541 |
|  |  |  | 43960457 |
| TOTAL MATERIALS |  |  | 203302955 |
| Real Estate - 2.8% |  |  |  |
| Diversified REITs - 0.8% |  |  |  |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (f) |  | 8910000 | 8609296 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (f) |  | 7795000 | 7658711 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (f) |  | 3730000 | 3903835 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (f) |  | 3345000 | 3500891 |
|  |  |  | 23672733 |
| Health Care REITs - 1.0% |  |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (f) |  | 3760000 | 3663188 |
| MPT Operating Partnership LP / MPT Finance Corp 0.993% 10/15/2026  | EUR | 1290000 | 1476933 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  |  | 5330000 | 3820426 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  |  | 3925000 | 3247874 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  |  | 13019000 | 12693473 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  |  | 6131000 | 5426354 |
|  |  |  | 30328248 |
| Hotel & Resort REITs - 0.2% |  |  |  |
| RHP Hotel Properties LP / RHP Finance Corp 5.75% 3/15/2034 (f) |  | 2705000 | 2688790 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (d)(f) |  | 2890000 | 2976738 |
|  |  |  | 5665528 |
| Real Estate Management & Development - 0.6% |  |  |  |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (f) |  | 600000 | 600283 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.25% 4/15/2030 (d)(f) |  | 736000 | 702310 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.75% 1/15/2029 (f) |  | 1871000 | 1833310 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (f) |  | 3310000 | 3534658 |
| Forestar Group Inc 6.5% 3/15/2033 (f) |  | 4383000 | 4409530 |
| Howard Hughes Corp/The 4.125% 2/1/2029 (f) |  | 1585000 | 1526120 |
| Howard Hughes Corp/The 4.375% 2/1/2031 (f) |  | 1350000 | 1264067 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  |  | 3270000 | 3216634 |
| Taylor Morrison Communities Inc 5.75% 11/15/2032 (d)(f) |  | 1485000 | 1500861 |
|  |  |  | 18587773 |
| Specialized REITs - 0.2% |  |  |  |
| Millrose Properties Inc 6.25% 9/15/2032 (f) |  | 3025000 | 3038253 |
| Millrose Properties Inc 6.375% 8/1/2030 (f) |  | 3010000 | 3048420 |
|  |  |  | 6086673 |
| TOTAL REAL ESTATE |  |  | 84340955 |
| Utilities - 4.3% |  |  |  |
| Electric Utilities - 3.8% |  |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (f) |  | 670000 | 617737 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (f) |  | 6965000 | 6517675 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (f) |  | 1030000 | 1023453 |
| Clearway Energy Operating LLC 5.75% 1/15/2034 (f) |  | 2370000 | 2370597 |
| Edison International 4.8% 3/15/2031 (d) |  | 3064000 | 2990867 |
| Edison International 6.25% 3/15/2030  |  | 2773000 | 2866400 |
| Edison International 7.875% 6/15/2054 (i) |  | 2935000 | 3027570 |
| Edison International 8.125% 6/15/2053 (i) |  | 2370000 | 2431461 |
| Hawaiian Electric Co Inc 6% 10/1/2033 (f) |  | 2210000 | 2217375 |
| NRG Energy Inc 3.625% 2/15/2031 (f) |  | 680000 | 631677 |
| NRG Energy Inc 3.875% 2/15/2032 (f) |  | 5000 | 4626 |
| NRG Energy Inc 5.25% 6/15/2029 (f) |  | 5650000 | 5629029 |
| NRG Energy Inc 5.75% 1/15/2034 (f) |  | 4595000 | 4561055 |
| NRG Energy Inc 5.75% 7/15/2029 (f) |  | 3530000 | 3528391 |
| NRG Energy Inc 5.875% 5/15/2034 (f) |  | 1625000 | 1619154 |
| NRG Energy Inc 6% 1/15/2036 (f) |  | 4595000 | 4563556 |
| NRG Energy Inc 6% 2/1/2033 (d)(f) |  | 3170000 | 3194510 |
| NRG Energy Inc 6.125% 5/15/2036 (f) |  | 1735000 | 1728444 |
| NRG Energy Inc 6.25% 11/1/2034 (f) |  | 3438000 | 3477984 |
| Pacific Gas and Electric Co 5.2% 5/1/2036  |  | 600000 | 584417 |
| Pacific Gas and Electric Co 6% 5/1/2056  |  | 1240000 | 1181213 |
| PacifiCorp 7.375% 9/15/2055 (d)(i) |  | 4121000 | 4178162 |
| PG&E Corp 5% 7/1/2028  |  | 1790000 | 1781240 |
| PG&E Corp 5.25% 7/1/2030  |  | 13334000 | 13200201 |
| PG&E Corp 6.85% 9/15/2056 (d)(i) |  | 5062000 | 5060986 |
| PG&E Corp 7.375% 3/15/2055 (i) |  | 5237000 | 5386553 |
| Sierra Pacific Power Co 6.375% 9/15/2056 (i) |  | 5898000 | 5873895 |
| Vistra Operations Co LLC 6.875% 4/15/2032 (d)(f) |  | 3230000 | 3372033 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (f) |  | 2240000 | 2349155 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(f) |  | 1894000 | 1969633 |
| XPLR Infrastructure Operating Partners LP 7.75% 4/15/2034 (d)(f) |  | 6805000 | 7132668 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(f) |  | 3020000 | 3227069 |
| XPLR Infrastructure Operating Partners LP 8.625% 3/15/2033 (d)(f) |  | 4725000 | 5063384 |
|  |  |  | 113362170 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |  |
| AES Corp/The 6.95% 7/15/2055 (i) |  | 3229000 | 3150045 |
| Alpha Generation LLC 6.25% 1/15/2034 (f) |  | 3055000 | 3034118 |
| Alpha Generation LLC 6.75% 10/15/2032 (f) |  | 1325000 | 1357073 |
| Sunnova Energy Corp 5.875% (b)(f)(l) |  | 6514000 | 16285 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (f) |  | 4605000 | 4570632 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (f) |  | 4605000 | 4622438 |
|  |  |  | 16750591 |
| TOTAL UTILITIES |  |  | 130112761 |
| TOTAL UNITED STATES |  |  | 1956441790 |
| ZAMBIA - 0.2%  |  |  |  |
| Materials - 0.2% |  |  |  |
| Metals & Mining - 0.2% |  |  |  |
| First Quantum Minerals Ltd 6.375% 2/15/2036 (f) |  | 2910000 | 2857329 |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (f) |  | 1655000 | 1706206 |
| First Quantum Minerals Ltd 8% 3/1/2033 (f) |  | 2455000 | 2574436 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (f) |  | 285000 | 296761 |
| TOTAL ZAMBIA |  |  | 7434732 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $2,326,785,942) |  |  | <br> **2332001404** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Strategy Inc 11.5% (n)<br>(Cost $2,748,922)<br>| 31512 | **3143322** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 3.0%** | &nbsp;&nbsp;**Preferred Securities - 3.0%** | &nbsp;&nbsp;**Preferred Securities - 3.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| BNP Paribas SA 7.2% (f)(i)(p) | 4490000 | 4529095 |
| BNP Paribas SA 7.45% (f)(i)(p) | 2950000 | 3131451 |
| TOTAL FRANCE |  | 7660546 |
| RUSSIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Tinkoff Bank JSC Via TCS Finance Ltd loan participation 6% (b)(f)(i)(l)(p) | 100000 | 5000 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| HSBC Holdings PLC 6.75% (i)(p) | 2505000 | 2554664 |
| HSBC Holdings PLC 7% (i)(p) | 1515000 | 1556849 |
| TOTAL UNITED KINGDOM |  | 4111513 |
| UNITED STATES - 2.6%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Energy Transfer LP 6.625% (i)(p) | 2948000 | 3013357 |
| Energy Transfer LP Series G, 7.125% (i)(p) | 1470000 | 1557478 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.0241% (i)(j)(p) | 10168000 | 10333325 |
| Sunoco LP 7.875% (f)(i)(p) | 5410000 | 5653297 |
| TOTAL ENERGY |  | 20557457 |
| Financials - 1.3% |  |  |
| Banks - 0.9% |  |  |
| Bank of America Corp 6.25% (i)(p) | 2945000 | 2978954 |
| BW Real Estate Inc 9.5% (d)(f)(i)(p) | 4583000 | 4703115 |
| Citigroup Inc 6.5% (i)(p) | 305000 | 311042 |
| Citigroup Inc 6.625% (i)(p) | 4560000 | 4734290 |
| JPMorgan Chase & Co 6.1% (i)(p) | 7495000 | 7495001 |
| Wells Fargo & Co 6.125% (i)(p) | 4580000 | 4629390 |
|  |  | 24851792 |
| Consumer Finance - 0.4% |  |  |
| Ally Financial Inc 4.7% (d)(i)(p) | 4385000 | 4415961 |
| Ally Financial Inc 4.7% (d)(i)(p) | 3980000 | 3867472 |
| Ally Financial Inc 5 year U.S. Treasury Index + 0%, 7.1% (i)(j)(p) | 4015000 | 4011839 |
|  |  | 12295272 |
| Insurance - 0.0% |  |  |
| Alliant Holdings LP 10.5% (b)(i)(p) | 1504390 | 1491281 |
| TOTAL FINANCIALS |  | 38638345 |
| Industrials - 0.6% |  |  |
| Trading Companies & Distributors - 0.6% |  |  |
| Aircastle Ltd 5.25% (f)(i)(p) | 5175000 | 5199903 |
| Sumisho Air Lease Corp 4.125% (i)(p) | 9799000 | 9719769 |
| Sumisho Air Lease Corp 4.65% (i)(p) | 3623000 | 3627852 |
| TOTAL INDUSTRIALS |  | 18547524 |
| TOTAL UNITED STATES |  | 77743326 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $82,562,299) |  | <br> **89520385** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 2.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 2.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 2.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 2.4%** |
|  | Yield (%) (r) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 4.625% 2/15/2046  | 4.57 to 4.91 | 7035000 | 6718425 |
| US Treasury Notes 4% 2/15/2034  | 3.92 to 4.74 | 67514000 | 66316681 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $73,488,883) |  |  | **73035106** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 16.6%** | &nbsp;&nbsp;**Money Market Funds - 16.6%** | &nbsp;&nbsp;**Money Market Funds - 16.6%** | &nbsp;&nbsp;**Money Market Funds - 16.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (s) | 3.69 | 175210756 | 175245798 |
| Fidelity Securities Lending Cash Central Fund (s)(t) | 3.69 | 324976804 | 325009301 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $500,255,099) |  |  | **500255099** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 111.8%**<br> (Cost $3,351,374,922)<br>| <br>**3367685782** |
| **NET OTHER ASSETS (LIABILITIES) - (11.8)%**  | **(354406850)** |
| **NET ASSETS - 100.0%** | **3013278932** |

---

**Currency Abbreviations**

EUR - European Monetary Unit (Euro)

**Legend**

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

(b) Level 3 security.

(c) Non-income producing.

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

(e) 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 $112,990 or 0.0% of net assets.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,966,301,268 or 65.3% of net assets.

(g) 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 $5,145,896 or 0.2% of net assets.

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

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

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

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

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

(m) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $212,838 and $184,637, respectively.

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

(o) Zero coupon bond which is issued at a discount.

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

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

(r) 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.

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

(t) 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>|
| New Cotai LLC / New Cotai Capital Corp | 9/11/2020 | 623261 |
| Northeast Grocery Inc | 11/8/2021 | 5075 |

---

**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 | 55976972 | 1208933911 | 1089665032 | 2727451 | (53) | - | 175245798 | 175210756 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 258518740 | 1003340451 | 936852624 | 1270684 | 2734 | - | 325009301 | 324976804 | 0.9% |
| Total | 314495712 | 2212274362 | 2026517656 | 3998135 | 2681 | - | 500255099 |  |  |

---

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

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

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

**Affiliated Underlying Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 21731410 | - | 21512513 | 1196285 | (612336) | 853846 | - | - |
|  | 21731410 | - | 21512513 | 1196285 | (612336) | 853846 | - |  |

---

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

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

Sales proceeds amount represents shares tendered under Fidelity Private Credit Company LLC's share repurchase program.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, 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** | 433797 | - | 433797 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 16786886 | - | 16786886 | - |
| Consumer Discretionary | 62873103 | - | 62873103 | - |
| Consumer Staples | 2985421 | - | 2919772 | 65649 |
| Energy | 23914243 | - | 21653680 | 2260563 |
| Financials | 8943457 | - | 7037707 | 1905750 |
| Health Care | 19848066 | - | 18500308 | 1347758 |
| Industrials | 36975007 | - | 36975007 | - |
| Information Technology | 5108387 | - | 5108387 | - |
| Materials | 67365394 | - | 67365394 | - |
| Utilities | 6948569 | - | 6948569 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 3477729 | - | - | 3477729 |
| Consumer Discretionary | 16262 | - | - | 16262 |
| Consumer Staples | 102936 | - | - | 102936 |
| Energy | 8234855 | - | - | 8234855 |
| Health Care | 7765393 | 4508847 | - | 3256546 |
| Information Technology | 5321185 | 766156 | - | 4555029 |
| Utilities | 24 | - | - | 24 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 6905994 | - | 6905994 | - |
| Consumer Discretionary | 142589 | - | - | 142589 |
| Energy | 15465028 | - | 15465028 | - |
| Financials | 12561318 | - | 12561318 | - |
| Industrials | 5715083 | - | 5715083 | - |
| Information Technology | 30049771 | - | 30049771 | - |
| Utilities | 9029943 | - | 9029943 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 3724361 | - | 3724361 | - |
| Financials | 5682838 | - | - | 5682838 |
| Information Technology | 3352827 | - | 3352827 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 287133165 | - | 287133165 | - |
| Consumer Discretionary | 286822655 | - | 286822655 | - |
| Consumer Staples | 57914642 | - | 57914642 | - |
| Energy | 326188367 | - | 326188367 | - |
| Financials | 219162182 | - | 219162182 | - |
| Health Care | 206744558 | - | 206744558 | - |
| Industrials | 306246634 | - | 306246634 | - |
| Information Technology | 121308345 | - | 121308345 | - |
| Materials | 279705952 | - | 279695953 | 9999 |
| Real Estate | 84340955 | - | 84340955 | - |
| Utilities | 156433949 | - | 156417664 | 16285 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 3143322 | 3143322 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 20557457 | - | 20557457 | - |
| Financials | 50415404 | - | 48919123 | 1496281 |
| Industrials | 18547524 | - | 18547524 | - |
|  **U.S. Treasury Obligations** | 73035106 | - | 73035106 | - |
|  **Money Market Funds** | 500255099 | 500255099 | - | - |
| **Total Investments in Securities:** | 3367685782 | 508673424 | 2826441265 | 32571093 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2026 ($)** |
| **Common Stocks** | 27473541 | 25288800 | (8156589) | 9038725 | (34001096) | - | - | - | 19643381 | (8135646) |
| **Bank Loan Obligations** | 8363952 | 49708 | 3042353 | 6236943 | (9701631) | 166051 | 259462 | (2837118) | 5579720 | (744403) |
| **Convertible Preferred Stocks** | - | - | 1001253 | 4681585 | - | - | - | - | 5682838 | 1001253 |
| **Convertible Corporate Bonds** | 167755 | - | (35085) | 8448 | - | 1471 | - | - | 142589 | (35085) |
| **Preferred Securities** | 1482994 | - | 13287 | - | - | - | - | - | 1496281 | 13287 |
| **Non-Convertible Corporate Bonds** | 4759216 | (871214) | (1328393) | 1577739 | (6492894) | (31370) | 2413200 | - | 26284 | (1287106) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $380,632,518) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,851,119,823) | $2867430683 |  |
| Fidelity Central Funds (cost $500,255,099) | 500255099 |  |
| Total Investment in Securities (cost $3,351,374,922) |  | $3367685782 |
| Cash |  | 35453 |
| Receivable for investments sold |  |  |
| Regular delivery |  | 11013478 |
| Delayed delivery |  | 530000 |
| Receivable for fund shares sold |  | 1613419 |
| Dividends receivable |  | 134 |
| Interest receivable |  | 41460154 |
| Distributions receivable from Fidelity Central Funds |  | 603173 |
| Prepaid expenses |  | 813 |
| **Total assets** |  | 3422942406 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $64068832 |  |
| Delayed delivery | 14044637 |  |
| Payable for fund shares redeemed | 2070303 |  |
| Distributions payable | 2714319 |  |
| Accrued management fee | 1621153 |  |
| Distribution and service plan fees payable | 45258 |  |
| Other payables and accrued expenses | 92404 |  |
| Collateral on securities loaned | 325006568 |  |
| **Total liabilities** |  | 409663474 |
| **Net Assets**  |  | $3013278932 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3692232646 |
| Total accumulated earnings (loss) |  | (678953714) |
| **Net Assets** |  | $3013278932 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($137,092,078 ÷ 16,810,314 shares)(a) |  | $8.16 |
| Maximum offering price per share (100/96.00 of $8.16) |  | $8.50 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($32,999,710 ÷ 4,046,695 shares)(a) |  | $8.15 |
| Maximum offering price per share (100/96.00 of $8.15) |  | $8.49 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($11,661,668 ÷ 1,429,446 shares)(a) |  | $8.16 |
| **Fidelity High Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,667,008,202 ÷ 326,854,777 shares) |  | $8.16 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($65,301,270 ÷ 8,004,263 shares) |  | $8.16 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($99,216,004 ÷ 12,167,662 shares) |  | $8.15 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $3202109 |
| Affiliated issuers |  | 1196285 |
| Interest  |  | 211755695 |
| Income from Fidelity Central Funds (including $1,270,684 from security lending)  |  | 3998135 |
| Security lending |  | 874 |
| **Total income** |  | 220153098 |
| **Expenses** |  |  |
| Management fee | $19574201 |  |
| Distribution and service plan fees | 528741 |  |
| Custodian fees and expenses | 38116 |  |
| Independent trustees' fees and expenses | 10049 |  |
| Registration fees | 156880 |  |
| Audit fees | 102742 |  |
| Legal | 18236 |  |
| Miscellaneous | 11263 |  |
| Total expenses before reductions | 20440228 |  |
| Expense reductions | (101538) |  |
| Total expenses after reductions |  | 20338690 |
| **Net Investment income (loss)** |  | 199814408 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 38509967 |  |
| Fidelity Central Funds | 2681 |  |
| Other affiliated issuers | (612336) |  |
| Foreign currency transactions | (5205) |  |
| Total net realized gain (loss) |  | 37895107 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 100321300 |  |
| Affiliated issuers  | 853846 |  |
| Assets and liabilities in foreign currencies | 47 |  |
| Total change in net unrealized appreciation (depreciation) |  | 101175193 |
| **Net gain (loss)** |  | 139070300 |
| **Net increase (decrease) in net assets resulting from operations** |  | $338884708 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $199814408 | $178976484 |
| &nbsp;&nbsp;Net realized gain (loss) | 37895107<br>| (29702440)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 101175193 | 75627668<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 338884708<br>| 224901712<br>|
| Distributions to shareholders | (194519472)<br>| (168512973)<br>|
| Share transactions - net increase (decrease) | 28711538<br>| 142938348<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 173076774<br>| 199327087<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2840202158 | 2640875071<br>|
| &nbsp;&nbsp;End of period | $3013278932 | $2840202158 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .513  | .497  | .449  | .387  | .345  |
| Net realized and unrealized gain (loss)  | .386  | .120  | .139  | (.501)  | (.760)  |
| Total from investment operations  | .899  | .617  | .588  | (.114)  | (.415)  |
| Distributions from net investment income  | (.499)  | (.467)  | (.408)  | (.366)  | (.385)  |
| Total distributions  | (.499)  | (.467)  | (.408)  | (.366)  | (.385)  |
| Net asset value, end of period  | $8.16 | $7.76 | $7.61 | $7.43 | $7.91 |
| **Total Return** C,D | 11.84% <br>| 8.21%  | 8.15%  | (1.33)%  | (5.02)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .95%  | .97%  | .99%  | 1.02%  | .99%  |
| Expenses net of fee waivers, if any  | .95% <br>| .95%  | .98%  | 1.02%  | .99%  |
| Expenses net of all reductions, if any  | .95%  | .95%  | .98%  | 1.02%  | .99%  |
| Net investment income (loss)  | 6.37%  | 6.35%  | 6.03%  | 5.19%  | 4.02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $137092 | $125519 | $118358 | $119481 | $131926 |
| Portfolio turnover rate G | 78% <br>| 70% H | 43%  | 35%  | 54%  |

---

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

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

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

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

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

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

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

H*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .513  | .497  | .449  | .386  | .345  |
| Net realized and unrealized gain (loss)  | .376  | .120  | .139  | (.500)  | (.761)  |
| Total from investment operations  | .889  | .617  | .588  | (.114)  | (.416)  |
| Distributions from net investment income  | (.499)  | (.467)  | (.408)  | (.366)  | (.384)  |
| Total distributions  | (.499)  | (.467)  | (.408)  | (.366)  | (.384)  |
| Net asset value, end of period  | $8.15 | $7.76 | $7.61 | $7.43 | $7.91 |
| **Total Return** C,D | 11.71% <br>| 8.20%  | 8.15%  | (1.34)%  | (5.03)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .95%  | .97%  | 1.00%  | 1.03%  | 1.00%  |
| Expenses net of fee waivers, if any  | .95% <br>| .95%  | .98%  | 1.02%  | 1.00%  |
| Expenses net of all reductions, if any  | .95%  | .95%  | .98%  | 1.02%  | 1.00%  |
| Net investment income (loss)  | 6.37%  | 6.35%  | 6.03%  | 5.18%  | 4.01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $33000 | $31852 | $30592 | $28957 | $30231 |
| Portfolio turnover rate G | 78% <br>| 70% H | 43%  | 35%  | 54%  |

---

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

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

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

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

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

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

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

H*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .453  | .439  | .392  | .330  | .281  |
| Net realized and unrealized gain (loss)  | .386  | .119  | .138  | (.501)  | (.763)  |
| Total from investment operations  | .839  | .558  | .530  | (.171)  | (.482)  |
| Distributions from net investment income  | (.439)  | (.408)  | (.350)  | (.309)  | (.318)  |
| Total distributions  | (.439)  | (.408)  | (.350)  | (.309)  | (.318)  |
| Net asset value, end of period  | $8.16 | $7.76 | $7.61 | $7.43 | $7.91 |
| **Total Return** C,D | 11.01% <br>| 7.40%  | 7.32%  | (2.09)%  | (5.75)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.70%  | 1.72%  | 1.76%  | 1.79%  | 1.76%  |
| Expenses net of fee waivers, if any  | 1.70% <br>| 1.70%  | 1.75%  | 1.79%  | 1.76%  |
| Expenses net of all reductions, if any  | 1.70%  | 1.70%  | 1.75%  | 1.79%  | 1.76%  |
| Net investment income (loss)  | 5.62%  | 5.60%  | 5.26%  | 4.42%  | 3.25%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11662 | $10736 | $10073 | $12311 | $17027 |
| Portfolio turnover rate G | 78% <br>| 70% H | 43%  | 35%  | 54%  |

---

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

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

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

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

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

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

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

H*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® High Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.77 | $7.61 | $7.43 | $7.91 | $8.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .537  | .520  | .471  | .408  | .371  |
| Net realized and unrealized gain (loss)  | .376  | .130  | .138  | (.500)  | (.761)  |
| Total from investment operations  | .913  | .650  | .609  | (.092)  | (.390)  |
| Distributions from net investment income  | (.523)  | (.490)  | (.429)  | (.388)  | (.410)  |
| Total distributions  | (.523)  | (.490)  | (.429)  | (.388)  | (.410)  |
| Net asset value, end of period  | $8.16 | $7.77 | $7.61 | $7.43 | $7.91 |
| **Total Return** C | 12.02% <br>| 8.66%  | 8.46%  | (1.04)%  | (4.75)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .66%  | .67%  | .70%  | .73%  | .70%  |
| Expenses net of fee waivers, if any  | .66% <br>| .66%  | .69%  | .73%  | .70%  |
| Expenses net of all reductions, if any  | .66%  | .66%  | .69%  | .73%  | .70%  |
| Net investment income (loss)  | 6.66%  | 6.64%  | 6.32%  | 5.48%  | 4.31%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2667008 | $2463453 | $2366574 | $2566789 | $3181308 |
| Portfolio turnover rate F | 78% <br>| 70% G | 43%  | 35%  | 54%  |

---

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

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

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

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

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

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

G*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .533  | .520  | .465  | .401  | .390  |
| Net realized and unrealized gain (loss)  | .386  | .117  | .137  | (.499)  | (.774)  |
| Total from investment operations  | .919  | .637  | .602  | (.098)  | (.384)  |
| Distributions from net investment income  | (.519)  | (.487)  | (.422)  | (.382)  | (.416)  |
| Total distributions  | (.519)  | (.487)  | (.422)  | (.382)  | (.416)  |
| Net asset value, end of period  | $8.16 | $7.76 | $7.61 | $7.43 | $7.91 |
| **Total Return** C | 12.12% <br>| 8.47%  | 8.35%  | (1.12)%  | (4.68)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .70%  | .71%  | .81%  | .85%  | .72%  |
| Expenses net of fee waivers, if any  | .70% <br>| .70%  | .79%  | .80%  | .71%  |
| Expenses net of all reductions, if any  | .70%  | .70%  | .79%  | .80%  | .71%  |
| Net investment income (loss)  | 6.62%  | 6.60%  | 6.22%  | 5.41%  | 4.29%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $65301 | $54645 | $58026 | $110904 | $84814 |
| Portfolio turnover rate F | 78% <br>| 70% G | 43%  | 35%  | 54%  |

---

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

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

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

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

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

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

G*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .543  | .523  | .476  | .415  | .378  |
| Net realized and unrealized gain (loss)  | .374  | .122  | .138  | (.502)  | (.763)  |
| Total from investment operations  | .917  | .645  | .614  | (.087)  | (.385)  |
| Distributions from net investment income  | (.527)  | (.495)  | (.434)  | (.393)  | (.415)  |
| Total distributions  | (.527)  | (.495)  | (.434)  | (.393)  | (.415)  |
| Net asset value, end of period  | $8.15 | $7.76 | $7.61 | $7.43 | $7.91 |
| **Total Return** C | 12.10% <br>| 8.58%  | 8.53%  | (.98)%  | (4.68)%  |
| **Ratios to Average Net Assets** A,D,E |  |  |  |  |  |
| Expenses before reductions  | .60%  | .61%  | .65%  | .66%  | .64%  |
| Expenses net of fee waivers, if any  | .60% <br>| .60%  | .64%  | .66%  | .63%  |
| Expenses net of all reductions, if any  | .60%  | .60%  | .64%  | .66%  | .63%  |
| Net investment income (loss)  | 6.72%  | 6.70%  | 6.37%  | 5.54%  | 4.37%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $99216 | $153998 | $57252 | $58023 | $133498 |
| Portfolio turnover rate F | 78% <br>| 70% G | 43%  | 35%  | 54%  |

---

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

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

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

D*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.*

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

F*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.*

G*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity High Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z shares are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invested in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund had no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Fund indirectly bore its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the three month period ended March 31, 2026 was 9.59%.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, 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 are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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.

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 April 30, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to defaulted bonds, foreign currency transactions, passive foreign investment companies (PFIC), market discount, contingent interest, partnerships, certain conversion ratio adjustments, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $112418563 |
| **Gross unrealized depreciation**  | <u>(70548990)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$41869573</u> |
| **Tax Cost**  | <u>$3325816209</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$8056581</u> |
| **Capital loss carryforward**  | <u>$(728879919)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$41869623</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(74694216) |
| Long-term | <u>(654185703)</u> |
| **Total capital loss carryforward** | <u>$(728879919)</u> |

---

Due to a merger in a prior period, approximately $11,659,421 of the Fund's realized losses were subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $2,460,497 of those capital losses per year to offset capital gains. These realized losses were acquired from Fidelity Global High Income Fund when it merged into the Fund on September 13, 2024.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $194519472 | $168512973 |

---

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

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

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

**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 High Income Fund** | 2183179637 | 2290116184 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .72 |
| **Class C** | .74 |
| **Fidelity High Income Fund** | .67 |
| **Class I** | .76 |
| **Class Z** | .61 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Fidelity High 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% | 334384 | 9329 |
| **Class M** | - % | .25% | 81045 | 405 |
| **Class C** | .75% | .25% | <u>113312</u> | <u>11835</u> |
|  |  |  | <u>528741</u> | <u>21569</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** | 11328 |
| **Class M** | 2518 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>241</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>14087</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 High Income Fund** | 1842 |

---

**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 High Income Fund** | 1478947 | 1294668 | 410024 |

---

**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, (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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity High Income Fund** | 3673 |

---

**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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 High Income Fund** | 137267 | - | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity High Income Fund** | 69718268 |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until August 31, 2027. During the period, this waiver reduced the Fund's management fee by $66,991.

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 $34,547.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Fidelity High Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $8284815 | $7515023 |
| Class M | 2005766 | 1922874 |
| Class C | 617339 | 592276 |
| Fidelity High Income Fund | 169209881 | 150562622 |
| Class I | 3699760 | 3523403 |
| Class Z | <u>10701911</u> | <u>4396775</u> |
| Total  | <u>$194519472</u> | <u>$168512973</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **April 30, 2026**  | **Year ended**<br> **April 30, 2025** | **Year ended** <br> **April 30, 2026**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity High Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2628961 | 2765764 | $21263600 | $21766962 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 999256 | - | 7914122<br>|
| Reinvestment of distributions  | 950290 | 878589 | 7670490 | 6900156 |
| Shares redeemed | <u>(2939739)</u> | <u>(4033889)</u> | <u>(23734598)</u> | <u>(31705247)</u> |
| Net increase (decrease) | <u>639512</u> | <u>609720</u> | <u>$5199492</u> | <u>$4875993</u> |
| **Class M** |  |  |  |  |
| Shares sold | 395889 | 348687 | $3204013 | $2726098 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 324134 | - | 2567153<br>|
| Reinvestment of distributions  | 225283 | 216979 | 1817798 | 1703988 |
| Shares redeemed | <u>(678231)</u> | <u>(808332)</u> | <u>(5473535)</u> | <u>(6343195)</u> |
| Net increase (decrease) | <u>(57059)</u> | <u>81468</u> | <u>$(451724)</u> | <u>$654044</u> |
| **Class C** |  |  |  |  |
| Shares sold | 394975 | 455252 | $3191542 | $3571383 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 140245 | - | 1110732<br>|
| Reinvestment of distributions  | 75475 | 72908 | 609497 | 573108 |
| Shares redeemed | <u>(423709)</u> | <u>(609489)</u> | <u>(3420666)</u> | <u>(4775132)</u> |
| Net increase (decrease) | <u>46741</u> | <u>58916</u> | <u>$380373</u> | <u>$480091</u> |
| **Fidelity High Income Fund** |  |  |  |  |
| Shares sold | 70944548 | 55866553 | $571811444 | $434557181 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 7108722 | - | 56301115<br>|
| Reinvestment of distributions  | 16733542 | 15023075 | 135132544 | 118034502 |
| Shares redeemed | <u>(78024890)</u> | <u>(71927843)</u> | <u>(629524600)</u> | <u>(563257986)</u> |
| Net increase (decrease) | <u>9653200</u> | <u>6070507</u> | <u>$77419388</u> | <u>$45634812</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2398028 | 11634766 | $19441972 | $90465919 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 329320 | - | 2608217<br>|
| Reinvestment of distributions  | 438368 | 422686 | 3540330 | 3320372 |
| Shares redeemed | <u>(1869469)</u> | <u>(12975210)</u> | <u>(15049310)</u> | <u>(101165442)</u> |
| Net increase (decrease) | <u>966927</u> | <u>(588438)</u> | <u>$7932992</u> | <u>$(4770934)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 8140973 | 15506611 | $65262796 | $121066894 |
| Reinvestment of distributions  | 692746 | 508756 | 5591866 | 3996641 |
| Shares redeemed | <u>(16508251)</u> | <u>(3701141)</u> | <u>(132623645)</u> | <u>(28999193)</u> |
| Net increase (decrease) | <u>(7674532)</u> | <u>12314226</u> | <u>$(61768983)</u> | <u>$96064342</u> |

---

**12. Other.**

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

**13. Risk and Uncertainties.**

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

**14. Prior Fiscal Year Reorganization Information.**

On September 13, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Global High Income Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Global High Income Fund** | 72413424 | (1544779) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  | 7914122 | 999256 | 1.1121843434 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class M** |  |  | 2567153 | 324134 | 1.1120833333 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  | 1110732 | 140245 | 1.1123232323 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Global High Income** |  |  | 56301115 | 7108722 | 1.1123106061 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  | 2608217 | 329320 | 1.1123358586 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity High Income Fund** | 2673808159 | 2744309498 |

---

Pro forma results of operations of the combined entity for the entire period ended April 30, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $180542672 |
| **Total net realized gain (loss)** | (30426490) |
| **Total change in net unrealized appreciation (depreciation)** | <u>78877329</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$228993511</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's Statement of Operations since September 13, 2024.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity High Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity High Income Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the "Fund") as of April 30, 2026, the related statement of operations for the year ended April 30, 2026, the statement of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2026 and the financial highlights for each of the five years in the period ended April 30, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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

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

A total of 1.49% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $139,916,735 of distributions paid in the calendar year 2025 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $194,519,473 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130799_4.jpg)<br>

1.703464.128 SPH-ANN-0626

**Fidelity® Focused High Income Fund**

**Annual Report**

**April 30, 2026**

![](img130802_1.jpg)

![](img130802_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FFH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Focused High Income Fund](#Sub_Sec_Fund_1366_FFH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1366_FFH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FFH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FFH-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FFH-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FFH-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FFH-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FFH-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Focused High Income Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Bbam US CLO I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.6731% 3/30/2038 (e)(f)(k) | 125000 | 125099 |
| Carlyle US CLO Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.4166% 10/25/2037 (e)(f)(k) | 150000 | 150159 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.4304% 1/17/2038 (e)(f)(k) | 100000 | 99547 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 374805 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $375,000) |  | <br> **374805** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 6.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 6.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 6.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.5481% 5/31/2031 (d)(e)(f) | 124927 | 127136 |
| SWITZERLAND - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Consolidated Energy Finance SA 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 11/15/2030 (d)(e)(f) | 115000 | 109873 |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1634% 11/15/2030 (d)(e)(f) | 589342 | 565863 |
| TOTAL SWITZERLAND |  | 675736 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 2/10/2031 (d)(e)(f) | 145000 | 145000 |
| UNITED STATES - 5.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 10/6/2032 (d)(e)(f) | 339150 | 339150 |
| Entertainment - 0.1% |  |  |
| OAK-Eagle Acquireco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 3/24/2033 (d)(e)(f)(g) | 175000 | 175044 |
| TOTAL COMMUNICATION SERVICES |  | 514194 |
| Consumer Discretionary - 1.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 1/28/2032 (d)(e)(f) | 189050 | 189838 |
| Broadline Retail - 0.2% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 1/23/2032 (d)(e)(f) | 379397 | 381388 |
| Diversified Consumer Services - 0.1% |  |  |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.168% 8/19/2030 (d)(e)(f) | 195000 | 193781 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 1/29/2029 (d)(e)(f) | 649817 | 643860 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9612% 6/1/2028 (d)(e)(f) | 420973 | 400627 |
|  |  | 1044487 |
| Specialty Retail - 0.2% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5023% 6/6/2031 (d)(e)(f) | 212834 | 177078 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6523% 6/6/2031 (d)(e)(f) | 99241 | 87994 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 1/30/2031 (d)(e)(f) | 131034 | 131187 |
|  |  | 396259 |
| TOTAL CONSUMER DISCRETIONARY |  | 2205753 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6996% 9/20/2030 (d)(e)(f) | 233825 | 227201 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (d)(e)(f)(h) | 672350 | 432758 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.0% |  |  |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4132% 2/3/2032 (d)(e)(f) | 64513 | 64392 |
| Financial Services - 0.6% |  |  |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 7/31/2031 (d)(e)(f) | 296257 | 290087 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 7/31/2031 (d)(e)(f) | 124375 | 121825 |
| Vci Asset Holdings 3 LLC Tranche TL, term loan 6.875% 4/15/2031 (c)(d) | 125000 | 123750 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1619% 2/20/2032 (d)(e)(f) | 432150 | 432219 |
|  |  | 967881 |
| Insurance - 0.3% |  |  |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6522% 11/6/2030 (d)(e)(f) | 4938 | 4851 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 9/19/2031 (d)(e)(f) | 193839 | 193456 |
| Asurion LLC Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4134% 2/23/2033 (d)(e)(f) | 475295 | 467177 |
|  |  | 665484 |
| TOTAL FINANCIALS |  | 1697757 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4022% 1/15/2031 (d)(e)(f) | 661675 | 664778 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.6996% 6/28/2029 (c)(d)(e)(f) | 144562 | 101193 |
| Pharmaceuticals - 0.3% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9022% 10/8/2030 (d)(e)(f) | 512249 | 498034 |
| TOTAL HEALTH CARE |  | 1264005 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| TransDigm Inc Tranche N 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 2/13/2033 (d)(e)(f) | 55000 | 55079 |
| Commercial Services & Supplies - 0.3% |  |  |
| CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9277% 9/4/2030 (d)(e)(f) | 571324 | 395356 |
| CSC ServiceWorks East LLC Tranche INITIAL FL1O 1LN, term loan CME Term SOFR 1 month Index + 5.43%, 9.0961% 9/4/2030 (d)(e)(f) | 98019 | 99600 |
|  |  | 494956 |
| Ground Transportation - 0.2% |  |  |
| Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4496% 4/10/2031 (d)(e)(f) | 389075 | 389308 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 9/13/2032 (d)(e)(f) | 24938 | 25016 |
| TOTAL INDUSTRIALS |  | 964359 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.1% |  |  |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9347% 2/10/2028 (d)(e)(f) | 220729 | 206421 |
| Software - 0.5% |  |  |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6522% 12/11/2028 (d)(e)(f) | 291979 | 286712 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6996% 8/31/2028 (d)(e)(f) | 774527 | 750966 |
|  |  | 1037678 |
| TOTAL INFORMATION TECHNOLOGY |  | 1244099 |
| Materials - 1.2% |  |  |
| Chemicals - 1.0% |  |  |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 10/15/2032 (d)(e)(f) | 269325 | 268315 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.7246% 7/3/2028 (d)(e)(f) | 360910 | 333391 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6523% 3/15/2029 (d)(e)(f) | 305267 | 295498 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 8/25/2031 (d)(e)(f) | 390000 | 384638 |
| Mativ Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1522% 4/4/2033 (d)(e)(f) | 300000 | 297000 |
| Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1788% 9/30/2031 (d)(e)(f) | 328463 | 278139 |
|  |  | 1856981 |
| Containers & Packaging - 0.2% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.8272% 4/13/2029 (d)(e)(f) | 445000 | 423507 |
| TOTAL MATERIALS |  | 2280488 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4189% 4/16/2031 (d)(e)(f) | 24810 | 24849 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1727% 3/29/2030 (d)(e)(f) | 95117 | 95671 |
| TOTAL UTILITIES |  | 120520 |
| TOTAL UNITED STATES |  | 10951134 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $12,166,965) |  | <br> **11899006** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.1%** | &nbsp;&nbsp;**Common Stocks - 0.1%** | &nbsp;&nbsp;**Common Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice France Holding SA (c) | 2330 | 35002 |
| UNITED STATES - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC (b)(c) | 20400 | 196248 |
| Cano Health LLC warrants 6/28/2029 (b)(c) | 627 | 1104 |
| TOTAL UNITED STATES |  | 197352 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $443,213) |  | <br> **232354** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (f)<br>(Cost $82,810)<br>| 75283 | **282452** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 85.5%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 85.5%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 85.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (k) | 93000 | 88865 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (k) | 385000 | 381997 |
| Fortescue Treasury Pty Ltd 6.125% 4/15/2032 (k) | 75000 | 77511 |
| Mineral Resources Ltd 6% 5/1/2032 (k) | 85000 | 84322 |
| Mineral Resources Ltd 6.25% 5/1/2034 (k) | 95000 | 93658 |
| TOTAL AUSTRALIA |  | 726353 |
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| A&K Travel Group Holdings Ltd 7.5% 5/15/2033 (k) | 200000 | 200986 |
| BRAZIL - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (k) | 480000 | 479035 |
| CANADA - 2.9%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| TELUS Corp 6.375% 6/9/2056 (f) | 235000 | 235027 |
| TELUS Corp 6.625% 10/15/2055 (f) | 155000 | 156732 |
| TELUS Corp 6.625% 6/9/2056 (f) | 155000 | 154147 |
| TELUS Corp 7% 10/15/2055 (f) | 230000 | 237895 |
|  |  | 783801 |
| Wireless Telecommunication Services - 0.3% |  |  |
| Rogers Communications Inc 6.875% 7/31/2056 (f) | 670000 | 680450 |
| TOTAL COMMUNICATION SERVICES |  | 1464251 |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (k) | 635000 | 604113 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (k) | 1010000 | 1027816 |
| TOTAL CONSUMER DISCRETIONARY |  | 1631929 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (f) | 72000 | 76121 |
| TransCanada PipeLines Ltd 6.125% 10/17/2056 (f) | 300000 | 301313 |
| TOTAL ENERGY |  | 377434 |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.4% |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (k) | 800000 | 825294 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Open Text Corp 3.875% 12/1/2029 (k) | 150000 | 135193 |
| Materials - 0.5% |  |  |
| Chemicals - 0.3% |  |  |
| Methanex Corp 5.25% 12/15/2029  | 95000 | 94418 |
| NOVA Chemicals Corp 5.25% 6/1/2027 (k) | 470000 | 469797 |
|  |  | 564215 |
| Metals & Mining - 0.2% |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (k) | 225000 | 228978 |
| Champion Iron Canada Inc 7.875% 7/15/2032 (k) | 95000 | 99570 |
|  |  | 328548 |
| TOTAL MATERIALS |  | 892763 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| TransAlta Corp 5.875% 2/1/2034  | 195000 | 194512 |
| TransAlta Corp 6.5% 3/15/2040  | 200000 | 200202 |
| TOTAL UTILITIES |  | 394714 |
| TOTAL CANADA |  | 5721578 |
| COLOMBIA - 0.3%  |  |  |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (k) | 440708 | 408492 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (k) | 115000 | 118824 |
| TOTAL COLOMBIA |  | 527316 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Mines Ltd 7.875% 1/23/2030 (k) | 150000 | 152360 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| GENMAB A/S/GENMAB FINANCE LLC 6.25% 12/15/2032 (k) | 190000 | 194988 |
| FRANCE - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Altice France SA 6.5% 4/15/2032 (k) | 146768 | 144351 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (k) | 364000 | 383800 |
| TOTAL FRANCE |  | 528151 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (i)(k) | 260000 | 258285 |
| ZF North America Capital Inc 6.875% 4/23/2032 (i)(k) | 205000 | 200605 |
| TOTAL GERMANY |  | 458890 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (k) | 555000 | 562943 |
| GUATEMALA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (k) | 145000 | 135459 |
| Millicom International Cellular SA 5.125% 1/15/2028 (k) | 360000 | 357300 |
| TOTAL GUATEMALA |  | 492759 |
| IRELAND - 0.8%  |  |  |
| Financials - 0.7% |  |  |
| Consumer Finance - 0.3% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (f) | 570000 | 580264 |
| Financial Services - 0.4% |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (k) | 300000 | 302211 |
| GGAM Finance Ltd 6.875% 4/15/2029 (k) | 260000 | 265624 |
| GGAM Finance Ltd 8% 2/15/2027 (k) | 305000 | 306395 |
|  |  | 874230 |
| TOTAL FINANCIALS |  | 1454494 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Avolon Holdings Funding Ltd 4.85% 4/1/2033 (k) | 195000 | 188080 |
| TOTAL IRELAND |  | 1642574 |
| ISRAEL - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 300000 | 307915 |
| LUXEMBOURG - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Breakwater Energy Holdings Sarl 9.25% 11/15/2030 (k) | 90000 | 95848 |
| NETHERLANDS - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| VZ Secured Financing BV 5% 1/15/2032 (k) | 255000 | 223449 |
| NORWAY - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (k) | 340000 | 356429 |
| TGS ASA 8.5% 1/15/2030 (k) | 440000 | 459489 |
| TOTAL NORWAY |  | 815918 |
| PANAMA - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (k) | 480000 | 481608 |
| Wireless Telecommunication Services - 0.2% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (k) | 360000 | 367988 |
| TOTAL PANAMA |  | 849596 |
| TANZANIA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| HTA Group Ltd/Mauritius 6.75% 4/1/2031 (k) | 195000 | 198352 |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (k) | 105000 | 108152 |
| TOTAL TANZANIA |  | 306504 |
| UNITED KINGDOM - 1.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Virgin Media Finance PLC 5% 7/15/2030 (k) | 45000 | 37932 |
| Media - 0.3% |  |  |
| Virgin Media Secured Finance PLC 5.5% 5/15/2029 (k) | 490000 | 472784 |
| TOTAL COMMUNICATION SERVICES |  | 510716 |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (k) | 300000 | 303012 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (k) | 615000 | 656044 |
| Utilities - 0.5% |  |  |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (k) | 770000 | 765323 |
| ContourGlobal Power Holdings SA 6.75% 2/28/2030 (k) | 280000 | 284200 |
| TOTAL UTILITIES |  | 1049523 |
| TOTAL UNITED KINGDOM |  | 2519295 |
| UNITED STATES - 76.6%  |  |  |
| Communication Services - 8.0% |  |  |
| Diversified Telecommunication Services - 4.1% |  |  |
| APLD ComputeCo 2 LLC 6.75% 3/15/2031 (k) | 300000 | 297017 |
| APLD ComputeCo LLC 9.25% 12/15/2030 (k) | 1090000 | 1171625 |
| Black Pearl Compute LLC 6.125% 2/15/2031 (i)(k) | 221000 | 224224 |
| Cipher Compute LLC 7.125% 11/15/2030 (k) | 170000 | 176207 |
| Core Scientific Finance I LLC 7.75% 5/15/2031 (k)(l) | 1135000 | 1132167 |
| Edged Compute LLC 7.5% 4/30/2031 (k) | 695000 | 681457 |
| Flash Compute LLC 7.25% 12/31/2030 (k) | 470000 | 479433 |
| Level 3 Financing Inc 6.875% 6/30/2033 (k) | 565000 | 583098 |
| Level 3 Financing Inc 7% 3/31/2034 (k) | 50000 | 51861 |
| Meridian Arc Holdco LLC 6.25% 4/30/2031 (k) | 620000 | 619859 |
| PR RNO Property Owner 1 LLC 6.5% 5/1/2031 (k) | 1200000 | 1189457 |
| SV RNO Property Owner 1 LLC 5.875% 3/1/2031 (k) | 585000 | 573972 |
| Uniti Services LLC 7.5% 10/15/2033 (k) | 75000 | 78964 |
| WULF Compute LLC 7.75% 10/15/2030 (i)(k) | 755000 | 793501 |
|  |  | 8052842 |
| Entertainment - 0.4% |  |  |
| OAK-Eagle Acquireco Inc 7.25% 7/1/2033 (k) | 330000 | 340038 |
| OAK-Eagle Acquireco Inc 8.75% 7/1/2034 (k) | 90000 | 93656 |
| ROBLOX Corp 3.875% 5/1/2030 (i)(k) | 405000 | 383612 |
|  |  | 817306 |
| Interactive Media & Services - 0.1% |  |  |
| Snap Inc 6.875% 3/15/2034 (i)(k) | 235000 | 227449 |
| Media - 3.4% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (k) | 405000 | 367846 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032 (i) | 655000 | 575193 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (i)(k) | 605000 | 564323 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (k) | 965000 | 953674 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (k) | 248000 | 247726 |
| CCO Holdings LLC / CCO Holdings Capital Corp 7% 2/1/2033 (i)(k) | 480000 | 473152 |
| Discovery Global Holdings Inc 4.279% 3/15/2032  | 155000 | 140388 |
| Discovery Global Holdings Inc 5.05% 3/15/2042  | 675000 | 481633 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (f) | 640000 | 649355 |
| Nexstar Media Inc 6.5% 9/15/2033 (k) | 575000 | 579426 |
| Nexstar Media Inc 7.25% 4/15/2034 (k) | 115000 | 115734 |
| Paramount Global 6.875% 4/30/2036 (i) | 250000 | 232562 |
| Sirius XM Radio LLC 4% 7/15/2028 (k) | 390000 | 378732 |
| Sirius XM Radio LLC 5.5% 7/1/2029 (k) | 185000 | 183666 |
| Univision Communications Inc 8.5% 7/31/2031 (i)(k) | 375000 | 380588 |
| Univision Communications Inc 8.875% 4/15/2033 (k) | 180000 | 180981 |
| Univision Communications Inc 9.375% 8/1/2032 (k) | 190000 | 196621 |
|  |  | 6701600 |
| TOTAL COMMUNICATION SERVICES |  | 15799197 |
| Consumer Discretionary - 10.8% |  |  |
| Automobile Components - 0.9% |  |  |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (k) | 145000 | 144741 |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (i)(k) | 275000 | 268490 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (k) | 95000 | 97179 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.125% 4/15/2031 (k) | 485000 | 488348 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.375% 4/15/2034 (k) | 295000 | 294626 |
| Patrick Industries Inc 6.375% 11/1/2032 (k) | 385000 | 387363 |
|  |  | 1680747 |
| Automobiles - 0.4% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (k) | 30000 | 27714 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (k) | 55000 | 53846 |
| Nissan Motor Acceptance Co LLC 6.125% 9/30/2030 (k) | 295000 | 290541 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (k) | 235000 | 233898 |
| Thor Industries Inc 4% 10/15/2029 (k) | 195000 | 184624 |
|  |  | 790623 |
| Broadline Retail - 0.7% |  |  |
| Macy's Retail Holdings LLC 7.375% 8/1/2033 (i)(k) | 145000 | 151035 |
| Match Group Holdings II LLC 3.625% 10/1/2031 (k) | 190000 | 170267 |
| Match Group Holdings II LLC 4.125% 8/1/2030 (k) | 265000 | 248880 |
| Wayfair LLC 6.75% 11/15/2032 (k) | 120000 | 121321 |
| Wayfair LLC 7.25% 10/31/2029 (k) | 190000 | 194707 |
| Wayfair LLC 7.75% 9/15/2030 (k) | 570000 | 591423 |
|  |  | 1477633 |
| Diversified Consumer Services - 0.8% |  |  |
| Service Corp International/US 4% 5/15/2031 (i) | 515000 | 486583 |
| Service Corp International/US 5.125% 6/1/2029 (i) | 385000 | 384227 |
| Service Corp International/US 5.75% 10/15/2032 (i) | 285000 | 287513 |
| TKC Holdings Inc 12% 2/15/2031 (k) | 115000 | 119830 |
| TKC Holdings Inc 8.5% 8/15/2030 (k) | 375000 | 383847 |
|  |  | 1662000 |
| Hotels, Restaurants & Leisure - 5.7% |  |  |
| Acushnet Co 5.625% 12/1/2033 (k) | 125000 | 125580 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (k) | 140000 | 136032 |
| Carnival Corp 5.75% 3/15/2030 (k) | 195000 | 197828 |
| Carnival Corp 5.75% 8/1/2032 (k) | 135000 | 135679 |
| Carnival Corp 5.875% 6/15/2031 (k) | 475000 | 481756 |
| Carnival Corp 6.125% 2/15/2033 (k) | 1360000 | 1379938 |
| Carnival Corp 7% 8/15/2029 (k) | 425000 | 441208 |
| Churchill Downs Inc 5.75% 4/1/2030 (k) | 385000 | 383743 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (k) | 105000 | 102223 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (k) | 475000 | 460246 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (k) | 1105000 | 1011609 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (k) | 815000 | 771822 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (k) | 160000 | 158818 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (k) | 230000 | 231544 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 5% 6/1/2029 (i)(k) | 200000 | 193552 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (k) | 420000 | 424875 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  | 380000 | 379071 |
| Life Time Inc 6% 11/15/2031 (k) | 435000 | 441579 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (k) | 470000 | 477203 |
| Viking Cruises Ltd 5.875% 10/15/2033 (k) | 480000 | 481220 |
| Wyndham Hotels & Resorts Inc 4.375% 8/15/2028 (k) | 525000 | 516494 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 5/15/2027 (k) | 285000 | 285257 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 5.125% 10/1/2029 (k) | 75000 | 74502 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (i)(k) | 205000 | 206006 |
| Yum! Brands Inc 3.625% 3/15/2031 (i) | 1660000 | 1546203 |
|  |  | 11043988 |
| Household Durables - 1.4% |  |  |
| Century Communities Inc 3.875% 8/15/2029 (k) | 105000 | 99433 |
| Century Communities Inc 6.625% 9/15/2033 (k) | 190000 | 189046 |
| LGI Homes Inc 4% 7/15/2029 (i)(k) | 45000 | 40819 |
| LGI Homes Inc 7% 11/15/2032 (k) | 615000 | 589394 |
| Somnigroup International Inc 3.875% 10/15/2031 (k) | 575000 | 531816 |
| TopBuild Corp 4.125% 2/15/2032 (i)(k) | 475000 | 474834 |
| TopBuild Corp 5.625% 1/31/2034 (k) | 155000 | 157012 |
| Whirlpool Corp 6.125% 6/15/2030 (i) | 105000 | 102966 |
| Whirlpool Corp 6.5% 6/15/2033 (i) | 495000 | 474093 |
|  |  | 2659413 |
| Specialty Retail - 0.8% |  |  |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (k) | 200000 | 194641 |
| Asbury Automotive Group Inc 5% 2/15/2032 (i)(k) | 205000 | 196581 |
| Bath & Body Works Inc 6.625% 10/1/2030 (k) | 330000 | 334435 |
| Bath & Body Works Inc 6.875% 11/1/2035  | 190000 | 187427 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (k) | 565000 | 574181 |
| LBM Acquisition LLC 9.5% 6/15/2031 (k) | 170000 | 148747 |
|  |  | 1636012 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Levi Strauss & Co 3.5% 3/1/2031 (i)(k) | 275000 | 253119 |
| TOTAL CONSUMER DISCRETIONARY |  | 21203535 |
| Consumer Staples - 3.5% |  |  |
| Consumer Staples Distribution & Retail - 2.0% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (k) | 910000 | 867812 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (i)(k) | 290000 | 283872 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (k) | 170000 | 169056 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.75% 3/31/2034 (k) | 135000 | 131424 |
| Albertsons Cos Inc 5.625% 3/31/2032 (k) | 135000 | 133180 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 7.125% 4/30/2033 (k) | 70000 | 70868 |
| Performance Food Group Inc 4.25% 8/1/2029 (k) | 390000 | 378107 |
| Performance Food Group Inc 5.625% 3/1/2034 (k) | 225000 | 220311 |
| Performance Food Group Inc 6.125% 9/15/2032 (i)(k) | 560000 | 567655 |
| US Foods Inc 4.625% 6/1/2030 (k) | 180000 | 176048 |
| US Foods Inc 5.75% 4/15/2033 (k) | 750000 | 752753 |
| US Foods Inc 7.25% 1/15/2032 (i)(k) | 210000 | 218433 |
|  |  | 3969519 |
| Food Products - 1.3% |  |  |
| Darling Ingredients Inc 5.25% 4/15/2027 (k) | 190000 | 189844 |
| Darling Ingredients Inc 6% 6/15/2030 (i)(k) | 380000 | 383296 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (k) | 195000 | 201372 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (k) | 335000 | 346447 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (k) | 630000 | 593365 |
| Pilgrim's Pride Corp 3.5% 3/1/2032 (i) | 485000 | 442999 |
| Pilgrim's Pride Corp 4.25% 4/15/2031  | 200000 | 192229 |
| Post Holdings Inc 6.375% 3/1/2033 (i)(k) | 205000 | 204920 |
|  |  | 2554472 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc 7% 3/15/2030 (k) | 365000 | 370656 |
| TOTAL CONSUMER STAPLES |  | 6894647 |
| Energy - 11.2% |  |  |
| Energy Equipment & Services - 1.4% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (i)(k) | 470000 | 483610 |
| Archrock Services LP / Archrock Partners Finance Corp 6% 2/1/2034 (k) | 195000 | 196271 |
| Kodiak Gas Services LLC 5.875% 4/1/2031 (k) | 175000 | 176272 |
| Kodiak Gas Services LLC 6.5% 10/1/2033 (k) | 155000 | 158549 |
| Kodiak Gas Services LLC 6.75% 10/1/2035 (k) | 230000 | 238909 |
| SESI LLC 7.875% 9/30/2030 (k) | 195000 | 201365 |
| Transocean International Ltd 7.875% 10/15/2032 (k) | 35000 | 37504 |
| Transocean International Ltd 8.25% 5/15/2029 (k) | 400000 | 415310 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (i)(k) | 215000 | 216959 |
| Valaris Ltd 8.375% 4/30/2030 (k) | 145000 | 151202 |
| WBI Operating LLC 6.25% 10/15/2030 (k) | 250000 | 253478 |
| WBI Operating LLC 6.5% 10/15/2033 (k) | 250000 | 252690 |
|  |  | 2782119 |
| Oil, Gas & Consumable Fuels - 9.8% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 10/15/2033 (k) | 250000 | 249506 |
| California Resources Corp 7% 1/15/2034 (k) | 190000 | 193882 |
| California Resources Corp 8.25% 6/15/2029 (k) | 171000 | 178308 |
| Cheniere Energy Inc 5.2% 7/30/2036 (k) | 390000 | 385555 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (k) | 330000 | 319344 |
| CNX Resources Corp 5.875% 3/1/2034 (k) | 210000 | 208317 |
| CNX Resources Corp 7.25% 3/1/2032 (k) | 385000 | 401107 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (k) | 250000 | 246953 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (i)(k) | 550000 | 584779 |
| CVR Energy Inc 7.5% 2/15/2031 (k) | 585000 | 592443 |
| DBR Land Holdings LLC 6.25% 12/1/2030 (k) | 225000 | 230344 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (k) | 150000 | 154807 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (k) | 470000 | 490376 |
| Energy Transfer LP 6.5% 2/15/2056 (f) | 340000 | 340916 |
| Energy Transfer LP 6.75% 2/15/2056 (f) | 100000 | 100719 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  | 110000 | 111010 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (k) | 70000 | 71739 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (i)(k) | 130000 | 136479 |
| Harvest Midstream I LP 7.5% 5/15/2032 (k) | 555000 | 577838 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (k) | 765000 | 761471 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (k) | 475000 | 475219 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6% 2/1/2031 (k) | 295000 | 291548 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (k) | 75000 | 75396 |
| Hilcorp Energy I LP / Hilcorp Finance Co 8.375% 11/1/2033 (i)(k) | 95000 | 101584 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (k) | 215000 | 218718 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (k) | 275000 | 286759 |
| Kinetik Holdings LP 5.875% 6/15/2030 (k) | 270000 | 270913 |
| Kinetik Holdings LP 6.625% 12/15/2028 (k) | 445000 | 453942 |
| Matador Resources Co 6% 4/15/2034 (i)(k) | 100000 | 100379 |
| Matador Resources Co 6.25% 4/15/2033 (k) | 330000 | 335599 |
| Matador Resources Co 6.5% 4/15/2032 (k) | 345000 | 352302 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (k) | 525000 | 490367 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (i)(k) | 365000 | 378284 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (i)(k) | 280000 | 292384 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  | 20000 | 19982 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (k) | 465000 | 476675 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (i)(k) | 515000 | 553375 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (k) | 200000 | 200000 |
| Permian Resources Operating LLC 6.25% 2/1/2033 (k) | 305000 | 312284 |
| Permian Resources Operating LLC 7% 1/15/2032 (k) | 630000 | 655200 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (i)(k) | 165000 | 172033 |
| Rockies Express Pipeline LLC 7.5% 7/15/2038 (k) | 220000 | 231821 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  | 180000 | 174897 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  | 880000 | 864195 |
| Sunoco LP 5.375% 7/15/2031 (k) | 310000 | 308548 |
| Sunoco LP 5.625% 3/15/2031 (i)(k) | 285000 | 286058 |
| Sunoco LP 5.625% 7/15/2034 (i)(k) | 275000 | 271302 |
| Sunoco LP 5.875% 3/15/2034 (k) | 95000 | 94658 |
| Sunoco LP 6.625% 8/15/2032 (k) | 510000 | 521428 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (k) | 305000 | 306618 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6.75% 3/15/2034 (k) | 155000 | 158377 |
| Venture Global Calcasieu Pass LLC 3.875% 11/1/2033 (k) | 110000 | 98030 |
| Venture Global Calcasieu Pass LLC 6% 5/1/2036 (i)(k) | 180000 | 181401 |
| Venture Global LNG Inc 7% 1/15/2030 (i)(k) | 315000 | 324018 |
| Venture Global LNG Inc 8.125% 6/1/2028 (k) | 205000 | 209760 |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (k) | 200000 | 206256 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (k) | 375000 | 392813 |
| Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (k) | 340000 | 355787 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (k) | 375000 | 398640 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (k) | 445000 | 493489 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (i)(k) | 435000 | 489251 |
|  |  | 19216183 |
| TOTAL ENERGY |  | 21998302 |
| Financials - 6.9% |  |  |
| Capital Markets - 1.1% |  |  |
| Hightower Holding LLC 6.75% 4/15/2029 (k) | 605000 | 600877 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (k) | 210000 | 203955 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (k) | 535000 | 537814 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (k) | 270000 | 277374 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (i)(k) | 310000 | 297395 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (k) | 95000 | 92696 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (k) | 240000 | 252035 |
|  |  | 2262146 |
| Consumer Finance - 1.4% |  |  |
| Ford Motor Credit Co LLC 5.42% 4/9/2031 (i) | 390000 | 386616 |
| Navient Corp 6.75% 6/15/2026  | 485000 | 485760 |
| OneMain Finance Corp 3.5% 1/15/2027  | 605000 | 597208 |
| OneMain Finance Corp 6.75% 3/15/2032 (i) | 290000 | 289916 |
| OneMain Finance Corp 6.75% 9/15/2033 (i) | 230000 | 226228 |
| OneMain Finance Corp 7.125% 11/15/2031  | 60000 | 60843 |
| OneMain Finance Corp 7.125% 9/15/2032  | 55000 | 55773 |
| OneMain Finance Corp 7.5% 5/15/2031  | 455000 | 466493 |
| PRA Group Inc 5% 10/1/2029 (k) | 125000 | 118673 |
|  |  | 2687510 |
| Financial Services - 2.7% |  |  |
| Block Inc 2.75% 6/1/2026  | 195000 | 194481 |
| Block Inc 3.5% 6/1/2031  | 225000 | 204328 |
| Block Inc 5.625% 8/15/2030 (k) | 180000 | 180182 |
| Block Inc 6% 8/15/2033 (k) | 140000 | 139729 |
| Block Inc 6.5% 5/15/2032  | 625000 | 636909 |
| CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (k) | 195000 | 191579 |
| CrossCountry Intermediate HoldCo LLC 6.75% 12/1/2032 (k) | 190000 | 183650 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (k) | 195000 | 196702 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  | 350000 | 346643 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (k) | 380000 | 367777 |
| PennyMac Financial Services Inc 6.875% 5/15/2032 (k) | 185000 | 182969 |
| Rocket Cos Inc 6.125% 8/1/2030 (k) | 570000 | 578456 |
| Rocket Cos Inc 6.375% 8/1/2033 (i)(k) | 360000 | 364390 |
| Rocket Cos Inc 6.5% 8/1/2029 (k) | 305000 | 310700 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (i)(k) | 195000 | 194615 |
| UWM Holdings LLC 6.25% 3/15/2031 (k) | 190000 | 176197 |
| UWM Holdings LLC 6.625% 2/1/2030 (k) | 395000 | 379107 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (i)(k) | 185000 | 183975 |
| WEX Inc 6.5% 3/15/2033 (i)(k) | 250000 | 249004 |
|  |  | 5261393 |
| Insurance - 1.4% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (k) | 95000 | 93595 |
| Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (k) | 195000 | 195118 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (i)(k) | 390000 | 383970 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (k) | 540000 | 522801 |
| Athene Holding Ltd 6.875% 6/28/2055 (f)(i) | 530000 | 514319 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (k) | 415000 | 416943 |
| Ryan Specialty LLC 4.375% 2/1/2030 (i)(k) | 300000 | 291132 |
| Ryan Specialty LLC 5.875% 8/1/2032 (i)(k) | 375000 | 374943 |
|  |  | 2792821 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| Starwood Property Trust Inc 5.25% 10/15/2028 (k) | 230000 | 228899 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (k) | 370000 | 379082 |
|  |  | 607981 |
| TOTAL FINANCIALS |  | 13611851 |
| Health Care - 6.8% |  |  |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (i)(k) | 200000 | 190122 |
| Avantor Funding Inc 4.625% 7/15/2028 (k) | 640000 | 630778 |
| Insulet Corp 6.5% 4/1/2033 (i)(k) | 185000 | 188848 |
| Medline Borrower LP 3.875% 4/1/2029 (k) | 340000 | 330331 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (k) | 615000 | 628912 |
| Teleflex Inc 4.25% 6/1/2028 (k) | 390000 | 384336 |
|  |  | 2353327 |
| Health Care Providers & Services - 4.0% |  |  |
| Centene Corp 3.375% 2/15/2030  | 490000 | 455327 |
| Centene Corp 4.625% 12/15/2029  | 645000 | 628809 |
| CVS Health Corp 6.75% 12/10/2054 (f) | 225000 | 233106 |
| CVS Health Corp 7% 3/10/2055 (f) | 660000 | 684761 |
| DaVita Inc 4.625% 6/1/2030 (k) | 365000 | 353339 |
| DaVita Inc 6.75% 7/15/2033 (i)(k) | 280000 | 288700 |
| DaVita Inc 6.875% 9/1/2032 (k) | 185000 | 190955 |
| HealthEquity Inc 4.5% 10/1/2029 (k) | 395000 | 383394 |
| Humana Inc 6.625% 9/15/2056 (f)(i) | 830000 | 817843 |
| Molina Healthcare Inc 3.875% 5/15/2032 (i)(k) | 510000 | 457761 |
| Molina Healthcare Inc 6.25% 1/15/2033 (k) | 625000 | 624343 |
| Molina Healthcare Inc 6.5% 2/15/2031 (k) | 380000 | 386630 |
| Tenet Healthcare Corp 4.625% 6/15/2028  | 1355000 | 1344570 |
| Tenet Healthcare Corp 5.5% 11/15/2032 (k) | 385000 | 384018 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 465000 | 467595 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (k) | 180000 | 170107 |
|  |  | 7871258 |
| Health Care Technology - 0.6% |  |  |
| IQVIA Inc 5% 5/15/2027 (k) | 480000 | 479614 |
| IQVIA Inc 6.25% 6/1/2032 (k) | 755000 | 768889 |
|  |  | 1248503 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (k) | 510000 | 487697 |
| Pharmaceuticals - 0.8% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (k) | 580000 | 599012 |
| Jazz Securities DAC 4.375% 1/15/2029 (k) | 315000 | 308066 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (k) | 240000 | 236876 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (i)(k) | 350000 | 347777 |
|  |  | 1491731 |
| TOTAL HEALTH CARE |  | 13452516 |
| Industrials - 9.6% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Axon Enterprise Inc 6.125% 3/15/2030 (k) | 240000 | 245404 |
| Axon Enterprise Inc 6.25% 3/15/2033 (k) | 220000 | 225755 |
| BWX Technologies Inc 4.125% 6/30/2028 (k) | 795000 | 782131 |
| Carpenter Technology Corp 5.625% 3/1/2034 (k) | 265000 | 265160 |
| Moog Inc 5.5% 10/15/2034 (k) | 95000 | 95085 |
| TransDigm Inc 6% 1/15/2033 (k) | 375000 | 378585 |
| TransDigm Inc 6.125% 7/31/2034 (k) | 100000 | 100110 |
| TransDigm Inc 6.25% 1/31/2034 (k) | 65000 | 66469 |
| TransDigm Inc 6.375% 3/1/2029 (k) | 255000 | 260089 |
| TransDigm Inc 6.375% 5/31/2033 (k) | 650000 | 654998 |
| TransDigm Inc 6.75% 1/31/2034 (k) | 325000 | 333871 |
| TransDigm Inc 6.75% 8/15/2028 (k) | 1020000 | 1032750 |
|  |  | 4440407 |
| Air Freight & Logistics - 0.1% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (k) | 190000 | 197362 |
| Building Products - 1.3% |  |  |
| Advanced Drainage Systems Inc 5.375% 3/1/2034 (k) | 200000 | 197173 |
| Builders FirstSource Inc 4.25% 2/1/2032 (k) | 790000 | 732833 |
| Builders FirstSource Inc 6.75% 5/15/2035 (k) | 325000 | 328211 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (k) | 470000 | 481176 |
| JH North America Holdings Inc 6.125% 7/31/2032 (k) | 190000 | 190404 |
| Standard Building Solutions Inc 5.875% 3/15/2034 (k) | 95000 | 92613 |
| Standard Building Solutions Inc 6.25% 8/1/2033 (k) | 190000 | 189878 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (k) | 135000 | 136334 |
| Standard Industries Inc/NY 4.375% 7/15/2030 (k) | 300000 | 286432 |
|  |  | 2635054 |
| Commercial Services & Supplies - 1.9% |  |  |
| ADT Security Corp/The 4.125% 8/1/2029 (k) | 100000 | 96170 |
| Artera Services LLC 8.5% 2/15/2031 (k) | 1015000 | 874128 |
| Clean Harbors Inc 5.125% 7/15/2029 (k) | 135000 | 133987 |
| Clean Harbors Inc 5.75% 10/15/2033 (k) | 190000 | 191764 |
| Clean Harbors Inc 6.375% 2/1/2031 (k) | 330000 | 335854 |
| CoreCivic Inc 8.25% 4/15/2029  | 270000 | 281272 |
| GEO Group Inc/The 10.25% 4/15/2031  | 185000 | 198552 |
| GEO Group Inc/The 8.625% 4/15/2029  | 270000 | 280914 |
| GFL Environmental Holdings US Inc 5.5% 2/1/2034 (k) | 155000 | 152470 |
| GFL Environmental Inc 6.75% 1/15/2031 (k) | 155000 | 160702 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (i)(k) | 385000 | 389370 |
| Neptune Bidco US Inc 9.5% 2/15/2033 (k) | 80000 | 80063 |
| Prime Security Services Borrower LLC / Prime Finance Inc 3.375% 8/31/2027 (k) | 195000 | 191202 |
| Waste Pro USA Inc 7% 2/1/2033 (k) | 55000 | 56028 |
| Williams Scotsman Inc 6.625% 4/15/2030 (i)(k) | 365000 | 375921 |
|  |  | 3798397 |
| Construction & Engineering - 0.4% |  |  |
| AECOM 6% 8/1/2033 (k) | 570000 | 574653 |
| Dycom Industries Inc 4.5% 4/15/2029 (k) | 195000 | 190465 |
|  |  | 765118 |
| Electrical Equipment - 0.4% |  |  |
| WESCO Distribution Inc 5.25% 4/15/2031 (k) | 225000 | 224859 |
| WESCO Distribution Inc 5.5% 4/15/2034 (k) | 235000 | 234396 |
| WESCO Distribution Inc 6.375% 3/15/2033 (i)(k) | 290000 | 299539 |
|  |  | 758794 |
| Ground Transportation - 0.4% |  |  |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (k) | 305000 | 312165 |
| XPO Inc 6.25% 6/1/2028 (k) | 325000 | 329099 |
| XPO Inc 7.125% 2/1/2032 (i)(k) | 180000 | 187708 |
|  |  | 828972 |
| Machinery - 0.6% |  |  |
| Allison Transmission Inc 3.75% 1/30/2031 (k) | 415000 | 389939 |
| Allison Transmission Inc 5.875% 12/1/2033 (k) | 190000 | 191816 |
| Enpro Inc 6.125% 6/1/2033 (k) | 285000 | 290447 |
| Esab Corp 5.625% 4/1/2031 (k) | 195000 | 196796 |
| Esab Corp 6.25% 4/15/2029 (k) | 130000 | 131717 |
|  |  | 1200715 |
| Passenger Airlines - 0.3% |  |  |
| American Airlines Inc 7.25% 2/15/2028 (i)(k) | 110000 | 111476 |
| United Airlines Holdings Inc 5.375% 3/1/2031  | 490000 | 482951 |
|  |  | 594427 |
| Professional Services - 0.5% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (k) | 280000 | 289831 |
| CACI International Inc 6.375% 6/15/2033 (k) | 370000 | 378530 |
| Science Applications International Corp 5.875% 11/1/2033 (i)(k) | 270000 | 266311 |
|  |  | 934672 |
| Trading Companies & Distributors - 1.5% |  |  |
| FTAI Aviation Investors LLC 5.875% 4/15/2033 (k) | 300000 | 298310 |
| FTAI Aviation Investors LLC 7% 6/15/2032 (k) | 315000 | 325155 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (i)(k) | 215000 | 225745 |
| Herc Holdings Inc 5.75% 3/15/2031 (i)(k) | 130000 | 130312 |
| Herc Holdings Inc 6% 3/15/2034 (i)(k) | 120000 | 118982 |
| Herc Holdings Inc 7% 6/15/2030 (i)(k) | 285000 | 296506 |
| Herc Holdings Inc 7.25% 6/15/2033 (i)(k) | 270000 | 282752 |
| QXO Building Products Inc 6.75% 4/30/2032 (k) | 185000 | 188707 |
| United Rentals North America Inc 3.75% 1/15/2032  | 350000 | 324856 |
| United Rentals North America Inc 5.375% 11/15/2033 (k) | 170000 | 168093 |
| United Rentals North America Inc 6.125% 3/15/2034 (i)(k) | 515000 | 529200 |
|  |  | 2888618 |
| TOTAL INDUSTRIALS |  | 19042536 |
| Information Technology - 5.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Coherent Corp 5% 12/15/2029 (i)(k) | 785000 | 776512 |
| Sensata Technologies Inc 3.75% 2/15/2031 (k) | 465000 | 431930 |
| TTM Technologies Inc 4% 3/1/2029 (k) | 395000 | 382123 |
|  |  | 1590565 |
| IT Services - 1.3% |  |  |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (i)(k) | 720000 | 716376 |
| CoreWeave Inc 9% 2/1/2031 (k) | 315000 | 313003 |
| CoreWeave Inc 9.25% 6/1/2030 (k) | 495000 | 501241 |
| CoreWeave Inc 9.75% 10/1/2031 (k) | 330000 | 331911 |
| Everforth Inc 4.625% 5/15/2028 (k) | 100000 | 93474 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (k) | 705000 | 658821 |
|  |  | 2614826 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Entegris Inc 3.625% 5/1/2029 (k) | 405000 | 386280 |
| Entegris Inc 4.375% 4/15/2028 (k) | 290000 | 285870 |
| Entegris Inc 5.95% 6/15/2030 (k) | 365000 | 369490 |
| ON Semiconductor Corp 3.875% 9/1/2028 (k) | 295000 | 287591 |
| Wolfspeed Inc 7% 6/15/2031 pay-in-kind (f) | 19740 | 16087 |
|  |  | 1345318 |
| Software - 2.4% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (k) | 440000 | 428408 |
| Cloud Software Group Inc 9% 9/30/2029 (k) | 560000 | 549856 |
| Crowdstrike Holdings Inc 3% 2/15/2029  | 320000 | 304905 |
| Elastic NV 4.125% 7/15/2029 (k) | 700000 | 664428 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (k) | 200000 | 196715 |
| Fair Isaac Corp 4% 6/15/2028 (k) | 450000 | 438721 |
| Fair Isaac Corp 6% 5/15/2033 (k) | 510000 | 502974 |
| Gen Digital Inc 6.25% 4/1/2033 (i)(k) | 215000 | 209517 |
| Oracle Corp 3.6% 4/1/2040  | 290000 | 209116 |
| Oracle Corp 3.8% 11/15/2037 (i) | 590000 | 466533 |
| Oracle Corp 5.35% 5/4/2033  | 195000 | 189612 |
| UKG Inc 6.875% 2/1/2031 (k) | 400000 | 389325 |
|  |  | 4550110 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (k) | 165000 | 168582 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (k) | 1060000 | 1107789 |
|  |  | 1276371 |
| TOTAL INFORMATION TECHNOLOGY |  | 11377190 |
| Materials - 5.6% |  |  |
| Chemicals - 2.2% |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (f)(k) | 279565 | 224351 |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.75% 6/15/2027 (k) | 380000 | 378268 |
| Axalta Coating Systems LLC 3.375% 2/15/2029 (i)(k) | 200000 | 190440 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (i) | 260000 | 265960 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (i) | 120000 | 123598 |
| Celanese US Holdings LLC 7% 2/15/2031 (i) | 465000 | 483833 |
| Celanese US Holdings LLC 7.375% 2/15/2034  | 230000 | 240806 |
| Chemours Co/The 4.625% 11/15/2029 (i)(k) | 130000 | 124694 |
| Chemours Co/The 5.75% 11/15/2028 (k) | 357000 | 356208 |
| Chemours Co/The 7.875% 3/15/2034 (k) | 140000 | 143167 |
| LSB Industries Inc 6.25% 10/15/2028 (k) | 210000 | 210082 |
| Methanex US Operations Inc 6.25% 3/15/2032 (i)(k) | 300000 | 308714 |
| Olin Corp 6.625% 4/1/2033 (i)(k) | 235000 | 232802 |
| Olympus Water US Holding Corp 6.75% 8/1/2032 (k) | 185000 | 179316 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (k) | 200000 | 198041 |
| Scih Salt Hldgs Inc 6.625% 5/1/2029 (k) | 95000 | 94298 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (k) | 150000 | 143115 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (k) | 345000 | 342438 |
| WR Grace Holdings LLC 7% 8/1/2033 (k) | 130000 | 129134 |
|  |  | 4369265 |
| Construction Materials - 0.4% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (k) | 410000 | 416469 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (k) | 185000 | 193706 |
| VM Consolidated Inc 5.5% 4/15/2029 (i)(k) | 260000 | 254881 |
|  |  | 865056 |
| Containers & Packaging - 2.0% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (k) | 410000 | 392045 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (k) | 320000 | 299493 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (k) | 200000 | 201361 |
| Ball Corp 3.125% 9/15/2031  | 640000 | 580296 |
| Ball Corp 5.5% 9/15/2033 (i) | 285000 | 285758 |
| Ball Corp 6% 6/15/2029 (i) | 360000 | 366244 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (k) | 320000 | 301061 |
| Clydesdale Acquisition Holdings Inc 6.875% 1/15/2030 (k) | 455000 | 444855 |
| Crown Americas LLC 5.875% 6/1/2033 (i) | 670000 | 674872 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (i)(k) | 185000 | 172790 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (i)(k) | 285000 | 284441 |
|  |  | 4003216 |
| Metals & Mining - 1.0% |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (k) | 80000 | 82326 |
| Alumina Pty Ltd 6.375% 9/15/2032 (k) | 580000 | 596333 |
| Coeur Mining Inc 6.875% 4/1/2032 (k) | 195000 | 200972 |
| Commercial Metals Co 4.375% 3/15/2032 (i) | 515000 | 484813 |
| Commercial Metals Co 5.75% 11/15/2033 (k) | 190000 | 190318 |
| Commercial Metals Co 6% 12/15/2035 (i)(k) | 60000 | 59941 |
| Kaiser Aluminum Corp 5.875% 3/1/2034 (k) | 75000 | 75117 |
| Novelis Corp 3.875% 8/15/2031 (i)(k) | 210000 | 190896 |
|  |  | 1880716 |
| TOTAL MATERIALS |  | 11118253 |
| Real Estate - 2.0% |  |  |
| Diversified REITs - 0.1% |  |  |
| GLP Capital LP / GLP Financing II Inc 5.625% 3/1/2036  | 270000 | 265347 |
| Hotel & Resort REITs - 0.6% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (k) | 440000 | 428007 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (i)(k) | 150000 | 153140 |
| RHP Hotel Properties LP / RHP Finance Corp 5.75% 3/15/2034 (k) | 170000 | 168981 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (k) | 260000 | 266789 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (k) | 205000 | 211153 |
|  |  | 1228070 |
| Real Estate Management & Development - 0.4% |  |  |
| Howard Hughes Corp/The 4.375% 2/1/2031 (k) | 540000 | 505627 |
| Taylor Morrison Communities Inc 5.75% 1/15/2028 (k) | 95000 | 95857 |
| Taylor Morrison Communities Inc 5.75% 11/15/2032 (i)(k) | 100000 | 101068 |
|  |  | 702552 |
| Specialized REITs - 0.9% |  |  |
| Iron Mountain Inc 4.875% 9/15/2029 (k) | 485000 | 478301 |
| Millrose Properties Inc 6.375% 8/1/2030 (k) | 475000 | 481063 |
| SBA Communications Corp 3.125% 2/1/2029  | 40000 | 38506 |
| SBA Communications Corp 3.875% 2/15/2027  | 750000 | 745350 |
|  |  | 1743220 |
| TOTAL REAL ESTATE |  | 3939189 |
| Utilities - 6.4% |  |  |
| Electric Utilities - 5.4% |  |  |
| American Electric Power Co Inc 5.8% 3/15/2056 (f) | 200000 | 198877 |
| American Electric Power Co Inc 6.05% 3/15/2056 (f) | 200000 | 199364 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (k) | 505000 | 472567 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (k) | 195000 | 193760 |
| Clearway Energy Operating LLC 5.75% 1/15/2034 (k) | 275000 | 275069 |
| Edison International 7.875% 6/15/2054 (f) | 251000 | 258917 |
| Edison International 8.125% 6/15/2053 (f) | 75000 | 76945 |
| Eversource Energy 6.1% 8/15/2056 (f) | 200000 | 199190 |
| Eversource Energy 6.35% 8/15/2056 (f) | 140000 | 139937 |
| Hawaiian Electric Co Inc 6% 10/1/2033 (k) | 140000 | 140467 |
| NRG Energy Inc 5.25% 6/15/2029 (k) | 725000 | 722309 |
| NRG Energy Inc 5.75% 1/15/2034 (k) | 480000 | 476454 |
| NRG Energy Inc 5.875% 5/15/2034 (k) | 110000 | 109604 |
| NRG Energy Inc 6% 1/15/2036 (k) | 675000 | 670381 |
| NRG Energy Inc 6% 2/1/2033 (i)(k) | 200000 | 201546 |
| NRG Energy Inc 6.125% 5/15/2036 (k) | 115000 | 114565 |
| NRG Energy Inc 6.25% 11/1/2034 (k) | 795000 | 804247 |
| PG&E Corp 5% 7/1/2028  | 195000 | 194046 |
| PG&E Corp 6.85% 9/15/2056 (f) | 304000 | 303939 |
| PG&E Corp 7.375% 3/15/2055 (f) | 743000 | 764218 |
| Sierra Pacific Power Co 6.2% 12/15/2055 (f) | 480000 | 472056 |
| Sierra Pacific Power Co 6.375% 9/15/2056 (f) | 390000 | 388406 |
| Vistra Operations Co LLC 5% 4/30/2031 (k) | 68000 | 67806 |
| Vistra Operations Co LLC 5% 7/31/2027 (k) | 1515000 | 1514729 |
| Vistra Operations Co LLC 5.25% 4/30/2033 (k) | 72000 | 71745 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (k) | 625000 | 655456 |
| Xcel Energy Inc 5.75% 12/3/2056 (f)(i) | 490000 | 484617 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (i)(k) | 185000 | 192388 |
| XPLR Infrastructure Operating Partners LP 7.75% 4/15/2034 (k) | 220000 | 230593 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (i)(k) | 160000 | 170970 |
|  |  | 10765168 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (k) | 250000 | 248291 |
| Alpha Generation LLC 6.75% 10/15/2032 (k) | 370000 | 378956 |
| Sunnova Energy Corp 5.875% (c)(h)(k) | 280000 | 700 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (k) | 425000 | 421828 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (k) | 445000 | 446686 |
|  |  | 1496461 |
| Multi-Utilities - 0.2% |  |  |
| Sempra 6.375% 4/1/2056 (f) | 475000 | 480420 |
| TOTAL UTILITIES |  | 12742049 |
| TOTAL UNITED STATES |  | 151179265 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd 6.375% 2/15/2036 (k) | 200000 | 196380 |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (k) | 200000 | 206188 |
| First Quantum Minerals Ltd 8% 3/1/2033 (k) | 440000 | 461406 |
| TOTAL ZAMBIA |  | 863974 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $168,001,523) |  | <br> **168849697** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 5.7%** | &nbsp;&nbsp;**Preferred Securities - 5.7%** | &nbsp;&nbsp;**Preferred Securities - 5.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA 6.875% (f)(j)(k) | 290000 | 295539 |
| BNP Paribas SA 7.2% (f)(j)(k) | 295000 | 297569 |
| BNP Paribas SA 7.45% (f)(j)(k) | 285000 | 302530 |
| TOTAL FRANCE |  | 895638 |
| UNITED KINGDOM - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Barclays PLC 7.625% (f)(j) | 475000 | 504919 |
| HSBC Holdings PLC 6.75% (f)(j) | 200000 | 203965 |
| HSBC Holdings PLC 7% (f)(j) | 200000 | 205525 |
| HSBC Holdings PLC 7.05% (f)(j) | 340000 | 358853 |
| TOTAL UNITED KINGDOM |  | 1273262 |
| UNITED STATES - 4.6%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Energy Transfer LP Series G, 7.125% (f)(i)(j) | 655000 | 693978 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.0241% (e)(f)(j) | 495000 | 503048 |
| Sunoco LP 7.875% (f)(j)(k) | 610000 | 637433 |
| TOTAL ENERGY |  | 1834459 |
| Financials - 3.7% |  |  |
| Banks - 2.5% |  |  |
| Bank of America Corp 6.25% (f)(j) | 665000 | 672667 |
| BW Real Estate Inc 9.5% (f)(j)(k) | 185000 | 189849 |
| Citigroup Inc 6.5% (f)(j) | 430000 | 438518 |
| Citigroup Inc 6.625% (f)(j) | 385000 | 399715 |
| Citigroup Inc 6.75% (f)(j) | 395000 | 403007 |
| Citigroup Inc 6.875% (f)(j) | 380000 | 391319 |
| Citigroup Inc 7.125% (f)(j) | 355000 | 365525 |
| JPMorgan Chase & Co 6.1% (f)(j) | 590000 | 590000 |
| JPMorgan Chase & Co 6.5% (f)(j) | 390000 | 402446 |
| Wells Fargo & Co 6.125% (f)(j) | 585000 | 591309 |
| Wells Fargo & Co 7.625% (f)(i)(j) | 320000 | 339122 |
|  |  | 4783477 |
| Capital Markets - 0.5% |  |  |
| Bank of New York Mellon Corp/The 5.625% (f)(i)(j) | 390000 | 389009 |
| Charles Schwab Corp/The 4% (f)(j) | 215000 | 201791 |
| Goldman Sachs Group Inc/The 6.85% (f)(i)(j) | 465000 | 486092 |
|  |  | 1076892 |
| Consumer Finance - 0.7% |  |  |
| Ally Financial Inc 4.7% (f)(i)(j) | 1035000 | 1042308 |
| Ally Financial Inc 4.7% (f)(i)(j) | 100000 | 97173 |
| Ally Financial Inc 5 year U.S. Treasury Index + 0%, 7.1% (e)(f)(j) | 265000 | 264791 |
|  |  | 1404272 |
| TOTAL FINANCIALS |  | 7264641 |
| TOTAL UNITED STATES |  | 9099100 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $10,798,954) |  | <br> **11268000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.4%** | &nbsp;&nbsp;**Money Market Funds - 11.4%** | &nbsp;&nbsp;**Money Market Funds - 11.4%** | &nbsp;&nbsp;**Money Market Funds - 11.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (m) | 3.69 | 6591833 | 6593151 |
| Fidelity Securities Lending Cash Central Fund (m)(n) | 3.69 | 15982963 | 15984562 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $22,577,713) |  |  | **22577713** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 109.0%**<br> (Cost $214,446,178)<br>| <br>**215484027** |
| **NET OTHER ASSETS (LIABILITIES) - (9.0)%**  | **(17832527)** |
| **NET ASSETS - 100.0%** | **197651500** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(d) 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.

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

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

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

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

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

(k) 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 $138,985,624 or 70.3% of net assets.

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4066122 | 58843771 | 56316732 | 142033 | (10) | - | 6593151 | 6591833 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 23662378 | 109452676 | 117130471 | 31907 | (21) | - | 15984562 | 15982963 | 0.0% |
| Total | 27728500 | 168296447 | 173447203 | 173940 | (31) | - | 22577713 |  |  |

---

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 April 30, 2026, 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** | 374805 | - | 374805 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 641330 | - | 641330 | - |
| Consumer Discretionary | 2205753 | - | 2205753 | - |
| Consumer Staples | 227201 | - | 227201 | - |
| Energy | 577758 | - | 577758 | - |
| Financials | 1697757 | - | 1574007 | 123750 |
| Health Care | 1264005 | - | 1162812 | 101193 |
| Industrials | 964359 | - | 964359 | - |
| Information Technology | 1244099 | - | 1244099 | - |
| Materials | 2956224 | - | 2956224 | - |
| Utilities | 120520 | - | 120520 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 35002 | - | - | 35002 |
| Health Care | 197352 | - | - | 197352 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 282452 | - | 282452 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 19484319 | - | 19484319 | - |
| Consumer Discretionary | 23798352 | - | 23798352 | - |
| Consumer Staples | 6894647 | - | 6894647 | - |
| Energy | 24327346 | - | 24327346 | - |
| Financials | 15629288 | - | 15629288 | - |
| Health Care | 13955419 | - | 13955419 | - |
| Industrials | 20055910 | - | 20055910 | - |
| Information Technology | 11818887 | - | 11818887 | - |
| Materials | 14232738 | - | 14232738 | - |
| Real Estate | 3939189 | - | 3939189 | - |
| Utilities | 14713602 | - | 14712902 | 700 |
|  **Preferred Securities** |  |  |  |  |
| Energy | 1834459 | - | 1834459 | - |
| Financials | 9433541 | - | 9433541 | - |
|  **Money Market Funds** | 22577713 | 22577713 | - | - |
| **Total Investments in Securities:** | 215484027 | 22577713 | 192448317 | 457997 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $18,900,193) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $191,868,465) | $192906314 |  |
| Fidelity Central Funds (cost $22,577,713) | 22577713 |  |
| Total Investment in Securities (cost $214,446,178) |  | $215484027 |
| Cash |  | 345990 |
| Receivable for investments sold |  | 16631 |
| Receivable for fund shares sold |  | 86623 |
| Interest receivable |  | 2595961 |
| Distributions receivable from Fidelity Central Funds |  | 18782 |
| Prepaid expenses |  | 52 |
| Receivable from investment adviser for expense reductions |  | 872 |
| Other receivables |  | 92 |
| **Total assets** |  | 218549030 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $2900524 |  |
| Delayed delivery | 1081825 |  |
| Payable for fund shares redeemed | 603110 |  |
| Distributions payable | 141412 |  |
| Accrued management fee | 113854 |  |
| Other payables and accrued expenses | 72222 |  |
| Collateral on securities loaned | 15984583 |  |
| **Total liabilities** |  | 20897530 |
| **Net Assets**  |  | $197651500 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $224517333 |
| Total accumulated earnings (loss) |  | (26865833) |
| **Net Assets** |  | $197651500 |
| **Net Asset Value**, offering price and redemption price per share ($197,651,500 ÷ 23,853,171 shares) |  | $8.29 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $421831 |
| Interest  |  | 11600706 |
| Income from Fidelity Central Funds (including $31,907 from security lending)  |  | 173940 |
| Security lending |  | 61 |
| **Total income** |  | 12196538 |
| **Expenses** |  |  |
| Management fee | $1339058 |  |
| Custodian fees and expenses | 9203 |  |
| Independent trustees' fees and expenses | 651 |  |
| Registration fees | 21264 |  |
| Audit fees | 82132 |  |
| Legal | 1482 |  |
| Miscellaneous | 593 |  |
| Total expenses before reductions | 1454383 |  |
| Expense reductions | (15177) |  |
| Total expenses after reductions |  | 1439206 |
| **Net Investment income (loss)** |  | 10757332 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (527917) |  |
| Fidelity Central Funds | (31) |  |
| Foreign currency transactions | (25) |  |
| Total net realized gain (loss) |  | (527973) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 6042769 |
| **Net gain (loss)** |  | 5514796 |
| **Net increase (decrease) in net assets resulting from operations** |  | $16272128 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $10757332 | $10066016 |
| &nbsp;&nbsp;Net realized gain (loss) | (527973)<br>| (2552330)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6042769 | 6619800<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 16272128<br>| 14133486<br>|
| Distributions to shareholders | (11067841)<br>| (9806619)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 28416197 | 20256239 |
| Reinvestment of distributions | 9228896<br>| 8189881<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (34381008) | (44978350) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3264085<br>| (16532230)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 8468372<br>| (12205363)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 189183128 | 201388491<br>|
| &nbsp;&nbsp;End of period | $197651500 | $189183128 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3428963 | 2500217 |
| Issued in reinvestment of distributions | 1114920<br>| 1009718<br>|
| &nbsp;&nbsp;Redeemed | (4160466) | (5552923) |
| &nbsp;&nbsp;Net increase (decrease) | 383417 | (2042988) |

---

**Financial Highlights** 

**Fidelity® Focused High Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.06 | $7.89 | $7.79 | $7.99 | $8.86 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .462  | .413  | .376  | .357  | .317  |
| Net realized and unrealized gain (loss)  | .244  | .159  | .083  | (.216)  | (.863)  |
| Total from investment operations  | .706  | .572  | .459  | .141  | (.546)  |
| Distributions from net investment income  | (.476)  | (.402)  | (.359)  | (.341)  | (.324)  |
| Total distributions  | (.476)  | (.402)  | (.359)  | (.341)  | (.324)  |
| Net asset value, end of period  | $8.29 | $8.06 | $7.89 | $7.79 | $7.99 |
| **Total Return** C | 8.93% <br>| 7.34%  | 6.04%  | 1.91%  | (6.41)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .76%  | .76%  | .79%  | .79%  | .75%  |
| Expenses net of fee waivers, if any  | .75% <br>| .75%  | .75%  | .75%  | .75%  |
| Expenses net of all reductions, if any  | .75%  | .75%  | .75%  | .75%  | .75%  |
| Net investment income (loss)  | 5.59%  | 5.09%  | 4.83%  | 4.62%  | 3.62%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $197652 | $189183 | $201388 | $221380 | $277933 |
| Portfolio turnover rate F | 77% <br>| 32%  | 26%  | 9%  | 20%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Focused High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

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 April 30, 2026 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, defaulted bonds, market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $4170462 |
| **Gross unrealized depreciation**  | <u>(2246993)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1923469</u> |
| **Tax Cost**  | <u>$213560558</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$121199</u> |
| **Capital loss carryforward**  | <u>$(28910500)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1923469</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(9833002) |
| Long-term | <u>(19077498)</u> |
| **Total capital loss carryforward** | <u>$(28910500)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $11067841 | $9806619 |

---

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

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

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

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Focused High Income Fund** | 147744286 | 146029943 |

---

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

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

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. 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 %** |
| **Fidelity Focused High Income Fund** | .71 |

---

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 %** |
| **Fidelity Focused High Income Fund** | .70 |

---

**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 Focused High Income Fund** | 1 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. 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, (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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Focused High Income Fund** | 236 |

---

**7. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 Focused High Income Fund** | 3137 | - | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Focused High Income Fund** | 3585934 |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .75% of average net assets. This reimbursement will remain in place through August 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $11,688.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $3,489.

**9. 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.

**10. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Focused High Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Focused High Income Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the "Fund") as of April 30, 2026, the related statement of operations for the year ended April 30, 2026, the statement of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2026 and the financial highlights for each of the five years in the period ended April 30, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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

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

A total of 0.39% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $8,392,778 of distributions paid in the calendar year 2025 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $11,067,841 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130802_4.jpg)<br>

1.801606.121 FFH-ANN-0626

**Fidelity® Capital & Income Fund**

**Annual Report**

**April 30, 2026**

![](img130806_1.jpg)

![](img130806_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CAI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Capital & Income Fund](#Sub_Sec_Fund_38_CAI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements38_CAI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CAI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CAI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CAI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CAI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CAI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CAI-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® Capital & Income Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 2.3%** | &nbsp;&nbsp;**Alternative Funds - 2.3%** | &nbsp;&nbsp;**Alternative Funds - 2.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company II LLC (c)(n) | 60000 | 600864 |
| Fidelity Private Credit Company LLC (c)(n) | 38033001 | 356236104 |
| <br> **TOTAL ALTERNATIVE FUNDS**<br> (Cost $371,190,095) |  | **356836968** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Brant Point Clo Ltd Series 2024-5A Class E, CME Term SOFR 3 month Index + 6.7%, 10.3752% 10/20/2037 (f)(h)(i) | 757000 | 760263 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| 720 East CLO IV Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.5%, 10.1731% 4/15/2037 (f)(h)(i) | 1228000 | 1228834 |
| Arini US CLO II Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 5.65%, 9.3231% 3/31/2038 (f)(h)(i) | 721000 | 724013 |
| Balboa Bay Loan Funding Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (f)(h)(i) | 1078000 | 1081759 |
| Balboa Bay Loan Funding Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 5.75%, 9.4252% 7/20/2038 (f)(h)(i) | 691000 | 694221 |
| Bayard Park CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.35%, 10.0171% 7/24/2038 (f)(h)(i) | 1747000 | 1750321 |
| Bbam US CLO I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.6731% 3/30/2038 (f)(h)(i) | 1141000 | 1141906 |
| Bbam US CLO III Ltd Series 2025-3A Class DR, CME Term SOFR 3 month Index + 5.2%, 8.8731% 10/15/2038 (f)(h)(i) | 889000 | 861928 |
| Benefit Street Partners CLO XXXIX Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.3231% 4/15/2038 (f)(h)(i) | 1562000 | 1542569 |
| Birch Grove CLO 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.4136% 4/22/2038 (f)(h)(i) | 1672000 | 1673496 |
| Birch Grove CLO 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.4252% 10/20/2037 (f)(h)(i) | 903000 | 889556 |
| Carlyle US CLO Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.4166% 10/25/2037 (f)(h)(i) | 1082000 | 1083144 |
| Carlyle US CLO Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 10.4166% 7/25/2038 (f)(h)(i) | 1404000 | 1417845 |
| Carval CLO Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.0252% 10/20/2037 (f)(h)(i) | 412000 | 412292 |
| CIFC Funding Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 10.9221% 7/21/2038 (f)(h)(i) | 2379000 | 2410441 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.4304% 1/17/2038 (f)(h)(i) | 956000 | 951673 |
| Diameter Capital CLO 7 Ltd / Diameter Capital CLO 7 LLC Series 2024-7A Class D, CME Term SOFR 3 month Index + 6.1%, 9.7752% 7/20/2037 (f)(h)(i) | 2754000 | 2754096 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 7.7731% 4/15/2038 (f)(h)(i) | 1048000 | 1045244 |
| Flatiron RR CLO 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 8.9231% 4/15/2038 (f)(h)(i) | 1608000 | 1611776 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9252% 7/20/2037 (f)(h)(i) | 471000 | 472738 |
| Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (f) | 664000 | 660975 |
| Magnetite XXIX Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.6731% 7/15/2037 (f)(h)(i) | 914000 | 913968 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9252% 7/20/2036 (f)(h)(i) | 1120000 | 1121234 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9252% 10/20/2037 (f)(h)(i) | 1070000 | 1060044 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.2252% 7/20/2037 (f)(h)(i) | 1291000 | 1288706 |
| Palmer Square CLO Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 7.8131% 2/15/2038 (f)(h)(i) | 726000 | 717602 |
| Palmer Square Loan Funding Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 8.1731% 7/15/2033 (f)(h)(i) | 1586000 | 1587454 |
| Pikes Peak CLO 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.4752% 4/20/2038 (f)(h)(i) | 640000 | 609137 |
| RR 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.6731% 10/15/2039 (f)(h)(i) | 1250000 | 1252839 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 32959811 |
| UNITED STATES - 0.0%  |  |  |
| Hilton Grand Vacations Trust Series 2026-1A Class D, 7.21% 2/25/2043 (f) | 2380000 | 2379791 |
| Obra CLO 1 Ltd / Obra CLO 1 LLC Series 2024-1A Class D2, 8.259% 1/20/2038 (f) | 750000 | 751787 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.4252% 1/20/2038 (f)(h)(i) | 864000 | 866027 |
| Systima Capital Management LLC Series 2025-SUP2 Class E, U.S. 30-Day Avg. SOFR Index + 4%, 7.3452% 9/25/2032 (f)(h)(i) | 282919 | 284253 |
| TOTAL UNITED STATES |  | 4281858 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $37,987,045) |  | <br> **38001932** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 8.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2112% 5/23/2030 (g)(h)(i) | 8853267 | 8722062 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.5481% 5/31/2031 (g)(h)(i) | 16021711 | 16305135 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9496% 10/1/2032 (g)(h)(i) | 11855288 | 10580844 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Kleopatra Finco Sarl Tranche EXIT LOAN 1LN, term loan CME Term SOFR 1 month Index + 7%, 5.6634% 1/30/2031 (g)(h)(i) | 948498 | 822585 |
| TOTAL LUXEMBOURG |  | 11403429 |
| SWITZERLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 11/15/2030 (g)(h)(i) | 9155000 | 8746870 |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1634% 11/15/2030 (g)(h)(i) | 11882500 | 11409101 |
| TOTAL SWITZERLAND |  | 20155971 |
| UNITED KINGDOM - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Connect Finco SARL Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1522% 9/27/2029 (g)(h)(i) | 8536413 | 8553998 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 2/10/2031 (g)(h)(i) | 32030000 | 32030000 |
| TOTAL UNITED KINGDOM |  | 40583998 |
| UNITED STATES - 7.4%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.0512% 9/30/2026 (g)(h)(i) | 8057758 | 4592922 |
| Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.9491% 9/30/2026 (e)(g)(h)(i) | 210242 | 218389 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 1 month Index + 10%, 13.9411% 9/30/2026 (g)(h)(i) | 1931635 | 2006486 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.4612% 9/30/2026 (e)(g)(h)(i) | 216239 | 212994 |
|  |  | 7030791 |
| Entertainment - 0.1% |  |  |
| OAK-Eagle Acquireco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 3/24/2033 (g)(h)(i)(j) | 13655000 | 13658414 |
| Media - 0.1% |  |  |
| Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9496% 6/24/2029 (g)(h)(i) | 726688 | 725329 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0167% 1/31/2029 (g)(h)(i) | 7200000 | 7142976 |
|  |  | 7868305 |
| TOTAL COMMUNICATION SERVICES |  | 28557510 |
| Consumer Discretionary - 1.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 5/6/2030 (g)(h)(i) | 2124499 | 2131807 |
| Broadline Retail - 0.0% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 1/23/2032 (g)(h)(i) | 6590578 | 6625178 |
| Distributors - 0.0% |  |  |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.6996% 6/20/2031 (g)(h)(i) | 3299869 | 3255750 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 1/29/2029 (g)(h)(i) | 28846089 | 28581571 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.925% 12/30/2026 (g)(h)(i) | 8893103 | 8515145 |
|  |  | 37096716 |
| Household Durables - 0.1% |  |  |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4418% 10/1/2032 (g)(h)(i) | 11890000 | 11568613 |
| Specialty Retail - 0.8% |  |  |
| Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6599% 10/16/2031 (g)(h)(i) | 4615047 | 4634291 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5023% 6/6/2031 (g)(h)(i) | 122192025 | 101663766 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1918% 3/15/2031 (g)(h)(i) | 1481288 | 1478014 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 1/30/2031 (g)(h)(i) | 2088681 | 2091125 |
|  |  | 109867196 |
| TOTAL CONSUMER DISCRETIONARY |  | 170545260 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Naked Juice LLC Tranche EXCH FLSO FL20 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.0496% 1/24/2029 (g)(h)(i) | 1781952 | 997893 |
| Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1996% 1/24/2029 (g)(h)(i) | 1165101 | 1159008 |
|  |  | 2156901 |
| Food Products - 0.0% |  |  |
| Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 2/12/2031 (g)(h)(i) | 2112576 | 2081986 |
| TOTAL CONSUMER STAPLES |  | 4238887 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (g)(h)(i)(k) | 22084511 | 14214696 |
| Financials - 1.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6996% 10/31/2031 (g)(h)(i) | 9385344 | 9416597 |
| Focus Financial Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 9/15/2031 (g)(h)(i) | 23784540 | 23586415 |
| PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4496% 11/26/2031 (g)(h)(i) | 1722600 | 1726906 |
|  |  | 34729918 |
| Financial Services - 0.4% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1822% 7/1/2032 (g)(h)(i) | 13690688 | 13177287 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 7/31/2031 (g)(h)(i) | 11825575 | 11583151 |
| Orion US Finco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1687% 10/8/2032 (g)(h)(i) | 1270000 | 1267815 |
| Vci Asset Holdings 3 LLC Tranche TL, term loan 6.875% 4/15/2031 (e)(g) | 9835000 | 9736650 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1619% 2/20/2032 (g)(h)(i) | 28519488 | 28524051 |
|  |  | 64288954 |
| Insurance - 0.6% |  |  |
| Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 6/21/2032 (g)(h)(i) | 16243801 | 15939230 |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6522% 11/6/2030 (g)(h)(i) | 11613260 | 11410028 |
| Alera Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 5/28/2032 (g)(h)(i) | 3616848 | 3573518 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 9/19/2031 (g)(h)(i) | 33985981 | 33918689 |
| CRC Insurance Group LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4496% 5/6/2032 (g)(h)(i) | 13536842 | 13367632 |
| CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4496% 5/6/2031 (g)(h)(i) | 11174718 | 11085320 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9221% 6/20/2030 (g)(h)(i) | 7730889 | 7748592 |
|  |  | 97043009 |
| TOTAL FINANCIALS |  | 196061881 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4022% 1/15/2031 (g)(h)(i) | 3124300 | 3138953 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.4022% 10/23/2028 (g)(h)(i) | 4127585 | 4141248 |
|  |  | 7280201 |
| Health Care Technology - 0.5% |  |  |
| AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 2/15/2029 (g)(h)(i) | 28603261 | 28475691 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4148% 5/1/2031 (g)(h)(i) | 34375900 | 31505513 |
|  |  | 59981204 |
| Life Sciences Tools & Services - 0.0% |  |  |
| PAREXEL International Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 12/12/2031 (g)(h)(i) | 6659152 | 6659151 |
| Pharmaceuticals - 0.1% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9022% 10/8/2030 (g)(h)(i) | 17929513 | 17431969 |
| Amneal Pharmaceuticals LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6522% 8/2/2032 (g)(h)(i) | 1303450 | 1307790 |
|  |  | 18739759 |
| TOTAL HEALTH CARE |  | 92660315 |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| TransDigm Group Inc Tranche M 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 8/19/2032 (g)(h)(i) | 21536775 | 21567573 |
| TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1522% 1/19/2032 (g)(h)(i) | 10096250 | 10109678 |
| TransDigm Inc Tranche N 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 2/13/2033 (g)(h)(i) | 2590000 | 2593729 |
|  |  | 34270980 |
| Commercial Services & Supplies - 0.7% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9022% 2/13/2032 (g)(h)(i) | 19057500 | 19077320 |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9022% 12/21/2028 (g)(h)(i) | 17357817 | 17391491 |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1522% 2/15/2031 (g)(h)(i) | 6218100 | 5307397 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1636% 8/1/2030 (g)(h)(i) | 30747359 | 26593391 |
| CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9277% 9/4/2030 (g)(h)(i) | 25859896 | 17895049 |
| CSC ServiceWorks East LLC Tranche INITIAL FL1O 1LN, term loan CME Term SOFR 1 month Index + 5.43%, 9.0961% 9/4/2030 (g)(h)(i) | 4436625 | 4508187 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.7687% 2/3/2033 (g)(h)(i) | 15000000 | 14673750 |
| Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9023% 11/30/2028 (g)(h)(i) | 1717232 | 1717953 |
| Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7667% 12/10/2026 (g)(h)(i) | 4751576 | 4749580 |
|  |  | 111914118 |
| Machinery - 0.1% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 9/13/2032 (g)(h)(i) | 1925175 | 1931201 |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7522% 3/25/2031 (g)(h)(i) | 6022100 | 6037155 |
|  |  | 7968356 |
| Transportation Infrastructure - 0.0% |  |  |
| GB AIT Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 4/22/2033 (g)(h)(i)(j) | 3130000 | 3132598 |
| TOTAL INDUSTRIALS |  | 157286052 |
| Information Technology - 2.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9022% 7/9/2032 (g)(h)(i) | 1944032 | 1945256 |
| Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9022% 8/18/2031 (g)(h)(i) | 2915600 | 2925455 |
|  |  | 4870711 |
| IT Services - 0.2% |  |  |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (g)(h) | 3840237 | 3104178 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9134% 3/22/2032 (g)(h)(i) | 5593500 | 5072130 |
| Peraton Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5134% 2/1/2028 (g)(h)(i) | 20704304 | 17657873 |
|  |  | 25834181 |
| Software - 1.9% |  |  |
| Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1996% 2/23/2032 (g)(h)(i) | 225000 | 222563 |
| Applied Systems Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9496% 2/24/2031 (g)(h)(i) | 11629069 | 11465215 |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6522% 12/11/2028 (g)(h)(i) | 17457816 | 17142877 |
| Avalara Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4496% 3/29/2032 (g)(h)(i) | 27973965 | 27421479 |
| Darktrace Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9271% 10/9/2031 (g)(h)(i) | 1591960 | 1493465 |
| KnowBe4 Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4134% 7/26/2032 (g)(h)(i) | 1630913 | 1435203 |
| Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9134% 7/1/2031 (g)(h)(i) | 28963925 | 26156162 |
| Ping Identity Holding Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4018% 11/15/2032 (g)(h)(i) | 1750000 | 1726673 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.925% 6/2/2028 (g)(h)(i) | 21225617 | 18447821 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6996% 8/31/2028 (g)(h)(i) | 65343877 | 63356116 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 9/8/2032 (g)(h)(i) | 8917650 | 8846576 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1634% 2/10/2031 (g)(h)(i) | 82800021 | 79829985 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9134% 4/14/2031 (g)(h)(i) | 34737056 | 34259422 |
|  |  | 291803557 |
| TOTAL INFORMATION TECHNOLOGY |  | 322508449 |
| Materials - 1.1% |  |  |
| Chemicals - 0.7% |  |  |
| Advancion Holdings LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 8.4227% 11/24/2027 (g)(h)(i) | 3775000 | 3435250 |
| Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7727% 11/24/2027 (g)(h)(i) | 11868912 | 10800710 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4136% 10/4/2029 (g)(h)(i) | 61178932 | 60536554 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.7246% 7/3/2028 (g)(h)(i) | 17282775 | 15964963 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 8/25/2031 (g)(h)(i) | 25419274 | 25069759 |
|  |  | 115807236 |
| Containers & Packaging - 0.4% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.8272% 4/13/2029 (g)(h)(i) | 62363150 | 59351009 |
| TOTAL MATERIALS |  | 175158245 |
| 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%, 6.1525% 5/17/2030 (g)(h)(i) | 544354 | 545649 |
| TOTAL UNITED STATES |  | 1161776944 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $1,308,020,468) |  | <br> **1258947539** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 23.7%** | &nbsp;&nbsp;**Common Stocks - 23.7%** | &nbsp;&nbsp;**Common Stocks - 23.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (b) | 195100 | 23681737 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (e) | 1010567 | 15181465 |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 11800 | 6251470 |
| TOTAL FRANCE |  | 21432935 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City International Holdings Ltd ADR (b) | 695700 | 1634895 |
| Studio City International Holdings Ltd ADR (b)(f) | 631958 | 1485101 |
| TOTAL HONG KONG |  | 3119996 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Klockner Pentaplast of America Inc (e) | 122283 | 114814 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 43500 | 12771165 |
| TAIWAN - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 571000 | 226150260 |
| UNITED STATES - 21.9%  |  |  |
| Communication Services - 3.5% |  |  |
| Interactive Media & Services - 2.5% |  |  |
| Alphabet Inc Class A  | 597400 | 229879520 |
| Meta Platforms Inc Class A  | 266600 | 163135206 |
|  |  | 393014726 |
| Media - 1.0% |  |  |
| EchoStar Corp (b)(c) | 472785 | 58218745 |
| EchoStar Corp Class A (b)(d) | 769300 | 94731602 |
| iHeartMedia Inc Class A (b) | 104 | 621 |
|  |  | 152950968 |
| TOTAL COMMUNICATION SERVICES |  | 545965694 |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Boyd Gaming Corp  | 453873 | 39464257 |
| New Cotai LLC / New Cotai Capital Corp (b)(c)(e) | 3366626 | 269330 |
|  |  | 39733587 |
| Household Durables - 0.5% |  |  |
| TopBuild Corp (b) | 174900 | 77428230 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Arena Brands Holding Corp (c)(e) | 659302 | 17346236 |
| TOTAL CONSUMER DISCRETIONARY |  | 134508053 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| Celsius Holdings Inc (b) | 238100 | 7993017 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Southeastern Grocers LLC rights (b)(e) | 793345 | 8 |
| US Foods Holding Corp (b) | 310200 | 29000598 |
|  |  | 29000606 |
| TOTAL CONSUMER STAPLES |  | 36993623 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Forbes Energy Services Ltd (b)(e) | 193218 | 2 |
| Superior Energy Services Inc Class A (b)(e) | 110370 | 11312925 |
|  |  | 11312927 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| California Resources Corp  | 17780 | 1213663 |
| EP Energy Corp (b)(e) | 841775 | 1405764 |
| Expand Energy Corp  | 1693 | 172940 |
| Mesquite Energy Inc (b)(e) | 764432 | 11810479 |
| Unit Corp  | 37978 | 1301126 |
|  |  | 15903972 |
| TOTAL ENERGY |  | 27216899 |
| Financials - 2.1% |  |  |
| Capital Markets - 0.2% |  |  |
| Ares Management Corp Class A  | 145100 | 17034740 |
| Moody's Corp  | 33900 | 15656715 |
| PJT Partners Inc Class A  | 5092 | 777752 |
|  |  | 33469207 |
| Consumer Finance - 0.2% |  |  |
| OneMain Holdings Inc  | 569200 | 33451883 |
| Financial Services - 1.3% |  |  |
| Apollo Global Management Inc  | 610300 | 78557816 |
| Carnelian Point Holdings LP warrants 6/30/2027 (b)(e) | 931 | 2719 |
| Mastercard Inc Class A  | 92500 | 46520100 |
| Visa Inc Class A  | 227700 | 75104568 |
|  |  | 200185203 |
| Insurance - 0.4% |  |  |
| Arthur J Gallagher & Co  | 303679 | 62679346 |
| TOTAL FINANCIALS |  | 329785639 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Medline Inc Class A  | 61700 | 2743799 |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC warrants 6/28/2029 (b)(e) | 10791 | 18992 |
| Encompass Health Corp  | 34 | 3400 |
| Enhabit Inc (b) | 17 | 234 |
| Tenet Healthcare Corp (b) | 105098 | 18614958 |
|  |  | 18637584 |
| TOTAL HEALTH CARE |  | 21381383 |
| Industrials - 7.6% |  |  |
| Building Products - 0.6% |  |  |
| Carlisle Cos Inc  | 35200 | 12505152 |
| Simpson Manufacturing Co Inc  | 75300 | 14361969 |
| Trane Technologies PLC  | 149500 | 73634730 |
|  |  | 100501851 |
| Construction & Engineering - 4.1% |  |  |
| API Group Corp (b) | 545500 | 24940260 |
| Comfort Systems USA Inc  | 164000 | 301801001 |
| Construction Partners Inc Class A (b) | 285700 | 35329662 |
| EMCOR Group Inc  | 142500 | 127062975 |
| IES Holdings Inc (b) | 194700 | 125402376 |
| WillScot Holdings Corp  | 610100 | 13812664 |
|  |  | 628348938 |
| Electrical Equipment - 2.5% |  |  |
| Eaton Corp PLC  | 206300 | 89329963 |
| Nextpower Inc Class A (b) | 876300 | 104393619 |
| nVent Electric PLC  | 315900 | 45142110 |
| Vertiv Holdings Co Class A  | 414400 | 136126256 |
|  |  | 374991948 |
| Ground Transportation - 0.1% |  |  |
| Uber Technologies Inc (b) | 304100 | 22688901 |
| Machinery - 0.3% |  |  |
| Parker-Hannifin Corp  | 58900 | 53564838 |
| Passenger Airlines - 0.0% |  |  |
| Spirit Aviation Holdings Inc (b) | 265711 | 371995 |
| Spirit Aviation Holdings Inc (b) | 57517 | 80524 |
|  |  | 452519 |
| Trading Companies & Distributors - 0.0% |  |  |
| Penhall Acquisition Company (b)(e) | 34884 | 0 |
| TOTAL INDUSTRIALS |  | 1180548995 |
| Information Technology - 6.0% |  |  |
| Communications Equipment - 0.4% |  |  |
| Arista Networks Inc (b) | 384000 | 66320640 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Coherent Corp (b) | 154500 | 49395195 |
| IT Services - 0.0% |  |  |
| GTT Communications Inc (b)(e) | 85487 | 3437432 |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| KLA Corp  | 42500 | 74389875 |
| Marvell Technology Inc  | 273600 | 45185040 |
| Micron Technology Inc  | 206000 | 106534960 |
| MKS Inc  | 155900 | 44236625 |
| NVIDIA Corp  | 1435300 | 286442822 |
| ON Semiconductor Corp (b) | 692403 | 69801146 |
| Wolfspeed Inc (d) | 353440 | 10437083 |
|  |  | 637027551 |
| Software - 1.2% |  |  |
| AppLovin Corp Class A (b) | 37700 | 16827395 |
| Fair Isaac Corp (b) | 14100 | 14452500 |
| Microsoft Corp  | 227400 | 92729172 |
| Monday.com Ltd (b)(d) | 206900 | 13628503 |
| Palantir Technologies Inc Class A (b) | 213700 | 29727807 |
| Terawulf Inc (b)(d) | 952300 | 20693479 |
|  |  | 188058856 |
| TOTAL INFORMATION TECHNOLOGY |  | 944239674 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Eagle Materials Inc  | 142000 | 29835620 |
| James Hardie Industries PLC (b) | 489900 | 10283001 |
| Martin Marietta Materials Inc  | 23300 | 14424331 |
|  |  | 54542952 |
| Metals & Mining - 0.0% |  |  |
| Elah Holdings Inc (b) | 906 | 11552 |
| TOTAL MATERIALS |  | 54554504 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 0.3% |  |  |
| Constellation Energy Corp  | 172900 | 54117700 |
| Portland General Electric Co  | 14817 | 769447 |
|  |  | 54887147 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| PureWest Energy LLC (b)(e) | 17812 | 4004 |
| Vistra Corp  | 636300 | 100433592 |
|  |  | 100437596 |
| TOTAL UTILITIES |  | 155324743 |
| TOTAL UNITED STATES |  | 3430519207 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,849,369,711) |  | <br> **3717790114** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 1.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.1%  |  |  |
| Communication Services - 1.0% |  |  |
| Media - 1.0% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (h) | 40925070 | 153545747 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC 5% 2/24/2027 (e) | 4687074 | 3814810 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Coinbase Global Inc 0.25% 4/1/2030  | 8566000 | 8313303 |
| TOTAL UNITED STATES |  | 165673860 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $57,884,427) |  | <br> **165673860** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Capital Markets - 0.5% |  |  |
| Ares Management Corp 6.75% Series B  | 2102674 | 80742682 |
| Financial Services - 0.9% |  |  |
| Acrisure Holdings Inc Series A-2 (b)(e) | 4942757 | 144476787 |
| TOTAL UNITED STATES |  | 225219469 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $193,657,863) |  | <br> **225219469** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 43.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 43.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 43.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (f) | 5032000 | 4808267 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (f) | 9015000 | 8944688 |
| Mineral Resources Ltd 6% 5/1/2032 (f) | 6795000 | 6740808 |
| Mineral Resources Ltd 6.25% 5/1/2034 (f) | 7265000 | 7162349 |
| Mineral Resources Ltd 7% 4/1/2031 (f) | 7885000 | 8184377 |
| Mineral Resources Ltd 8.5% 5/1/2030 (f) | 18940000 | 19509111 |
| Mineral Resources Ltd 9.25% 10/1/2028 (f) | 13839000 | 14363367 |
| PLS Group Ltd 6.875% 5/1/2031 (f) | 1350000 | 1381700 |
| TOTAL AUSTRALIA |  | 71094667 |
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| A&K Travel Group Holdings Ltd 7.5% 5/15/2033 (f) | 11890000 | 11948606 |
| BRAZIL - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (f) | 10730000 | 10708433 |
| CANADA - 0.9%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (f) | 12115000 | 11889578 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (f) | 39005000 | 37107735 |
| 1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (f) | 10600000 | 10466359 |
|  |  | 59463672 |
| Household Durables - 0.0% |  |  |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC 4.875% 2/15/2030 (f) | 7775000 | 7289305 |
| TOTAL CONSUMER DISCRETIONARY |  | 66752977 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Teine Energy Ltd 6.875% 4/15/2029 (f) | 8990000 | 8992697 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bombardier Inc 7.25% 7/1/2031 (f) | 6080000 | 6397309 |
| Bombardier Inc 8.75% 11/15/2030 (f) | 9040000 | 9597904 |
|  |  | 15995213 |
| Machinery - 0.0% |  |  |
| ATS Corp 4.125% 12/15/2028 (f) | 7895000 | 7708301 |
| Passenger Airlines - 0.1% |  |  |
| Air Canada 3.875% 8/15/2026 (f) | 9105000 | 9079822 |
| TOTAL INDUSTRIALS |  | 32783336 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Open Text Corp 6.9% 12/1/2027 (f) | 10610000 | 10850805 |
| Open Text Holdings Inc 4.125% 12/1/2031 (f) | 5485000 | 4683500 |
| Open Text Holdings Inc 4.125% 2/15/2030 (f) | 5690000 | 5122330 |
| TOTAL INFORMATION TECHNOLOGY |  | 20656635 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| NOVA Chemicals Corp 8.5% 11/15/2028 (f) | 8160000 | 8461669 |
| Containers & Packaging - 0.0% |  |  |
| Cascades Inc/Cascades USA Inc 5.375% 1/15/2028 (f) | 5600000 | 5501701 |
| TOTAL MATERIALS |  | 13963370 |
| TOTAL CANADA |  | 143149015 |
| COLOMBIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gran Tierra Energy Inc 9.75% 4/15/2031 (f) | 6024000 | 5481840 |
| FRANCE - 1.0%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Altice France SA 6.5% 10/15/2031 (f) | 2244667 | 2202363 |
| Altice France SA 6.5% 4/15/2032 (f) | 63936793 | 62884150 |
| Altice France SA 6.875% 10/15/2030 (f) | 3612808 | 3551692 |
| Altice France SA 6.875% 7/15/2032 (f) | 84195958 | 82820146 |
| TOTAL COMMUNICATION SERVICES |  | 151458351 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (f) | 11205000 | 11814496 |
| TOTAL FRANCE |  | 163272847 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (f) | 1725000 | 1611494 |
| HONG KONG - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Marine Transportation - 0.1% |  |  |
| Seaspan Corp 5.5% 8/1/2029 (f) | 9095000 | 8692705 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 3684000 | 3678021 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 6085000 | 6107570 |
| TOTAL ISRAEL |  | 9785591 |
| MACAU - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City Finance Ltd 5% 1/15/2029 (f) | 5700000 | 5434665 |
| MEXICO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Borr IHC Ltd / Borr Finance LLC 10% 11/15/2028 (f) | 7695732 | 8040116 |
| Borr IHC Ltd / Borr Finance LLC 10.375% 11/15/2030 (f) | 2713252 | 2847831 |
| TOTAL MEXICO |  | 10887947 |
| NETHERLANDS - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| VZ Secured Financing BV 5% 1/15/2032 (f) | 24310000 | 21302170 |
| Ziggo BV 4.875% 1/15/2030 (f) | 7990000 | 7516006 |
| TOTAL NETHERLANDS |  | 28818176 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (f) | 11920000 | 12495989 |
| SPAIN - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Grifols SA 4.75% 10/15/2028 (f) | 6075000 | 5989855 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (f) | 5971000 | 5832134 |
| TOTAL SPAIN |  | 11821989 |
| SWITZERLAND - 0.1%  |  |  |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 8.75% 1/15/2032 (f)(o) | 5950000 | 5771190 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (f) | 9700000 | 9942500 |
| TOTAL SWITZERLAND |  | 15713690 |
| TURKEY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (f) | 13719000 | 13726957 |
| UNITED KINGDOM - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (f) | 21200000 | 18340054 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (f) | 4205000 | 4347039 |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (f) | 6430000 | 6719903 |
| TOTAL CONSUMER DISCRETIONARY |  | 11066942 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (f) | 98190000 | 104743102 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC 8.125% 2/15/2032 (f) | 8915000 | 8515586 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (f) | 6495000 | 6260976 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Rolls-Royce PLC 5.75% 10/15/2027 (f) | 10870000 | 11016915 |
| TOTAL UNITED KINGDOM |  | 159943575 |
| UNITED STATES - 38.6%  |  |  |
| Communication Services - 5.0% |  |  |
| Diversified Telecommunication Services - 1.4% |  |  |
| APLD ComputeCo LLC 9.25% 12/15/2030 (f) | 29800000 | 32031569 |
| Black Pearl Compute LLC 6.125% 2/15/2031 (f) | 8925000 | 9055196 |
| Cipher Compute LLC 7.125% 11/15/2030 (f) | 12955000 | 13427976 |
| Core Scientific Finance I LLC 7.75% 5/15/2031 (f)(o) | 23785000 | 23725637 |
| Frontier Communications Holdings LLC 5% 5/1/2028 (f) | 19575000 | 19575000 |
| Level 3 Financing Inc 7% 3/31/2034 (f) | 39540000 | 41011956 |
| Meridian Arc Holdco LLC 6.25% 4/30/2031 (f) | 48130000 | 48119045 |
| WULF Compute LLC 7.75% 10/15/2030 (f) | 29235000 | 30725844 |
|  |  | 217672223 |
| Entertainment - 0.2% |  |  |
| OAK-Eagle Acquireco Inc 7.25% 7/1/2033 (f) | 25710000 | 26491996 |
| ROBLOX Corp 3.875% 5/1/2030 (f) | 9120000 | 8638372 |
|  |  | 35130368 |
| Media - 3.4% |  |  |
| CSC Holdings LLC 3.375% 2/15/2031 (f) | 74170000 | 43111083 |
| CSC Holdings LLC 4.125% 12/1/2030 (f) | 25825000 | 15375244 |
| CSC Holdings LLC 4.5% 11/15/2031 (f) | 68095000 | 39702654 |
| CSC Holdings LLC 6.5% 2/1/2029 (f) | 14725000 | 9167010 |
| DISH Network Corp 11.75% 11/15/2027 (f) | 59780000 | 61710894 |
| EchoStar Corp 10.75% 11/30/2029  | 149905256 | 162759994 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (h) | 46281132 | 46957623 |
| Nexstar Media Inc 6.5% 9/15/2033 (f) | 23730000 | 23912626 |
| Scripps Escrow II Inc 3.875% 1/15/2029 (f) | 2820000 | 2672056 |
| Sirius XM Radio LLC 3.875% 9/1/2031 (f) | 12130000 | 10980715 |
| Sirius XM Radio LLC 4% 7/15/2028 (f) | 10140000 | 9847029 |
| Sirius XM Radio LLC 5% 8/1/2027 (f) | 6900000 | 6880148 |
| Univision Communications Inc 4.5% 5/1/2029 (f) | 12060000 | 11506574 |
| Univision Communications Inc 7.375% 6/30/2030 (f) | 39140000 | 39102758 |
| Univision Communications Inc 8.5% 7/31/2031 (f) | 21160000 | 21475280 |
| Univision Communications Inc 8.875% 4/15/2033 (f) | 14185000 | 14262315 |
| Univision Communications Inc 9.375% 8/1/2032 (f) | 13620000 | 14094630 |
|  |  | 533518633 |
| TOTAL COMMUNICATION SERVICES |  | 786321224 |
| Consumer Discretionary - 4.8% |  |  |
| Automobile Components - 0.3% |  |  |
| Adient Global Holdings Ltd 7% 4/15/2028 (f) | 5935000 | 6038269 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (f) | 11885000 | 12091511 |
| Dana Inc 4.25% 9/1/2030  | 4463000 | 4266118 |
| Dana Inc 4.5% 2/15/2032  | 4918000 | 4645086 |
| Hertz Corp/The 12.625% 7/15/2029 (f) | 2915000 | 2748013 |
| Hertz Corp/The 5.5% (e)(k)(m) | 10890000 | 1 |
| Hertz Corp/The 6% (e)(k)(m) | 10285000 | 1 |
| Hertz Corp/The 6.25% (e)(k)(m) | 11875000 | 1 |
| Hertz Corp/The 7.125% (e)(k)(m) | 10285000 | 1 |
| Nesco Holdings II Inc 5.5% 4/15/2029 (f) | 14525000 | 14452564 |
|  |  | 44241565 |
| Automobiles - 0.1% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (f) | 3550000 | 3279490 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (f) | 4005000 | 3920975 |
| Nissan Motor Acceptance Co LLC 7.05% 9/15/2028 (f) | 1785000 | 1830554 |
|  |  | 9031019 |
| Broadline Retail - 0.2% |  |  |
| Angi Group LLC 3.875% 8/15/2028 (f) | 5530000 | 5059950 |
| Wayfair LLC 6.75% 11/15/2032 (f) | 9375000 | 9478191 |
| Wayfair LLC 7.25% 10/31/2029 (f) | 13000000 | 13322049 |
|  |  | 27860190 |
| Distributors - 0.0% |  |  |
| Windsor Holdings III LLC 8.5% 6/15/2030 (f) | 5960000 | 6221554 |
| Diversified Consumer Services - 0.3% |  |  |
| Service Corp International/US 4% 5/15/2031  | 12070000 | 11403977 |
| TKC Holdings Inc 8.5% 8/15/2030 (f) | 34855000 | 35677334 |
|  |  | 47081311 |
| Hotels, Restaurants & Leisure - 2.5% |  |  |
| Bloomin' Brands Inc / OSI Restaurant Partners LLC 5.125% 4/15/2029 (f) | 5565000 | 5015101 |
| Boyd Gaming Corp 4.75% 6/15/2031 (f) | 15120000 | 14572294 |
| Boyne USA Inc 4.75% 5/15/2029 (f) | 6360000 | 6217353 |
| Carnival Corp 4% 8/1/2028 (f) | 56090000 | 54764604 |
| Carnival Corp 5.125% 5/1/2029 (f) | 11880000 | 11844395 |
| Carnival Corp 5.875% 6/15/2031 (f) | 8925000 | 9051949 |
| Carnival Corp 7% 8/15/2029 (f) | 6075000 | 6306682 |
| Churchill Downs Inc 5.75% 4/1/2030 (f) | 14970000 | 14921121 |
| Churchill Downs Inc 6.75% 5/1/2031 (f) | 11880000 | 12151066 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (f) | 25865000 | 25180848 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (f) | 34295000 | 33229774 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (f) | 5595000 | 5399601 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (f) | 8395000 | 7950239 |
| Hilton Domestic Operating Co Inc 4.875% 1/15/2030  | 6900000 | 6849404 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (f) | 8920000 | 8854078 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (f) | 8555000 | 8672674 |
| Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (f) | 11955000 | 12177279 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  | 8435000 | 8414387 |
| Jacobs Entertainment Inc 6.75% 2/15/2029 (f) | 8585000 | 8413300 |
| Light & Wonder International Inc 7.5% 9/1/2031 (f) | 5990000 | 6242640 |
| Lindblad Expeditions LLC 7% 9/15/2030 (f) | 8075000 | 8295302 |
| MGM Resorts International 4.75% 10/15/2028  | 11125000 | 11018031 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (f) | 17220000 | 17925935 |
| Neogen Food Safety Corp 8.625% 7/20/2030 (f) | 5205000 | 5472162 |
| Papa John's International Inc 3.875% 9/15/2029 (f) | 5560000 | 5321993 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.625% 9/1/2029 (f) | 13730000 | 8947163 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.875% 9/1/2031 (f) | 2100000 | 1207500 |
| Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (f) | 9125000 | 9155544 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (f) | 12110000 | 12378612 |
| Station Casinos LLC 4.625% 12/1/2031 (f) | 9135000 | 8598328 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (f) | 4965000 | 4961767 |
| VOC Escrow Ltd 5% 2/15/2028 (f) | 19690000 | 19648129 |
| Yum! Brands Inc 4.625% 1/31/2032  | 11975000 | 11520636 |
|  |  | 390679891 |
| Household Durables - 0.5% |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 4/1/2030 (f) | 8940000 | 8511743 |
| Installed Building Products Inc 5.625% 2/1/2034 (f) | 8935000 | 8890675 |
| LGI Homes Inc 8.75% 12/15/2028 (f) | 6060000 | 6239909 |
| Somnigroup International Inc 3.875% 10/15/2031 (f) | 15965000 | 14765985 |
| Somnigroup International Inc 4% 4/15/2029 (f) | 15925000 | 15405427 |
| TopBuild Corp 3.625% 3/15/2029 (f) | 5910000 | 5874396 |
| TopBuild Corp 5.625% 1/31/2034 (f) | 8920000 | 9035791 |
| Tri Pointe Homes Inc 5.7% 6/15/2028  | 14380000 | 14511448 |
|  |  | 83235374 |
| Specialty Retail - 0.8% |  |  |
| Asbury Automotive Group Inc 4.5% 3/1/2028  | 3534000 | 3499198 |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (f) | 10005000 | 9736958 |
| Asbury Automotive Group Inc 4.75% 3/1/2030  | 3523000 | 3430999 |
| Asbury Automotive Group Inc 5% 2/15/2032 (f) | 10800000 | 10356444 |
| Bath & Body Works Inc 6.625% 10/1/2030 (f) | 23165000 | 23476292 |
| Bath & Body Works Inc 6.75% 7/1/2036  | 12766000 | 12414911 |
| Bath & Body Works Inc 7.5% 6/15/2029  | 8335000 | 8458716 |
| LBM Acquisition LLC 9.5% 6/15/2031 (f) | 18300000 | 16012220 |
| LCM Investments Holdings II LLC 8.25% 8/1/2031 (f) | 7185000 | 7526826 |
| Park River Holdings Inc 8% 3/15/2031 (f) | 5455000 | 5484937 |
| PetSmart LLC / PetSmart Finance Corp 7.5% 9/15/2032 (f) | 14865000 | 15052278 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (f) | 12115000 | 12612103 |
|  |  | 128061882 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Crocs Inc 4.125% 8/15/2031 (f) | 6075000 | 5653002 |
| Crocs Inc 4.25% 3/15/2029 (f) | 8675000 | 8421792 |
| Kontoor Brands Inc 4.125% 11/15/2029 (f) | 5320000 | 5068388 |
|  |  | 19143182 |
| TOTAL CONSUMER DISCRETIONARY |  | 755555968 |
| Consumer Staples - 2.0% |  |  |
| Beverages - 0.0% |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (f) | 6360000 | 6367575 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (f) | 36160000 | 34483604 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (f) | 44700000 | 43755427 |
| C&S Group Enterprises LLC 5% 12/15/2028 (f) | 8615000 | 8035944 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 7.125% 4/30/2033 (f) | 5540000 | 5608681 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (f) | 33960000 | 35498864 |
| Performance Food Group Inc 4.25% 8/1/2029 (f) | 8495000 | 8235937 |
| Performance Food Group Inc 5.625% 3/1/2034 (f) | 11895000 | 11647129 |
| US Foods Inc 4.625% 6/1/2030 (f) | 7520000 | 7354936 |
| US Foods Inc 7.25% 1/15/2032 (f) | 5990000 | 6230534 |
|  |  | 160851056 |
| Food Products - 0.8% |  |  |
| Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (f) | 6285000 | 6224433 |
| Darling Ingredients Inc 6% 6/15/2030 (f) | 13885000 | 14005425 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (f) | 11455000 | 11829293 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (f) | 7330000 | 7580473 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (f) | 12150000 | 11640090 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (f) | 6075000 | 5721735 |
| Post Holdings Inc 4.5% 9/15/2031 (f) | 47500000 | 44656574 |
| Post Holdings Inc 4.625% 4/15/2030 (f) | 15630000 | 15185080 |
| Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625% 3/1/2029 (f) | 8340000 | 8046669 |
|  |  | 124889772 |
| Household Products - 0.0% |  |  |
| Spectrum Brands Inc 3.875% 3/15/2031 (f) | 1993000 | 1743522 |
| Personal Care Products - 0.1% |  |  |
| BellRing Brands Inc 7% 3/15/2030 (f) | 14740000 | 14968399 |
| Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC 4.75% 1/15/2029 (f) | 8760000 | 8484454 |
|  |  | 23452853 |
| TOTAL CONSUMER STAPLES |  | 317304778 |
| Energy - 5.3% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Diamond Foreign Asset Co / Diamond Finance LLC 8.5% 10/1/2030 (f) | 5390000 | 5683884 |
| Nabors Industries Inc 7.625% 11/15/2032 (f) | 5965000 | 6224048 |
| Nabors Industries Inc 9.125% 1/31/2030 (f) | 12085000 | 12691993 |
| Noble Finance II LLC 8% 4/15/2030 (f) | 5935000 | 6172792 |
| SESI LLC 7.875% 9/30/2030 (f) | 5940000 | 6133899 |
| Transocean International Ltd 7.875% 10/15/2032 (f) | 4035000 | 4323680 |
| Transocean International Ltd 8.25% 5/15/2029 (f) | 4565000 | 4739730 |
| Transocean International Ltd 8.5% 5/15/2031 (f) | 4565000 | 4827364 |
| Transocean International Ltd 8.75% 2/15/2030 (f) | 16544500 | 17328727 |
| Valaris Ltd 8.375% 4/30/2030 (f) | 5985000 | 6240972 |
|  |  | 74367089 |
| Oil, Gas & Consumable Fuels - 4.8% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 6/15/2029 (f) | 9060000 | 9050809 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 1/15/2028 (f) | 17645000 | 17642621 |
| California Resources Corp 8.25% 6/15/2029 (f) | 3693000 | 3850839 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (f) | 26350000 | 27115942 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (f) | 6435000 | 6227209 |
| CNX Resources Corp 7.375% 1/15/2031 (f) | 5930000 | 6112348 |
| Comstock Resources Inc 5.875% 1/15/2030 (f) | 32085000 | 31078914 |
| Comstock Resources Inc 6.75% 3/1/2029 (f) | 20060000 | 20052914 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (f) | 27225000 | 26893171 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (f) | 16090000 | 17107451 |
| CVR Energy Inc 5.75% 2/15/2028 (f) | 10365000 | 10328578 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (f) | 17655000 | 17652979 |
| DT Midstream Inc 4.125% 6/15/2029 (f) | 9070000 | 8880431 |
| DT Midstream Inc 4.375% 6/15/2031 (f) | 9070000 | 8767866 |
| Energy Transfer LP 5.5% 6/1/2027  | 16735000 | 16883425 |
| Energy Transfer LP 6% 2/1/2029 (f) | 25785000 | 26023710 |
| Energy Transfer LP 7.375% 2/1/2031 (f) | 5000000 | 5178318 |
| Expand Energy Corp 5.375% 3/15/2030  | 12145000 | 12270505 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (f) | 5200000 | 5329163 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (f) | 7505000 | 7879049 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (f) | 9875000 | 9577339 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (f) | 11235000 | 11183165 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (f) | 6060000 | 6062800 |
| HF Sinclair Corp 5% 2/1/2028  | 7615000 | 7597718 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (f) | 12280000 | 12344924 |
| Kinetik Holdings LP 5.875% 6/15/2030 (f) | 9060000 | 9090650 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (f) | 6030000 | 6104513 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (f) | 5300000 | 4950374 |
| Murphy Oil USA Inc 4.75% 9/15/2029  | 6860000 | 6788975 |
| Murphy Oil USA Inc 5.625% 5/1/2027  | 6030000 | 6039811 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (f) | 10995000 | 11395157 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (f) | 11950000 | 12478549 |
| Occidental Petroleum Corp 7.2% 3/15/2029  | 3964000 | 4186884 |
| ONEOK Inc 6.5% 9/1/2030 (f) | 17745000 | 18743068 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  | 27530000 | 27506090 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (f) | 25400000 | 26037721 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (f) | 14650000 | 15741630 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (f) | 8645000 | 8645000 |
| SM Energy Co 6.625% 1/15/2027  | 21320000 | 21322025 |
| SM Energy Co 6.75% 9/15/2026  | 4550000 | 4551438 |
| SM Energy Co 8.625% 11/1/2030 (f) | 12020000 | 12714456 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  | 12185000 | 11839563 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  | 10170000 | 9987339 |
| Sunoco LP / Sunoco Finance Corp 7% 9/15/2028 (f) | 5990000 | 6132664 |
| Sunoco LP 4.5% 10/1/2029 (f) | 8995000 | 8815049 |
| Sunoco LP 4.625% 5/1/2030 (f) | 12175000 | 11840723 |
| Sunoco LP 6.625% 8/15/2032 (f) | 6030000 | 6165120 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (f) | 595000 | 593567 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (f) | 11485000 | 11547949 |
| Talos Production Inc 9% 2/1/2029 (f) | 5340000 | 5570826 |
| Talos Production Inc 9.375% 2/1/2031 (f) | 6055000 | 6442151 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.875% 2/1/2031  | 10360000 | 10355696 |
| Unit Corp 0% 12/1/2029 (Escrow) (e) | 2202000 | 0 |
| Venture Global Calcasieu Pass LLC 3.875% 8/15/2029 (f) | 7585000 | 7266079 |
| Venture Global Calcasieu Pass LLC 4.125% 8/15/2031 (f) | 7585000 | 7105291 |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (f) | 8925000 | 9204156 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (f) | 47430000 | 49682973 |
| Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (f) | 9400000 | 9836470 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (f) | 29645000 | 31513822 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (f) | 13130000 | 14560684 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (f) | 13420000 | 15093662 |
|  |  | 760942313 |
| TOTAL ENERGY |  | 835309402 |
| Financials - 5.0% |  |  |
| Capital Markets - 0.4% |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (f) | 15505000 | 15267713 |
| Coinbase Global Inc 3.375% 10/1/2028 (f) | 29675000 | 28453067 |
| Coinbase Global Inc 3.625% 10/1/2031 (f) | 18050000 | 15821122 |
| Hightower Holding LLC 6.75% 4/15/2029 (f) | 5945000 | 5904489 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (f) | 8740000 | 8488423 |
| MSCI Inc 4% 11/15/2029 (f) | 3245000 | 3152341 |
|  |  | 77087155 |
| Consumer Finance - 1.4% |  |  |
| Ally Financial Inc 8% 11/1/2031  | 144500000 | 161402256 |
| Ally Financial Inc 8% 11/1/2031  | 20638000 | 22943710 |
| OneMain Finance Corp 4% 9/15/2030  | 5610000 | 5160182 |
| OneMain Finance Corp 5.375% 11/15/2029  | 9400000 | 9266032 |
| OneMain Finance Corp 6.625% 1/15/2028  | 7305000 | 7408541 |
| OneMain Finance Corp 7.875% 3/15/2030  | 6055000 | 6312253 |
|  |  | 212492974 |
| Financial Services - 0.7% |  |  |
| Block Inc 3.5% 6/1/2031  | 12070000 | 10961076 |
| Block Inc 5.625% 8/15/2030 (f) | 13300000 | 13313420 |
| Block Inc 6% 8/15/2033 (f) | 10515000 | 10494706 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (f) | 7635000 | 7701650 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 11165000 | 9786962 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  | 26065000 | 25814958 |
| James Hardie International Finance DAC 5% 1/15/2028 (f) | 4136000 | 4123022 |
| MGIC Investment Corp 5.25% 8/15/2028  | 7710000 | 7704029 |
| NCR Atleos Corp 9.5% 4/1/2029 (f) | 8995000 | 9569394 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (f) | 4945000 | 4935229 |
|  |  | 104404446 |
| Insurance - 2.5% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (f) | 18000000 | 16983498 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (f) | 10395000 | 10241277 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (f) | 10230000 | 10388806 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (f) | 37345000 | 37475932 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (f) | 11125000 | 10952997 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (f) | 9115000 | 8935223 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (f) | 5945000 | 5995824 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (f) | 49965000 | 49930225 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (f) | 44072000 | 44576272 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (f) | 19280000 | 19677033 |
| AmWINS Group Inc 4.875% 6/30/2029 (f) | 8805000 | 8515314 |
| Asurion LLC/ Asurion Co-Issuer Inc 8% 12/31/2032 (f) | 14875000 | 15538261 |
| HUB International Ltd 5.625% 12/1/2029 (f) | 36135000 | 35681169 |
| HUB International Ltd 7.25% 6/15/2030 (f) | 38895000 | 40235750 |
| HUB International Ltd 7.375% 1/31/2032 (f) | 32930000 | 33732536 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (f) | 33130000 | 33285138 |
| USI Inc/NY 7.5% 1/15/2032 (f) | 8005000 | 8234027 |
|  |  | 390379282 |
| TOTAL FINANCIALS |  | 784363857 |
| Health Care - 3.0% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (f) | 6075000 | 5774955 |
| Bausch + Lomb Corp 8.375% 10/1/2028 (f) | 11980000 | 12369350 |
|  |  | 18144305 |
| Health Care Providers & Services - 1.9% |  |  |
| Accendra Health Inc 4.5% 3/31/2029 (f) | 8310000 | 5540109 |
| CHS/Community Health Systems Inc 10.875% 1/15/2032 (f) | 15426000 | 16567354 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (f) | 21790000 | 20388583 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (f) | 18245000 | 17227584 |
| CHS/Community Health Systems Inc 6% 1/15/2029 (f) | 8490000 | 8422759 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (f) | 13855000 | 12283217 |
| DaVita Inc 3.75% 2/15/2031 (f) | 4180000 | 3877738 |
| DaVita Inc 4.625% 6/1/2030 (f) | 31515000 | 30508178 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (f) | 9035000 | 8269405 |
| HealthEquity Inc 4.5% 10/1/2029 (f) | 6410000 | 6221667 |
| Molina Healthcare Inc 3.875% 11/15/2030 (f) | 10465000 | 9697685 |
| Molina Healthcare Inc 3.875% 5/15/2032 (f) | 12160000 | 10914458 |
| Molina Healthcare Inc 4.375% 6/15/2028 (f) | 7525000 | 7418958 |
| National Mentor Holdings Inc 10.5% 12/15/2030 (f) | 11900000 | 12449118 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (f) | 6785000 | 6766886 |
| Tenet Healthcare Corp 4.25% 6/1/2029  | 17640000 | 17181924 |
| Tenet Healthcare Corp 4.375% 1/15/2030  | 43755000 | 42389150 |
| Tenet Healthcare Corp 5.125% 11/1/2027  | 18070000 | 18053744 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 30025000 | 30192570 |
| Tenet Healthcare Corp 6.75% 5/15/2031  | 6005000 | 6170534 |
|  |  | 290541621 |
| Health Care Technology - 0.0% |  |  |
| IQVIA Inc 5% 5/15/2027 (f) | 12070000 | 12060298 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (f) | 10515000 | 10055158 |
| Charles River Laboratories International Inc 4% 3/15/2031 (f) | 12085000 | 11282979 |
| Charles River Laboratories International Inc 4.25% 5/1/2028 (f) | 3400000 | 3338749 |
|  |  | 24676886 |
| Pharmaceuticals - 0.8% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (f) | 67915000 | 70141118 |
| Jazz Securities DAC 4.375% 1/15/2029 (f) | 12305000 | 12034142 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (f) | 21010000 | 20736592 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (f) | 18260000 | 18143997 |
|  |  | 121055849 |
| TOTAL HEALTH CARE |  | 466478959 |
| Industrials - 5.5% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| ATI Inc 4.875% 10/1/2029  | 6080000 | 6038989 |
| ATI Inc 5.125% 10/1/2031  | 5395000 | 5374138 |
| ATI Inc 7.25% 8/15/2030  | 5985000 | 6233240 |
| TransDigm Inc 4.625% 1/15/2029  | 38080000 | 37576167 |
| TransDigm Inc 4.875% 5/1/2029  | 25000000 | 24705958 |
| TransDigm Inc 6.125% 7/31/2034 (f) | 16275000 | 16292901 |
| TransDigm Inc 6.25% 1/31/2034 (f) | 4715000 | 4821586 |
| TransDigm Inc 6.375% 3/1/2029 (f) | 15065000 | 15365622 |
| TransDigm Inc 6.375% 5/31/2033 (f) | 35000000 | 35269115 |
| TransDigm Inc 6.625% 3/1/2032 (f) | 6065000 | 6232958 |
| TransDigm Inc 6.75% 1/31/2034 (f) | 17840000 | 18326961 |
| TransDigm Inc 6.75% 8/15/2028 (f) | 27225000 | 27565313 |
| TransDigm Inc 6.875% 12/15/2030 (f) | 47905000 | 49371133 |
| TransDigm Inc 7.125% 12/1/2031 (f) | 12085000 | 12523323 |
|  |  | 265697404 |
| Air Freight & Logistics - 0.1% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (f) | 14880000 | 15456585 |
| Building Products - 0.2% |  |  |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (f) | 6050000 | 6136872 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (f) | 9120000 | 9014568 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (f) | 4125000 | 3805580 |
| Shea Homes LP / Shea Homes Funding Corp 4.75% 4/1/2029  | 8020000 | 7768777 |
|  |  | 26725797 |
| Commercial Services & Supplies - 2.2% |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (f) | 7690000 | 7575013 |
| Artera Services LLC 8.5% 2/15/2031 (f) | 28205000 | 24290417 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (f) | 44695000 | 41146664 |
| Brink's Co/The 4.625% 10/15/2027 (f) | 12180000 | 12121720 |
| Clean Harbors Inc 6.375% 2/1/2031 (f) | 4960000 | 5047980 |
| CoreCivic Inc 8.25% 4/15/2029  | 34400000 | 35836097 |
| GEO Group Inc/The 10.25% 4/15/2031  | 26520000 | 28462684 |
| GEO Group Inc/The 8.625% 4/15/2029  | 21310000 | 22171393 |
| GFL Environmental Inc 4% 8/1/2028 (f) | 9105000 | 8898285 |
| GFL Environmental Inc 4.75% 6/15/2029 (f) | 12095000 | 11951969 |
| GFL Environmental Inc 6.75% 1/15/2031 (f) | 8975000 | 9305136 |
| Madison IAQ LLC 4.125% 6/30/2028 (f) | 11390000 | 11231291 |
| Madison IAQ LLC 5.875% 6/30/2029 (f) | 9085000 | 9060413 |
| Neptune Bidco US Inc 10.375% 5/15/2031 (f) | 8935000 | 9220661 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (f) | 62340000 | 63047528 |
| Neptune Bidco US Inc 9.5% 2/15/2033 (f) | 10000000 | 10007934 |
| Reworld Holding Corp 4.875% 12/1/2029 (f) | 26475000 | 25303611 |
| Williams Scotsman Inc 7.375% 10/1/2031 (f) | 5590000 | 5821879 |
|  |  | 340500675 |
| Construction & Engineering - 0.0% |  |  |
| Arcosa Inc 4.375% 4/15/2029 (f) | 8410000 | 8203440 |
| Electrical Equipment - 0.0% |  |  |
| Sensata Technologies BV 4% 4/15/2029 (f) | 7394000 | 7180637 |
| Ground Transportation - 0.3% |  |  |
| Uber Technologies Inc 4.5% 8/15/2029 (f) | 27335000 | 27096970 |
| XPO Inc 6.25% 6/1/2028 (f) | 5950000 | 6025029 |
| XPO Inc 7.125% 2/1/2032 (f) | 9085000 | 9474038 |
|  |  | 42596037 |
| Machinery - 0.3% |  |  |
| Allison Transmission Inc 5.875% 6/1/2029 (f) | 7960000 | 8034577 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (f)(h) | 18746254 | 20621048 |
| Chart Industries Inc 7.5% 1/1/2030 (f) | 15680000 | 16277894 |
|  |  | 44933519 |
| Passenger Airlines - 0.5% |  |  |
| Allegiant Travel Co 7.25% 8/15/2027 (f) | 6840000 | 6862771 |
| American Airlines Inc 7.25% 2/15/2028 (f) | 19595000 | 19857945 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 4/20/2029 (f) | 29825000 | 29845254 |
| United Airlines Inc 4.625% 4/15/2029 (f) | 18025000 | 17792930 |
|  |  | 74358900 |
| Professional Services - 0.1% |  |  |
| TriNet Group Inc 3.5% 3/1/2029 (f) | 8865000 | 8240240 |
| Trading Companies & Distributors - 0.1% |  |  |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (f) | 9065000 | 9518033 |
| Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (f) | 6975000 | 7323080 |
|  |  | 16841113 |
| Transportation Infrastructure - 0.0% |  |  |
| GB AIT Buyer Inc 8.75% 4/30/2034 (f) | 5650000 | 5683437 |
| TOTAL INDUSTRIALS |  | 856417784 |
| Information Technology - 2.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Coherent Corp 5% 12/15/2029 (f) | 9495000 | 9392322 |
| CPI CG Inc 10% 7/15/2029 (f) | 5636000 | 5922604 |
| TTM Technologies Inc 4% 3/1/2029 (f) | 8870000 | 8580845 |
|  |  | 23895771 |
| IT Services - 0.9% |  |  |
| CoreWeave Inc 9% 2/1/2031 (f) | 24840000 | 24682503 |
| CoreWeave Inc 9.25% 6/1/2030 (f) | 44700000 | 45263596 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (f) | 11810000 | 11036414 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (f) | 9345000 | 9325993 |
| Sabre GLBL Inc 11.125% 7/15/2030 (f) | 30145000 | 25924700 |
| Twilio Inc 3.625% 3/15/2029  | 9995000 | 9612088 |
| Twilio Inc 3.875% 3/15/2031  | 10460000 | 9763887 |
|  |  | 135609181 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ON Semiconductor Corp 3.875% 9/1/2028 (f) | 11065000 | 10787088 |
| Synaptics Inc 4% 6/15/2029 (f) | 7015000 | 6670952 |
| Wolfspeed Inc 7% 6/15/2031 pay-in-kind (h) | 11459645 | 9339658 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (f)(h) | 3830731 | 4231746 |
|  |  | 31029444 |
| Software - 0.9% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (f) | 82555000 | 80380171 |
| Crowdstrike Holdings Inc 3% 2/15/2029  | 8870000 | 8451595 |
| Elastic NV 4.125% 7/15/2029 (f) | 24245000 | 23012922 |
| Fair Isaac Corp 4% 6/15/2028 (f) | 2910000 | 2837062 |
| NCR Voyix Corp 5% 10/1/2028 (f) | 5530000 | 5415226 |
| NCR Voyix Corp 5.125% 4/15/2029 (f) | 2583000 | 2507807 |
| Oracle Corp 3.8% 11/15/2037  | 9470000 | 7488243 |
| PTC Inc 4% 2/15/2028 (f) | 6575000 | 6418570 |
| UKG Inc 6.875% 2/1/2031 (f) | 9090000 | 8847419 |
|  |  | 145359015 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (f) | 19590000 | 20473196 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (f) | 12720000 | 13323920 |
|  |  | 33797116 |
| TOTAL INFORMATION TECHNOLOGY |  | 369690527 |
| Materials - 1.7% |  |  |
| Chemicals - 0.7% |  |  |
| Ingevity Corp 3.875% 11/1/2028 (f) | 11105000 | 10712248 |
| LSB Industries Inc 6.25% 10/15/2028 (f) | 21105000 | 21113252 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (f) | 15305000 | 14886191 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (f) | 29715000 | 29044713 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (f) | 7820000 | 7743407 |
| Scotts Miracle-Gro Co/The 4% 4/1/2031  | 11945000 | 11114126 |
| Tronox Inc 4.625% 3/15/2029 (f) | 13295000 | 11126122 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (f) | 5940000 | 6001782 |
|  |  | 111741841 |
| Construction Materials - 0.1% |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (f) | 24115000 | 25249899 |
| Containers & Packaging - 0.7% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (f) | 5915000 | 5655971 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (f) | 11830000 | 11071865 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (f) | 5945000 | 5985462 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (f) | 7185000 | 7071992 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (f) | 8855000 | 8330936 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (f) | 44650000 | 40512113 |
| Crown Cork & Seal Co Inc 7.5% 12/15/2096  | 12871000 | 12549225 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (f) | 7880000 | 7359949 |
| Mauser Packaging Solutions Holding Co 7.875% 4/15/2030 (f) | 5930000 | 5996208 |
| Trident TPI Holdings Inc 12.75% 12/31/2028 (f) | 5870000 | 5887504 |
|  |  | 110421225 |
| Metals & Mining - 0.2% |  |  |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 (f) | 9310000 | 9047958 |
| Arsenal AIC Parent LLC 8% 10/1/2030 (f) | 7040000 | 7359919 |
| Commercial Metals Co 3.875% 2/15/2031  | 6135000 | 5702086 |
| Roller Bearing Co of America Inc 4.375% 10/15/2029 (f) | 4375000 | 4277804 |
|  |  | 26387767 |
| TOTAL MATERIALS |  | 273800732 |
| Real Estate - 1.8% |  |  |
| Diversified REITs - 0.7% |  |  |
| Iron Mountain Information Management Services Inc 5% 7/15/2032 (f) | 9100000 | 8786576 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (f) | 7365000 | 7116438 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 4.75% 4/15/2028 (f) | 31410000 | 31289508 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (f) | 14000000 | 13755221 |
| Vici Properties LP / Vici Note Co Inc 3.875% 2/15/2029 (f) | 11195000 | 10898397 |
| Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (f) | 21450000 | 21400037 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (f) | 12240000 | 12041546 |
|  |  | 105287723 |
| Health Care REITs - 0.4% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 11190000 | 8020744 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 18080000 | 14960905 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 38043000 | 37091774 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (f) | 9100000 | 9453981 |
|  |  | 69527404 |
| Real Estate Management & Development - 0.2% |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (f) | 11860000 | 12664966 |
| Greystar Real Estate Partners LLC 7.75% 9/1/2030 (f) | 5305000 | 5526632 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (f) | 10725000 | 10681623 |
| Weekley Homes LLC / Weekley Finance Corp 4.875% 9/15/2028 (f) | 5045000 | 4932660 |
|  |  | 33805881 |
| Specialized REITs - 0.5% |  |  |
| Iron Mountain Inc 4.5% 2/15/2031 (f) | 22025000 | 21165481 |
| Iron Mountain Inc 4.875% 9/15/2029 (f) | 24110000 | 23776971 |
| SBA Communications Corp 3.125% 2/1/2029  | 13305000 | 12808085 |
| SBA Communications Corp 3.875% 2/15/2027  | 17015000 | 16909503 |
|  |  | 74660040 |
| TOTAL REAL ESTATE |  | 283281048 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 1.6% |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (f) | 6075000 | 5601128 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (f) | 13295000 | 12441133 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (f) | 6920000 | 6876012 |
| NRG Energy Inc 3.375% 2/15/2029 (f) | 5145000 | 4915362 |
| NRG Energy Inc 3.625% 2/15/2031 (f) | 10215000 | 9489088 |
| NRG Energy Inc 3.875% 2/15/2032 (f) | 1254000 | 1160210 |
| NRG Energy Inc 5.75% 1/15/2028  | 9000000 | 9010476 |
| NRG Energy Inc 5.75% 1/15/2034 (f) | 11885000 | 11797200 |
| NRG Energy Inc 5.875% 5/15/2034 (f) | 8335000 | 8305014 |
| NRG Energy Inc 6% 1/15/2036 (f) | 23775000 | 23612301 |
| NRG Energy Inc 6% 2/1/2033 (f) | 4240000 | 4272784 |
| NRG Energy Inc 6.125% 5/15/2036 (f) | 8910000 | 8876334 |
| NRG Energy Inc 6.25% 11/1/2034 (f) | 5090000 | 5149197 |
| Pacific Gas and Electric Co 3.75% 7/1/2028  | 2867500 | 2815770 |
| Pacific Gas and Electric Co 3.95% 12/1/2047  | 10826000 | 7915187 |
| Pacific Gas and Electric Co 4% 12/1/2046  | 13774000 | 10141892 |
| Pacific Gas and Electric Co 4.3% 3/15/2045  | 5995000 | 4691517 |
| PG&E Corp 5% 7/1/2028  | 22000000 | 21892335 |
| PG&E Corp 5.25% 7/1/2030  | 8330000 | 8246413 |
| Vistra Operations Co LLC 4.375% 5/1/2029 (f) | 23230000 | 22825847 |
| Vistra Operations Co LLC 5% 7/31/2027 (f) | 22585000 | 22580957 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (f) | 11985000 | 12569029 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (f) | 6060000 | 6301994 |
| XPLR Infrastructure Operating Partners LP 7.75% 4/15/2034 (f) | 17040000 | 17860493 |
|  |  | 249347673 |
| Gas Utilities - 0.3% |  |  |
| Southern Natural Gas Co LLC 7.35% 2/15/2031  | 23497000 | 25629387 |
| Southern Natural Gas Co LLC 8% 3/1/2032  | 12475000 | 14170474 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp 5% 6/1/2031 (f) | 12070000 | 11587894 |
|  |  | 51387755 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (f) | 8910000 | 8849097 |
| Sunnova Energy Corp 11.75% (e)(f)(k) | 18140000 | 90700 |
| Sunnova Energy Corp 5.875% (e)(f)(k) | 3020000 | 7549 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (f) | 8920000 | 8853428 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (f) | 8920000 | 8953779 |
|  |  | 26754553 |
| TOTAL UTILITIES |  | 327489981 |
| TOTAL UNITED STATES |  | 6056014260 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd 6.375% 2/15/2036 (f) | 23975000 | 23541053 |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (f) | 7855000 | 8098033 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (f) | 21965000 | 22871496 |
| TOTAL ZAMBIA |  | 54510582 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $6,789,498,763) |  | <br> **6795113028** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.6%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Summit Midstream Corp 3 month U.S. LIBOR + 7.43%, 12.2837% (h)(i) | 2912 | 4608134 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Strategy Inc 11.5% (l) | 663257 | 66159886 |
| Strategy Inc Series A, 10%  | 303400 | 30628230 |
| TOTAL INFORMATION TECHNOLOGY |  | 96788116 |
| TOTAL UNITED STATES |  | 101396250 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $88,952,275) |  | <br> **101396250** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 3.1%** | &nbsp;&nbsp;**Preferred Securities - 3.1%** | &nbsp;&nbsp;**Preferred Securities - 3.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 3.1%  |  |  |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Energy Transfer LP 6.5% (h)(m) | 22875000 | 23579647 |
| Energy Transfer LP 6.625% (h)(m) | 37985000 | 38827120 |
| Energy Transfer LP Series G, 7.125% (h)(m) | 32035000 | 33941365 |
| TOTAL ENERGY |  | 96348132 |
| Financials - 2.5% |  |  |
| Banks - 2.0% |  |  |
| Bank of America Corp 5.875% (h)(m) | 102630000 | 103729153 |
| Bank of America Corp 6.25% (h)(m) | 51910000 | 52508497 |
| Citigroup Inc 6.5% (h)(m) | 29740000 | 30329162 |
| Citigroup Inc 6.75% (h)(m) | 17850000 | 18211828 |
| Citigroup Inc 7% (h)(m) | 13670000 | 14401676 |
| JPMorgan Chase & Co 6.1% (h)(m) | 29730000 | 29730000 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 6.4368% (h)(i)(m) | 26340000 | 26468530 |
| Wells Fargo & Co 6.125% (h)(m) | 29715000 | 30035443 |
| Wells Fargo & Co 6.85% (h)(m) | 8925000 | 9361849 |
|  |  | 314776138 |
| Capital Markets - 0.1% |  |  |
| Goldman Sachs Group Inc/The 6.85% (h)(m) | 8925000 | 9329830 |
| Consumer Finance - 0.1% |  |  |
| Ally Financial Inc 4.7% (h)(m) | 7055000 | 6855531 |
| Ally Financial Inc 5 year U.S. Treasury Index + 0%, 7.1% (h)(i)(m) | 5950000 | 5945316 |
|  |  | 12800847 |
| Insurance - 0.3% |  |  |
| Alliant Holdings LP 10.5% (e)(h)(m) | 47576998 | 47162432 |
| TOTAL FINANCIALS |  | 384069247 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Edison International 5% (h)(m) | 2595000 | 2580166 |
| TOTAL UNITED STATES |  | 482997545 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $476,700,397) |  | <br> **482997545** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 16.9%** | &nbsp;&nbsp;**Money Market Funds - 16.9%** | &nbsp;&nbsp;**Money Market Funds - 16.9%** | &nbsp;&nbsp;**Money Market Funds - 16.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (p) | 3.69 | 2548985366 | 2549495163 |
| Fidelity Securities Lending Cash Central Fund (p)(q) | 3.69 | 108960223 | 108971119 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,658,419,966) |  |  | **2658466282** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $13,831,681,010)<br>| <br>**15800442987** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(110459437)** |
| **NET ASSETS - 100.0%** | **15689983550** |

---

**Legend**

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

(b) Non-income producing.

(c) 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 $432,671,279 or 2.8% of net assets.

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

(e) Level 3 security.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,552,093,737 or 35.4% of net assets.

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

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

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

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

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

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

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

(n) Controlled affiliated fund.

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Arena Brands Holding Corp | 6/18/1997 - 1/12/1999 | 21591597 |
| EchoStar Corp | 9/30/2024 | 13256891 |
| Fidelity Private Credit Company LLC | 4/15/2022 - 3/28/2025 | 378469472 |
| Fidelity Private Credit Company II LLC | 4/15/2026 | 600000 |
| New Cotai LLC / New Cotai Capital Corp | 9/11/2020 | 16677424 |

---

**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 | 1428611454 | 3083953758 | 1963061561 | 71096371 | (8488) | - | 2549495163 | 2548985366 | 4.2% |
| Fidelity Securities Lending Cash Central Fund | 7728800 | 684579210 | 583333747 | 184151 | (3144) | - | 108971119 | 108960223 | 0.3% |
| Total | 1436340254 | 3768532968 | 2546395308 | 71280522 | (11632) | - | 2658466282 |  |  |

---

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

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

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

**Affiliated Underlying Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company II LLC | - | 600000 | - | - | - | 864 | 600864 | 60000 |
| Fidelity Private Credit Company LLC | 363975820 | - | - | 40004171 | - | 139661 | 356236104 | 38033001 |
|  | 363975820 | 600000 | - | 40004171 | - | 140525 | 356836968 |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 356836968 | - | 356836968 | - |
|  **Asset-Backed Securities** | 38001932 | - | 38001932 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 53416643 | - | 52985260 | 431383 |
| Consumer Discretionary | 170545260 | - | 170545260 | - |
| Consumer Staples | 4238887 | - | 4238887 | - |
| Energy | 46244696 | - | 46244696 | - |
| Financials | 206642725 | - | 196906075 | 9736650 |
| Health Care | 92660315 | - | 92660315 | - |
| Industrials | 157286052 | - | 157286052 | - |
| Information Technology | 322508449 | - | 322508449 | - |
| Materials | 204858863 | - | 204858863 | - |
| Utilities | 545649 | - | 545649 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 561147159 | 545965694 | - | 15181465 |
| Consumer Discretionary | 143879519 | 126263953 | - | 17615566 |
| Consumer Staples | 36993623 | 36993615 | - | 8 |
| Energy | 27216899 | 2687729 | - | 24529170 |
| Financials | 329785639 | 329782920 | - | 2719 |
| Health Care | 21381383 | 21362391 | - | 18992 |
| Industrials | 1180548995 | 1180548995 | - | - |
| Information Technology | 1206842836 | 1203405404 | - | 3437432 |
| Materials | 54669318 | 54554504 | - | 114814 |
| Utilities | 155324743 | 155320739 | - | 4004 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 153545747 | - | 153545747 | - |
| Consumer Discretionary | 3814810 | - | - | 3814810 |
| Financials | 8313303 | - | 8313303 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 225219469 | - | 80742682 | 144476787 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 986549299 | - | 986549299 | - |
| Consumer Discretionary | 850759158 | - | 850759154 | 4 |
| Consumer Staples | 317304778 | - | 317304778 | - |
| Energy | 989725473 | - | 989725473 | - |
| Financials | 792879443 | - | 792879443 | - |
| Health Care | 488515381 | - | 488515381 | - |
| Industrials | 914681930 | - | 914681930 | - |
| Information Technology | 390347162 | - | 390347162 | - |
| Materials | 447747241 | - | 447747241 | - |
| Real Estate | 283281048 | - | 283281048 | - |
| Utilities | 333322115 | - | 333223866 | 98249 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | 4608134 | - | 4608134 | - |
| Information Technology | 96788116 | 96788116 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 96348132 | - | 96348132 | - |
| Financials | 384069247 | - | 336906815 | 47162432 |
| Utilities | 2580166 | - | 2580166 | - |
|  **Money Market Funds** | 2658466282 | 2658466282 | - | - |
| **Total Investments in Securities:** | 15800442987 | 6412140342 | 9121678160 | 266624485 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2026 ($)** |
| **Bank Loan Obligations** | 1 | - | 6861 | 9760885 | (1842) | 4316 | 397812 | - | 10168033 | 6862 |
| **Common Stocks** | 50127315 | 4212880 | 37059788 | 18692743 | (49188556) | - | - | - | 60904170 | (3493869) |
| **Convertible Preferred Stocks** | - | - | 25455198 | 119021589 | - | - | - | - | 144476787 | 25455198 |
| **Non-Convertible Preferred Stocks** | 2871 | (9705941) | 10247164 | - | (544094) | - | - | - | - | - |
| **Convertible Corporate Bonds** | 4488074 | - | (938637) | 226002 | - | 39371 | - | - | 3814810 | (938637) |
| **Preferred Securities** | 46742206 | - | 420227 | - | (1) | - | - | - | 47162432 | 420227 |
| **Non-Convertible Corporate Bonds** | 28500605 | (1187414) | (9801264) | 7666095 | (31171758) | (135107) | 6227096 | - | 98253 | (6060499) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $125,975,091) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,802,070,949) | $12785139737 |  |
| Fidelity Central Funds (cost $2,658,419,966) | 2658466282 |  |
| Other affiliated issuers (cost $371,190,095) | 356836968 |  |
| Total Investment in Securities (cost $13,831,681,010) |  | $15800442987 |
| Cash |  | 7109022 |
| Foreign currency held at value (cost $77,900) |  | 77900 |
| Receivable for investments sold |  | 9693674 |
| Receivable for fund shares sold |  | 16197807 |
| Dividends receivable |  | 225452 |
| Interest receivable |  | 122185625 |
| Distributions receivable from Fidelity Central Funds |  | 7525958 |
| Prepaid expenses |  | 3777 |
| Other receivables |  | 15441 |
| **Total assets** |  | 15963477643 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $107987494 |  |
| Delayed delivery | 29525256 |  |
| Payable for fund shares redeemed | 11619713 |  |
| Distributions payable | 7398664 |  |
| Accrued management fee | 7861982 |  |
| Other payables and accrued expenses | 126721 |  |
| Collateral on securities loaned | 108974263 |  |
| **Total liabilities** |  | 273494093 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $15689983550 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $13531830182 |
| Total accumulated earnings (loss) |  | 2158153368 |
| **Net Assets** |  | $15689983550 |
| **Net Asset Value**, offering price and redemption price per share ($15,689,983,550 ÷ 1,383,329,752 shares) |  | $11.34 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $43930177 |
| Affiliated issuers |  | 38444818 |
| Interest  |  | 607335219 |
| Income from Fidelity Central Funds (including $184,151 from security lending)  |  | 71280522 |
| Security lending |  | 875 |
| **Total income** |  | 760991611 |
| **Expenses** |  |  |
| Management fee | $91955199 |  |
| Custodian fees and expenses | 20436 |  |
| Independent trustees' fees and expenses | 48105 |  |
| Registration fees | 238358 |  |
| Audit fees | 129040 |  |
| Legal | 30285 |  |
| Miscellaneous | 48153 |  |
| Total expenses before reductions | 92469576 |  |
| Expense reductions | (2679677) |  |
| Total expenses after reductions |  | 89789899 |
| **Net Investment income (loss)** |  | 671201712 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 209885702 |  |
| Fidelity Central Funds | (11632) |  |
| Foreign currency transactions | (4468) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 1559353 |  |
| Total net realized gain (loss) |  | 211428955 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1727987160 |  |
| Affiliated issuers  | 140525 |  |
| Assets and liabilities in foreign currencies | (3405) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1728124280 |
| **Net gain (loss)** |  | 1939553235 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2610754947 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $671201712 | $693934064 |
| &nbsp;&nbsp;Net realized gain (loss) | 211428955<br>| 57877815<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1728124280 | 107163310<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2610754947<br>| 858975189<br>|
| Distributions to shareholders | (696002577)<br>| (657489757)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2988068008 | 2595736125 |
| Reinvestment of distributions | 602486014<br>| 573017431<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2967914087) | (2868692507) |
| **Net increase (decrease) in net assets resulting from share transactions** | 622639935<br>| 300061049<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2537392305<br>| 501546481<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13152591245 | 12651044764<br>|
| &nbsp;&nbsp;End of period | $15689983550 | $13152591245 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 277428889 | 257115262 |
| Issued in reinvestment of distributions | 55830025<br>| 56798367<br>|
| &nbsp;&nbsp;Redeemed | (275833204) | (285194546) |
| &nbsp;&nbsp;Net increase (decrease) | 57425710 | 28719083 |

---

**Financial Highlights** 

**Fidelity® Capital & Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.92 | $9.75 | $9.28 | $10.17 | $11.24 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .497  | .526  | .529  | .480  | .387  |
| Net realized and unrealized gain (loss)  | 1.438  | .143  | .456  | (.308)  | (.714)  |
| Total from investment operations  | 1.935  | .669  | .985  | .172  | (.327)  |
| Distributions from net investment income  | (.515)  | (.499)  | (.515)  | (.473)  | (.390)  |
| Distributions from net realized gain  | -  | -  | -  | (.589)  | (.353)  |
| Total distributions  | (.515)  | (.499)  | (.515)  | (1.062)  | (.743)  |
| Net asset value, end of period  | $11.34 | $9.92 | $9.75 | $9.28 | $10.17 |
| **Total Return** C | 19.89% <br>| 6.89%  | 10.91%  | 2.09%  | (3.27)%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .64%  | .65%  | .67%  | .68%  | .67%  |
| Expenses net of fee waivers, if any  | .62% <br>| .63%  | .65%  | .68%  | .67%  |
| Expenses net of all reductions, if any  | .62%  | .63%  | .65%  | .68%  | .67%  |
| Net investment income (loss)  | 4.62%  | 5.22%  | 5.60%  | 5.16%  | 3.49%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15689984 | $13152591 | $12651045 | $11457861 | $13077000 |
| Portfolio turnover rate F | 26% <br>| 19%  | 36%  | 20%  | 28%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Capital & Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Investment in Fidelity Private Credit Company LLCs.**

The Fund invests in Fidelity Private Credit Company LLC and Fidelity Private Credit Company II LLC, each of which is a controlled affiliated limited liability company. Fidelity Private Credit Company II LLC commenced operations on April 15, 2026. Each LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under each LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, each LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of each LLC and thus a decline in the value of the Fund. Each LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists each LLC as an investment as of period end, but does not include the underlying holdings of each LLC. Each LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the three month period ended March 31, 2026 was 9.59%.

The Board of Directors of Fidelity Private Credit Company LLC approved an Agreement and Plan of Merger (the "Merger Agreement") between Fidelity Private Credit Company LLC Fund and Fidelity Private Credit Company II LLC, a Delaware limited liability company. The Merger Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Private Credit Company LLC in exchange for corresponding units of Fidelity Private Credit Company II LLC equal in value to the net assets of the Fund on the day the reorganization is effective. The reorganization is expected to occur during July 2026. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their unit holders.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Fidelity Private Credit Company LLC and Fidelity Private Credit Company II LLC are valued at their respective net asset value (NAV) each month end and are categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Convertible Preferred Stocks | $144476787 | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 17.5 | Increase |
| Common Stocks | $60904170 | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA) | 5.3 - 7.4 / 6.1 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 0.4 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 - $0.22 / $0.22 | Increase |
|  |  | Discounted cash flow  | Discount rate  | 8.8% - 11.2% / 9.0% | Decrease |
|  |  | Market approach  | Transaction price  | $0.00 - $2.92 / $2.92 | Increase |
|  |  | Black scholes  | Discount rate  | 3.7% - 3.9% / 3.7% | Increase |
|  |  |  | Term  | 0.8 - 3.2 / 1.0 | Increase |
|  |  |  | Volatility  | 40.0% - 60.0% / 41.3% | Increase |
| Bank Loan Obligations | $10168033 | Indicative market price | Evaluated bid | $98.50 - $103.88 / $101.22 | Increase |
|  |  |  | Transaction price | 99.0% | Increase |
| Non-Convertible Corporate Bonds | $98253 | Recovery value | Recovery value | $0.00  | Increase |
|  |  | Indicative market price | Evaluated bid | $0.25 - $0.50 / $0.48 | Increase |
| Convertible Corporate Bonds | $3814810 | Black scholes | Discount rate | 3.7% | Increase |
|  |  |  | Term | 0.8 | Increase |
|  |  |  | Volatility | 40.0% | Increase |
| Preferred Securities | $47162432 | Discounted cash flow  | Yield  | 10.5% | Decrease |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to the short-term gain distributions from the underlying funds, foreign currency transactions, defaulted bonds, partnerships, market discount, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2392432334 |
| **Gross unrealized depreciation**  | <u>(360625395)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2031806939</u> |
| **Tax Cost**  | <u>$13768636048</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$68971160</u> |
| **Undistributed long-term capital gain**  | <u>$57375793</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2031806416</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $696002577 | $657489757 |

---

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Capital & Income Fund** | Fidelity Private Credit Company LLC | 38619980 | - |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Capital & Income Fund** | 3269266476 | 3715812975 |

---

**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.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. 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 %** |
| **Fidelity Capital & Income Fund** | .65 |

---

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 %** |
| **Fidelity Capital & Income Fund** | .63 |

---

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

---

| | |
|:---|:---|
| **Fidelity Capital & Income Fund** | $15441 |

---

**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 Capital & Income Fund** | 7852 |

---

**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 Capital & Income Fund** | 38151830 | 29370125 | 6533009 |

---

**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, (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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Capital & Income Fund** | 17651 |

---

**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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 Capital & Income Fund** | 19732 | 4242 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Capital & Income Fund** | 14389007 |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until August 31, 2027. During the period, this waiver reduced the Fund's management fee by $2,659,397.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $20,280.

**10. 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.

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Capital & Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Capital & Income Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the "Fund") as of April 30, 2026, the related statement of operations for the year ended April 30, 2026, the statement of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2026 and the financial highlights for each of the five years in the period ended April 30, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 11, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2026, $57,375,793, or, if subsequently determined to be different, the net capital gain of such year.

A total of 3.49% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $520,443,872 of distributions paid in the calendar year 2025 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $696,002,577 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img130806_4.jpg)<br>

1.703159.128 CAI-ANN-0626

**Fidelity® U.S. Low Volatility Equity Fund**

**Annual Report**

**April 30, 2026**

![](img130807_1.jpg)

![](img130807_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_USL-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® U.S. Low Volatility Equity Fund](#Sub_Sec_Fund_5029_USL-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements5029_USL-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_USL-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_USL-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_USL-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_USL-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_USL-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_USL-ANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® U.S. Low Volatility Equity Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| SAP SE ADR  | 685 | 116101 |
| UNITED KINGDOM - 1.2%  |  |  |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| Astrazeneca PLC  | 1195 | 226808 |
| UNITED STATES - 97.4%  |  |  |
| Communication Services - 5.1% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Verizon Communications Inc  | 3629 | 174301 |
| Entertainment - 1.0% |  |  |
| IMAX Corp (a) | 2904 | 110410 |
| Netflix Inc (a) | 755 | 70676 |
|  |  | 181086 |
| Interactive Media & Services - 1.4% |  |  |
| Alphabet Inc Class A  | 644 | 247811 |
| Media - 1.1% |  |  |
| New York Times Co/The Class A  | 2656 | 209904 |
| Wireless Telecommunication Services - 0.7% |  |  |
| T-Mobile US Inc  | 693 | 135481 |
| TOTAL COMMUNICATION SERVICES |  | 948583 |
| Consumer Discretionary - 3.1% |  |  |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| McDonald's Corp  | 518 | 152080 |
| Yum! Brands Inc  | 1071 | 170985 |
|  |  | 323065 |
| Specialty Retail - 1.4% |  |  |
| O'Reilly Automotive Inc (a) | 2154 | 214108 |
| Ross Stores Inc  | 200 | 45557 |
|  |  | 259665 |
| TOTAL CONSUMER DISCRETIONARY |  | 582730 |
| Consumer Staples - 13.4% |  |  |
| Beverages - 3.1% |  |  |
| Coca-Cola Co/The  | 2378 | 187291 |
| Coca-Cola Consolidated Inc  | 378 | 77516 |
| Keurig Dr Pepper Inc  | 4012 | 117953 |
| Monster Beverage Corp (a) | 2446 | 188514 |
|  |  | 571274 |
| Consumer Staples Distribution & Retail - 4.5% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 1876 | 176138 |
| Casey's General Stores Inc  | 193 | 158675 |
| Kroger Co/The  | 2554 | 173851 |
| Performance Food Group Co (a) | 478 | 43287 |
| US Foods Holding Corp (a) | 957 | 89470 |
| Walmart Inc  | 1532 | 202117 |
|  |  | 843538 |
| Food Products - 4.2% |  |  |
| Bunge Global SA  | 1344 | 170782 |
| Ingredion Inc  | 1276 | 142580 |
| JM Smucker Co  | 746 | 73130 |
| McCormick & Co Inc/MD  | 1945 | 98884 |
| Mondelez International Inc  | 2365 | 145306 |
| Post Holdings Inc (a) | 1347 | 141098 |
|  |  | 771780 |
| Household Products - 1.6% |  |  |
| Kimberly-Clark Corp  | 1433 | 141050 |
| Procter & Gamble Co/The  | 1061 | 156063 |
|  |  | 297113 |
| TOTAL CONSUMER STAPLES |  | 2483705 |
| Energy - 4.7% |  |  |
| Oil, Gas & Consumable Fuels - 4.7% |  |  |
| APA Corp  | 1600 | 65168 |
| Cheniere Energy Inc  | 292 | 80285 |
| Chevron Corp  | 1038 | 200656 |
| ConocoPhillips  | 1080 | 135842 |
| Diamondback Energy Inc  | 300 | 61689 |
| Exxon Mobil Corp  | 1209 | 186585 |
| Phillips 66  | 400 | 71660 |
| Valero Energy Corp  | 291 | 73501 |
| TOTAL ENERGY |  | 875386 |
| Financials - 10.5% |  |  |
| Capital Markets - 1.5% |  |  |
| Cboe Global Markets Inc  | 491 | 147344 |
| Intercontinental Exchange Inc  | 817 | 129160 |
|  |  | 276504 |
| Financial Services - 2.0% |  |  |
| Mastercard Inc Class A  | 317 | 159425 |
| Visa Inc Class A  | 671 | 221323 |
|  |  | 380748 |
| Insurance - 7.0% |  |  |
| American Financial Group Inc/OH  | 625 | 83294 |
| Arch Capital Group Ltd (a) | 1630 | 153970 |
| Arthur J Gallagher & Co  | 516 | 106502 |
| Chubb Ltd  | 705 | 230536 |
| Hanover Insurance Group Inc/The  | 1087 | 204019 |
| Hartford Insurance Group Inc/The  | 1319 | 180452 |
| Travelers Companies Inc/The  | 703 | 214513 |
| Willis Towers Watson PLC  | 505 | 129381 |
|  |  | 1302667 |
| TOTAL FINANCIALS |  | 1959919 |
| Health Care - 16.2% |  |  |
| Biotechnology - 3.0% |  |  |
| AbbVie Inc  | 913 | 192935 |
| Alnylam Pharmaceuticals Inc (a) | 458 | 141746 |
| Gilead Sciences Inc  | 1633 | 213662 |
|  |  | 548343 |
| Health Care Equipment & Supplies - 2.9% |  |  |
| Abbott Laboratories  | 1398 | 126924 |
| Boston Scientific Corp (a) | 1839 | 105945 |
| Edwards Lifesciences Corp (a) | 537 | 44839 |
| Penumbra Inc (a) | 442 | 144304 |
| Stryker Corp  | 389 | 122586 |
|  |  | 544598 |
| Health Care Providers & Services - 4.5% |  |  |
| Cencora Inc  | 637 | 196203 |
| CVS Health Corp  | 1661 | 138345 |
| HCA Healthcare Inc  | 376 | 163353 |
| McKesson Corp  | 201 | 163855 |
| Quest Diagnostics Inc  | 872 | 169343 |
|  |  | 831099 |
| Health Care Technology - 0.5% |  |  |
| Veeva Systems Inc Class A (a) | 629 | 98105 |
| Life Sciences Tools & Services - 1.2% |  |  |
| Danaher Corp  | 497 | 88938 |
| Thermo Fisher Scientific Inc  | 269 | 128840 |
|  |  | 217778 |
| Pharmaceuticals - 4.1% |  |  |
| Eli Lilly & Co  | 190 | 177574 |
| Johnson & Johnson  | 956 | 219737 |
| Merck & Co Inc  | 1554 | 169665 |
| Royalty Pharma PLC Class A  | 3854 | 193047 |
|  |  | 760023 |
| TOTAL HEALTH CARE |  | 2999946 |
| Industrials - 5.8% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| General Dynamics Corp  | 517 | 178003 |
| Lockheed Martin Corp  | 322 | 166786 |
| Northrop Grumman Corp  | 224 | 129804 |
|  |  | 474593 |
| Commercial Services & Supplies - 2.4% |  |  |
| Cintas Corp  | 733 | 128062 |
| Republic Services Inc  | 647 | 135365 |
| Waste Connections Inc (United States)  | 1091 | 179710 |
|  |  | 443137 |
| Electrical Equipment - 0.5% |  |  |
| AMETEK Inc  | 397 | 93494 |
| Professional Services - 0.3% |  |  |
| FTI Consulting Inc (a) | 396 | 71003 |
| TOTAL INDUSTRIALS |  | 1082227 |
| Information Technology - 22.6% |  |  |
| Communications Equipment - 2.3% |  |  |
| Cisco Systems Inc  | 2334 | 213561 |
| Motorola Solutions Inc  | 468 | 205466 |
|  |  | 419027 |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Amphenol Corp Class A  | 1441 | 212216 |
| TD SYNNEX Corp  | 795 | 181403 |
|  |  | 393619 |
| IT Services - 3.5% |  |  |
| Accenture PLC Class A  | 652 | 116519 |
| Amdocs Ltd  | 2173 | 140528 |
| GoDaddy Inc Class A (a) | 971 | 84272 |
| IBM Corporation  | 752 | 173697 |
| Okta Inc Class A (a) | 1767 | 130140 |
|  |  | 645156 |
| Semiconductors & Semiconductor Equipment - 5.0% |  |  |
| Analog Devices Inc  | 266 | 107001 |
| Broadcom Inc  | 466 | 194523 |
| GlobalFoundries Inc (a) | 2160 | 139536 |
| MACOM Technology Solutions Holdings Inc (a) | 669 | 188397 |
| NVIDIA Corp  | 866 | 172828 |
| QUALCOMM Inc  | 692 | 124269 |
|  |  | 926554 |
| Software - 8.8% |  |  |
| Autodesk Inc (a) | 596 | 141252 |
| Dolby Laboratories Inc Class A  | 2311 | 148228 |
| Dynatrace Inc (a) | 3078 | 111454 |
| Gen Digital Inc  | 5983 | 115412 |
| Intuit Inc  | 206 | 80031 |
| Microsoft Corp  | 416 | 169637 |
| Palo Alto Networks Inc (a) | 807 | 144711 |
| PTC Inc (a) | 1067 | 145432 |
| Salesforce Inc  | 616 | 108742 |
| ServiceNow Inc (a) | 1347 | 118954 |
| Workiva Inc Class A (a) | 2219 | 118672 |
| Zoom Communications Inc Class A (a) | 2308 | 224223 |
|  |  | 1626748 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Apple Inc  | 646 | 175292 |
| TOTAL INFORMATION TECHNOLOGY |  | 4186396 |
| Materials - 1.9% |  |  |
| Chemicals - 1.9% |  |  |
| Ecolab Inc  | 618 | 161050 |
| Linde PLC  | 377 | 188930 |
| TOTAL MATERIALS |  | 349980 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 2.0% |  |  |
| Ventas Inc  | 1890 | 166055 |
| Welltower Inc  | 959 | 208429 |
| TOTAL REAL ESTATE |  | 374484 |
| Utilities - 12.1% |  |  |
| Electric Utilities - 8.3% |  |  |
| American Electric Power Co Inc  | 1080 | 148079 |
| Duke Energy Corp  | 1429 | 185127 |
| Entergy Corp  | 1721 | 202924 |
| Evergy Inc  | 2029 | 168082 |
| IDACORP Inc  | 1268 | 187334 |
| NextEra Energy Inc  | 1868 | 182840 |
| OGE Energy Corp  | 3356 | 163773 |
| PPL Corp  | 2714 | 101612 |
| Xcel Energy Inc  | 2311 | 191697 |
|  |  | 1531468 |
| Gas Utilities - 1.9% |  |  |
| National Fuel Gas Co  | 1976 | 166735 |
| Southwest Gas Holdings Inc  | 2076 | 195248 |
|  |  | 361983 |
| Multi-Utilities - 1.9% |  |  |
| Ameren Corp  | 1641 | 186500 |
| CenterPoint Energy Inc  | 3960 | 172853 |
|  |  | 359353 |
| TOTAL UTILITIES |  | 2252804 |
| TOTAL UNITED STATES |  | 18096160 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $15,150,198) |  | <br> **18439069** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 0.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.5%** |
|  | Shares | Value ($)<br>|
| iShares MSCI USA Minimum Volatility ETF <br>(Cost $92,724)<br>| 1000 | **94640** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $56,618)<br>| 3.69 | 56607 | **56618** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $15,299,540)<br>| <br>**18590327** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(3689)** |
| **NET ASSETS - 100.0%** | **18586638** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing.

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

**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 | 235591 | 3428020 | 3606998 | 3125 | 5 | - | 56618 | 56607 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 658475 | 9353585 | 10012043 | 286 | (17) | - | - | - | 0.0% |
| Total | 894066 | 12781605 | 13619041 | 3411 | (12) | - | 56618 |  |  |

---

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 April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 948583 | 948583 | - | - |
| Consumer Discretionary | 582730 | 582730 | - | - |
| Consumer Staples | 2483705 | 2483705 | - | - |
| Energy | 875386 | 875386 | - | - |
| Financials | 1959919 | 1959919 | - | - |
| Health Care | 3226754 | 3226754 | - | - |
| Industrials | 1082227 | 1082227 | - | - |
| Information Technology | 4302497 | 4302497 | - | - |
| Materials | 349980 | 349980 | - | - |
| Real Estate | 374484 | 374484 | - | - |
| Utilities | 2252804 | 2252804 | - | - |
|  **Domestic Equity Funds** | 94640 | 94640 | - | - |
|  **Money Market Funds** | 56618 | 56618 | - | - |
| **Total Investments in Securities:** | 18590327 | 18590327 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $15,242,922) | $18533709 |  |
| Fidelity Central Funds (cost $56,618) | 56618 |  |
| Total Investment in Securities (cost $15,299,540) |  | $18590327 |
| Receivable for fund shares sold |  | 26135 |
| Dividends receivable |  | 11547 |
| Reclaims receivable |  | 54318 |
| Distributions receivable from Fidelity Central Funds |  | 14 |
| Prepaid expenses |  | 10 |
| Receivable from investment adviser for expense reductions |  | 74491 |
| **Total assets** |  | 18756842 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $118241 |  |
| Accrued management fee | 8917 |  |
| Audit fee payable | 30715 |  |
| Proxy fee payable | 11284 |  |
| Other payables and accrued expenses | 1047 |  |
| **Total liabilities** |  | 170204 |
| **Net Assets**  |  | $18586638 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $14324121 |
| Total accumulated earnings (loss) |  | 4262517 |
| **Net Assets** |  | $18586638 |
| **Net Asset Value**, offering price and redemption price per share ($18,586,638 ÷ 1,574,460 shares) |  | $11.81 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $459946 |
| Income from Fidelity Central Funds (including $286 from security lending)  |  | 3411 |
| Security lending |  | 1 |
| **Total income** |  | 463358 |
| **Expenses** |  |  |
| Management fee | $167966 |  |
| Custodian fees and expenses | 3652 |  |
| Independent trustees' fees and expenses | 113 |  |
| Registration fees | 28164 |  |
| Audit fees | 47577 |  |
| Legal | 29774 |  |
| Proxy fee | 36804 |  |
| Miscellaneous | 135 |  |
| Total expenses before reductions | 314185 |  |
| Expense reductions | (106255) |  |
| Total expenses after reductions |  | 207930 |
| **Net Investment income (loss)** |  | 255428 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2079331 |  |
| Redemptions in-kind | 1835735 |  |
| Fidelity Central Funds | (12) |  |
| Foreign currency transactions | (60) |  |
| Total net realized gain (loss) |  | 3914994 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3062935) |  |
| Assets and liabilities in foreign currencies | 2804 |  |
| Total change in net unrealized appreciation (depreciation) |  | (3060131) |
| **Net gain (loss)** |  | 854863 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1110291 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $255428 | $283178 |
| &nbsp;&nbsp;Net realized gain (loss) | 3914994<br>| 2830501<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (3060131) | 1275391<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1110291<br>| 4389070<br>|
| Distributions to shareholders | (2158898)<br>| (951208)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 8805141 | 20424193 |
| Reinvestment of distributions | 1966905<br>| 885488<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (28558052) | (18289403) |
| **Net increase (decrease) in net assets resulting from share transactions** | (17786006)<br>| 3020278<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (18834613)<br>| 6458140<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 37421251 | 30963111<br>|
| &nbsp;&nbsp;End of period | $18586638 | $37421251 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 737333 | 1715480 |
| Issued in reinvestment of distributions | 167762<br>| 74162<br>|
| &nbsp;&nbsp;Redeemed | (2399590) | (1485982) |
| &nbsp;&nbsp;Net increase (decrease) | (1494495) | 303660 |

---

**Financial Highlights** 

**Fidelity® U.S. Low Volatility Equity Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $11.20 | $10.35 | $10.90 | $11.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .09  | .12  | .13  | .08  |
| Net realized and unrealized gain (loss)  | .32  | 1.24  | .91  | (.17)  | (.03)  |
| Total from investment operations  | .42  | 1.33  | 1.03  | (.04)  | .05  |
| Distributions from net investment income  | (.16)  | (.07)  | (.12)  | (.13)  | (.08)  |
| Distributions from net realized gain  | (.63)  | (.27)  | (.06)  | (.38)  | (.56)  |
| Total distributions  | (.80) C | (.34)  | (.18)  | (.51)  | (.64)  |
| Net asset value, end of period  | $11.81 | $12.19 | $11.20 | $10.35 | $10.90 |
| **Total Return** D | 3.56% <br>| 11.96%  | 10.05%  | (.22)%  | .12%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.06%  | .82%  | .68%  | .66%  | .73%  |
| Expenses net of fee waivers, if any  | .70% <br>| .70%  | .67%  | .66%  | .72%  |
| Expenses net of all reductions, if any  | .70%  | .70%  | .67%  | .66%  | .72%  |
| Net investment income (loss)  | .86%  | .78%  | 1.11%  | 1.28%  | .71%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $18587 | $37421 | $30963 | $206893 | $356831 |
| Portfolio turnover rate G | 56% H<br>| 84%  | 47% H | 69%  | 46%  |

---

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

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

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity U.S. Low Volatility Equity Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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.

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 April 30, 2026 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $4033271 |
| **Gross unrealized depreciation**  | <u>(813821)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3219450</u> |
| **Tax Cost**  | <u>$15370877</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$117053</u> |
| **Undistributed long-term capital gain**  | <u>$918224</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3227241</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $521592 | $534012 |
| **Long-term Capital Gains**  | <u>1637306</u> | <u>417196</u> |
| **Total**  | <u>$2158898</u> | <u>$951208</u> |

---

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity U.S. Low Volatility Equity Fund** | 16282097 | 31762981 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity U.S. Low Volatility Equity Fund** | 327731 | - | 1835735 | 1835735 | 3893445 |

---

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

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

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. 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 %** |
| **Fidelity U.S. Low Volatility Equity Fund** | .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 %** |
| **Fidelity U.S. Low Volatility Equity Fund** | .56 |

---

**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 U.S. Low Volatility Equity Fund** | 95 |

---

**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 U.S. Low Volatility Equity Fund** | 1353834 | 253837 | (37339) |

---

**6. 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, (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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity U.S. Low Volatility Equity Fund** | 39 |

---

**7. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 U.S. Low Volatility Equity Fund** | 25 | - | - |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .70% of average net assets. This reimbursement will remain in place through August 31, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $36,255.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $70,000.

**9. 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.

**10. 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.

**11. Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization between the Fund and Fidelity Low Volatility Factor ETF. The Agreement provided for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for shares of Fidelity Low Volatility Factor ETF equal in value to the net assets of the Fund on the day the reorganization was effective.

The Fund's shareholders approved the reorganization that became effective on May 8, 2026. The reorganization qualified as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity U.S. Low Volatility Equity Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity U.S. Low Volatility Equity Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the "Fund") as of April 30, 2026, the related statement of operations for the year ended April 30, 2026, the statement of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2026 and the financial highlights for each of the five years in the period ended April 30, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2026, $1,992,061, or, if subsequently determined to be different, the net capital gain of such year.

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

The fund designates 56% and 100% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 59.58% and 100% of the dividends distributed in June and December respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1.06% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on March 10, 2026. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on March 10, 2026. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on March 10, 2026. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To approve an Agreement and Plan of Reorganization and Liquidation providing for the reorganization of Fidelity® U.S. Low Volatility Equity Fund into Fidelity® Low Volatility Factor ETF. | To approve an Agreement and Plan of Reorganization and Liquidation providing for the reorganization of Fidelity® U.S. Low Volatility Equity Fund into Fidelity® Low Volatility Factor ETF. | To approve an Agreement and Plan of Reorganization and Liquidation providing for the reorganization of Fidelity® U.S. Low Volatility Equity Fund into Fidelity® Low Volatility Factor ETF. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Affirmative | 12930042.08 | 93.56 |
| Against | 843721.08 | 6.11 |
| Abstain | 46938.80 | 0.34 |
| TOTAL | 13820701.96 | 100.00 |

---

**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.

![](img130807_4.jpg)<br>

1.9896228.106 USL-ANN-0626

**Fidelity® SAI High Income Fund**

**Annual Report**

**April 30, 2026**

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

![](img130808_1.jpg)

![](img130808_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SAH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI High Income Fund](#Sub_Sec_Fund_6345_SAH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6345_SAH-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SAH-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SAH-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SAH-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SAH-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SAH-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SAH-ANN)** |

---

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

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® SAI High Income Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 1.6%** | &nbsp;&nbsp;**Alternative Funds - 1.6%** | &nbsp;&nbsp;**Alternative Funds - 1.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (p)(q)<br>(Cost $43,712,111)<br>| 4507059 | **42215367** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.0%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.0%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Hilton Grand Vacations Trust Series 2025-3EXT Class D, 7.38% 10/25/2044 (e)<br> (Cost $432,336) | 432454 | **433796** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 8.7%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.7%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| COLOMBIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Canacol Energy Ltd Tranche DIP 1LN, term loan CME Term SOFR 3 month Index + 9%, 15% 6/30/2026 (b)(g)(h)(i) | 2266845 | 2266845 |
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2112% 5/23/2030 (g)(h)(i) | 1386745 | 1366194 |
| FRANCE - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Altice France SA Tranche B13 1LN, term loan CME Term SOFR 1 month Index + 5.375%, 9.0481% 5/14/2029 (g)(h)(i) | 286972 | 288406 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.5481% 5/31/2031 (g)(h)(i) | 3838377 | 3906278 |
| TOTAL FRANCE |  | 4194684 |
| LUXEMBOURG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.6731% 10/31/2027 (g)(h)(i) | 243115 | 184680 |
| NETHERLANDS - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9612% 8/30/2028 (g)(h)(i) | 5282841 | 2245208 |
| SWITZERLAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 11/15/2030 (g)(h)(i) | 1635000 | 1562111 |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1634% 11/15/2030 (g)(h)(i) | 2963722 | 2845648 |
| TOTAL SWITZERLAND |  | 4407759 |
| UNITED STATES - 8.1%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Connect Holding II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6523% 10/3/2031 (g)(h)(i) | 695874 | 580261 |
| Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9043% 4/3/2031 (g)(h)(i) | 5709000 | 5438908 |
|  |  | 6019169 |
| Entertainment - 0.1% |  |  |
| OAK-Eagle Acquireco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 3/24/2033 (g)(h)(i)(j) | 1500000 | 1500375 |
| Media - 0.1% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2996% 6/18/2029 (g)(h)(i) | 3432210 | 3219413 |
| TOTAL COMMUNICATION SERVICES |  | 10738957 |
| Consumer Discretionary - 2.2% |  |  |
| Distributors - 0.2% |  |  |
| BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1522% 12/29/2032 (g)(h)(i) | 5270000 | 5258459 |
| Diversified Consumer Services - 0.1% |  |  |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.168% 8/19/2030 (g)(h)(i) | 3010000 | 2991187 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 10/31/2031 (g)(h)(i) | 4938825 | 4568414 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9612% 6/1/2028 (g)(h)(i) | 6150694 | 5853431 |
| Sizzling Platter LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6522% 7/2/2032 (g)(h)(i) | 4593173 | 3984578 |
| Sizzling Platter LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 5% 7/2/2032 (g)(h)(i)(l) | 195827 | 169880 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.925% 12/30/2026 (g)(h)(i) | 14636606 | 14014551 |
| United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.425% 12/30/2026 (g)(h)(i) | 452812 | 432435 |
|  |  | 29023289 |
| Household Durables - 0.4% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0022% 6/29/2028 (g)(h)(i) | 6285022 | 5668650 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4418% 10/1/2032 (g)(h)(i) | 5537000 | 5387335 |
|  |  | 11055985 |
| Specialty Retail - 0.4% |  |  |
| Champions Financing Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 0% 2/23/2029 (g)(h)(i)(j) | 2790000 | 2651895 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6523% 6/6/2031 (g)(h)(i) | 2280068 | 2021668 |
| Michaels Cos Inc/The 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.668% 2/22/2033 (g)(h)(i) | 1590000 | 1571779 |
| Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 9.4136% 9/4/2029 (g)(h)(i) | 2858730 | 2671140 |
| Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 4/18/2031 (g)(h)(i)(j) | 1860000 | 1843725 |
|  |  | 10760207 |
| TOTAL CONSUMER DISCRETIONARY |  | 59089127 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6996% 9/20/2030 (g)(h)(i) | 3293450 | 3200147 |
| Food Products - 0.0% |  |  |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (b)(g)(h)(i)(k) | 46174 | 0 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (b)(g)(h)(i)(k) | 13352 | 0 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 9.5%, 0% (b)(g)(h)(i)(k) | 99510 | 37687 |
|  |  | 37687 |
| TOTAL CONSUMER STAPLES |  | 3237834 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (g)(h)(i)(k) | 27593405 | 17760495 |
| Financials - 0.3% |  |  |
| Financial Services - 0.1% |  |  |
| Vci Asset Holdings 3 LLC Tranche TL, term loan 6.875% 4/15/2031 (b)(g) | 1900000 | 1881000 |
| Insurance - 0.2% |  |  |
| Asurion LLC Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4134% 2/23/2033 (g)(h)(i) | 6355000 | 6246457 |
| TOTAL FINANCIALS |  | 8127457 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.6996% 6/28/2029 (b)(g)(h)(i) | 1087998 | 761598 |
| ModivCare Inc Tranche EXIT 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.7007% 12/29/2030 (g)(h)(i) | 504193 | 446211 |
| Team Public Choices LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9496% 3/31/2033 (g)(h)(i) | 1400000 | 1350412 |
|  |  | 2558221 |
| Pharmaceuticals - 0.7% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9022% 10/8/2030 (g)(h)(i) | 17794932 | 17301123 |
| TOTAL HEALTH CARE |  | 19859344 |
| Industrials - 1.3% |  |  |
| Building Products - 0.2% |  |  |
| Cornerstone Building Brands Inc 1LN, term loan CME Term SOFR 1 month Index + 5.625%, 9.299% 8/1/2028 (g)(h)(i) | 903000 | 551959 |
| Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.024% 4/12/2028 (g)(h)(i) | 9608960 | 5889812 |
|  |  | 6441771 |
| Commercial Services & Supplies - 1.1% |  |  |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1522% 2/15/2031 (g)(h)(i) | 2459354 | 2099156 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1636% 8/1/2030 (g)(h)(i) | 7384683 | 6387012 |
| CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9277% 9/4/2030 (g)(h)(i) | 18805956 | 13013722 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.7687% 2/3/2033 (g)(h)(i) | 5350000 | 5233638 |
|  |  | 26733528 |
| Transportation Infrastructure - 0.0% |  |  |
| GB AIT Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 4/22/2033 (g)(h)(i)(j) | 1050000 | 1050872 |
| TOTAL INDUSTRIALS |  | 34226171 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Constant Contact Inc 2LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.4347% 2/12/2029 (g)(h)(i) | 351000 | 286317 |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9347% 2/10/2028 (g)(h)(i) | 4488247 | 4197319 |
| TOTAL INFORMATION TECHNOLOGY |  | 4483636 |
| Materials - 2.1% |  |  |
| Chemicals - 2.1% |  |  |
| Advancion Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 7.75%, 11.5227% 11/24/2028 (g)(h)(i) | 3615000 | 2819700 |
| Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7727% 11/24/2027 (g)(h)(i) | 9305350 | 8467869 |
| American Rock Salt Co LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.7667% 6/9/2028 (g)(h)(i) | 556846 | 498973 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4136% 10/4/2029 (g)(h)(i) | 8779150 | 8686969 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.7246% 7/3/2028 (g)(h)(i) | 9322861 | 8611993 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6523% 3/15/2029 (g)(h)(i) | 8490050 | 8218368 |
| Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.1897% 3/15/2030 (g)(h)(i) | 2331059 | 2141660 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4134% 8/25/2031 (g)(h)(i) | 6918835 | 6823701 |
| Mativ Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1522% 4/4/2033 (g)(h)(i) | 4185000 | 4143150 |
| Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1788% 9/30/2031 (g)(h)(i) | 5523254 | 4677036 |
| TOTAL MATERIALS |  | 55089419 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Clean Energy Future-Trumbull LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 4/22/2033 (g)(h)(i)(j) | 175000 | 175218 |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1727% 3/29/2030 (g)(h)(i) | 2601321 | 2616487 |
| TOTAL UTILITIES |  | 2791705 |
| TOTAL UNITED STATES |  | 215404145 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $239,817,607) |  | <br> **230069515** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.8%** | &nbsp;&nbsp;**Common Stocks - 0.8%** | &nbsp;&nbsp;**Common Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Canacol Energy Ltd (b)(c) | 115100 | 129645 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (b) | 207120 | 3111506 |
| Altice France Holding SA rights (b)(c)(e)(f) | 5563 | 69207 |
| TOTAL FRANCE |  | 3180713 |
| UNITED STATES - 0.7%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Southeastern Grocers LLC rights (b)(c) | 1184833 | 12 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Mesquite Energy Inc (b)(c) | 493851 | 7629993 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Anteris Technologies Global Corp (c) | 198600 | 1221390 |
| Health Care Providers & Services - 0.2% |  |  |
| Cano Health LLC (b)(c) | 153538 | 1477036 |
| Cano Health LLC warrants 6/28/2029 (b)(c) | 8312 | 14629 |
| ModivCare Inc (b) | 64995 | 365597 |
| Surgery Partners Inc (c)(d) | 196000 | 2749880 |
|  |  | 4607142 |
| TOTAL HEALTH CARE |  | 5828532 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| GTT Communications Inc (b)(c) | 89354 | 3592924 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ON Semiconductor Corp (c) | 19000 | 1915390 |
| TOTAL INFORMATION TECHNOLOGY |  | 5508314 |
| TOTAL UNITED STATES |  | 18966851 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $16,368,111) |  | <br> **22277209** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 2.6%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 2.6%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 2.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CAMEROON - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Golar LNG Ltd 2.75% 12/15/2030 (e) | 4500000 | 5429250 |
| GHANA - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Kosmos Energy Ltd 3.125% 3/15/2030  | 10100000 | 8460770 |
| UNITED STATES - 2.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (h) | 1596054 | 5988195 |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 11683000 | 11145582 |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Eos Energy Enterprises Inc 1.75% 12/1/2031 (e) | 6805000 | 4957442 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| MKS Inc 1.25% 6/1/2030  | 1351000 | 2657417 |
| ON Semiconductor Corp 0% 5/1/2027 (n) | 414000 | 796950 |
|  |  | 3454367 |
| Software - 0.9% |  |  |
| Riot Platforms Inc 0.75% 1/15/2030  | 6172000 | 8803124 |
| Strategy Inc 0% 12/1/2029 (n) | 8090000 | 6988951 |
| Terawulf Inc 0% 5/1/2032 (e)(n) | 4380000 | 5977824 |
|  |  | 21769899 |
| TOTAL INFORMATION TECHNOLOGY |  | 25224266 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| PG&E Corp 4.25% 12/1/2027  | 7649000 | 7836401 |
| TOTAL UNITED STATES |  | 55151886 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $56,218,574) |  | <br> **69041906** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| Whirlpool Corp Series A, 8.5%  | 78410 | 3315175 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Acrisure Holdings Inc Series A-2 (b)(c) | 165801 | 4846363 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Oracle Corp Series D 6.5%  | 59439 | 2905973 |
| TOTAL UNITED STATES |  | 11067511 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $10,775,118) |  | <br> **11067511** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 76.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 76.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 76.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 76.0%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.3%  |  |  |  |
| Materials - 0.3% |  |  |  |
| Metals & Mining - 0.3% |  |  |  |
| Mineral Resources Ltd 6% 5/1/2032 (e) |  | 1140000 | 1130908 |
| Mineral Resources Ltd 6.25% 5/1/2034 (e) |  | 1220000 | 1202762 |
| Mineral Resources Ltd 7% 4/1/2031 (e) |  | 1460000 | 1515433 |
| Mineral Resources Ltd 8.5% 5/1/2030 (e) |  | 3945000 | 4063540 |
| Mineral Resources Ltd 9.25% 10/1/2028 (e) |  | 1092000 | 1133376 |
| TOTAL AUSTRALIA |  |  | 9046019 |
| BAILIWICK OF JERSEY - 0.2%  |  |  |  |
| Consumer Discretionary - 0.2% |  |  |  |
| Automobiles - 0.1% |  |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (e) |  | 4324000 | 3471459 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |  |
| A&K Travel Group Holdings Ltd 7.5% 5/15/2033 (e) |  | 2490000 | 2502273 |
| TOTAL BAILIWICK OF JERSEY |  |  | 5973732 |
| BRAZIL - 0.6%  |  |  |  |
| Industrials - 0.2% |  |  |  |
| Commercial Services & Supplies - 0.1% |  |  |  |
| Ambipar Lux Sarl 9.875% (e)(k) |  | 12186000 | 2227722 |
| Passenger Airlines - 0.1% |  |  |  |
| Azul Secured Finance LLP 9.875% 2/15/2031 (e) |  | 3030000 | 2692913 |
| TOTAL INDUSTRIALS |  |  | 4920635 |
| Materials - 0.4% |  |  |  |
| Metals & Mining - 0.4% |  |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (e) |  | 3825000 | 3817312 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (e)(h) |  | 5815298 | 5821113 |
| TOTAL MATERIALS |  |  | 9638425 |
| TOTAL BRAZIL |  |  | 14559060 |
| CAMEROON - 0.3%  |  |  |  |
| Energy - 0.3% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |  |
| Golar LNG Ltd 7.5% 10/2/2030 (e) |  | 5215000 | 5306263 |
| Golar LNG Ltd 7.75% 9/19/2029 (e)(f) |  | 3400000 | 3440324 |
| TOTAL CAMEROON |  |  | 8746587 |
| CANADA - 2.0%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| TELUS Corp 6.625% 10/15/2055 (h) |  | 2012000 | 2034476 |
| TELUS Corp 7% 10/15/2055 (h) |  | 1294000 | 1338420 |
|  |  |  | 3372896 |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Rogers Communications Inc 7% 4/15/2055 (h) |  | 1999000 | 2040359 |
| Rogers Communications Inc 7.125% 4/15/2055 (h) |  | 784000 | 808783 |
|  |  |  | 2849142 |
| TOTAL COMMUNICATION SERVICES |  |  | 6222038 |
| Consumer Discretionary - 0.3% |  |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (e) |  | 3420000 | 3253646 |
| 1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (e) |  | 3470000 | 3501136 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (e) |  | 2285000 | 2325306 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 9080088 |
| Energy - 0.1% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (h) |  | 2175000 | 2299485 |
| South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (h) |  | 336000 | 350688 |
| TOTAL ENERGY |  |  | 2650173 |
| Health Care - 0.0% |  |  |  |
| Pharmaceuticals - 0.0% |  |  |  |
| Bausch Health Cos Inc 11% 9/30/2028 (e) |  | 520000 | 540800 |
| Industrials - 0.3% |  |  |  |
| Aerospace & Defense - 0.2% |  |  |  |
| Bombardier Inc 6.75% 6/15/2033 (e) |  | 4140000 | 4316790 |
| Bombardier Inc 7% 6/1/2032 (e) |  | 735000 | 767225 |
| Bombardier Inc 7.25% 7/1/2031 (e) |  | 485000 | 510312 |
|  |  |  | 5594327 |
| Commercial Services & Supplies - 0.1% |  |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (e) |  | 3000000 | 3094854 |
| TOTAL INDUSTRIALS |  |  | 8689181 |
| Materials - 0.8% |  |  |  |
| Chemicals - 0.6% |  |  |  |
| Methanex Corp 5.125% 10/15/2027  |  | 5425000 | 5428053 |
| Methanex Corp 5.25% 12/15/2029  |  | 1775000 | 1764136 |
| Methanex Corp 5.65% 12/1/2044  |  | 7365000 | 6696755 |
|  |  |  | 13888944 |
| Metals & Mining - 0.2% |  |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (e) |  | 2610000 | 2656147 |
| Champion Iron Canada Inc 7.875% 7/15/2032 (e) |  | 1040000 | 1090026 |
|  |  |  | 3746173 |
| TOTAL MATERIALS |  |  | 17635117 |
| Utilities - 0.3% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |  |
| TransAlta Corp 5.875% 2/1/2034  |  | 4020000 | 4009943 |
| TransAlta Corp 6.5% 3/15/2040  |  | 2680000 | 2682707 |
| TOTAL UTILITIES |  |  | 6692650 |
| TOTAL CANADA |  |  | 51510047 |
| COLOMBIA - 0.6%  |  |  |  |
| Energy - 0.4% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |  |
| Canacol Energy Ltd 5.75% (e)(k) |  | 19213000 | 7108810 |
| Gran Tierra Energy Inc 9.75% 4/15/2031 (d)(e) |  | 4909000 | 4467190 |
| TOTAL ENERGY |  |  | 11576000 |
| Utilities - 0.2% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (e) |  | 4388261 | 4067479 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (e) |  | 1340000 | 1384555 |
| TOTAL UTILITIES |  |  | 5452034 |
| TOTAL COLOMBIA |  |  | 17028034 |
| FINLAND - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Paper & Forest Products - 0.1% |  |  |  |
| Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (e) |  | 2705000 | 2649565 |
| FRANCE - 1.3%  |  |  |  |
| Communication Services - 0.7% |  |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |  |
| Altice France SA 6.5% 10/15/2031 (e) |  | 3409802 | 3345539 |
| Altice France SA 6.5% 4/15/2032 (e) |  | 10937547 | 10757474 |
| Altice France SA 6.875% 10/15/2030 (e) |  | 1960901 | 1927729 |
| Altice France SA 6.875% 7/15/2032 (e) |  | 2665329 | 2621776 |
| TOTAL COMMUNICATION SERVICES |  |  | 18652518 |
| Consumer Discretionary - 0.1% |  |  |  |
| Automobile Components - 0.1% |  |  |  |
| Forvia SE 6.75% 9/15/2033 (e) |  | 2490000 | 2497089 |
| Energy - 0.3% |  |  |  |
| Energy Equipment & Services - 0.3% |  |  |  |
| Vallourec SACA 7.5% 4/15/2032 (e) |  | 4189000 | 4416861 |
| Viridien 10% 10/15/2030 (e) |  | 2107000 | 2262694 |
| TOTAL ENERGY |  |  | 6679555 |
| Financials - 0.2% |  |  |  |
| Financial Services - 0.2% |  |  |  |
| Iliad Holding SAS 7% 4/15/2032 (e) |  | 2315000 | 2350313 |
| Iliad Holding SAS 8.5% 4/15/2031 (e) |  | 2885000 | 3060716 |
| TOTAL FINANCIALS |  |  | 5411029 |
| TOTAL FRANCE |  |  | 33240191 |
| GERMANY - 0.4%  |  |  |  |
| Consumer Discretionary - 0.3% |  |  |  |
| Automobile Components - 0.3% |  |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (d)(e) |  | 2800000 | 2781530 |
| ZF North America Capital Inc 6.875% 4/23/2032 (d)(e) |  | 1570000 | 1536345 |
| ZF North America Capital Inc 7.125% 4/14/2030 (e) |  | 810000 | 812155 |
| ZF North America Capital Inc 7.5% 3/24/2031 (d)(e) |  | 1615000 | 1617079 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 6747109 |
| Industrials - 0.1% |  |  |  |
| Machinery - 0.1% |  |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (d)(e) |  | 3660000 | 3660911 |
| TOTAL GERMANY |  |  | 10408020 |
| GHANA - 0.7%  |  |  |  |
| Energy - 0.7% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |  |
| Kosmos Energy Ltd 7.5% 3/1/2028 (e) |  | 2955000 | 2876042 |
| Kosmos Energy Ltd 7.75% 5/1/2027 (e) |  | 2720000 | 2707393 |
| Kosmos Energy Ltd 8.75% 10/1/2031 (e) |  | 3319000 | 3080032 |
| Tullow Holdco 2 Ltd 15% 11/15/2028 (e) |  | 9298480 | 9547215 |
| TOTAL GHANA |  |  | 18210682 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |  |
| Financials - 0.4% |  |  |  |
| Financial Services - 0.4% |  |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (e) |  | 9258000 | 9390491 |
| GREECE - 0.1%  |  |  |  |
| Industrials - 0.1% |  |  |  |
| Marine Transportation - 0.1% |  |  |  |
| Danaos Corp 6.875% 10/15/2032 (e) |  | 2530000 | 2599069 |
| GUATEMALA - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (e) |  | 1500000 | 1401300 |
| Millicom International Cellular SA 5.125% 1/15/2028 (e) |  | 1458000 | 1447065 |
| Millicom International Cellular SA 7.375% 4/2/2032 (e) |  | 1015000 | 1048749 |
| TOTAL GUATEMALA |  |  | 3897114 |
| IRELAND - 0.7%  |  |  |  |
| Financials - 0.7% |  |  |  |
| Consumer Finance - 0.1% |  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (h) |  | 2668000 | 2716045 |
| Financial Services - 0.6% |  |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (e) |  | 7925000 | 7983408 |
| GGAM Finance Ltd 6.875% 4/15/2029 (e) |  | 1620000 | 1655041 |
| GGAM Finance Ltd 8% 6/15/2028 (e) |  | 4280000 | 4458009 |
|  |  |  | 14096458 |
| TOTAL FINANCIALS |  |  | 16812503 |
| Industrials - 0.0% |  |  |  |
| Transportation Infrastructure - 0.0% |  |  |  |
| Avolon Holdings Funding Ltd 4.85% 4/1/2033 (e) |  | 1359000 | 1310769 |
| TOTAL IRELAND |  |  | 18123272 |
| ISRAEL - 0.3%  |  |  |  |
| Health Care - 0.3% |  |  |  |
| Pharmaceuticals - 0.3% |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  |  | 1452000 | 1441579 |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  |  | 3060000 | 3186256 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  |  | 2325000 | 2386343 |
| TOTAL ISRAEL |  |  | 7014178 |
| LUXEMBOURG - 1.1%  |  |  |  |
| Communication Services - 0.6% |  |  |  |
| Media - 0.4% |  |  |  |
| Altice Financing SA 5.75% 8/15/2029 (e) |  | 9484000 | 6981241 |
| Altice Financing SA 9.625% 7/15/2027 (e) |  | 3392000 | 2632718 |
|  |  |  | 9613959 |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| Altice France Lux 3 / Altice Holdings 1 10% 1/15/2033 (e) |  | 5290400 | 5232882 |
| TOTAL COMMUNICATION SERVICES |  |  | 14846841 |
| Energy - 0.1% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| Breakwater Energy Holdings Sarl 9.25% 11/15/2030 (e) |  | 2470000 | 2630513 |
| Materials - 0.4% |  |  |  |
| Chemicals - 0.4% |  |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (e) |  | 12965000 | 11474025 |
| TOTAL LUXEMBOURG |  |  | 28951379 |
| MAURITIUS - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (e) |  | 2695000 | 2712383 |
| NIGERIA - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| IHS Holding Ltd 5.625% 11/29/2026 (e) |  | 3633000 | 3613818 |
| NORWAY - 0.1%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Energy Equipment & Services - 0.1% |  |  |  |
| TGS ASA 8.5% 1/15/2030 (e) |  | 1275000 | 1331473 |
| PANAMA - 0.4%  |  |  |  |
| Communication Services - 0.4% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (e) |  | 2760000 | 2769246 |
| Wireless Telecommunication Services - 0.3% |  |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (e) |  | 7948000 | 8124346 |
| TOTAL PANAMA |  |  | 10893592 |
| PERU - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Metals & Mining - 0.1% |  |  |  |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (e) |  | 2630000 | 2705586 |
| SOUTH AFRICA - 0.2%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |  |
| Liquid Telecommunications Financing Plc 10.75% 4/14/2031 (e) |  | 4485000 | 4549172 |
| SWITZERLAND - 0.7%  |  |  |  |
| Industrials - 0.4% |  |  |  |
| Aerospace & Defense - 0.4% |  |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (e) |  | 4242000 | 3972483 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (e) |  | 3020000 | 3020184 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 8.75% 1/15/2032 (e)(r) |  | 2610000 | 2531564 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (e) |  | 1405000 | 1420282 |
| TOTAL INDUSTRIALS |  |  | 10944513 |
| Materials - 0.3% |  |  |  |
| Chemicals - 0.3% |  |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (e) |  | 4645000 | 4761125 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 (e) |  | 3478000 | 3304100 |
| TOTAL MATERIALS |  |  | 8065225 |
| TOTAL SWITZERLAND |  |  | 19009738 |
| TANZANIA - 0.0%  |  |  |  |
| Information Technology - 0.0% |  |  |  |
| Communications Equipment - 0.0% |  |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (e) |  | 1135000 | 1169072 |
| UNITED KINGDOM - 1.1%  |  |  |  |
| Communication Services - 0.4% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Virgin Media Finance PLC 5% 7/15/2030 (e) |  | 950000 | 800780 |
| Media - 0.2% |  |  |  |
| Virgin Media Secured Finance PLC 4.5% 8/15/2030 (e) |  | 4990000 | 4416690 |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (e) |  | 3840000 | 3305927 |
| Vmed O2 UK Financing I PLC 6.75% 1/15/2033 (e) |  | 1490000 | 1361991 |
|  |  |  | 4667918 |
| TOTAL COMMUNICATION SERVICES |  |  | 9885388 |
| Consumer Discretionary - 0.1% |  |  |  |
| Automobile Components - 0.1% |  |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (e) |  | 2090000 | 2160598 |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (e) |  | 1840000 | 1922958 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 4083556 |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| EG Global Finance PLC 12% 11/30/2028 (e) |  | 5700000 | 6080412 |
| Utilities - 0.4% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (e) |  | 7853000 | 7805298 |
| ContourGlobal Power Holdings SA 6.75% 2/28/2030 (e) |  | 2125000 | 2156875 |
| TOTAL UTILITIES |  |  | 9962173 |
| TOTAL UNITED KINGDOM |  |  | 30011529 |
| UNITED STATES - 63.7%  |  |  |  |
| Communication Services - 6.9% |  |  |  |
| Diversified Telecommunication Services - 3.7% |  |  |  |
| APLD ComputeCo 2 LLC 6.75% 3/15/2031 (e) |  | 3935000 | 3895867 |
| APLD ComputeCo LLC 9.25% 12/15/2030 (e) |  | 11504000 | 12365475 |
| Black Pearl Compute LLC 6.125% 2/15/2031 (d)(e) |  | 2569000 | 2606476 |
| Cipher Compute LLC 7.125% 11/15/2030 (d)(e) |  | 2522000 | 2614076 |
| Connect Holding II LLC 10.5% 4/3/2031 (e) |  | 3020000 | 3077481 |
| Core Scientific Finance I LLC 7.75% 5/15/2031 (e)(r) |  | 9195000 | 9172051 |
| Edged Compute LLC 7.5% 4/30/2031 (e) |  | 7865000 | 7711745 |
| Flash Compute LLC 7.25% 12/31/2030 (e) |  | 5145000 | 5248261 |
| Level 3 Financing Inc 3.625% 1/15/2029 (d)(e) |  | 1390000 | 1320500 |
| Level 3 Financing Inc 4.25% 7/1/2028 (e) |  | 430000 | 418175 |
| Level 3 Financing Inc 6.875% 6/30/2033 (e) |  | 4920000 | 5077597 |
| Level 3 Financing Inc 7% 3/31/2034 (e) |  | 5910000 | 6130012 |
| Level 3 Financing Inc 8.5% 1/15/2036 (d)(e) |  | 5930000 | 6351096 |
| Lumen Technologies Inc 4.5% 1/15/2029 (e) |  | 450000 | 432000 |
| Meridian Arc Holdco LLC 6.25% 4/30/2031 (e) |  | 8105000 | 8103155 |
| PR RNO Property Owner 1 LLC 6.5% 5/1/2031 (e) |  | 12535000 | 12424866 |
| RD Michigan Property Owner I LLC 7.5% 3/30/2045 (e) |  | 3949000 | 3948206 |
| WULF Compute LLC 7.75% 10/15/2030 (d)(e) |  | 5543000 | 5825666 |
|  |  |  | 96722705 |
| Entertainment - 0.4% |  |  |  |
| OAK-Eagle Acquireco Inc 7.25% 7/1/2033 (e) |  | 4357000 | 4489522 |
| OAK-Eagle Acquireco Inc 8.75% 7/1/2034 (e) |  | 4748000 | 4940897 |
|  |  |  | 9430419 |
| Interactive Media & Services - 0.1% |  |  |  |
| Snap Inc 6.875% 3/1/2033 (e) |  | 1680000 | 1635543 |
| Snap Inc 6.875% 3/15/2034 (d)(e) |  | 2120000 | 2051889 |
|  |  |  | 3687432 |
| Media - 2.7% |  |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (d)(e) |  | 3685000 | 3090814 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (e) |  | 4195000 | 3810160 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032 (d) |  | 5179000 | 4547978 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 6/1/2033 (d)(e) |  | 3255000 | 2796389 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (d)(e) |  | 2260000 | 2023672 |
| CCO Holdings LLC / CCO Holdings Capital Corp 7% 2/1/2033 (d)(e) |  | 1440000 | 1419456 |
| CCO Holdings LLC / CCO Holdings Capital Corp 7.375% 2/1/2036 (d)(e) |  | 1150000 | 1127413 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (e) |  | 4630000 | 4813404 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (e) |  | 4160000 | 4369972 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (e) |  | 2985000 | 2990492 |
| Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (e) |  | 2895000 | 3014123 |
| CMG Media Corp 8.875% 6/18/2029 (e) |  | 905000 | 806545 |
| CSC Holdings LLC 3.375% 2/15/2031 (e) |  | 6960000 | 4045478 |
| CSC Holdings LLC 4.125% 12/1/2030 (e) |  | 8071000 | 4805174 |
| CSC Holdings LLC 4.5% 11/15/2031 (e) |  | 6649000 | 3876686 |
| CSC Holdings LLC 4.625% 12/1/2030 (e) |  | 4526000 | 1580924 |
| EW Scripps Co/The 9.875% 8/15/2030 (e) |  | 2728000 | 2736084 |
| Lamar Media Corp 5.375% 11/1/2033 (d)(e) |  | 3740000 | 3700319 |
| Nexstar Media Inc 6.5% 9/15/2033 (e) |  | 2680000 | 2700625 |
| Outfront Media Capital LLC / Outfront Media Capital Corp 7.375% 2/15/2031 (e) |  | 905000 | 946521 |
| Univision Communications Inc 8.5% 7/31/2031 (d)(e) |  | 5614000 | 5697647 |
| Univision Communications Inc 8.875% 4/15/2033 (e) |  | 2550000 | 2563899 |
| Univision Communications Inc 9.375% 8/1/2032 (e) |  | 4615000 | 4775824 |
|  |  |  | 72239599 |
| TOTAL COMMUNICATION SERVICES |  |  | 182080155 |
| Consumer Discretionary - 8.6% |  |  |  |
| Automobile Components - 0.9% |  |  |  |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (e) |  | 1905000 | 1901595 |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (d)(e) |  | 3585000 | 3500135 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (e) |  | 4865000 | 4976603 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (e) |  | 890000 | 919539 |
| Cooper-Standard Automotive Inc 9.25% 3/1/2031 (e) |  | 3661000 | 3517818 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.125% 4/15/2031 (e) |  | 4085000 | 4113203 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.375% 4/15/2034 (e) |  | 4155000 | 4149726 |
|  |  |  | 23078619 |
| Automobiles - 0.2% |  |  |  |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (e) |  | 6942000 | 6909453 |
| Broadline Retail - 0.8% |  |  |  |
| GrubHub Holdings Inc 13% 7/31/2030 pay-in-kind (e) |  | 1966572 | 1610897 |
| Saks Global Enterprises LLC 11% (b)(e)(k) |  | 1519064 | 0 |
| Wayfair LLC 6.75% 11/15/2032 (e) |  | 4880000 | 4933714 |
| Wayfair LLC 7.25% 10/31/2029 (e) |  | 6663000 | 6828063 |
| Wayfair LLC 7.75% 9/15/2030 (d)(e) |  | 7748000 | 8039202 |
|  |  |  | 21411876 |
| Diversified Consumer Services - 0.9% |  |  |  |
| Sotheby's 8.25% 4/15/2031 (e) |  | 6505000 | 6319544 |
| Sotheby's/Bidfair Holdings Inc 5.875% 6/1/2029 (e) |  | 310000 | 294308 |
| StoneMor Inc 8.5% 5/15/2029 (e) |  | 8193000 | 8085761 |
| TKC Holdings Inc 12% 2/15/2031 (e) |  | 2580000 | 2688357 |
| TKC Holdings Inc 8.5% 8/15/2030 (e) |  | 5170000 | 5291976 |
|  |  |  | 22679946 |
| Hotels, Restaurants & Leisure - 2.8% |  |  |  |
| Acushnet Co 5.625% 12/1/2033 (d)(e) |  | 1292000 | 1298003 |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc 9.5% 7/1/2032 (d)(e) |  | 4445000 | 3876994 |
| Carnival Corp 5.75% 8/1/2032 (e) |  | 2260000 | 2271363 |
| Carnival Corp 5.875% 6/15/2031 (e) |  | 2775000 | 2814472 |
| Carnival Corp 6.125% 2/15/2033 (e) |  | 8140000 | 8259330 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (e) |  | 9452000 | 9158414 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (e) |  | 3350000 | 3066870 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (e) |  | 2285000 | 2268113 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (d)(e) |  | 2195000 | 2209739 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (e) |  | 1125000 | 1139150 |
| Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (d)(e) |  | 2975000 | 3030315 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (e) |  | 2502000 | 2531043 |
| Life Time Inc 6% 11/15/2031 (e) |  | 1280000 | 1299357 |
| Light & Wonder International Inc 6.25% 10/1/2033 (d)(e) |  | 3990000 | 3956933 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (e) |  | 5747000 | 4805570 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 11.875% 4/15/2031 (e) |  | 946000 | 1015249 |
| NCL Corp Ltd 6.25% 9/15/2033 (e) |  | 3550000 | 3435801 |
| NCL Corp Ltd 6.75% 2/1/2032 (e) |  | 1530000 | 1522493 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (e) |  | 2860000 | 2903829 |
| Viking Cruises Ltd 5.875% 10/15/2033 (e) |  | 9710000 | 9734673 |
| Viking Cruises Ltd 9.125% 7/15/2031 (e) |  | 535000 | 563747 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (e) |  | 1545000 | 1543994 |
|  |  |  | 72705452 |
| Household Durables - 1.5% |  |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 8/1/2029 (e) |  | 1760000 | 1684615 |
| Ashton Woods USA LLC / Ashton Woods Finance Co 6.875% 8/1/2033 (e) |  | 1380000 | 1354032 |
| Beazer Homes USA Inc 7.5% 3/15/2031 (d)(e) |  | 1255000 | 1249812 |
| Century Communities Inc 6.625% 9/15/2033 (d)(e) |  | 3370000 | 3353079 |
| Dream Finders Homes Inc 6.875% 9/15/2030 (d)(e) |  | 2820000 | 2765462 |
| LGI Homes Inc 4% 7/15/2029 (d)(e) |  | 725000 | 657648 |
| LGI Homes Inc 7% 11/15/2032 (d)(e) |  | 9913000 | 9500259 |
| Risewell Homes Inc 8.5% 11/1/2030 (d)(e) |  | 2740000 | 2799521 |
| Whirlpool Corp 5.75% 3/1/2034 (d) |  | 569000 | 513667 |
| Whirlpool Corp 6.125% 6/15/2030 (d) |  | 5497000 | 5390545 |
| Whirlpool Corp 6.5% 6/15/2033 (d) |  | 10837000 | 10379275 |
|  |  |  | 39647915 |
| Specialty Retail - 1.5% |  |  |  |
| Advance Auto Parts Inc 3.5% 3/15/2032 (d) |  | 1490000 | 1309971 |
| Advance Auto Parts Inc 3.9% 4/15/2030  |  | 465000 | 436164 |
| Advance Auto Parts Inc 7% 8/1/2030 (e) |  | 1165000 | 1201786 |
| Advance Auto Parts Inc 7.375% 8/1/2033 (d)(e) |  | 3795000 | 3915795 |
| Carvana Co 4.875% 9/1/2029 (e) |  | 1322000 | 1216240 |
| Carvana Co 5.5% 4/15/2027 (e) |  | 1162000 | 1138760 |
| Carvana Co 5.875% 10/1/2028 (e) |  | 764000 | 746810 |
| Carvana Co 9% 6/1/2030 pay-in-kind (e)(h) |  | 1605450 | 1670075 |
| Carvana Co 9% 6/1/2031 pay-in-kind (e)(h) |  | 3757275 | 4156474 |
| Champions Financing Inc 8.75% 2/15/2029 (d)(e) |  | 5585000 | 5434848 |
| LBM Acquisition LLC 6.25% 1/15/2029 (e) |  | 3723000 | 2580042 |
| Michaels Cos Inc/The 11% 3/15/2034 (e) |  | 4285000 | 4135041 |
| Michaels Cos Inc/The 8.5% 3/15/2033 (e) |  | 4200000 | 4147710 |
| Staples Inc 10.75% 9/1/2029 (e) |  | 5020000 | 4798365 |
| Staples Inc 12.75% 1/15/2030 (e) |  | 3829712 | 2875584 |
|  |  |  | 39763665 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 226196926 |
| Consumer Staples - 1.7% |  |  |  |
| Consumer Staples Distribution & Retail - 1.0% |  |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.75% 3/31/2034 (e) |  | 3130000 | 3047111 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (d)(e) |  | 2145000 | 2164030 |
| Albertsons Cos Inc 5.625% 3/31/2032 (e) |  | 2895000 | 2855964 |
| C&S Group Enterprises LLC 5% 12/15/2028 (e) |  | 2868000 | 2675227 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 7.125% 4/30/2033 (e) |  | 935000 | 946592 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (e) |  | 4565000 | 4771858 |
| Performance Food Group Inc 5.625% 3/1/2034 (e) |  | 3130000 | 3064776 |
| Performance Food Group Inc 6.125% 9/15/2032 (d)(e) |  | 1415000 | 1434343 |
| US Foods Inc 4.75% 2/15/2029 (e) |  | 1880000 | 1859534 |
| US Foods Inc 5.75% 4/15/2033 (e) |  | 1510000 | 1515542 |
| US Foods Inc 6.875% 9/15/2028 (e) |  | 885000 | 903691 |
| US Foods Inc 7.25% 1/15/2032 (d)(e) |  | 360000 | 374456 |
|  |  |  | 25613124 |
| Food Products - 0.7% |  |  |  |
| Chobani LLC / Chobani Finance Corp Inc 6.375% 4/15/2034 (e) |  | 4075000 | 4157746 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (e) |  | 4925000 | 4718308 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (e) |  | 850000 | 800572 |
| Post Holdings Inc 4.625% 4/15/2030 (d)(e) |  | 2120000 | 2059653 |
| Post Holdings Inc 6.25% 10/15/2034 (e) |  | 670000 | 661398 |
| Post Holdings Inc 6.25% 2/15/2032 (e) |  | 2015000 | 2053480 |
| Post Holdings Inc 6.375% 3/1/2033 (d)(e) |  | 1815000 | 1814294 |
| Post Holdings Inc 6.5% 3/15/2036 (e) |  | 2500000 | 2483565 |
|  |  |  | 18749016 |
| Household Products - 0.0% |  |  |  |
| Resideo Funding Inc 6.5% 7/15/2032 (e) |  | 1100000 | 1110116 |
| TOTAL CONSUMER STAPLES |  |  | 45472256 |
| Energy - 8.3% |  |  |  |
| Energy Equipment & Services - 0.8% |  |  |  |
| Archrock Services LP / Archrock Partners Finance Corp 6% 2/1/2034 (d)(e) |  | 5330000 | 5364730 |
| Kodiak Gas Services LLC 6.5% 10/1/2033 (e) |  | 1950000 | 1994658 |
| Kodiak Gas Services LLC 6.75% 10/1/2035 (e) |  | 1955000 | 2030728 |
| Star Holding LLC 8.75% 8/1/2031 (e) |  | 1657000 | 1690692 |
| Transocean Aquila Ltd 8% 9/30/2028 (e) |  | 209231 | 214697 |
| Transocean International Ltd 7.875% 10/15/2032 (e) |  | 820000 | 878666 |
| Transocean International Ltd 8.25% 5/15/2029 (e) |  | 2285000 | 2372461 |
| Transocean International Ltd 8.5% 5/15/2031 (e) |  | 2520000 | 2664832 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (d)(e) |  | 2805000 | 2830556 |
| WBI Operating LLC 6.5% 10/15/2033 (e) |  | 1290000 | 1303880 |
|  |  |  | 21345900 |
| Oil, Gas & Consumable Fuels - 7.5% |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 10/15/2033 (e) |  | 1120000 | 1117785 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 7/1/2034 (e) |  | 5240000 | 5226497 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.625% 7/15/2033 (e) |  | 2505000 | 2573629 |
| California Resources Corp 7% 1/15/2034 (e) |  | 4135000 | 4219482 |
| California Resources Corp 8.25% 6/15/2029 (e) |  | 3368000 | 3511949 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 2/15/2031 (e) |  | 2420000 | 2564479 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 7/15/2028 (e) |  | 5311000 | 5470330 |
| Cheniere Energy Inc 5.2% 7/30/2036 (d)(e) |  | 6803000 | 6725462 |
| Cheniere Energy Inc 6% 7/30/2056 (e) |  | 2441000 | 2408525 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (e) |  | 1475000 | 1517875 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (e) |  | 3705000 | 3585363 |
| CNX Resources Corp 5.875% 3/1/2034 (e) |  | 2890000 | 2866838 |
| CNX Resources Corp 7.25% 3/1/2032 (d)(e) |  | 2740000 | 2854635 |
| CNX Resources Corp 7.375% 1/15/2031 (e) |  | 985000 | 1015289 |
| Comstock Resources Inc 5.875% 1/15/2030 (d)(e) |  | 4290000 | 4155479 |
| Comstock Resources Inc 6.75% 3/1/2029 (e) |  | 2495000 | 2494119 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (e) |  | 3567000 | 3792559 |
| CVR Energy Inc 7.5% 2/15/2031 (e) |  | 2675000 | 2709034 |
| CVR Energy Inc 7.875% 2/15/2034 (e) |  | 1335000 | 1339060 |
| DBR Land Holdings LLC 6.25% 12/1/2030 (d)(e) |  | 1265000 | 1295044 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (e) |  | 4850000 | 4849445 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (e) |  | 2220000 | 2291137 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (e) |  | 3190000 | 3328299 |
| Energy Transfer LP 6.5% 2/15/2056 (h) |  | 2330000 | 2336279 |
| Energy Transfer LP 6.75% 2/15/2056 (h) |  | 2330000 | 2346744 |
| Energy Transfer LP 7.375% 2/1/2031 (e) |  | 1355000 | 1403324 |
| Genesis Energy LP / Genesis Energy Finance Corp 6.75% 3/15/2034  |  | 1360000 | 1369817 |
| Genesis Energy LP / Genesis Energy Finance Corp 8% 5/15/2033 (d) |  | 3438000 | 3619324 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  |  | 2203000 | 2223230 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (e) |  | 975000 | 999218 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (d)(e) |  | 515000 | 540668 |
| Harvest Midstream I LP 7.5% 5/15/2032 (e) |  | 1410000 | 1468021 |
| Harvest Midstream I LP 7.5% 9/1/2028 (e) |  | 3400000 | 3422403 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (e) |  | 690000 | 669201 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (e) |  | 2165000 | 2155011 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (e) |  | 885000 | 885409 |
| Hess Midstream Operations LP 5.875% 3/1/2028 (e) |  | 2955000 | 2984039 |
| Hess Midstream Operations LP 6.5% 6/1/2029 (e) |  | 685000 | 701834 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (e) |  | 2445000 | 2487284 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (e) |  | 1385000 | 1444220 |
| Kinetik Holdings LP 5.875% 6/15/2030 (e) |  | 2420000 | 2428187 |
| Kinetik Holdings LP 6.625% 12/15/2028 (e) |  | 3690000 | 3764143 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (e) |  | 3972000 | 4021082 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  |  | 3004000 | 3001391 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (e) |  | 5767000 | 5911793 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (e) |  | 3220000 | 3459935 |
| Prairie Acquiror LP 9% 8/1/2029 (e) |  | 610000 | 637006 |
| Rockies Express Pipeline LLC 4.8% 5/15/2030 (d)(e) |  | 2635000 | 2567623 |
| Rockies Express Pipeline LLC 4.95% 7/15/2029 (e) |  | 3570000 | 3521151 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (d)(e) |  | 2845000 | 2966269 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (e) |  | 365000 | 368607 |
| Sunoco LP 4.5% 10/1/2029 (e) |  | 1430000 | 1401392 |
| Sunoco LP 4.625% 5/1/2030 (e) |  | 3570000 | 3471982 |
| Sunoco LP 5.375% 7/15/2031 (e) |  | 2720000 | 2707258 |
| Sunoco LP 5.625% 3/15/2031 (d)(e) |  | 3545000 | 3558156 |
| Sunoco LP 5.625% 7/15/2034 (d)(e) |  | 2720000 | 2683420 |
| Sunoco LP 5.875% 3/15/2034 (e) |  | 3545000 | 3532278 |
| Sunoco LP 6.25% 7/1/2033 (d)(e) |  | 2975000 | 3040518 |
| Sunoco LP 6.625% 8/15/2032 (e) |  | 710000 | 725909 |
| Sunoco LP 7% 5/1/2029 (e) |  | 1070000 | 1104938 |
| Sunoco LP 7.25% 5/1/2032 (d)(e) |  | 1285000 | 1345816 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (d)(e) |  | 3065000 | 3057618 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (e) |  | 5140000 | 5167263 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (e) |  | 5561000 | 5591480 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6.75% 3/15/2034 (e) |  | 3369000 | 3442397 |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (e) |  | 2675000 | 2758669 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (e) |  | 4370000 | 4577579 |
| Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (d)(e) |  | 1955000 | 2045777 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (e) |  | 6990000 | 7430650 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (e) |  | 1690000 | 1874146 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (d)(e) |  | 1735000 | 1951379 |
|  |  |  | 197084152 |
| TOTAL ENERGY |  |  | 218430052 |
| Financials - 6.1% |  |  |  |
| Banks - 0.1% |  |  |  |
| Western Alliance Bancorp 3% 6/15/2031 (d)(h) |  | 4000000 | 3850000 |
| Capital Markets - 0.9% |  |  |  |
| Hightower Holding LLC 6.75% 4/15/2029 (e) |  | 995000 | 988220 |
| Hightower Holding LLC 9.125% 1/31/2030 (e) |  | 2920000 | 3031115 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (e) |  | 3160000 | 3176613 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (e) |  | 5465000 | 5614255 |
| Jane Street Group / JSG Finance Inc 7.125% 4/30/2031 (e) |  | 2415000 | 2503801 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (e) |  | 5170000 | 4959784 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (d)(e) |  | 2485000 | 2424736 |
|  |  |  | 22698524 |
| Consumer Finance - 1.6% |  |  |  |
| Ally Financial Inc 6.646% 1/17/2040 (h) |  | 6007000 | 5915207 |
| Ally Financial Inc 6.7% 2/14/2033 (d) |  | 3350000 | 3458711 |
| Encore Capital Group Inc 8.5% 5/15/2030 (e) |  | 3690000 | 3940754 |
| LFS Topco LLC 8.75% 7/15/2030 (d)(e) |  | 4168000 | 4027425 |
| Navient Corp 4.875% 3/15/2028  |  | 1620000 | 1579414 |
| Navient Corp 5% 3/15/2027  |  | 3695000 | 3671221 |
| Navient Corp 5.5% 3/15/2029 (d) |  | 1283000 | 1233125 |
| Navient Corp 5.625% 8/1/2033 (d) |  | 1120000 | 953180 |
| Navient Corp 7.875% 6/15/2032 (d) |  | 2605000 | 2507531 |
| OneMain Finance Corp 6.125% 5/15/2030  |  | 1305000 | 1304546 |
| OneMain Finance Corp 6.5% 3/15/2033 (d) |  | 3535000 | 3462274 |
| OneMain Finance Corp 6.75% 3/15/2032 (d) |  | 1715000 | 1714505 |
| OneMain Finance Corp 6.75% 9/15/2033  |  | 615000 | 604913 |
| OneMain Finance Corp 7.125% 11/15/2031  |  | 1094000 | 1109370 |
| OneMain Finance Corp 7.125% 9/15/2032 (d) |  | 3085000 | 3128366 |
| OneMain Finance Corp 7.5% 5/15/2031  |  | 875000 | 897102 |
| PRA Group Inc 8.875% 1/31/2030 (e) |  | 1265000 | 1308890 |
| SLM Corp 6.5% 1/31/2030  |  | 1857000 | 1874820 |
|  |  |  | 42691354 |
| Financial Services - 2.1% |  |  |  |
| Block Inc 3.5% 6/1/2031  |  | 4160000 | 3777803 |
| Block Inc 5.625% 8/15/2030 (e) |  | 2260000 | 2262280 |
| Block Inc 6% 8/15/2033 (e) |  | 3045000 | 3039123 |
| Block Inc 6.5% 5/15/2032  |  | 5577000 | 5683262 |
| Burford Capital Global Finance LLC 7.5% 7/15/2033 (d)(e) |  | 3185000 | 2617608 |
| Clue Opco LLC 9.5% 10/15/2031 (d)(e) |  | 2765000 | 2825567 |
| HA Sustainable Infrastructure Capital Inc 6% 3/15/2036  |  | 4209000 | 4150329 |
| HA Sustainable Infrastructure Capital Inc 7.125% 11/15/2056 (h) |  | 2714000 | 2739728 |
| HA Sustainable Infrastructure Capital Inc 8% 6/1/2056 (h) |  | 3867000 | 4104821 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (e) |  | 1890000 | 1906499 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  |  | 3495000 | 3063630 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  |  | 12401000 | 12282038 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  |  | 485000 | 467094 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (d)(e) |  | 1430000 | 1422075 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (e) |  | 3530000 | 3733674 |
|  |  |  | 54075531 |
| Insurance - 0.7% |  |  |  |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (e) |  | 4417000 | 4276318 |
| Asurion LLC/ Asurion Co-Issuer Inc 8% 12/31/2032 (e) |  | 8255000 | 8623082 |
| Asurion LLC/ Asurion Co-Issuer Inc 8.375% 2/1/2034 (e) |  | 5890000 | 5811121 |
|  |  |  | 18710521 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.7% |  |  |  |
| EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/TRS / EF Cayman Non-MTM 7.375% 9/30/2030 (e) |  | 2550000 | 2533658 |
| Rithm Capital Corp 8% 4/1/2029 (e) |  | 1575000 | 1582245 |
| Rithm Capital Corp 8% 7/15/2030 (e) |  | 2705000 | 2706967 |
| Starwood Property Trust Inc 3.625% 7/15/2026 (d)(e) |  | 358000 | 356461 |
| Starwood Property Trust Inc 5.25% 10/15/2028 (e) |  | 385000 | 383159 |
| Starwood Property Trust Inc 5.75% 1/15/2031 (e) |  | 3465000 | 3461611 |
| Starwood Property Trust Inc 6% 4/15/2030 (e) |  | 1405000 | 1421420 |
| Starwood Property Trust Inc 6.5% 10/15/2030 (d)(e) |  | 1260000 | 1295916 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (e) |  | 3375000 | 3457843 |
| Starwood Property Trust Inc 7.25% 4/1/2029 (e) |  | 1255000 | 1300504 |
|  |  |  | 18499784 |
| TOTAL FINANCIALS |  |  | 160525714 |
| Health Care - 6.3% |  |  |  |
| Biotechnology - 0.3% |  |  |  |
| BioMarin Pharmaceutical Inc5.5% 2/15/2034 (d)(e) |  | 1960000 | 1946218 |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (e) |  | 7694000 | 6848042 |
|  |  |  | 8794260 |
| Health Care Equipment & Supplies - 0.3% |  |  |  |
| DENTSPLY SIRONA Inc 8.375% 9/12/2055 (d)(h) |  | 394000 | 396112 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (e) |  | 7490000 | 7659432 |
|  |  |  | 8055544 |
| Health Care Providers & Services - 4.9% |  |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (d)(e) |  | 4401000 | 4501748 |
| Accendra Health Inc 6.625% 4/1/2030 (d)(e) |  | 10043000 | 5396831 |
| Centene Corp 3.375% 2/15/2030 (d) |  | 2960000 | 2750545 |
| Centene Corp 4.625% 12/15/2029  |  | 5610000 | 5469179 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (e) |  | 6739000 | 6305583 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (e) |  | 11925000 | 11260013 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (e) |  | 5659000 | 5017014 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (d)(e) |  | 2550000 | 2630096 |
| CVS Health Corp 6.75% 12/10/2054 (h) |  | 2758000 | 2857360 |
| CVS Health Corp 7% 3/10/2055 (h) |  | 7044000 | 7308272 |
| DaVita Inc 4.625% 6/1/2030 (e) |  | 5730000 | 5546942 |
| DaVita Inc 6.75% 7/15/2033 (d)(e) |  | 4225000 | 4356271 |
| DaVita Inc 6.875% 9/1/2032 (d)(e) |  | 2850000 | 2941744 |
| Global Medical Response Inc 7.375% 10/1/2032 (d)(e) |  | 925000 | 964256 |
| Humana Inc 6.625% 9/15/2056 (d)(h) |  | 10023000 | 9876192 |
| LifePoint Health Inc 10% 6/1/2032 (e) |  | 2625000 | 2686688 |
| Molina Healthcare Inc 6.25% 1/15/2033 (e) |  | 8655000 | 8645896 |
| Molina Healthcare Inc 6.5% 2/15/2031 (e) |  | 3853000 | 3920234 |
| National Mentor Holdings Inc 10.5% 12/15/2030 (d)(e) |  | 3980000 | 4163655 |
| Pediatrix Medical Group Inc 5.375% 2/15/2030 (e) |  | 1753000 | 1743039 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (e) |  | 2025000 | 2019593 |
| TEAM Services Holding Inc 9% 2/15/2033 (d)(e) |  | 5485000 | 5487359 |
| Tenet Healthcare Corp 4.375% 1/15/2030  |  | 3095000 | 2998387 |
| Tenet Healthcare Corp 5.5% 11/15/2032 (e) |  | 5030000 | 5017171 |
| Tenet Healthcare Corp 6% 11/15/2033 (d)(e) |  | 2030000 | 2051800 |
| Tenet Healthcare Corp 6.125% 10/1/2028 (d) |  | 2484000 | 2490257 |
| Tenet Healthcare Corp 6.125% 6/15/2030  |  | 3585000 | 3605008 |
| Tenet Healthcare Corp 6.75% 5/15/2031  |  | 525000 | 539472 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (e) |  | 5991000 | 5661718 |
|  |  |  | 128212323 |
| Health Care Technology - 0.2% |  |  |  |
| IQVIA Inc 6.25% 6/1/2032 (e) |  | 5050000 | 5142900 |
| IQVIA Inc 6.5% 5/15/2030 (e) |  | 1525000 | 1556406 |
|  |  |  | 6699306 |
| Pharmaceuticals - 0.6% |  |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (e) |  | 10425000 | 10766711 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 7.875% 5/15/2034 (d)(e) |  | 3780000 | 4049689 |
|  |  |  | 14816400 |
| TOTAL HEALTH CARE |  |  | 166577833 |
| Industrials - 8.2% |  |  |  |
| Aerospace & Defense - 1.3% |  |  |  |
| Axon Enterprise Inc 6.125% 3/15/2030 (d)(e) |  | 2550000 | 2607416 |
| Axon Enterprise Inc 6.25% 3/15/2033 (d)(e) |  | 2685000 | 2755242 |
| BWX Technologies Inc 4.125% 6/30/2028 (e) |  | 3755000 | 3694217 |
| Carpenter Technology Corp 5.625% 3/1/2034 (e) |  | 3535000 | 3537128 |
| TransDigm Inc 6% 1/15/2033 (e) |  | 1185000 | 1196328 |
| TransDigm Inc 6.125% 7/31/2034 (d)(e) |  | 4045000 | 4049449 |
| TransDigm Inc 6.25% 1/31/2034 (d)(e) |  | 935000 | 956137 |
| TransDigm Inc 6.375% 3/1/2029 (e) |  | 2635000 | 2687581 |
| TransDigm Inc 6.375% 5/31/2033 (e) |  | 7115000 | 7169708 |
| TransDigm Inc 6.75% 1/31/2034 (d)(e) |  | 3970000 | 4078365 |
| TransDigm Inc 7.125% 12/1/2031 (e) |  | 1140000 | 1181348 |
|  |  |  | 33912919 |
| Air Freight & Logistics - 0.3% |  |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (e) |  | 4639000 | 4818757 |
| Stonepeak Nile Parent LLC 7.25% 3/15/2032 (e) |  | 2355000 | 2464065 |
|  |  |  | 7282822 |
| Building Products - 1.4% |  |  |  |
| Ameritex Holdco Intermediate LLC 7.625% 8/15/2033 (e) |  | 2605000 | 2707869 |
| Builders FirstSource Inc 4.25% 2/1/2032 (e) |  | 3640000 | 3376598 |
| Builders FirstSource Inc 6.375% 3/1/2034 (e) |  | 1205000 | 1199020 |
| Builders FirstSource Inc 6.75% 5/15/2035 (e) |  | 4810000 | 4857518 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (e) |  | 1680000 | 1070968 |
| Cornerstone Building Brands Inc 9.5% 8/15/2029 (e) |  | 1814000 | 1153637 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (e) |  | 5310000 | 5436266 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.75% 7/15/2031 (e) |  | 1520000 | 1571355 |
| JH North America Holdings Inc 6.125% 7/31/2032 (e) |  | 1275000 | 1277708 |
| Standard Building Solutions Inc 5.875% 3/15/2034 (e) |  | 2610000 | 2544429 |
| Standard Building Solutions Inc 6.25% 8/1/2033 (e) |  | 9280000 | 9274053 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (e) |  | 1235000 | 1247202 |
|  |  |  | 35716623 |
| Commercial Services & Supplies - 1.7% |  |  |  |
| ADT Security Corp/The 5.875% 10/15/2033 (e) |  | 2530000 | 2492423 |
| Artera Services LLC 8.5% 2/15/2031 (d)(e) |  | 16243000 | 13988628 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (d)(e) |  | 5715000 | 5261286 |
| CoreCivic Inc 4.75% 10/15/2027  |  | 3285000 | 3261140 |
| CoreCivic Inc 8.25% 4/15/2029  |  | 1320000 | 1375106 |
| GEO Group Inc/The 10.25% 4/15/2031  |  | 2785000 | 2989011 |
| GEO Group Inc/The 8.625% 4/15/2029  |  | 2660000 | 2767523 |
| GFL Environmental Holdings US Inc 5.5% 2/1/2034 (e) |  | 1445000 | 1421416 |
| GFL Environmental Inc 3.5% 9/1/2028 (e) |  | 1055000 | 1029860 |
| GFL Environmental Inc 6.75% 1/15/2031 (e) |  | 325000 | 336954 |
| Neptune Bidco US Inc 9.5% 2/15/2033 (e) |  | 3035000 | 3037408 |
| OT Midco Inc 10% 2/15/2030 (e) |  | 4637000 | 1808430 |
| Reworld Holding Corp 4.875% 12/1/2029 (e) |  | 1580000 | 1510093 |
| Williams Scotsman Inc 6.625% 4/15/2030 (d)(e) |  | 1330000 | 1369795 |
| Williams Scotsman Inc 6.625% 6/15/2029 (e) |  | 1295000 | 1329216 |
|  |  |  | 43978289 |
| Construction & Engineering - 0.4% |  |  |  |
| AECOM 6% 8/1/2033 (e) |  | 5765000 | 5812060 |
| Amsted Industries Inc 6.375% 3/15/2033 (e) |  | 1280000 | 1302159 |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (e) |  | 4770000 | 4780294 |
|  |  |  | 11894513 |
| Electrical Equipment - 0.4% |  |  |  |
| Sensata Technologies BV 4% 4/15/2029 (e) |  | 1427000 | 1385822 |
| WESCO Distribution Inc 5.25% 4/15/2031 (e) |  | 2700000 | 2698318 |
| WESCO Distribution Inc 5.5% 4/15/2034 (e) |  | 4080000 | 4069507 |
| WESCO Distribution Inc 6.375% 3/15/2033 (d)(e) |  | 1390000 | 1435721 |
|  |  |  | 9589368 |
| Ground Transportation - 0.4% |  |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.375% 6/15/2032 (d)(e) |  | 2470000 | 2483261 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (e) |  | 3840000 | 3930213 |
| XPO Inc 7.125% 2/1/2032 (d)(e) |  | 2640000 | 2753051 |
| XPO Inc 7.125% 6/1/2031 (d)(e) |  | 1165000 | 1205931 |
|  |  |  | 10372456 |
| Industrial Conglomerates - 0.2% |  |  |  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.75% 6/15/2029 (e) |  | 2765000 | 2707296 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 7% 7/15/2031 (e) |  | 1685000 | 1747560 |
|  |  |  | 4454856 |
| Machinery - 0.5% |  |  |  |
| Allison Transmission Inc 5.875% 12/1/2033 (e) |  | 2575000 | 2599607 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (e)(h) |  | 4706865 | 5177594 |
| Columbus McKinnon Corp/NY 7.125% 2/1/2033 (d)(e) |  | 2910000 | 2926602 |
| Enpro Inc 6.125% 6/1/2033 (e) |  | 1270000 | 1294274 |
|  |  |  | 11998077 |
| Passenger Airlines - 0.4% |  |  |  |
| JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (e) |  | 4382000 | 4081256 |
| United Airlines Holdings Inc 4.875% 3/1/2029  |  | 4020000 | 3959948 |
| United Airlines Holdings Inc 5.375% 3/1/2031  |  | 2680000 | 2641445 |
|  |  |  | 10682649 |
| Professional Services - 0.0% |  |  |  |
| CACI International Inc 6.375% 6/15/2033 (d)(e) |  | 3741000 | 3827242 |
| Trading Companies & Distributors - 1.2% |  |  |  |
| FTAI Aviation Investors LLC 7% 6/15/2032 (e) |  | 935000 | 965142 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (d)(e) |  | 1485000 | 1559214 |
| Herc Holdings Inc 5.75% 3/15/2031 (d)(e) |  | 1690000 | 1694058 |
| Herc Holdings Inc 6% 3/15/2034 (d)(e) |  | 1865000 | 1849176 |
| Herc Holdings Inc 7% 6/15/2030 (d)(e) |  | 4025000 | 4187501 |
| Herc Holdings Inc 7.25% 6/15/2033 (d)(e) |  | 2900000 | 3036964 |
| QXO Building Products Inc 6.75% 4/30/2032 (e) |  | 6365000 | 6492558 |
| Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (e) |  | 1440000 | 1511862 |
| United Rentals North America Inc 5.375% 11/15/2033 (e) |  | 6920000 | 6842375 |
| United Rentals North America Inc 6.125% 3/15/2034 (e) |  | 2685000 | 2759031 |
|  |  |  | 30897881 |
| Transportation Infrastructure - 0.0% |  |  |  |
| Beacon Mobility Corp 7.25% 8/1/2030 (e) |  | 1400000 | 1457781 |
| GB AIT Buyer Inc 8.75% 4/30/2034 (e) |  | 945000 | 950592 |
|  |  |  | 2408373 |
| TOTAL INDUSTRIALS |  |  | 217016068 |
| Information Technology - 3.6% |  |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |  |
| Coherent Corp 5% 12/15/2029 (e) |  | 2240000 | 2215777 |
| Sensata Technologies Inc 3.75% 2/15/2031 (e) |  | 860000 | 798839 |
| Sensata Technologies Inc 6.625% 7/15/2032 (d)(e) |  | 1685000 | 1738551 |
|  |  |  | 4753167 |
| IT Services - 1.4% |  |  |  |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (e) |  | 8443000 | 8391397 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d)(e) |  | 3460000 | 3442586 |
| CoreWeave Inc 9% 2/1/2031 (e) |  | 13845000 | 13757217 |
| CoreWeave Inc 9.25% 6/1/2030 (e) |  | 4701000 | 4760272 |
| CoreWeave Inc 9.75% 10/1/2031 (e) |  | 6300000 | 6336480 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (e) |  | 1440000 | 1345676 |
|  |  |  | 38033628 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |  |
| Amkor Technology Inc 5.875% 10/1/2033 (d)(e) |  | 1440000 | 1447826 |
| Entegris Inc 3.625% 5/1/2029 (d)(e) |  | 1255000 | 1196991 |
| Entegris Inc 5.95% 6/15/2030 (d)(e) |  | 12275000 | 12425983 |
| ON Semiconductor Corp 3.875% 9/1/2028 (e) |  | 335000 | 326586 |
| Wolfspeed Inc 7% 6/15/2031 pay-in-kind (h) |  | 1381846 | 1126210 |
|  |  |  | 16523596 |
| Software - 1.2% |  |  |  |
| Cloud Software Group Inc 9% 9/30/2029 (e) |  | 6886000 | 6761261 |
| Oracle Corp 3.6% 4/1/2040  |  | 17954000 | 12946467 |
| Oracle Corp 4.55% 2/4/2029  |  | 1039000 | 1026467 |
| Oracle Corp 5.35% 5/4/2033  |  | 2730000 | 2654570 |
| Oracle Corp 5.7% 2/4/2036  |  | 1333000 | 1280144 |
| Oracle Corp 6.55% 2/4/2046  |  | 1883000 | 1751181 |
| Oracle Corp 6.7% 2/4/2056  |  | 1333000 | 1228496 |
| Oracle Corp 6.85% 2/4/2066  |  | 267000 | 245317 |
| Oracle Corp U.S. SOFR Averages Index + 1.11%, 4.7772% 2/4/2029 (h)(i) |  | 3170000 | 3147532 |
| Rackspace Finance LLC 3.5% 5/15/2028 (e) |  | 2033225 | 1001363 |
|  |  |  | 32042798 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |  |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (e) |  | 1555000 | 1581735 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (e) |  | 1725000 | 1762445 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (e) |  | 715000 | 747235 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (e) |  | 875000 | 916543 |
|  |  |  | 5007958 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 96361147 |
| Materials - 6.9% |  |  |  |
| Chemicals - 4.2% |  |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (e)(h) |  | 6412384 | 5145938 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (e) |  | 730000 | 758024 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (d) |  | 1945000 | 1989587 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (d) |  | 5636000 | 5804984 |
| Celanese US Holdings LLC 6.879% 7/15/2032 (d)(h) |  | 2485000 | 2633558 |
| Celanese US Holdings LLC 7% 2/15/2031 (d) |  | 3795000 | 3948690 |
| Celanese US Holdings LLC 7.05% 11/15/2030 (h) |  | 2425000 | 2603044 |
| Celanese US Holdings LLC 7.2% 11/15/2033 (d)(h) |  | 2055000 | 2221841 |
| Celanese US Holdings LLC 7.375% 2/15/2034 (d) |  | 7715000 | 8077483 |
| Chemours Co/The 4.625% 11/15/2029 (d)(e) |  | 4165000 | 3995016 |
| Chemours Co/The 5.75% 11/15/2028 (e) |  | 3207000 | 3199883 |
| Chemours Co/The 7.875% 3/15/2034 (e) |  | 3345000 | 3420661 |
| Chemours Co/The 8% 1/15/2033 (d)(e) |  | 3035000 | 3128144 |
| CompoSecure Holdings LLC 5.625% 2/1/2033 (d)(e) |  | 5285000 | 5180304 |
| GPD Cos Inc 12.5% 12/31/2029 pay-in-kind (e) |  | 3144782 | 1965489 |
| Mativ Holdings Inc 8% 10/1/2029 (e) |  | 5765000 | 5579610 |
| Methanex US Operations Inc 6.25% 3/15/2032 (d)(e) |  | 1665000 | 1713362 |
| Olin Corp 5% 2/1/2030 (d) |  | 5605000 | 5432331 |
| Olin Corp 6.625% 4/1/2033 (d)(e) |  | 6918000 | 6853297 |
| Olympus Water US Holding Corp 6.25% 10/1/2029 (d)(e) |  | 3675000 | 3592070 |
| Olympus Water US Holding Corp 6.75% 8/1/2032 (e) |  | 2765000 | 2680048 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (d)(e) |  | 8600000 | 8406008 |
| Perimeter Holdings LLC 6.25% 1/15/2034 (e) |  | 2615000 | 2602396 |
| Tronox Inc 4.625% 3/15/2029 (d)(e) |  | 7323000 | 6128363 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (e) |  | 5485000 | 5233229 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (e) |  | 5905000 | 5861157 |
| WR Grace Holdings LLC 7% 8/1/2033 (e) |  | 1950000 | 1937013 |
|  |  |  | 110091530 |
| Construction Materials - 0.5% |  |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (e) |  | 7947000 | 8072388 |
| Quikrete Holdings Inc 6.75% 3/1/2033 (d)(e) |  | 2765000 | 2803889 |
| Smyrna Ready Mix Concrete LLC 6% 11/1/2028 (e) |  | 3246000 | 3243348 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (e) |  | 575000 | 602060 |
|  |  |  | 14721685 |
| Containers & Packaging - 0.6% |  |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (e) |  | 3255000 | 3046401 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (e) |  | 1915000 | 1928033 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (e) |  | 3320000 | 3123513 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)(e) |  | 2867000 | 2601304 |
| Crown Americas LLC 5.875% 6/1/2033 (d) |  | 2985000 | 3006707 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (d)(e) |  | 960000 | 896644 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (d)(e) |  | 1550000 | 1546958 |
|  |  |  | 16149560 |
| Metals & Mining - 1.6% |  |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (e) |  | 6819000 | 7017268 |
| Alumina Pty Ltd 6.375% 9/15/2032 (e) |  | 4780000 | 4914610 |
| Century Aluminum Co 6.875% 8/1/2032 (e) |  | 2390000 | 2474105 |
| Cleveland-Cliffs Inc 7.375% 5/1/2033 (d)(e) |  | 930000 | 939885 |
| Cleveland-Cliffs Inc 7.625% 1/15/2034 (d)(e) |  | 3590000 | 3626381 |
| Commercial Metals Co 3.875% 2/15/2031  |  | 880000 | 817903 |
| Commercial Metals Co 5.75% 11/15/2033 (e) |  | 4515000 | 4522549 |
| Commercial Metals Co 6% 12/15/2035 (d)(e) |  | 4515000 | 4510534 |
| Kaiser Aluminum Corp 5.875% 3/1/2034 (e) |  | 2565000 | 2569012 |
| Novelis Corp 3.875% 8/15/2031 (d)(e) |  | 855000 | 777220 |
| Novelis Corp 6.375% 8/15/2033 (e) |  | 4735000 | 4754873 |
| Novelis Corp 6.875% 1/30/2030 (d)(e) |  | 4795000 | 4915911 |
|  |  |  | 41840251 |
| TOTAL MATERIALS |  |  | 182803026 |
| Real Estate - 2.6% |  |  |  |
| Diversified REITs - 0.7% |  |  |  |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (e) |  | 5190000 | 5014842 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (e) |  | 8607000 | 8456513 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (e) |  | 4200000 | 4395739 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (e) |  | 1705000 | 1784461 |
|  |  |  | 19651555 |
| Health Care REITs - 1.0% |  |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (e) |  | 2525000 | 2459987 |
| MPT Operating Partnership LP / MPT Finance Corp 0.993% 10/15/2026  | EUR | 1250000 | 1431136 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  |  | 3605000 | 2583984 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  |  | 2350000 | 1944587 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  |  | 12746000 | 12427300 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  |  | 4698000 | 4158051 |
|  |  |  | 25005045 |
| Hotel & Resort REITs - 0.2% |  |  |  |
| RHP Hotel Properties LP / RHP Finance Corp 5.75% 3/15/2034 (e) |  | 2405000 | 2390589 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (d)(e) |  | 2490000 | 2564732 |
|  |  |  | 4955321 |
| Real Estate Management & Development - 0.5% |  |  |  |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (e) |  | 1399400 | 1400059 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.25% 4/15/2030 (d)(e) |  | 429000 | 409363 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.75% 1/15/2029 (e) |  | 1060000 | 1038647 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (e) |  | 2670000 | 2851219 |
| Forestar Group Inc 6.5% 3/15/2033 (e) |  | 2985000 | 3003068 |
| Howard Hughes Corp/The 4.125% 2/1/2029 (e) |  | 1515000 | 1458720 |
| Howard Hughes Corp/The 4.375% 2/1/2031 (e) |  | 840000 | 786531 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  |  | 2080000 | 2046055 |
| Taylor Morrison Communities Inc 5.75% 11/15/2032 (d)(e) |  | 1285000 | 1298725 |
|  |  |  | 14292387 |
| Specialized REITs - 0.2% |  |  |  |
| Millrose Properties Inc 6.25% 9/15/2032 (e) |  | 2475000 | 2485844 |
| Millrose Properties Inc 6.375% 8/1/2030 (e) |  | 2035000 | 2060974 |
|  |  |  | 4546818 |
| TOTAL REAL ESTATE |  |  | 68451126 |
| Utilities - 4.5% |  |  |  |
| Electric Utilities - 3.9% |  |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (e) |  | 470000 | 433338 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (e) |  | 4070000 | 3808606 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (e) |  | 955000 | 948929 |
| Clearway Energy Operating LLC 5.75% 1/15/2034 (e) |  | 2895000 | 2895730 |
| Edison International 4.8% 3/15/2031  |  | 2722000 | 2657030 |
| Edison International 6.25% 3/15/2030  |  | 1683000 | 1739687 |
| Edison International 7.875% 6/15/2054 (h) |  | 2610000 | 2692319 |
| Edison International 8.125% 6/15/2053 (h) |  | 2629000 | 2697178 |
| Hawaiian Electric Co Inc 6% 10/1/2033 (d)(e) |  | 2115000 | 2122058 |
| NRG Energy Inc 3.625% 2/15/2031 (e) |  | 625000 | 580585 |
| NRG Energy Inc 5.25% 6/15/2029 (e) |  | 2615000 | 2605294 |
| NRG Energy Inc 5.75% 1/15/2034 (e) |  | 6095000 | 6049974 |
| NRG Energy Inc 5.75% 7/15/2029 (e) |  | 3745000 | 3743293 |
| NRG Energy Inc 5.875% 5/15/2034 (e) |  | 1410000 | 1404927 |
| NRG Energy Inc 6% 1/15/2036 (e) |  | 4880000 | 4846605 |
| NRG Energy Inc 6% 2/1/2033 (d)(e) |  | 2310000 | 2327861 |
| NRG Energy Inc 6.125% 5/15/2036 (e) |  | 1505000 | 1499313 |
| NRG Energy Inc 6.25% 11/1/2034 (e) |  | 2680000 | 2711168 |
| Pacific Gas and Electric Co 5.2% 5/1/2036  |  | 500000 | 487014 |
| Pacific Gas and Electric Co 6% 5/1/2056  |  | 500000 | 476296 |
| PacifiCorp 7.375% 9/15/2055 (d)(h) |  | 3642000 | 3692518 |
| PG&E Corp 5% 7/1/2028  |  | 1400000 | 1393149 |
| PG&E Corp 5.25% 7/1/2030  |  | 14130000 | 13988214 |
| PG&E Corp 6.85% 9/15/2056 (d)(h) |  | 4503000 | 4502098 |
| PG&E Corp 7.375% 3/15/2055 (h) |  | 4024000 | 4138913 |
| Sierra Pacific Power Co 6.375% 9/15/2056 (h) |  | 5442000 | 5419759 |
| Vistra Operations Co LLC 6.875% 4/15/2032 (d)(e) |  | 2375000 | 2479436 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (e) |  | 5355000 | 5615949 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(e) |  | 853000 | 887063 |
| XPLR Infrastructure Operating Partners LP 7.75% 4/15/2034 (e) |  | 6305000 | 6608592 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(e) |  | 3255000 | 3478182 |
| XPLR Infrastructure Operating Partners LP 8.625% 3/15/2033 (d)(e) |  | 4525000 | 4849061 |
|  |  |  | 103780139 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |  |
| AES Corp/The 6.95% 7/15/2055 (h) |  | 2693000 | 2627151 |
| Alpha Generation LLC 6.25% 1/15/2034 (e) |  | 3445000 | 3421452 |
| Alpha Generation LLC 6.75% 10/15/2032 (e) |  | 917000 | 939197 |
| Sunnova Energy Corp 5.875% (b)(e)(k) |  | 4873000 | 12182 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (e) |  | 3810000 | 3781565 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (e) |  | 3810000 | 3824428 |
|  |  |  | 14605975 |
| TOTAL UTILITIES |  |  | 118386114 |
| TOTAL UNITED STATES |  |  | 1682300417 |
| ZAMBIA - 0.3%  |  |  |  |
| Materials - 0.3% |  |  |  |
| Metals & Mining - 0.3% |  |  |  |
| First Quantum Minerals Ltd 6.375% 2/15/2036 (e) |  | 2590000 | 2543121 |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (e) |  | 1415000 | 1458780 |
| First Quantum Minerals Ltd 8% 3/1/2033 (e) |  | 1775000 | 1861354 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (e) |  | 1720000 | 1790984 |
| TOTAL ZAMBIA |  |  | 7654239 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,993,816,427) |  |  | <br> **2007298459** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Strategy Inc 11.5% (m)<br>(Cost $2,773,251)<br>| 31700 | **3162075** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 2.8%** | &nbsp;&nbsp;**Preferred Securities - 2.8%** | &nbsp;&nbsp;**Preferred Securities - 2.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| BNP Paribas SA 7.2% (e)(h)(o) | 3890000 | 3923871 |
| BNP Paribas SA 7.45% (e)(h)(o) | 2915000 | 3094298 |
| TOTAL FRANCE |  | 7018169 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| HSBC Holdings PLC 6.75% (h)(o) | 880000 | 897447 |
| HSBC Holdings PLC 7% (h)(o) | 1345000 | 1382153 |
| TOTAL UNITED KINGDOM |  | 2279600 |
| UNITED STATES - 2.4%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Energy Transfer LP 6.625% (h)(o) | 2320000 | 2371434 |
| Energy Transfer LP Series G, 7.125% (h)(o) | 2650000 | 2807698 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.0241% (h)(i)(o) | 7250000 | 7367880 |
| Sunoco LP 7.875% (e)(h)(o) | 4725000 | 4937492 |
| TOTAL ENERGY |  | 17484504 |
| Financials - 1.2% |  |  |
| Banks - 0.7% |  |  |
| Bank of America Corp 6.25% (h)(o) | 2505000 | 2533881 |
| BW Real Estate Inc 9.5% (e)(h)(o) | 2279000 | 2338730 |
| Citigroup Inc 6.5% (h)(o) | 1340000 | 1366546 |
| Citigroup Inc 6.625% (h)(o) | 1245000 | 1292585 |
| JPMorgan Chase & Co 6.1% (h)(o) | 6570000 | 6570001 |
| Wells Fargo & Co 6.125% (h)(o) | 4065000 | 4108837 |
|  |  | 18210580 |
| Consumer Finance - 0.5% |  |  |
| Ally Financial Inc 4.7% (d)(h)(o) | 5463000 | 5501573 |
| Ally Financial Inc 4.7% (d)(h)(o) | 3275000 | 3182404 |
| Ally Financial Inc 5 year U.S. Treasury Index + 0%, 7.1% (h)(i)(o) | 3485000 | 3482257 |
|  |  | 12166234 |
| Insurance - 0.0% |  |  |
| Alliant Holdings LP 10.5% (b)(h)(o) | 860680 | 853180 |
| TOTAL FINANCIALS |  | 31229994 |
| Industrials - 0.5% |  |  |
| Trading Companies & Distributors - 0.5% |  |  |
| Aircastle Ltd 5.25% (e)(h)(o) | 3135000 | 3150086 |
| Sumisho Air Lease Corp 4.125% (h)(o) | 8851000 | 8779435 |
| Sumisho Air Lease Corp 4.65% (h)(o) | 3144000 | 3148210 |
| TOTAL INDUSTRIALS |  | 15077731 |
| TOTAL UNITED STATES |  | 63792229 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $68,246,236) |  | <br> **73089998** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 2.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 2.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 2.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 2.2%** |
|  | Yield (%) (s) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 4.625% 2/15/2046  | 4.57 to 4.91 | 5875000 | 5610625 |
| US Treasury Notes 4% 2/15/2034  | 3.97 to 4.74 | 53926000 | 52969656 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $58,814,737) |  |  | **58580281** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 15.0%** | &nbsp;&nbsp;**Money Market Funds - 15.0%** | &nbsp;&nbsp;**Money Market Funds - 15.0%** | &nbsp;&nbsp;**Money Market Funds - 15.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (t) | 3.69 | 142191639 | 142220077 |
| Fidelity Securities Lending Cash Central Fund (t)(u) | 3.69 | 254115427 | 254140839 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $396,360,916) |  |  | **396360916** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 110.2%**<br> (Cost $2,887,335,424)<br>| <br>**2913597033** |
| **NET OTHER ASSETS (LIABILITIES) - (10.2)%**  | **(270306957)** |
| **NET ASSETS - 100.0%** | **2643290076** |

---

**Currency Abbreviations**

EUR - European Monetary Unit (Euro)

**Legend**

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

(b) Level 3 security.

(c) Non-income producing.

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,703,089,144 or 64.4% of net assets.

(f) 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 $3,509,531 or 0.1% of net assets.

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

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

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

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

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

(l) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $195,827 and $169,880, respectively.

(m) 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.

(n) Zero coupon bond which is issued at a discount.

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

(p) 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 $42,215,367 or 1.6% of net assets.

(q) Affiliated fund.

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

(s) 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.

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

(u) 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>|
| Fidelity Private Credit Company LLC | 4/15/2022 - 4/2/2026 | 43712111 |

---

**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 | 57883431 | 1472575853 | 1388243172 | 3112782 | 3965 | - | 142220077 | 142191639 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 175510260 | 998676450 | 920046475 | 1159332 | 604 | - | 254140839 | 254115427 | 0.7% |
| Total | 233393691 | 2471252303 | 2308289647 | 4272114 | 4569 | - | 396360916 |  |  |

---

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

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

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

**Affiliated Underlying Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 37756949 | 5280246 | - | 4746903 | - | (288485) | 42215367 | 4507059 |
|  | 37756949 | 5280246 | - | 4746903 | - | (288485) | 42215367 |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 42215367 | - | 42215367 | - |
|  **Asset-Backed Securities** | 433796 | - | 433796 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 15118321 | - | 15118321 | - |
| Consumer Discretionary | 59089127 | - | 59089127 | - |
| Consumer Staples | 3237834 | - | 3200147 | 37687 |
| Energy | 20027340 | - | 17760495 | 2266845 |
| Financials | 8127457 | - | 6246457 | 1881000 |
| Health Care | 19859344 | - | 19097746 | 761598 |
| Industrials | 34226171 | - | 34226171 | - |
| Information Technology | 4483636 | - | 4483636 | - |
| Materials | 60863372 | - | 60863372 | - |
| Utilities | 5036913 | - | 5036913 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 3180713 | - | - | 3180713 |
| Consumer Staples | 12 | - | - | 12 |
| Energy | 7759638 | - | - | 7759638 |
| Health Care | 5828532 | 3971270 | - | 1857262 |
| Information Technology | 5508314 | 1915390 | - | 3592924 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 5988195 | - | 5988195 | - |
| Energy | 13890020 | - | 13890020 | - |
| Financials | 11145582 | - | 11145582 | - |
| Industrials | 4957442 | - | 4957442 | - |
| Information Technology | 25224266 | - | 25224266 | - |
| Utilities | 7836401 | - | 7836401 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 3315175 | - | 3315175 | - |
| Financials | 4846363 | - | - | 4846363 |
| Information Technology | 2905973 | - | 2905973 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 257353019 | - | 257353019 | - |
| Consumer Discretionary | 254578500 | - | 254578500 | - |
| Consumer Staples | 45472256 | - | 45472256 | - |
| Energy | 276335447 | - | 276335447 | - |
| Financials | 192139737 | - | 192139737 | - |
| Health Care | 174132811 | - | 174132811 | - |
| Industrials | 249141146 | - | 249141146 | - |
| Information Technology | 97530219 | - | 97530219 | - |
| Materials | 251671227 | - | 251671227 | - |
| Real Estate | 68451126 | - | 68451126 | - |
| Utilities | 140492971 | - | 140480789 | 12182 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 3162075 | 3162075 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 17484504 | - | 17484504 | - |
| Financials | 40527763 | - | 39674583 | 853180 |
| Industrials | 15077731 | - | 15077731 | - |
|  **U.S. Treasury Obligations** | 58580281 | - | 58580281 | - |
|  **Money Market Funds** | 396360916 | 396360916 | - | - |
| **Total Investments in Securities:** | 2913597033 | 405409651 | 2481137978 | 27049404 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2026 ($)** |
| **Bank Loan Obligations** | 4878521 | 18074 | (437772) | 5272189 | (3170684) | 123556 | 148950 | (1885704) | 4947130 | (393519) |
| **Common Stocks** | 23781660 | 23952485 | (3865401) | 4455374 | (31933569) | - | - | - | 16390549 | (3799436) |
| **Convertible Preferred Stocks** | - | - | 853875 | 3992488 | - | - | - | - | 4846363 | 853875 |
| **Preferred Securities** | 845578 | - | 7602 | - | - | - | - | - | 853180 | 7602 |
| **Non-Convertible Corporate Bonds** | 2726731 | (795383) | (834269) | 918045 | (3790982) | (17360) | 1805400 | - | 12182 | (835323) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $276,008,725) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,447,262,397) | $2475020750 |  |
| Fidelity Central Funds (cost $396,360,916) | 396360916 |  |
| Other affiliated issuers (cost $43,712,111) | 42215367 |  |
| Total Investment in Securities (cost $2,887,335,424) |  | $2913597033 |
| Cash |  | 1344074 |
| Receivable for investments sold |  |  |
| Regular delivery |  | 13404002 |
| Delayed delivery |  | 460000 |
| Receivable for fund shares sold |  | 4185632 |
| Interest receivable |  | 35805942 |
| Distributions receivable from Fidelity Central Funds |  | 450708 |
| Prepaid expenses |  | 729 |
| Other receivables |  | 1401 |
| **Total assets** |  | 2969249521 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $53064270 |  |
| Delayed delivery | 12182283 |  |
| Payable for fund shares redeemed | 3874894 |  |
| Distributions payable | 1456605 |  |
| Accrued management fee | 1155356 |  |
| Other payables and accrued expenses | 85802 |  |
| Collateral on securities loaned | 254140235 |  |
| **Total liabilities** |  | 325959445 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $2643290076 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2831850548 |
| Total accumulated earnings (loss) |  | (188560472) |
| **Net Assets** |  | $2643290076 |
| **Net Asset Value**, offering price and redemption price per share ($2,643,290,076 ÷ 276,790,992 shares) |  | $9.55 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $4508819 |
| Affiliated issuers |  | 4569487 |
| Interest  |  | 192397303 |
| Income from Fidelity Central Funds (including $1,159,332 from security lending)  |  | 4272114 |
| Security lending |  | 442 |
| **Total income** |  | 205748165 |
| **Expenses** |  |  |
| Management fee | $14759192 |  |
| Custodian fees and expenses | 37646 |  |
| Independent trustees' fees and expenses | 8984 |  |
| Registration fees | 56848 |  |
| Audit fees | 98462 |  |
| Legal | 13118 |  |
| Miscellaneous | 8471 |  |
| Total expenses before reductions | 14982721 |  |
| Expense reductions | (250322) |  |
| Total expenses after reductions |  | 14732399 |
| **Net Investment income (loss)** |  | 191015766 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 73480907 |  |
| Fidelity Central Funds | 4569 |  |
| Foreign currency transactions | (3884) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 177416 |  |
| Total net realized gain (loss) |  | 73659008 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 53823671 |  |
| Affiliated issuers  | (288485) |  |
| Assets and liabilities in foreign currencies | 41 |  |
| Total change in net unrealized appreciation (depreciation) |  | 53535227 |
| **Net gain (loss)** |  | 127194235 |
| **Net increase (decrease) in net assets resulting from operations** |  | $318210001 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $191015766 | $116438243 |
| &nbsp;&nbsp;Net realized gain (loss) | 73659008<br>| (12543160)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 53535227 | 36840995<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 318210001<br>| 140736078<br>|
| Distributions to shareholders | (178828003)<br>| (107231543)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1711425466 | 1095780590 |
| Reinvestment of distributions | 157959591<br>| 101663173<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1597352965) | (563970109) |
| **Net increase (decrease) in net assets resulting from share transactions** | 272032092<br>| 633473654<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 411414090<br>| 666978189<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2231875986 | 1564897797<br>|
| &nbsp;&nbsp;End of period | $2643290076 | $2231875986 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 182153466 | 120329496 |
| Issued in reinvestment of distributions | 16734010<br>| 11123143<br>|
| &nbsp;&nbsp;Redeemed | (168672503) | (61864239) |
| &nbsp;&nbsp;Net increase (decrease) | 30214973 | 69588400 |

---

**Financial Highlights** 

**Fidelity® SAI High Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.05 | $8.84 | $8.67 | $9.15 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .649  | .624  | .557  | .491  | .388  |
| Net realized and unrealized gain (loss)  | .455  | .161  | .118  | (.510)  | (.879)  |
| Total from investment operations  | 1.104  | .785  | .675  | (.019)  | (.491)  |
| Distributions from net investment income  | (.604)  | (.575)  | (.505)  | (.461)  | (.345)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.014)  |
| Total distributions  | (.604)  | (.575)  | (.505)  | (.461)  | (.359)  |
| Net asset value, end of period  | $9.55 | $9.05 | $8.84 | $8.67 | $9.15 |
| **Total Return** D,E | 12.49% <br>| 9.00%  | 8.05%  | (.07)%  | (5.10)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .54%  | .56%  | .56%  | .60%  | .60% H |
| Expenses net of fee waivers, if any  | .53% <br>| .55%  | .55%  | .60%  | .60% H |
| Expenses net of all reductions, if any  | .53%  | .55%  | .55%  | .60%  | .60% H |
| Net investment income (loss)  | 6.89%  | 6.85%  | 6.43%  | 5.65%  | 4.06% H |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2643290 | $2231876 | $1564898 | $1640305 | $2481365 |
| Portfolio turnover rate I | 90% <br>| 59%  | 48%  | 32%  | 59% H,J |

---

A*For the period May 13, 2021 (commencement of operations) through April 30, 2022.*

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

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

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

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

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

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

H*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.* 

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

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity SAI High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. 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.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the three month period ended March 31, 2026 was 9.59%.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, 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 are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

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 April 30, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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, 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.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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 the short-term gain distributions from the underlying funds, foreign currency transactions, passive foreign investment companies (PFIC), defaulted bonds, market discount, contingent interest, certain conversion ratio adjustments, capital loss carryforwards, partnerships, and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $99752698 |
| **Gross unrealized depreciation**  | <u>(53826735)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$45925963</u> |
| **Tax Cost**  | <u>$2867671070</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$8977895</u> |
| **Capital loss carryforward**  | <u>$(243464371)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$45926004</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(95855048) |
| Long-term | <u>(147609323)</u> |
| **Total capital loss carryforward** | <u>$(243464371)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income** | $178828003 | $107231543 |

---

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity SAI High Income Fund** | Fidelity Private Credit Company LLC | 3500000 | - |

---

**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 SAI High Income Fund** | 2498463478 | 2295117603 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .532% of the Fund's average net assets.

**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 SAI High Income Fund** | 1712 |

---

**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 SAI High Income Fund** | 1260273 | 1333029 | 416572 |

---

**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, (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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI High Income Fund** | 3311 |

---

**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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 SAI High Income Fund** | 123492 | - | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI High Income Fund** | 32162155 |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until August 31, 2027. During the period, this waiver reduced the Fund's management fee by $213,094.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $37,228.

**10. 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.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity Core Income Fund** |
| **Fidelity SAI High Income Fund** | 27% |

---

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity SAI High Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI High Income Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the "Fund") as of April 30, 2026, the related statement of operations for the year ended April 30, 2026, the statement of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2026 and for the period May 13, 2021 (commencement of operations) through April 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2026 and the financial highlights for each of the four years in the period ended April 30, 2026 and for the period May 13, 2021 (commencement of operations) through April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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

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

A total of 1.89% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $178,828,003 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img130808_4.jpg)<br>

1.9901441.104 SAH-ANN-0626

**Fidelity® Healthy Future Fund**

**Annual Report**

**April 30, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img130809_1.jpg)

![](img130809_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_HWF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Healthy Future Fund](#Sub_Sec_Fund_6553_HWF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6553_HWF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_HWF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_HWF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_HWF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_HWF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_HWF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_HWF-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Healthy Future Fund**

**Schedule of Investments April 30, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.9%  |  |  |
| Health Care - 1.9% |  |  |
| Pharmaceuticals - 1.9% |  |  |
| UCB SA (a) | 1051 | 285187 |
| BRAZIL - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| ASTA Energy Solutions AG  | 878 | 57087 |
| CANADA - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Celestica Inc (United States) (a) | 225 | 92158 |
| CHINA - 0.6%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Consun Pharmaceutical Group Ltd  | 33038 | 68460 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Sigenergy Technology Co Ltd H Shares  | 200 | 14642 |
| TOTAL CHINA |  | 83102 |
| DENMARK - 1.3%  |  |  |
| Industrials - 1.1% |  |  |
| Electrical Equipment - 1.1% |  |  |
| Vestas Wind Systems A/S  | 5496 | 168999 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Novonesis Novozymes B Series B  | 472 | 29002 |
| TOTAL DENMARK |  | 198001 |
| FINLAND - 0.9%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Amer Sports Inc (a) | 2150 | 75401 |
| Materials - 0.4% |  |  |
| Paper & Forest Products - 0.4% |  |  |
| UPM-Kymmene Oyj  | 1835 | 54853 |
| TOTAL FINLAND |  | 130254 |
| FRANCE - 4.1%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Kering SA  | 231 | 63551 |
| Consumer Staples - 1.8% |  |  |
| Food Products - 0.9% |  |  |
| Danone SA  | 1724 | 135072 |
| Personal Care Products - 0.9% |  |  |
| L'Oreal SA  | 298 | 128025 |
| TOTAL CONSUMER STAPLES |  | 263097 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| Amundi SA (b)(c) | 862 | 83161 |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| Abivax SA ADR (a) | 747 | 87683 |
| Industrials - 0.8% |  |  |
| Electrical Equipment - 0.8% |  |  |
| Nexans SA  | 626 | 116157 |
| TOTAL FRANCE |  | 613649 |
| GERMANY - 2.2%  |  |  |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Fresenius SE & Co KGaA  | 1744 | 84461 |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Infineon Technologies AG  | 3550 | 238757 |
| TOTAL GERMANY |  | 323218 |
| GREECE - 0.8%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.8% |  |  |
| Kri-Kri Milk Industry SA  | 4181 | 120468 |
| HONG KONG - 4.3%  |  |  |
| Financials - 4.3% |  |  |
| Insurance - 4.3% |  |  |
| AIA Group Ltd  | 58088 | 637735 |
| ITALY - 1.8%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Household Durables - 0.7% |  |  |
| De' Longhi SpA  | 2544 | 98649 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 2926 | 170469 |
| TOTAL ITALY |  | 269118 |
| JAPAN - 6.7%  |  |  |
| Consumer Discretionary - 1.9% |  |  |
| Household Durables - 1.9% |  |  |
| Panasonic Holdings Corp  | 13725 | 280756 |
| Consumer Staples - 1.2% |  |  |
| Food Products - 1.2% |  |  |
| Ajinomoto Co Inc  | 5624 | 180758 |
| Financials - 1.1% |  |  |
| Insurance - 1.1% |  |  |
| Sompo Holdings Inc  | 4276 | 159133 |
| Industrials - 2.5% |  |  |
| Industrial Conglomerates - 2.5% |  |  |
| Hitachi Ltd  | 11695 | 371882 |
| TOTAL JAPAN |  | 992529 |
| NETHERLANDS - 2.0%  |  |  |
| Financials - 0.8% |  |  |
| Insurance - 0.8% |  |  |
| NN Group NV  | 1375 | 119903 |
| Health Care - 1.2% |  |  |
| Biotechnology - 1.2% |  |  |
| Argenx SE (a) | 234 | 183509 |
| TOTAL NETHERLANDS |  | 303412 |
| SPAIN - 0.7%  |  |  |
| Utilities - 0.7% |  |  |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| Solaria Energia y Medio Ambiente SA (a) | 3436 | 98034 |
| SWEDEN - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Swedish Orphan Biovitrum AB B Shares (a) | 822 | 38086 |
| SWITZERLAND - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Galderma Group AG  | 608 | 127554 |
| TAIWAN - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 726 | 287540 |
| UNITED KINGDOM - 8.1%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Zegona Communications plc  | 3791 | 90895 |
| Consumer Discretionary - 0.6% |  |  |
| Leisure Products - 0.6% |  |  |
| Games Workshop Group PLC  | 339 | 89906 |
| Consumer Staples - 2.9% |  |  |
| Household Products - 0.8% |  |  |
| Reckitt Benckiser Group PLC  | 1789 | 113831 |
| Personal Care Products - 2.1% |  |  |
| Unilever PLC  | 5460 | 318401 |
| TOTAL CONSUMER STAPLES |  | 432232 |
| Financials - 1.1% |  |  |
| Insurance - 1.1% |  |  |
| Hiscox Ltd  | 7516 | 158320 |
| Information Technology - 1.9% |  |  |
| Electronic Equipment, Instruments & Components - 1.9% |  |  |
| Halma PLC  | 2913 | 174688 |
| Oxford Instruments PLC  | 2748 | 107917 |
| TOTAL INFORMATION TECHNOLOGY |  | 282605 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| SSE PLC  | 4190 | 150020 |
| TOTAL UNITED KINGDOM |  | 1203978 |
| UNITED STATES - 59.4%  |  |  |
| Consumer Discretionary - 7.1% |  |  |
| Automobiles - 4.3% |  |  |
| Tesla Inc (a) | 1658 | 632743 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Hilton Worldwide Holdings Inc  | 241 | 78100 |
| Household Durables - 1.0% |  |  |
| SharkNinja Inc (a) | 1285 | 148456 |
| Specialty Retail - 1.3% |  |  |
| TJX Cos Inc/The  | 824 | 129162 |
| Warby Parker Inc Class A (a) | 2807 | 62091 |
|  |  | 191253 |
| TOTAL CONSUMER DISCRETIONARY |  | 1050552 |
| Consumer Staples - 5.5% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Sprouts Farmers Market Inc (a) | 1326 | 108533 |
| Household Products - 3.9% |  |  |
| Procter & Gamble Co/The  | 3882 | 571003 |
| Personal Care Products - 0.9% |  |  |
| Estee Lauder Cos Inc/The Class A  | 1745 | 133859 |
| TOTAL CONSUMER STAPLES |  | 813395 |
| Financials - 6.4% |  |  |
| Financial Services - 1.3% |  |  |
| Apollo Global Management Inc  | 1537 | 197843 |
| Insurance - 5.1% |  |  |
| Chubb Ltd  | 1203 | 393381 |
| Hartford Insurance Group Inc/The  | 1326 | 181410 |
| MetLife Inc  | 563 | 45096 |
| Reinsurance Group of America Inc  | 615 | 130048 |
|  |  | 749935 |
| TOTAL FINANCIALS |  | 947778 |
| Health Care - 27.6% |  |  |
| Biotechnology - 5.8% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 622 | 192503 |
| Biogen Inc (a) | 784 | 148396 |
| Gilead Sciences Inc  | 2698 | 353007 |
| Insmed Inc (a) | 434 | 59167 |
| Regeneron Pharmaceuticals Inc  | 98 | 69292 |
| Revolution Medicines Inc (a) | 100 | 14412 |
| Viridian Therapeutics Inc (a) | 1510 | 20355 |
|  |  | 857132 |
| Health Care Equipment & Supplies - 2.8% |  |  |
| Abbott Laboratories  | 2316 | 210270 |
| Boston Scientific Corp (a) | 1154 | 66482 |
| Insulet Corp (a) | 315 | 54224 |
| Penumbra Inc (a) | 127 | 41462 |
| TransMedics Group Inc (a) | 520 | 52411 |
|  |  | 424849 |
| Health Care Providers & Services - 10.5% |  |  |
| BrightSpring Health Services Inc (a) | 3693 | 177153 |
| Cencora Inc  | 459 | 141377 |
| CVS Health Corp  | 6168 | 513733 |
| LifeStance Health Group Inc (a) | 20098 | 152142 |
| UnitedHealth Group Inc  | 1541 | 570910 |
|  |  | 1555315 |
| Life Sciences Tools & Services - 3.2% |  |  |
| Danaher Corp  | 1336 | 239077 |
| QIAGEN NV (Germany)  | 1366 | 46549 |
| Thermo Fisher Scientific Inc  | 424 | 203079 |
|  |  | 488705 |
| Pharmaceuticals - 5.3% |  |  |
| Johnson & Johnson  | 2142 | 492339 |
| Royalty Pharma PLC Class A  | 3101 | 155329 |
| Structure Therapeutics Inc ADR (a) | 908 | 37636 |
| Viatris Inc  | 6782 | 101323 |
|  |  | 786627 |
| TOTAL HEALTH CARE |  | 4112628 |
| Industrials - 0.4% |  |  |
| Ground Transportation - 0.4% |  |  |
| Uber Technologies Inc (a) | 866 | 64612 |
| Information Technology - 8.4% |  |  |
| Communications Equipment - 0.5% |  |  |
| Lumentum Holdings Inc (a) | 83 | 74892 |
| Semiconductors & Semiconductor Equipment - 7.9% |  |  |
| Aehr Test Systems (a) | 886 | 80236 |
| Monolithic Power Systems Inc  | 59 | 95250 |
| NVIDIA Corp  | 5039 | 1005634 |
|  |  | 1181120 |
| TOTAL INFORMATION TECHNOLOGY |  | 1256012 |
| Real Estate - 2.8% |  |  |
| Health Care REITs - 2.8% |  |  |
| Welltower Inc  | 1937 | 420988 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 1.2% |  |  |
| NextEra Energy Inc  | 1771 | 173345 |
| TOTAL UNITED STATES |  | 8839310 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $11,859,506) |  | <br> **14700420** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d)<br>(Cost $89,113)<br>| 3.69 | 89095 | **89113** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $11,948,619)<br>| <br>**14789533** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **92769** |
| **NET ASSETS - 100.0%** | **14882302** |

---

**Legend**

(a) Non-income producing.

(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 $83,161 or 0.6% of net assets.

(c) 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 $83,161 or 0.6% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 216032 | 6700886 | 6827835 | 7867 | 29 | 1 | 89113 | 89095 | 0.0% |
| Total | 216032 | 6700886 | 6827835 | 7867 | 29 | 1 | 89113 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 90895 | 90895 | - | - |
| Consumer Discretionary | 1658815 | 1314508 | 344307 | - |
| Consumer Staples | 1809950 | 1061888 | 748062 | - |
| Financials | 2106030 | 1309162 | 796868 | - |
| Health Care | 5158037 | 4694053 | 463984 | - |
| Industrials | 793379 | 237856 | 555523 | - |
| Information Technology | 2157072 | 1918315 | 238757 | - |
| Materials | 83855 | 54853 | 29002 | - |
| Real Estate | 420988 | 420988 | - | - |
| Utilities | 421399 | 271379 | 150020 | - |
|  **Money Market Funds** | 89113 | 89113 | - | - |
| **Total Investments in Securities:** | 14789533 | 11463010 | 3326523 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of April 30, 2026** | **As of April 30, 2026** | **As of April 30, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $11,859,506) | $14700420 |  |
| Fidelity Central Funds (cost $89,113) | 89113 |  |
| Total Investment in Securities (cost $11,948,619) |  | $14789533 |
| Cash |  | 7901 |
| Foreign currency held at value (cost $1,143) |  | 1151 |
| Receivable for investments sold |  | 88563 |
| Receivable for fund shares sold |  | 1376 |
| Dividends receivable |  | 24651 |
| Reclaims receivable |  | 11686 |
| Distributions receivable from Fidelity Central Funds |  | 311 |
| Prepaid expenses |  | 4 |
| Receivable from investment adviser for expense reductions |  | 49434 |
| **Total assets** |  | 14974610 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $43492 |  |
| Payable for fund shares redeemed | 1033 |  |
| Accrued management fee | 10130 |  |
| Distribution and service plan fees payable | 2593 |  |
| Audit fee payable | 34868 |  |
| Other payables and accrued expenses | 192 |  |
| **Total liabilities** |  | 92308 |
| **Net Assets**  |  | $14882302 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11863193 |
| Total accumulated earnings (loss) |  | 3019109 |
| **Net Assets** |  | $14882302 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($2,364,859 ÷ 168,058 shares)(a) |  | $14.07 |
| Maximum offering price per share (100/94.25 of $14.07) |  | $14.93 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($3,620,159 ÷ 259,359 shares)(a) |  | $13.96 |
| Maximum offering price per share (100/96.50 of $13.96) |  | $14.47 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($765,157 ÷ 55,803 shares)(a) |  | $13.71 |
| **Fidelity Healthy Future Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,723,863 ÷ 545,601 shares) |  | $14.16 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($194,348 ÷ 13,709 shares) |  | $14.18 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($213,916 ÷ 15,034 shares) |  | $14.23 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** | <br> **Year ended April 30, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $194353 |
| Special dividends |  | 31125 |
| Income from Fidelity Central Funds  |  | 7867 |
| **Total income** |  | 233345 |
| **Expenses** |  |  |
| Management fee | $120655 |  |
| Distribution and service plan fees | 31354 |  |
| Custodian fees and expenses | 2891 |  |
| Independent trustees' fees and expenses | 48 |  |
| Registration fees | 96482 |  |
| Audit fees | 44879 |  |
| Legal | 594 |  |
| Miscellaneous | 240 |  |
| Total expenses before reductions | 297143 |  |
| Expense reductions | (114161) |  |
| Total expenses after reductions |  | 182982 |
| **Net Investment income (loss)** |  | 50363 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 259190 |  |
| Fidelity Central Funds | 29 |  |
| Foreign currency transactions | 2782 |  |
| Total net realized gain (loss) |  | 262001 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1599349 |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | (432) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1598918 |
| **Net gain (loss)** |  | 1860919 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1911282 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $50363 | $(7600) |
| &nbsp;&nbsp;Net realized gain (loss) | 262001<br>| 302560<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1598918 | 7757<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1911282<br>| 302717<br>|
| Distributions to shareholders | (213083)<br>| (7430)<br>|
| Share transactions - net increase (decrease) | 122602<br>| 3495855<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1820801<br>| 3791142<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13061501 | 9270359<br>|
| &nbsp;&nbsp;End of period | $14882302 | $13061501 |

---

**Financial Highlights** 

**Fidelity Advisor® Healthy Future Fund Class A**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $12.49 | $11.92 | $10.57 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .04 D | (.02)  | (.01)  | (.01)  |
| Net realized and unrealized gain (loss)  | 1.73  | .59  | 1.36  | .58  |
| Total from investment operations  | 1.77  | .57  | 1.35  | .57  |
| Distributions from net investment income  | (.08)  | -  | -  | -  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.19)  | -  | -  | -  |
| Net asset value, end of period  | $14.07 | $12.49 | $11.92 | $10.57 |
| **Total Return** E,F,G | 14.27% <br>| 4.78%  | 12.77%  | 5.70%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |
| Expenses before reductions  | 2.15%  | 2.19%  | 3.08%  | 9.78% J,K |
| Expenses net of fee waivers, if any  | 1.30% <br>| 1.30%  | 1.29%  | 1.29% J |
| Expenses net of all reductions, if any  | 1.30%  | 1.30%  | 1.29%  | 1.29% J |
| Net investment income (loss)  | .31% D | (.12)%  | (.05)%  | (.09)% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $2365 | $1288 | $854 | $205 |
| Portfolio turnover rate L | 80% <br>| 48%  | 37%  | 68% J |

---

A*For the period May 24, 2022 (commencement of operations) through April 30, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .10%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*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.*

I*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.*

J*Annualized.*

K*Audit fees are not annualized.*

L*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® Healthy Future Fund Class M**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $12.40 | $11.86 | $10.54 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .01 D | (.05)  | (.03)  | (.03)  |
| Net realized and unrealized gain (loss)  | 1.72  | .59  | 1.35  | .57  |
| Total from investment operations  | 1.73  | .54  | 1.32  | .54  |
| Distributions from net investment income  | (.06)  | -  | -  | -  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.17)  | -  | -  | -  |
| Net asset value, end of period  | $13.96 | $12.40 | $11.86 | $10.54 |
| **Total Return** E,F,G | 14.01% <br>| 4.55%  | 12.52%  | 5.40%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |
| Expenses before reductions  | 2.35%  | 2.39%  | 3.46%  | 10.17% J,K |
| Expenses net of fee waivers, if any  | 1.55% <br>| 1.55%  | 1.54%  | 1.54% J |
| Expenses net of all reductions, if any  | 1.55%  | 1.55%  | 1.53%  | 1.54% J |
| Net investment income (loss)  | .06% D | (.37)%  | (.29)%  | (.34)% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $3620 | $3563 | $1565 | $136 |
| Portfolio turnover rate L | 80% <br>| 48%  | 37%  | 68% J |

---

A*For the period May 24, 2022 (commencement of operations) through April 30, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.15)%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*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.*

I*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.*

J*Annualized.*

K*Audit fees are not annualized.*

L*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® Healthy Future Fund Class C**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $12.21 | $11.75 | $10.49 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | (.06) D | (.11)  | (.09)  | (.08)  |
| Net realized and unrealized gain (loss)  | 1.70  | .57  | 1.35  | .57  |
| Total from investment operations  | 1.64  | .46  | 1.26  | .49  |
| Distributions from net investment income  | (.03)  | -  | -  | -  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.14)  | -  | -  | -  |
| Net asset value, end of period  | $13.71 | $12.21 | $11.75 | $10.49 |
| **Total Return** E,F,G | 13.48% <br>| 3.91%  | 12.01%  | 4.90%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |
| Expenses before reductions  | 2.85%  | 2.93%  | 3.94%  | 10.48% J,K |
| Expenses net of fee waivers, if any  | 2.05% <br>| 2.05%  | 2.04%  | 2.04% J |
| Expenses net of all reductions, if any  | 2.05%  | 2.05%  | 2.03%  | 2.04% J |
| Net investment income (loss)  | (.44)% D | (.87)%  | (.80)%  | (.84)% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $765 | $701 | $262 | $130 |
| Portfolio turnover rate L | 80% <br>| 48%  | 37%  | 68% J |

---

A*For the period May 24, 2022 (commencement of operations) through April 30, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.65)%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the contingent deferred sales charge.*

H*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.*

I*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.*

J*Annualized.*

K*Audit fees are not annualized.*

L*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® Healthy Future Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $12.56 | $11.97 | $10.59 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .08 D | .02  | .02  | .02  |
| Net realized and unrealized gain (loss)  | 1.74  | .58  | 1.37  | .57  |
| Total from investment operations  | 1.82  | .60  | 1.39  | .59  |
| Distributions from net investment income  | (.11)  | (.01)  | (.01)  | -  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.22)  | (.01)  | (.01)  | -  |
| Net asset value, end of period  | $14.16 | $12.56 | $11.97 | $10.59 |
| **Total Return** E,F | 14.59% <br>| 5.03%  | 13.12%  | 5.90%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 1.81%  | 1.82%  | 2.79%  | 9.38% I,J |
| Expenses net of fee waivers, if any  | 1.05% <br>| 1.06%  | 1.04%  | 1.04% I |
| Expenses net of all reductions, if any  | 1.05%  | 1.05%  | 1.04%  | 1.04% I |
| Net investment income (loss)  | .56% D | .13%  | .20%  | .16% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $7724 | $7136 | $6309 | $3376 |
| Portfolio turnover rate K | 80% <br>| 48%  | 37%  | 68% I |

---

A*For the period May 24, 2022 (commencement of operations) through April 30, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .35%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*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® Healthy Future Fund Class I**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $12.56 | $11.97 | $10.59 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .08 D | .02  | .02  | .02  |
| Net realized and unrealized gain (loss)  | 1.74  | .58  | 1.37  | .57  |
| Total from investment operations  | 1.82  | .60  | 1.39  | .59  |
| Distributions from net investment income  | (.09)  | (.01)  | (.01)  | -  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.20)  | (.01)  | (.01)  | -  |
| Net asset value, end of period  | $14.18 | $12.56 | $11.97 | $10.59 |
| **Total Return** E,F | 14.62% <br>| 5.00%  | 13.12%  | 5.90%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 1.86%  | 1.93%  | 2.82%  | 9.48% I,J |
| Expenses net of fee waivers, if any  | 1.05% <br>| 1.06%  | 1.04%  | 1.05% I |
| Expenses net of all reductions, if any  | 1.05%  | 1.05%  | 1.04%  | 1.04% I |
| Net investment income (loss)  | .56% D | .13%  | .20%  | .16% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $194 | $207 | $159 | $115 |
| Portfolio turnover rate K | 80% <br>| 48%  | 37%  | 68% I |

---

A*For the period May 24, 2022 (commencement of operations) through April 30, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .35%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*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® Healthy Future Fund Class Z**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended April 30,** | **2026**  | **2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $12.60 | $12.00 | $10.61 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .10 D | .04  | .04  | .03  |
| Net realized and unrealized gain (loss)  | 1.75  | .58  | 1.36  | .58  |
| Total from investment operations  | 1.85  | .62  | 1.40  | .61  |
| Distributions from net investment income  | (.11)  | (.02)  | (.01)  | -  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.22)  | (.02)  | (.01)  | -  |
| Net asset value, end of period  | $14.23 | $12.60 | $12.00 | $10.61 |
| **Total Return** E,F | 14.81% <br>| 5.17%  | 13.19%  | 6.10%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 1.77%  | 1.75%  | 2.60%  | 9.34% I,J |
| Expenses net of fee waivers, if any  | .90% <br>| .90%  | .89%  | .90% I |
| Expenses net of all reductions, if any  | .90%  | .90%  | .89%  | .89% I |
| Net investment income (loss)  | .71% D | .28%  | .35%  | .31% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $214 | $168 | $122 | $107 |
| Portfolio turnover rate K | 80% <br>| 48%  | 37%  | 68% I |

---

A*For the period May 24, 2022 (commencement of operations) through April 30, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .50%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Healthy Future Fund (the Fund) is a non-diversified fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Healthy Future Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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 April 30, 2026 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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, 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $3344215 |
| **Gross unrealized depreciation**  | <u>(582901)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2761314</u> |
| **Tax Cost**  | <u>$12028219</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$3898</u> |
| **Undistributed long-term capital gain**  | <u>$252660</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2762551</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2026** | **April 30, 2025** |
| **Ordinary Income**  | $93615 | $7430 |
| **Long-term Capital Gains**  | <u>119468</u> | <u>-</u> |
| **Total**  | <u>$213083</u> | <u>$7430</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Healthy Future Fund** | 11436216 | 11329821 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

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** | .87 |
| **Class M** | .87 |
| **Class C** | .87 |
| **Fidelity Healthy Future Fund** | .87 |
| **Class I** | .85 |
| **Class Z** | .71 |

---

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** | .86 |
| **Class M** | .86 |
| **Class C** | .86 |
| **Fidelity Healthy Future Fund** | .81 |
| **Class I** | .85 |
| **Class Z** | .71 |

---

**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% | 5156 | 1520 |
| **Class M** | .25% | .25% | 18558 | 317 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7640</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1312</u> |
|  |  |  | <u>31354</u> | <u>3149</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 1545 |
| **Class M** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>49</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1594</u> |

---

**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 Healthy Future Fund** | 58 |

---

**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 Healthy Future Fund** | 257754 | 531870 | 35420 |

---

**6. 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, (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 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Healthy Future Fund** | 18 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2027. Some expenses, for example the compensation of the independent Trustees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | 1.30% | 17638 |
| **Class M** | 1.55% | 29694 |
| **Class C** | 2.05% | 6092 |
| **Fidelity Healthy Future Fund** | 1.05% | 57579 |
| **Class I** | 1.05% | 1616 |
| **Class Z** | .90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1542</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; <u>114161</u> |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **April 30, 2026** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Healthy Future Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $28783 | $- |
| Class M | 46868 | - |
| Class C | 7758 | - |
| Fidelity Healthy Future Fund | 123779 | 7004 |
| Class I | 3077 | 95 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2818</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>331</u> |
| Total  | <u>$213083</u> | <u>$7430</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **April 30, 2026**  | **Year ended**<br> **April 30, 2025** | **Year ended** <br> **April 30, 2026**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Healthy Future Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 88260 | 59979 | $1163328 | $791790 |
| Reinvestment of distributions  | 2181 | - | 28782 | - |
| Shares redeemed | <u>(25516)</u> | <u>(28480)</u> | <u>(347812)</u> | <u>(377327)</u> |
| Net increase (decrease) | <u>64925</u> | <u>31499</u> | <u>$844298</u> | <u>$414463</u> |
| **Class M** |  |  |  |  |
| Shares sold | 21245 | 271594 | $289615 | $3493791 |
| Reinvestment of distributions  | 3560 | - | 46272 | - |
| Shares redeemed | <u>(52881)</u> | <u>(116139)</u> | <u>(717070)</u> | <u>(1471021)</u> |
| Net increase (decrease) | <u>(28076)</u> | <u>155455</u> | <u>$(381183)</u> | <u>$2022770</u> |
| **Class C** |  |  |  |  |
| Shares sold | 2845 | 45543 | $38824 | $570668 |
| Reinvestment of distributions  | 613 | - | 7758 | - |
| Shares redeemed | <u>(5010)</u> | <u>(10460)</u> | <u>(66246)</u> | <u>(135860)</u> |
| Net increase (decrease) | <u>(1552)</u> | <u>35083</u> | <u>$(19664)</u> | <u>$434808</u> |
| **Fidelity Healthy Future Fund** |  |  |  |  |
| Shares sold | 178667 | 280823 | $2436981 | $3681706 |
| Reinvestment of distributions  | 8274 | 482 | 110830 | 6247 |
| Shares redeemed | <u>(209650)</u> | <u>(240206)</u> | <u>(2852833)</u> | <u>(3145561)</u> |
| Net increase (decrease) | <u>(22709)</u> | <u>41099</u> | <u>$(305022)</u> | <u>$542392</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1989 | 8811 | $26096 | $114776 |
| Reinvestment of distributions  | 232 | 7 | 3077 | 95 |
| Shares redeemed | <u>(4974)</u> | <u>(5683)</u> | <u>(66712)</u> | <u>(72106)</u> |
| Net increase (decrease) | <u>(2753)</u> | <u>3135</u> | <u>$(37539)</u> | <u>$42765</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 4146 | 8588 | $54829 | $109197 |
| Reinvestment of distributions  | 181 | 17 | 2442 | 224 |
| Shares redeemed | <u>(2596)</u> | <u>(5431)</u> | <u>(35559)</u> | <u>(70764)</u> |
| Net increase (decrease) | <u>1731</u> | <u>3174</u> | <u>$21712</u> | <u>$38657</u> |

---

**10. 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.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Healthy Future Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Healthy Future Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the "Fund") as of April 30, 2026, the related statement of operations for the year ended April 30, 2026, the statement of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the three years in the period ended April 30, 2026 and for the period May 24, 2022 (commencement of operations) through April 30, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2026 and the financial highlights for each of the three years in the period ended April 30, 2026 and for the period May 24, 2022 (commencement of operations) through April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2026, $266,629, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $2,384 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

A percentage of the dividends distributed during the fiscal year for the following fund qualify for the dividends-received deduction for corporate shareholders:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Fidelity Healthy Future Fund** | **Class I** | **Class Z** |
| December 12, 2025 | 81% | 100% | -% | 52% | 65% | 50% |
| December 29, 2025 | 62% | 62% | 62% | 62% | 62% | 62% |

---

A percentage of the dividends distributed during the fiscal year for the following fund may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class M** | **Class C** | **Fidelity Healthy Future Fund** | **Class I** | **Class Z** |
| December 12, 2025 | 100% | 100% | -% | 100% | 100% | 100% |
| December 29, 2025 | 100% | 100% | 100% | 100% | 100% | 100% |

---

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img130809_4.jpg)<br>

1.9904957.103 HWF-ANN-0626

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99.906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Summer Street Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; June 22, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; June 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; June 22, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Summer Street Trust;

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:

June 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Summer Street Trust;

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:

June 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Summer Street Trust (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: June 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: June 22, 2026

---

| |
|:---|
| &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.

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