# EDGAR Filing Document

**Accession Number:** 0000225322
**File Stem:** 0000225322-25-000346
**Filing Date:** 2025-12
**Character Count:** 1435962
**Document Hash:** 86871511faaaf6c5479d8aaf2ca8b8bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000225322-25-000346.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000225322-25-000346

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 103

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02737
- **FILM NUMBER:** 251607094

**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, MA 02210</u>

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

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

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Women's Leadership Fund<br> **Fidelity® Women's Leadership Fund : FWOMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Women's Leadership Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Women's Leadership Fund  | $37  | 0.65% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $156294854<br>|
| Number of Holdings | 88<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.9 |
| Consumer Discretionary | 12.7 |
| Industrials | 12.6 |
| Financials | 12.1 |
| Health Care | 11.5 |
| Communication Services | 8.2 |
| Consumer Staples | 5.0 |
| Real Estate | 2.3 |
| Energy | 1.4 |
| Utilities | 0.9 |
| Materials | 0.8 |

---

Common Stocks 99.1 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&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) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Belgium | 1.2 |
| Canada | 1.1 |
| Italy | 1.1 |
| France | 1.0 |
| Netherlands | 0.4 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 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;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;Italy - 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;France - 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;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 8.9<br>|
| Apple Inc | 7.2<br>|
| Microsoft Corp | 6.6<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.0<br>|
| Alphabet Inc Class C | 2.6<br>|
| Eli Lilly & Co | 2.3<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Micron Technology Inc | 1.9<br>|
| Bank of America Corp | 1.4<br>|
|  | 40.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3396_20251031_1.jpg)<br>| ![](img118666_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915099.101 3396-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class Z : FWOZX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $31  | 0.55% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $156294854<br>|
| Number of Holdings | 88<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.9 |
| Consumer Discretionary | 12.7 |
| Industrials | 12.6 |
| Financials | 12.1 |
| Health Care | 11.5 |
| Communication Services | 8.2 |
| Consumer Staples | 5.0 |
| Real Estate | 2.3 |
| Energy | 1.4 |
| Utilities | 0.9 |
| Materials | 0.8 |

---

Common Stocks 99.1 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&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) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Belgium | 1.2 |
| Canada | 1.1 |
| Italy | 1.1 |
| France | 1.0 |
| Netherlands | 0.4 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 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;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;Italy - 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;France - 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;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 8.9<br>|
| Apple Inc | 7.2<br>|
| Microsoft Corp | 6.6<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.0<br>|
| Alphabet Inc Class C | 2.6<br>|
| Eli Lilly & Co | 2.3<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Micron Technology Inc | 1.9<br>|
| Bank of America Corp | 1.4<br>|
|  | 40.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3396_20251031_1.jpg)<br>| ![](img118667_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915104.101 3401-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class M : FWOEX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $68  | 1.20% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $156294854<br>|
| Number of Holdings | 88<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.9 |
| Consumer Discretionary | 12.7 |
| Industrials | 12.6 |
| Financials | 12.1 |
| Health Care | 11.5 |
| Communication Services | 8.2 |
| Consumer Staples | 5.0 |
| Real Estate | 2.3 |
| Energy | 1.4 |
| Utilities | 0.9 |
| Materials | 0.8 |

---

Common Stocks 99.1 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&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) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Belgium | 1.2 |
| Canada | 1.1 |
| Italy | 1.1 |
| France | 1.0 |
| Netherlands | 0.4 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 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;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;Italy - 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;France - 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;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 8.9<br>|
| Apple Inc | 7.2<br>|
| Microsoft Corp | 6.6<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.0<br>|
| Alphabet Inc Class C | 2.6<br>|
| Eli Lilly & Co | 2.3<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Micron Technology Inc | 1.9<br>|
| Bank of America Corp | 1.4<br>|
|  | 40.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3396_20251031_1.jpg)<br>| ![](img118668_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915102.101 3399-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class I : FWMNX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $38  | 0.67% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $156294854<br>|
| Number of Holdings | 88<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.9 |
| Consumer Discretionary | 12.7 |
| Industrials | 12.6 |
| Financials | 12.1 |
| Health Care | 11.5 |
| Communication Services | 8.2 |
| Consumer Staples | 5.0 |
| Real Estate | 2.3 |
| Energy | 1.4 |
| Utilities | 0.9 |
| Materials | 0.8 |

---

Common Stocks 99.1 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&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) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Belgium | 1.2 |
| Canada | 1.1 |
| Italy | 1.1 |
| France | 1.0 |
| Netherlands | 0.4 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 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;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;Italy - 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;France - 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;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 8.9<br>|
| Apple Inc | 7.2<br>|
| Microsoft Corp | 6.6<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.0<br>|
| Alphabet Inc Class C | 2.6<br>|
| Eli Lilly & Co | 2.3<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Micron Technology Inc | 1.9<br>|
| Bank of America Corp | 1.4<br>|
|  | 40.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3396_20251031_1.jpg)<br>| ![](img118669_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915103.101 3400-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class C : FWOCX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $96  | 1.70% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $156294854<br>|
| Number of Holdings | 88<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.9 |
| Consumer Discretionary | 12.7 |
| Industrials | 12.6 |
| Financials | 12.1 |
| Health Care | 11.5 |
| Communication Services | 8.2 |
| Consumer Staples | 5.0 |
| Real Estate | 2.3 |
| Energy | 1.4 |
| Utilities | 0.9 |
| Materials | 0.8 |

---

Common Stocks 99.1 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&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) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Belgium | 1.2 |
| Canada | 1.1 |
| Italy | 1.1 |
| France | 1.0 |
| Netherlands | 0.4 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 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;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;Italy - 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;France - 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;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 8.9<br>|
| Apple Inc | 7.2<br>|
| Microsoft Corp | 6.6<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.0<br>|
| Alphabet Inc Class C | 2.6<br>|
| Eli Lilly & Co | 2.3<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Micron Technology Inc | 1.9<br>|
| Bank of America Corp | 1.4<br>|
|  | 40.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3396_20251031_1.jpg)<br>| ![](img118670_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915101.101 3398-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Women's Leadership Fund<br> **Fidelity Advisor® Women's Leadership Fund Class A : FWOAX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $54  | 0.95% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $156294854<br>|
| Number of Holdings | 88<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.9 |
| Consumer Discretionary | 12.7 |
| Industrials | 12.6 |
| Financials | 12.1 |
| Health Care | 11.5 |
| Communication Services | 8.2 |
| Consumer Staples | 5.0 |
| Real Estate | 2.3 |
| Energy | 1.4 |
| Utilities | 0.9 |
| Materials | 0.8 |

---

Common Stocks 99.1 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3396_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&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) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Belgium | 1.2 |
| Canada | 1.1 |
| Italy | 1.1 |
| France | 1.0 |
| Netherlands | 0.4 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3396_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 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;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;Italy - 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;France - 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;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 8.9<br>|
| Apple Inc | 7.2<br>|
| Microsoft Corp | 6.6<br>|
| Amazon.com Inc | 4.6<br>|
| Alphabet Inc Class A | 3.0<br>|
| Alphabet Inc Class C | 2.6<br>|
| Eli Lilly & Co | 2.3<br>|
| JPMorgan Chase & Co | 2.1<br>|
| Micron Technology Inc | 1.9<br>|
| Bank of America Corp | 1.4<br>|
|  | 40.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3396_20251031_1.jpg)<br>| ![](img118671_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915100.101 3397-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® U.S. Low Volatility Equity Fund<br> **Fidelity® U.S. Low Volatility Equity Fund : FULVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® U.S. Low Volatility Equity Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® U.S. Low Volatility Equity Fund  | $36  | 0.70% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $35216047<br>|
| Number of Holdings | 131<br>|
| Portfolio Turnover | 60%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.7 |
| Health Care | 17.2 |
| Consumer Staples | 13.5 |
| Financials | 12.9 |
| Utilities | 9.5 |
| Communication Services | 6.0 |
| Industrials | 5.4 |
| Materials | 4.9 |
| Consumer Discretionary | 4.3 |
| Real Estate | 1.8 |
| Energy | 1.6 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5029_20251031_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 96.9 |
| United Kingdom | 1.9 |
| Germany | 0.9 |
| Korea (South) | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5029_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Korea (South) - 0.3&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 | 1.2<br>|
| Gilead Sciences Inc | 1.2<br>|
| Alnylam Pharmaceuticals Inc | 1.2<br>|
| Boston Scientific Corp | 1.2<br>|
| Travelers Companies Inc/The | 1.2<br>|
| Walmart Inc | 1.2<br>|
| IBM Corporation | 1.1<br>|
| Mastercard Inc Class A | 1.1<br>|
| Visa Inc Class A | 1.1<br>|
| Welltower Inc | 1.1<br>|
|  | 11.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img5029_20251031_1.jpg)<br>| ![](img118672_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915106.101 5029-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Short Duration High Income Fund<br> **Fidelity® Short Duration High Income Fund : FSAHX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Short Duration High Income Fund  | $39  | 0.74% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $295099703<br>|
| Number of Holdings | 558<br>|
| Portfolio Turnover | 113%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.1 |
| BBB | 3.5 |
| BB | 34.3 |
| B | 41.9 |
| CCC,CC,C | 11.9 |
| D | 0.1 |
| Not Rated | 4.1 |
| Equities | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_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 - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 34.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 11.9&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;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 - 4.1&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;Equities - 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;Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |
| 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 | 73.6 |
| Bank Loan Obligations | 17.4 |
| Preferred Securities | 4.4 |
| Asset-Backed Securities | 0.5 |
| Fixed-Income Funds | 0.5 |
| Common Stocks | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 73.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Fixed-Income Funds - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Common Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |

---

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 3.0 |
| United Kingdom | 1.3 |
| Ireland | 0.8 |
| Switzerland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.8 |
| France | 0.7 |
| Israel | 0.7 |
| Brazil | 0.6 |
| Others | 5.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Switzerland - 0.8&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) - 0.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;&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;Others - 5.0&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| EchoStar Corp | 1.6<br>|
| TransDigm Inc | 1.5<br>|
| Univision Communications Inc | 1.0<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
| Icahn Enterprises LP / Icahn Enterprises Finance Corp | 0.9<br>|
| Carnival Corp | 0.8<br>|
| Tenet Healthcare Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Vistra Operations Co LLC | 0.7<br>|
|  | 9.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2580_20251031_1.jpg)<br>| ![](img118678_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915077.101 2580-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class Z : FIJWX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $34  | 0.66% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $295099703<br>|
| Number of Holdings | 558<br>|
| Portfolio Turnover | 113%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.1 |
| BBB | 3.5 |
| BB | 34.3 |
| B | 41.9 |
| CCC,CC,C | 11.9 |
| D | 0.1 |
| Not Rated | 4.1 |
| Equities | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_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 - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 34.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 11.9&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;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 - 4.1&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;Equities - 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;Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |
| 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 | 73.6 |
| Bank Loan Obligations | 17.4 |
| Preferred Securities | 4.4 |
| Asset-Backed Securities | 0.5 |
| Fixed-Income Funds | 0.5 |
| Common Stocks | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 73.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Fixed-Income Funds - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Common Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |

---

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 3.0 |
| United Kingdom | 1.3 |
| Ireland | 0.8 |
| Switzerland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.8 |
| France | 0.7 |
| Israel | 0.7 |
| Brazil | 0.6 |
| Others | 5.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Switzerland - 0.8&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) - 0.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;&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;Others - 5.0&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| EchoStar Corp | 1.6<br>|
| TransDigm Inc | 1.5<br>|
| Univision Communications Inc | 1.0<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
| Icahn Enterprises LP / Icahn Enterprises Finance Corp | 0.9<br>|
| Carnival Corp | 0.8<br>|
| Tenet Healthcare Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Vistra Operations Co LLC | 0.7<br>|
|  | 9.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2580_20251031_1.jpg)<br>| ![](img118679_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915082.101 3289-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class M : FSEHX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $52  | 1.00% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $295099703<br>|
| Number of Holdings | 558<br>|
| Portfolio Turnover | 113%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.1 |
| BBB | 3.5 |
| BB | 34.3 |
| B | 41.9 |
| CCC,CC,C | 11.9 |
| D | 0.1 |
| Not Rated | 4.1 |
| Equities | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_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 - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 34.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 11.9&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;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 - 4.1&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;Equities - 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;Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |
| 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 | 73.6 |
| Bank Loan Obligations | 17.4 |
| Preferred Securities | 4.4 |
| Asset-Backed Securities | 0.5 |
| Fixed-Income Funds | 0.5 |
| Common Stocks | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 73.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Fixed-Income Funds - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Common Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |

---

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 3.0 |
| United Kingdom | 1.3 |
| Ireland | 0.8 |
| Switzerland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.8 |
| France | 0.7 |
| Israel | 0.7 |
| Brazil | 0.6 |
| Others | 5.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Switzerland - 0.8&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) - 0.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;&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;Others - 5.0&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| EchoStar Corp | 1.6<br>|
| TransDigm Inc | 1.5<br>|
| Univision Communications Inc | 1.0<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
| Icahn Enterprises LP / Icahn Enterprises Finance Corp | 0.9<br>|
| Carnival Corp | 0.8<br>|
| Tenet Healthcare Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Vistra Operations Co LLC | 0.7<br>|
|  | 9.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2580_20251031_1.jpg)<br>| ![](img118680_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915080.101 2583-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class I : FSFHX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $39  | 0.75% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $295099703<br>|
| Number of Holdings | 558<br>|
| Portfolio Turnover | 113%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.1 |
| BBB | 3.5 |
| BB | 34.3 |
| B | 41.9 |
| CCC,CC,C | 11.9 |
| D | 0.1 |
| Not Rated | 4.1 |
| Equities | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_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 - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 34.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 11.9&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;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 - 4.1&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;Equities - 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;Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |
| 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 | 73.6 |
| Bank Loan Obligations | 17.4 |
| Preferred Securities | 4.4 |
| Asset-Backed Securities | 0.5 |
| Fixed-Income Funds | 0.5 |
| Common Stocks | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 73.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Fixed-Income Funds - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Common Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |

---

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 3.0 |
| United Kingdom | 1.3 |
| Ireland | 0.8 |
| Switzerland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.8 |
| France | 0.7 |
| Israel | 0.7 |
| Brazil | 0.6 |
| Others | 5.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Switzerland - 0.8&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) - 0.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;&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;Others - 5.0&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| EchoStar Corp | 1.6<br>|
| TransDigm Inc | 1.5<br>|
| Univision Communications Inc | 1.0<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
| Icahn Enterprises LP / Icahn Enterprises Finance Corp | 0.9<br>|
| Carnival Corp | 0.8<br>|
| Tenet Healthcare Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Vistra Operations Co LLC | 0.7<br>|
|  | 9.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2580_20251031_1.jpg)<br>| ![](img118681_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915081.101 2584-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class C : FSDHX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $91  | 1.75% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $295099703<br>|
| Number of Holdings | 558<br>|
| Portfolio Turnover | 113%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.1 |
| BBB | 3.5 |
| BB | 34.3 |
| B | 41.9 |
| CCC,CC,C | 11.9 |
| D | 0.1 |
| Not Rated | 4.1 |
| Equities | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_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 - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 34.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 11.9&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;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 - 4.1&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;Equities - 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;Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |
| 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 | 73.6 |
| Bank Loan Obligations | 17.4 |
| Preferred Securities | 4.4 |
| Asset-Backed Securities | 0.5 |
| Fixed-Income Funds | 0.5 |
| Common Stocks | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 73.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Fixed-Income Funds - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Common Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |

---

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 3.0 |
| United Kingdom | 1.3 |
| Ireland | 0.8 |
| Switzerland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.8 |
| France | 0.7 |
| Israel | 0.7 |
| Brazil | 0.6 |
| Others | 5.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Switzerland - 0.8&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) - 0.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;&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;Others - 5.0&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| EchoStar Corp | 1.6<br>|
| TransDigm Inc | 1.5<br>|
| Univision Communications Inc | 1.0<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
| Icahn Enterprises LP / Icahn Enterprises Finance Corp | 0.9<br>|
| Carnival Corp | 0.8<br>|
| Tenet Healthcare Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Vistra Operations Co LLC | 0.7<br>|
|  | 9.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2580_20251031_1.jpg)<br>| ![](img118682_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915079.101 2582-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Short Duration High Income Fund<br> **Fidelity Advisor® Short Duration High Income Fund Class A : FSBHX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $52  | 1.00% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $295099703<br>|
| Number of Holdings | 558<br>|
| Portfolio Turnover | 113%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.1 |
| BBB | 3.5 |
| BB | 34.3 |
| B | 41.9 |
| CCC,CC,C | 11.9 |
| D | 0.1 |
| Not Rated | 4.1 |
| Equities | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_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 - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 34.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 41.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 11.9&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;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 - 4.1&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;Equities - 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;Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |
| 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 | 73.6 |
| Bank Loan Obligations | 17.4 |
| Preferred Securities | 4.4 |
| Asset-Backed Securities | 0.5 |
| Fixed-Income Funds | 0.5 |
| Common Stocks | 0.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2580_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 73.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Fixed-Income Funds - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Common Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.0 |

---

---

| | |
|:---|:---|
| United States | 86.3 |
| Canada | 3.0 |
| United Kingdom | 1.3 |
| Ireland | 0.8 |
| Switzerland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.8 |
| France | 0.7 |
| Israel | 0.7 |
| Brazil | 0.6 |
| Others | 5.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2580_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.3&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;Switzerland - 0.8&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) - 0.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;&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;Others - 5.0&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| EchoStar Corp | 1.6<br>|
| TransDigm Inc | 1.5<br>|
| Univision Communications Inc | 1.0<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.9<br>|
| 1011778 BC ULC / New Red Finance Inc | 0.9<br>|
| Icahn Enterprises LP / Icahn Enterprises Finance Corp | 0.9<br>|
| Carnival Corp | 0.8<br>|
| Tenet Healthcare Corp | 0.8<br>|
| X Corp | 0.8<br>|
| Vistra Operations Co LLC | 0.7<br>|
|  | 9.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2580_20251031_1.jpg)<br>| ![](img118683_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915078.101 2581-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series High Income Fund<br> **Fidelity® Series High Income Fund : FSHNX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series High Income Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1498060317<br>|
| Number of Holdings | 809<br>|
| Portfolio Turnover | 97%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 3.3 |
| BB | 35.5 |
| B | 33.2 |
| CCC,CC,C | 16.4 |
| D | 0.1 |
| Not Rated | 6.0 |
| Equities | 3.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.2 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2269_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 3.3&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 - 35.5&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 - 33.2&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;CCC,CC,C - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.1&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 - 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;Equities - 3.3&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) - 2.2 |
| 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 | 79.9 |
| Bank Loan Obligations | 9.0 |
| Preferred Securities | 3.4 |
| Common Stocks | 2.8 |
| Alternative Funds | 1.5 |
| Preferred Stocks | 0.5 |
| Asset-Backed Securities | 0.5 |
| CMOs and Other Mortgage Related Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2269_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 79.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.5&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.2 |

---

---

| | |
|:---|:---|
| United States | 86.8 |
| Canada | 2.5 |
| France | 1.8 |
| United Kingdom | 1.5 |
| Ireland | 0.8 |
| Israel | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Brazil | 0.5 |
| Switzerland | 0.5 |
| Others | 4.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2269_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Israel - 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) - 0.6&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;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;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)**  |  |
| Mesquite Energy Inc | 2.1<br>|
| Fidelity Private Credit Company LLC | 1.5<br>|
| EchoStar Corp | 1.5<br>|
| TransDigm Inc | 1.4<br>|
| Altice France SA | 1.3<br>|
| Level 3 Financing Inc | 1.1<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.1<br>|
| NRG Energy Inc | 1.0<br>|
| 1261229 BC Ltd | 1.0<br>|
| Carnival Corp | 0.9<br>|
|  | 12.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2269_20251031_1.jpg)<br>| ![](img118688_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915069.101 2269-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® SAI High Income Fund<br> **Fidelity® SAI High Income Fund : FSHGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI High Income Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI High Income Fund  | $28  | 0.53% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3029397940<br>|
| Number of Holdings | 853<br>|
| Portfolio Turnover | 68%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 2.4 |
| BBB | 2.3 |
| BB | 36.0 |
| B | 31.6 |
| CCC,CC,C | 16.4 |
| D | 0.1 |
| Not Rated | 4.4 |
| Equities | 2.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6345_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 2.4 |
| &nbsp;&nbsp;BBB - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.0&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 - 31.6&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 - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.1&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 - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.0 |
| 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 | 79.2 |
| Bank Loan Obligations | 7.9 |
| U.S. Treasury Obligations | 2.4 |
| Common Stocks | 2.3 |
| Preferred Securities | 2.2 |
| Alternative Funds | 1.3 |
| Preferred Stocks | 0.5 |
| Asset-Backed Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6345_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 79.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.9&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 - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.3&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 - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.0 |

---

---

| | |
|:---|:---|
| United States | 85.8 |
| Canada | 2.8 |
| France | 1.6 |
| United Kingdom | 1.1 |
| Ireland | 1.0 |
| Switzerland | 0.8 |
| Luxembourg | 0.7 |
| Germany | 0.5 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 5.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6345_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 85.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.8&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;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 - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;Switzerland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 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;Germany - 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;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 2.4<br>|
| EchoStar Corp | 1.5<br>|
| Mesquite Energy Inc | 1.4<br>|
| Fidelity Private Credit Company LLC | 1.3<br>|
| CHS/Community Health Systems Inc | 1.2<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.1<br>|
| NRG Energy Inc | 1.0<br>|
| Level 3 Financing Inc | 1.0<br>|
| Carnival Corp | 0.9<br>|
| TransDigm Inc | 0.9<br>|
|  | 12.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6345_20251031_1.jpg)<br>| ![](img118689_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915107.101 6345-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® High Income Fund<br> **Fidelity® High Income Fund : SPHIX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® High Income Fund  | $34  | 0.66% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3031580185<br>|
| Number of Holdings | 860<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 1.6 |
| BBB | 2.8 |
| BB | 36.9 |
| B | 31.9 |
| CCC,CC,C | 17.9 |
| D | 0.1 |
| Not Rated | 3.2 |
| Equities | 2.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 1.6 |
| &nbsp;&nbsp;BBB - 2.8&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 - 36.9&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 - 31.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 17.9&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;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 - 3.2&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 - 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;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| 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 | 83.2 |
| Bank Loan Obligations | 7.6 |
| Common Stocks | 2.5 |
| Preferred Securities | 1.8 |
| U.S. Treasury Obligations | 1.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 1.6&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Canada | 3.0 |
| France | 1.7 |
| United Kingdom | 1.1 |
| Ireland | 1.0 |
| Switzerland | 0.9 |
| Luxembourg | 0.6 |
| Germany | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 5.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.7&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;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;Luxembourg - 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;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;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.7&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 1.6<br>|
| EchoStar Corp | 1.6<br>|
| Mesquite Energy Inc | 1.6<br>|
| CHS/Community Health Systems Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| NRG Energy Inc | 1.1<br>|
| Level 3 Financing Inc | 0.9<br>|
| Altice France SA | 0.9<br>|
| TransDigm Inc | 0.9<br>|
| Carnival Corp | 0.9<br>|
|  | 12.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img455_20251031_1.jpg)<br>| ![](img118700_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915060.101 455-TSRS-1225 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $31  | 0.60% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3031580185<br>|
| Number of Holdings | 860<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 1.6 |
| BBB | 2.8 |
| BB | 36.9 |
| B | 31.9 |
| CCC,CC,C | 17.9 |
| D | 0.1 |
| Not Rated | 3.2 |
| Equities | 2.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 1.6 |
| &nbsp;&nbsp;BBB - 2.8&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 - 36.9&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 - 31.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 17.9&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;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 - 3.2&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 - 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;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| 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 | 83.2 |
| Bank Loan Obligations | 7.6 |
| Common Stocks | 2.5 |
| Preferred Securities | 1.8 |
| U.S. Treasury Obligations | 1.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 1.6&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Canada | 3.0 |
| France | 1.7 |
| United Kingdom | 1.1 |
| Ireland | 1.0 |
| Switzerland | 0.9 |
| Luxembourg | 0.6 |
| Germany | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 5.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.7&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;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;Luxembourg - 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;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;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.7&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 1.6<br>|
| EchoStar Corp | 1.6<br>|
| Mesquite Energy Inc | 1.6<br>|
| CHS/Community Health Systems Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| NRG Energy Inc | 1.1<br>|
| Level 3 Financing Inc | 0.9<br>|
| Altice France SA | 0.9<br>|
| TransDigm Inc | 0.9<br>|
| Carnival Corp | 0.9<br>|
|  | 12.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img455_20251031_1.jpg)<br>| ![](img118701_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915059.101 3316-TSRS-1225 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $49  | 0.94% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3031580185<br>|
| Number of Holdings | 860<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 1.6 |
| BBB | 2.8 |
| BB | 36.9 |
| B | 31.9 |
| CCC,CC,C | 17.9 |
| D | 0.1 |
| Not Rated | 3.2 |
| Equities | 2.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 1.6 |
| &nbsp;&nbsp;BBB - 2.8&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 - 36.9&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 - 31.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 17.9&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;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 - 3.2&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 - 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;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| 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 | 83.2 |
| Bank Loan Obligations | 7.6 |
| Common Stocks | 2.5 |
| Preferred Securities | 1.8 |
| U.S. Treasury Obligations | 1.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 1.6&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Canada | 3.0 |
| France | 1.7 |
| United Kingdom | 1.1 |
| Ireland | 1.0 |
| Switzerland | 0.9 |
| Luxembourg | 0.6 |
| Germany | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 5.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.7&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;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;Luxembourg - 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;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;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.7&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 1.6<br>|
| EchoStar Corp | 1.6<br>|
| Mesquite Energy Inc | 1.6<br>|
| CHS/Community Health Systems Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| NRG Energy Inc | 1.1<br>|
| Level 3 Financing Inc | 0.9<br>|
| Altice France SA | 0.9<br>|
| TransDigm Inc | 0.9<br>|
| Carnival Corp | 0.9<br>|
|  | 12.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img455_20251031_1.jpg)<br>| ![](img118702_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915056.101 3312-TSRS-1225 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $36  | 0.70% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3031580185<br>|
| Number of Holdings | 860<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 1.6 |
| BBB | 2.8 |
| BB | 36.9 |
| B | 31.9 |
| CCC,CC,C | 17.9 |
| D | 0.1 |
| Not Rated | 3.2 |
| Equities | 2.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 1.6 |
| &nbsp;&nbsp;BBB - 2.8&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 - 36.9&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 - 31.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 17.9&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;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 - 3.2&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 - 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;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| 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 | 83.2 |
| Bank Loan Obligations | 7.6 |
| Common Stocks | 2.5 |
| Preferred Securities | 1.8 |
| U.S. Treasury Obligations | 1.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 1.6&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Canada | 3.0 |
| France | 1.7 |
| United Kingdom | 1.1 |
| Ireland | 1.0 |
| Switzerland | 0.9 |
| Luxembourg | 0.6 |
| Germany | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 5.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.7&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;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;Luxembourg - 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;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;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.7&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 1.6<br>|
| EchoStar Corp | 1.6<br>|
| Mesquite Energy Inc | 1.6<br>|
| CHS/Community Health Systems Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| NRG Energy Inc | 1.1<br>|
| Level 3 Financing Inc | 0.9<br>|
| Altice France SA | 0.9<br>|
| TransDigm Inc | 0.9<br>|
| Carnival Corp | 0.9<br>|
|  | 12.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img455_20251031_1.jpg)<br>| ![](img118703_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915058.101 3314-TSRS-1225 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $88  | 1.69% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3031580185<br>|
| Number of Holdings | 860<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 1.6 |
| BBB | 2.8 |
| BB | 36.9 |
| B | 31.9 |
| CCC,CC,C | 17.9 |
| D | 0.1 |
| Not Rated | 3.2 |
| Equities | 2.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 1.6 |
| &nbsp;&nbsp;BBB - 2.8&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 - 36.9&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 - 31.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 17.9&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;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 - 3.2&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 - 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;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| 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 | 83.2 |
| Bank Loan Obligations | 7.6 |
| Common Stocks | 2.5 |
| Preferred Securities | 1.8 |
| U.S. Treasury Obligations | 1.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 1.6&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Canada | 3.0 |
| France | 1.7 |
| United Kingdom | 1.1 |
| Ireland | 1.0 |
| Switzerland | 0.9 |
| Luxembourg | 0.6 |
| Germany | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 5.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.7&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;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;Luxembourg - 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;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;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.7&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 1.6<br>|
| EchoStar Corp | 1.6<br>|
| Mesquite Energy Inc | 1.6<br>|
| CHS/Community Health Systems Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| NRG Energy Inc | 1.1<br>|
| Level 3 Financing Inc | 0.9<br>|
| Altice France SA | 0.9<br>|
| TransDigm Inc | 0.9<br>|
| Carnival Corp | 0.9<br>|
|  | 12.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img455_20251031_1.jpg)<br>| ![](img118704_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915057.101 3313-TSRS-1225 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $50  | 0.95% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3031580185<br>|
| Number of Holdings | 860<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 1.6 |
| BBB | 2.8 |
| BB | 36.9 |
| B | 31.9 |
| CCC,CC,C | 17.9 |
| D | 0.1 |
| Not Rated | 3.2 |
| Equities | 2.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 1.6 |
| &nbsp;&nbsp;BBB - 2.8&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 - 36.9&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 - 31.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 17.9&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;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 - 3.2&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 - 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;Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |
| 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 | 83.2 |
| Bank Loan Obligations | 7.6 |
| Common Stocks | 2.5 |
| Preferred Securities | 1.8 |
| U.S. Treasury Obligations | 1.6 |
| Preferred Stocks | 0.4 |
| Asset-Backed Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img455_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 1.6&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 84.9 |
| Canada | 3.0 |
| France | 1.7 |
| United Kingdom | 1.1 |
| Ireland | 1.0 |
| Switzerland | 0.9 |
| Luxembourg | 0.6 |
| Germany | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Others | 5.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img455_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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 - 1.7&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;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;Luxembourg - 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;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;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.7&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 1.6<br>|
| EchoStar Corp | 1.6<br>|
| Mesquite Energy Inc | 1.6<br>|
| CHS/Community Health Systems Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| NRG Energy Inc | 1.1<br>|
| Level 3 Financing Inc | 0.9<br>|
| Altice France SA | 0.9<br>|
| TransDigm Inc | 0.9<br>|
| Carnival Corp | 0.9<br>|
|  | 12.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img455_20251031_1.jpg)<br>| ![](img118705_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915055.101 3311-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Healthy Future Fund<br> **Fidelity® Healthy Future Fund : FAPHX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Healthy Future Fund  | $56  | 1.05% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14465381<br>|
| Number of Holdings | 72<br>|
| Portfolio Turnover | 80%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 36.9 |
| Financials | 14.9 |
| Information Technology | 14.4 |
| Consumer Staples | 12.6 |
| Industrials | 6.9 |
| Consumer Discretionary | 6.7 |
| Communication Services | 3.1 |
| Real Estate | 2.7 |
| Materials | 0.8 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20251031_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 10.3 |
| France | 5.9 |
| Hong Kong | 4.7 |
| Japan | 4.1 |
| Taiwan | 2.6 |
| Netherlands | 2.4 |
| Belgium | 1.9 |
| Switzerland | 1.7 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 5.9&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;Hong Kong - 4.7&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;Japan - 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;Taiwan - 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;Netherlands - 2.4&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;Switzerland - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 10.1<br>|
| AIA Group Ltd | 4.7<br>|
| Tesla Inc | 4.1<br>|
| Unilever PLC | 3.5<br>|
| Danone SA | 3.5<br>|
| Uber Technologies Inc | 3.3<br>|
| UnitedHealth Group Inc | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| Procter & Gamble Co/The | 2.8<br>|
| Welltower Inc | 2.7<br>|
|  | 40.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6553_20251031_1.jpg)<br>| ![](img118706_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915108.101 6553-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class Z : FAPNX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $48  | 0.90% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14465381<br>|
| Number of Holdings | 72<br>|
| Portfolio Turnover | 80%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 36.9 |
| Financials | 14.9 |
| Information Technology | 14.4 |
| Consumer Staples | 12.6 |
| Industrials | 6.9 |
| Consumer Discretionary | 6.7 |
| Communication Services | 3.1 |
| Real Estate | 2.7 |
| Materials | 0.8 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20251031_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 10.3 |
| France | 5.9 |
| Hong Kong | 4.7 |
| Japan | 4.1 |
| Taiwan | 2.6 |
| Netherlands | 2.4 |
| Belgium | 1.9 |
| Switzerland | 1.7 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 5.9&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;Hong Kong - 4.7&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;Japan - 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;Taiwan - 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;Netherlands - 2.4&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;Switzerland - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 10.1<br>|
| AIA Group Ltd | 4.7<br>|
| Tesla Inc | 4.1<br>|
| Unilever PLC | 3.5<br>|
| Danone SA | 3.5<br>|
| Uber Technologies Inc | 3.3<br>|
| UnitedHealth Group Inc | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| Procter & Gamble Co/The | 2.8<br>|
| Welltower Inc | 2.7<br>|
|  | 40.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6553_20251031_1.jpg)<br>| ![](img118707_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915113.101 6558-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class M : FAPLX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $83  | 1.55% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14465381<br>|
| Number of Holdings | 72<br>|
| Portfolio Turnover | 80%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 36.9 |
| Financials | 14.9 |
| Information Technology | 14.4 |
| Consumer Staples | 12.6 |
| Industrials | 6.9 |
| Consumer Discretionary | 6.7 |
| Communication Services | 3.1 |
| Real Estate | 2.7 |
| Materials | 0.8 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20251031_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 10.3 |
| France | 5.9 |
| Hong Kong | 4.7 |
| Japan | 4.1 |
| Taiwan | 2.6 |
| Netherlands | 2.4 |
| Belgium | 1.9 |
| Switzerland | 1.7 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 5.9&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;Hong Kong - 4.7&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;Japan - 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;Taiwan - 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;Netherlands - 2.4&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;Switzerland - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 10.1<br>|
| AIA Group Ltd | 4.7<br>|
| Tesla Inc | 4.1<br>|
| Unilever PLC | 3.5<br>|
| Danone SA | 3.5<br>|
| Uber Technologies Inc | 3.3<br>|
| UnitedHealth Group Inc | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| Procter & Gamble Co/The | 2.8<br>|
| Welltower Inc | 2.7<br>|
|  | 40.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6553_20251031_1.jpg)<br>| ![](img118708_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915111.101 6556-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class I : FAPMX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $56  | 1.05% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14465381<br>|
| Number of Holdings | 72<br>|
| Portfolio Turnover | 80%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 36.9 |
| Financials | 14.9 |
| Information Technology | 14.4 |
| Consumer Staples | 12.6 |
| Industrials | 6.9 |
| Consumer Discretionary | 6.7 |
| Communication Services | 3.1 |
| Real Estate | 2.7 |
| Materials | 0.8 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20251031_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 10.3 |
| France | 5.9 |
| Hong Kong | 4.7 |
| Japan | 4.1 |
| Taiwan | 2.6 |
| Netherlands | 2.4 |
| Belgium | 1.9 |
| Switzerland | 1.7 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 5.9&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;Hong Kong - 4.7&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;Japan - 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;Taiwan - 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;Netherlands - 2.4&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;Switzerland - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 10.1<br>|
| AIA Group Ltd | 4.7<br>|
| Tesla Inc | 4.1<br>|
| Unilever PLC | 3.5<br>|
| Danone SA | 3.5<br>|
| Uber Technologies Inc | 3.3<br>|
| UnitedHealth Group Inc | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| Procter & Gamble Co/The | 2.8<br>|
| Welltower Inc | 2.7<br>|
|  | 40.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6553_20251031_1.jpg)<br>| ![](img118709_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915112.101 6557-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class C : FAPKX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $110  | 2.05% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14465381<br>|
| Number of Holdings | 72<br>|
| Portfolio Turnover | 80%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 36.9 |
| Financials | 14.9 |
| Information Technology | 14.4 |
| Consumer Staples | 12.6 |
| Industrials | 6.9 |
| Consumer Discretionary | 6.7 |
| Communication Services | 3.1 |
| Real Estate | 2.7 |
| Materials | 0.8 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20251031_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 10.3 |
| France | 5.9 |
| Hong Kong | 4.7 |
| Japan | 4.1 |
| Taiwan | 2.6 |
| Netherlands | 2.4 |
| Belgium | 1.9 |
| Switzerland | 1.7 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 5.9&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;Hong Kong - 4.7&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;Japan - 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;Taiwan - 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;Netherlands - 2.4&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;Switzerland - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 10.1<br>|
| AIA Group Ltd | 4.7<br>|
| Tesla Inc | 4.1<br>|
| Unilever PLC | 3.5<br>|
| Danone SA | 3.5<br>|
| Uber Technologies Inc | 3.3<br>|
| UnitedHealth Group Inc | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| Procter & Gamble Co/The | 2.8<br>|
| Welltower Inc | 2.7<br>|
|  | 40.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6553_20251031_1.jpg)<br>| ![](img118710_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915110.101 6555-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Healthy Future Fund<br> **Fidelity Advisor® Healthy Future Fund Class A : FAPJX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $70  | 1.30% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14465381<br>|
| Number of Holdings | 72<br>|
| Portfolio Turnover | 80%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 36.9 |
| Financials | 14.9 |
| Information Technology | 14.4 |
| Consumer Staples | 12.6 |
| Industrials | 6.9 |
| Consumer Discretionary | 6.7 |
| Communication Services | 3.1 |
| Real Estate | 2.7 |
| Materials | 0.8 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6553_20251031_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 61.1 |
| United Kingdom | 10.3 |
| France | 5.9 |
| Hong Kong | 4.7 |
| Japan | 4.1 |
| Taiwan | 2.6 |
| Netherlands | 2.4 |
| Belgium | 1.9 |
| Switzerland | 1.7 |
| Others | 5.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6553_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 5.9&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;Hong Kong - 4.7&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;Japan - 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;Taiwan - 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;Netherlands - 2.4&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;Switzerland - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 10.1<br>|
| AIA Group Ltd | 4.7<br>|
| Tesla Inc | 4.1<br>|
| Unilever PLC | 3.5<br>|
| Danone SA | 3.5<br>|
| Uber Technologies Inc | 3.3<br>|
| UnitedHealth Group Inc | 3.0<br>|
| Hitachi Ltd | 3.0<br>|
| Procter & Gamble Co/The | 2.8<br>|
| Welltower Inc | 2.7<br>|
|  | 40.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6553_20251031_1.jpg)<br>| ![](img118711_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915109.101 6554-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Focused High Income Fund<br> **Fidelity® Focused High Income Fund : FHIFX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Focused High Income Fund  | $39  | 0.75% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $192880091<br>|
| Number of Holdings | 549<br>|
| Portfolio Turnover | 110%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 3.8 |
| BB | 59.0 |
| B | 29.2 |
| CCC,CC,C | 4.2 |
| Not Rated | 1.4 |
| Equities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.2 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1366_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 59.0&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 - 29.2&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;CCC,CC,C - 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;Not Rated - 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;Equities - 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;Short-Term Investments and Net Other Assets (Liabilities) - 2.2 |
| 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 | 86.7 |
| Bank Loan Obligations | 6.4 |
| Preferred Securities | 4.0 |
| Asset-Backed Securities | 0.5 |
| Common Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1366_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 86.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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) - 2.2 |

---

---

| | |
|:---|:---|
| United States | 87.5 |
| Canada | 3.1 |
| United Kingdom | 2.2 |
| Ireland | 1.4 |
| Australia | 0.9 |
| Grand Cayman (UK Overseas Ter) | 0.8 |
| France | 0.6 |
| Israel | 0.5 |
| Panama | 0.4 |
| Others | 2.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1366_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.1&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;United Kingdom - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;Australia - 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;Grand Cayman (UK Overseas Ter) - 0.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.7<br>|
| NRG Energy Inc | 1.6<br>|
| TransDigm Inc | 1.5<br>|
| Carnival Corp | 1.4<br>|
| Tenet Healthcare Corp | 1.2<br>|
| Vistra Operations Co LLC | 1.1<br>|
| Hilton Domestic Operating Co Inc | 1.1<br>|
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | 1.0<br>|
| Venture Global Plaquemines LNG LLC | 0.9<br>|
| OneMain Finance Corp | 0.9<br>|
|  | 12.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1366_20251031_1.jpg)<br>| ![](img118725_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915068.101 1366-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Capital & Income Fund<br> **Fidelity® Capital & Income Fund : FAGIX** <br>|

---

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

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Capital & Income Fund  | $33  | 0.61% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14809871792<br>|
| Number of Holdings | 750<br>|
| Portfolio Turnover | 27%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 5.5 |
| BB | 17.9 |
| B | 25.3 |
| CCC,CC,C | 10.0 |
| Not Rated | 5.8 |
| Equities | 22.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img38_20251031_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 17.9&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 - 25.3&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 - 10.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.8&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;Equities - 22.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 12.7 |
| 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 | 48.8 |
| Common Stocks | 21.7 |
| Bank Loan Obligations | 10.8 |
| Alternative Funds | 2.4 |
| Preferred Securities | 2.2 |
| Preferred Stocks | 1.1 |
| Asset-Backed Securities | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img38_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 48.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 21.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bank Loan Obligations - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Alternative Funds - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 12.7 |

---

---

| | |
|:---|:---|
| United States | 91.5 |
| Canada | 1.7 |
| United Kingdom | 1.5 |
| France | 1.4 |
| Taiwan | 0.8 |
| Australia | 0.5 |
| China | 0.5 |
| Netherlands | 0.4 |
| Zambia | 0.3 |
| Others | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img38_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;Netherlands - 0.4&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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Private Credit Company LLC | 2.4<br>|
| EchoStar Corp | 2.2<br>|
| NVIDIA Corp | 1.8<br>|
| TransDigm Inc | 1.7<br>|
| Comfort Systems USA Inc | 1.6<br>|
| Ally Financial Inc | 1.3<br>|
| X Corp | 1.3<br>|
| Meta Platforms Inc Class A | 1.2<br>|
| LBM Acquisition LLC | 1.2<br>|
| Altice France SA | 1.1<br>|
|  | 15.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img38_20251031_1.jpg)<br>| ![](img118729_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915046.101 38-TSRS-1225 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Women's Leadership Fund**

**Semi-Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img119032_1.jpg)

![](img119032_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_WLF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Women's Leadership Fund](#Sub_Sec_Fund_3396_WLF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3396_WLF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_WLF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_WLF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_WLF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_WLF-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Women's Leadership Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.2%  |  |  |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| UCB SA  | 7078 | 1815257 |
| CANADA - 1.1%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Specialty Retail - 1.1% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 24804 | 1732593 |
| FRANCE - 1.0%  |  |  |
| Consumer Staples - 1.0% |  |  |
| Food Products - 1.0% |  |  |
| Danone SA  | 18024 | 1591819 |
| ITALY - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Electrical Equipment - 1.1% |  |  |
| Prysmian SpA  | 16628 | 1721514 |
| NETHERLANDS - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| NXP Semiconductors NV  | 3259 | 681522 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd (b) | 34700 | 106669 |
| UNITED STATES - 94.2%  |  |  |
| Communication Services - 8.2% |  |  |
| Entertainment - 2.1% |  |  |
| Netflix Inc (a) | 1270 | 1420952 |
| Walt Disney Co/The  | 16658 | 1876024 |
|  |  | 3296976 |
| Interactive Media & Services - 6.1% |  |  |
| Alphabet Inc Class A  | 16738 | 4706559 |
| Alphabet Inc Class C  | 14159 | 3990289 |
| Pinterest Inc Class A (a) | 26489 | 876786 |
|  |  | 9573634 |
| TOTAL COMMUNICATION SERVICES |  | 12870610 |
| Consumer Discretionary - 11.6% |  |  |
| Broadline Retail - 5.2% |  |  |
| Amazon.com Inc (a) | 29153 | 7119746 |
| Etsy Inc (a) | 16691 | 1034842 |
|  |  | 8154588 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Chipotle Mexican Grill Inc (a) | 20291 | 643022 |
| Starbucks Corp  | 10204 | 825197 |
|  |  | 1468219 |
| Household Durables - 0.8% |  |  |
| Taylor Morrison Home Corp (a) | 21367 | 1266422 |
| Specialty Retail - 2.8% |  |  |
| Lowe's Cos Inc  | 4517 | 1075633 |
| Ulta Beauty Inc (a) | 3060 | 1590833 |
| Williams-Sonoma Inc  | 8397 | 1631873 |
|  |  | 4298339 |
| Textiles, Apparel & Luxury Goods - 1.9% |  |  |
| Capri Holdings Ltd (a) | 34796 | 722017 |
| NIKE Inc Class B  | 12445 | 803823 |
| Tapestry Inc  | 13233 | 1453248 |
|  |  | 2979088 |
| TOTAL CONSUMER DISCRETIONARY |  | 18166656 |
| Consumer Staples - 4.0% |  |  |
| Beverages - 1.5% |  |  |
| Coca-Cola Co/The  | 22259 | 1533645 |
| Keurig Dr Pepper Inc  | 28392 | 771127 |
|  |  | 2304772 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Casey's General Stores Inc  | 1459 | 748744 |
| Household Products - 1.0% |  |  |
| Procter & Gamble Co/The  | 10065 | 1513474 |
| Personal Care Products - 1.0% |  |  |
| Estee Lauder Cos Inc/The Class A  | 16940 | 1637929 |
| TOTAL CONSUMER STAPLES |  | 6204919 |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Baker Hughes Co Class A  | 27295 | 1321351 |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Antero Resources Corp (a) | 28844 | 891568 |
| TOTAL ENERGY |  | 2212919 |
| Financials - 12.0% |  |  |
| Banks - 6.4% |  |  |
| Bank of America Corp  | 40059 | 2141154 |
| Citigroup Inc  | 15072 | 1525739 |
| Huntington Bancshares Inc/OH  | 61822 | 954532 |
| JPMorgan Chase & Co  | 10500 | 3266760 |
| US Bancorp  | 16404 | 765738 |
| Wells Fargo & Co  | 16355 | 1422394 |
|  |  | 10076317 |
| Capital Markets - 1.4% |  |  |
| Bank of New York Mellon Corp/The  | 9116 | 983890 |
| Nasdaq Inc  | 13582 | 1161125 |
|  |  | 2145015 |
| Consumer Finance - 0.4% |  |  |
| SLM Corp  | 21462 | 576255 |
| Financial Services - 1.2% |  |  |
| Mastercard Inc Class A  | 3445 | 1901606 |
| Insurance - 2.6% |  |  |
| Hartford Insurance Group Inc/The  | 13131 | 1630608 |
| Marsh & McLennan Cos Inc  | 6105 | 1087605 |
| Progressive Corp/The  | 6395 | 1317370 |
|  |  | 4035583 |
| TOTAL FINANCIALS |  | 18734776 |
| Health Care - 10.0% |  |  |
| Biotechnology - 2.6% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 4273 | 1948659 |
| Exact Sciences Corp (a) | 12234 | 791417 |
| Gilead Sciences Inc  | 11550 | 1383575 |
|  |  | 4123651 |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Insulet Corp (a) | 3792 | 1186934 |
| Health Care Providers & Services - 0.8% |  |  |
| Cigna Group/The  | 4898 | 1197120 |
| Health Care Technology - 0.3% |  |  |
| Veeva Systems Inc Class A (a) | 1837 | 534934 |
| Life Sciences Tools & Services - 1.1% |  |  |
| Thermo Fisher Scientific Inc  | 3032 | 1720326 |
| Pharmaceuticals - 4.4% |  |  |
| Eli Lilly & Co  | 4125 | 3559298 |
| GSK PLC ADR  | 37883 | 1775197 |
| Merck & Co Inc  | 17316 | 1488830 |
|  |  | 6823325 |
| TOTAL HEALTH CARE |  | 15586290 |
| Industrials - 11.5% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Boeing Co (a) | 6176 | 1241500 |
| Building Products - 0.8% |  |  |
| Trane Technologies PLC  | 2914 | 1307366 |
| Commercial Services & Supplies - 0.3% |  |  |
| Veralto Corp  | 5132 | 506426 |
| Electrical Equipment - 3.6% |  |  |
| Eaton Corp PLC  | 4357 | 1662457 |
| GE Vernova Inc  | 3167 | 1853138 |
| nVent Electric PLC  | 11078 | 1266769 |
| Regal Rexnord Corp  | 5949 | 838155 |
|  |  | 5620519 |
| Machinery - 3.8% |  |  |
| Cummins Inc  | 2221 | 972087 |
| Deere & Co  | 2037 | 940340 |
| Ingersoll Rand Inc  | 13986 | 1067551 |
| Parker-Hannifin Corp  | 2330 | 1800695 |
| Westinghouse Air Brake Technologies Corp  | 5739 | 1173281 |
|  |  | 5953954 |
| Professional Services - 2.2% |  |  |
| KBR Inc  | 12823 | 549337 |
| Leidos Holdings Inc  | 7615 | 1450430 |
| TransUnion  | 9319 | 756516 |
| UL Solutions Inc Class A  | 8044 | 626386 |
|  |  | 3382669 |
| TOTAL INDUSTRIALS |  | 18012434 |
| Information Technology - 31.5% |  |  |
| Communications Equipment - 1.4% |  |  |
| Arista Networks Inc  | 13483 | 2126134 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Coherent Corp (a) | 7122 | 939819 |
| Semiconductors & Semiconductor Equipment - 13.0% |  |  |
| First Solar Inc (a) | 7628 | 2036218 |
| Marvell Technology Inc  | 14316 | 1341982 |
| Micron Technology Inc  | 13330 | 2982854 |
| NVIDIA Corp  | 68242 | 13818323 |
|  |  | 20179377 |
| Software - 8.6% |  |  |
| Gen Digital Inc  | 52206 | 1376150 |
| Intuit Inc  | 1786 | 1192244 |
| Microsoft Corp  | 19863 | 10285261 |
| Synopsys Inc (a) | 1365 | 619464 |
|  |  | 13473119 |
| Technology Hardware, Storage & Peripherals - 7.9% |  |  |
| Apple Inc  | 41483 | 11215759 |
| Dell Technologies Inc Class C  | 7170 | 1161611 |
|  |  | 12377370 |
| TOTAL INFORMATION TECHNOLOGY |  | 49095819 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| CRH PLC  | 8259 | 983647 |
| James Hardie Industries PLC (a) | 16232 | 339735 |
|  |  | 1323382 |
| Real Estate - 2.3% |  |  |
| Health Care REITs - 1.2% |  |  |
| Ventas Inc  | 24589 | 1814422 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 4768 | 853377 |
| Public Storage Operating Co  | 3161 | 880528 |
|  |  | 1733905 |
| TOTAL REAL ESTATE |  | 3548327 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| NextEra Energy Inc  | 18010 | 1466014 |
| TOTAL UNITED STATES |  | 147222146 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $102,375,945) |  | <br> **154871520** |

---

---

| | | |
|:---|:---|:---|
| &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 | **550217** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 $942,030)<br>| 4.18 | 941842 | **942031** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $103,668,774)<br>| <br>**156363768** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(68914)** |
| **NET ASSETS - 100.0%** | **156294854** |

---

**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 $550,217 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 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 |

---

**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 | - | 12108436 | 11166398 | 23931 | (8) | 1 | 942031 | 941842 | 0.0% |
| Total | - | 12108436 | 11166398 | 23931 | (8) | 1 | 942031 |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 12870610 | 12870610 | - | - |
| Consumer Discretionary | 19899249 | 19899249 | - | - |
| Consumer Staples | 7796738 | 6204919 | 1591819 | - |
| Energy | 2212919 | 2212919 | - | - |
| Financials | 18841445 | 18734776 | - | 106669 |
| Health Care | 17401547 | 17401547 | - | - |
| Industrials | 19733948 | 19733948 | - | - |
| Information Technology | 49777341 | 49777341 | - | - |
| Materials | 1323382 | 1323382 | - | - |
| Real Estate | 3548327 | 3548327 | - | - |
| Utilities | 1466014 | 1466014 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 550217 | - | - | 550217 |
|  **Money Market Funds** | 942031 | 942031 | - | - |
| **Total Investments in Securities:** | 156363768 | 154115063 | 1591819 | 656886 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $102,726,744) | $155421737 |  |
| Fidelity Central Funds (cost $942,030) | 942031 |  |
| Total Investment in Securities (cost $103,668,774) |  | $156363768 |
| Foreign currency held at value (cost $19) |  | 19 |
| Receivable for fund shares sold |  | 10979 |
| Dividends receivable |  | 64473 |
| Distributions receivable from Fidelity Central Funds |  | 7029 |
| Prepaid expenses |  | 156 |
| **Total assets** |  | 156446424 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $42548 |  |
| Accrued management fee | 72638 |  |
| Distribution and service plan fees payable | 4236 |  |
| Audit fee payable | 31769 |  |
| Other payables and accrued expenses | 379 |  |
| **Total liabilities** |  | 151570 |
| **Net Assets**  |  | $156294854 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $99710488 |
| Total accumulated earnings (loss) |  | 56584366 |
| **Net Assets** |  | $156294854 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($10,311,486 ÷ 541,790 shares)(a) |  | $19.03 |
| Maximum offering price per share (100/94.25 of $19.03) |  | $20.19 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,432,329 ÷ 75,703 shares)(a) |  | $18.92 |
| Maximum offering price per share (100/96.50 of $18.92) |  | $19.61 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,878,348 ÷ 101,698 shares)(a) |  | $18.47 |
| **Fidelity Women's Leadership Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($119,477,877 ÷ 6,242,515 shares) |  | $19.14 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($15,594,960 ÷ 815,507 shares) |  | $19.12 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,599,854 ÷ 394,688 shares) |  | $19.26 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $771172 |
| Income from Fidelity Central Funds  |  | 23931 |
| **Total income** |  | 795103 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $484145 |  |
| Performance adjustment | (72102) |  |
| Distribution and service plan fees | 24004 |  |
| Custodian fees and expenses | 1871 |  |
| Independent trustees' fees and expenses | 255 |  |
| Registration fees | 29321 |  |
| Audit fees | 29881 |  |
| Legal | 952 |  |
| Miscellaneous | 247 |  |
| **Total expenses** |  | 498574 |
| **Net Investment income (loss)** |  | 296529 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3692538 |  |
| Fidelity Central Funds | (8) |  |
| Foreign currency transactions | 2565 |  |
| Total net realized gain (loss) |  | 3695095 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 29075358 |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | (3267) |  |
| Total change in net unrealized appreciation (depreciation) |  | 29072092 |
| **Net gain (loss)** |  | 32767187 |
| **Net increase (decrease) in net assets resulting from operations** |  | $33063716 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $296529 | $711298 |
| &nbsp;&nbsp;Net realized gain (loss) | 3695095<br>| 7779815<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 29072092 | (5922911)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 33063716<br>| 2568202<br>|
| Distributions to shareholders | (4881706)<br>| (2762542)<br>|
| Share transactions - net increase (decrease) | (3984011)<br>| (15966191)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 24197999<br>| (16160531)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 132096855 | 148257386<br>|
| &nbsp;&nbsp;End of period | $156294854 | $132096855 |

---

**Financial Highlights** 

**Fidelity Advisor® Women's Leadership Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.68 | $15.81 | $13.39 | $13.18 | $15.28 | $9.80 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .03  | .06  | .07  | - C | - C |
| Net realized and unrealized gain (loss)  | 3.93  | .12  | 2.42  | .20  | (1.70)  | 5.49  |
| Total from investment operations  | 3.94  | .15  | 2.48  | .27  | (1.70)  | 5.49  |
| Distributions from net investment income  | (.01)  | (.04)  | (.06)  | (.06)  | - C | (.01)  |
| Distributions from net realized gain  | (.59)  | (.24)  | -  | -  | (.40)  | -  |
| Total distributions  | (.59) D | (.28)  | (.06)  | (.06)  | (.40)  | (.01)  |
| Net asset value, end of period  | $19.03 | $15.68 | $15.81 | $13.39 | $13.18 | $15.28 |
| **Total Return** E,F,G | 25.74% <br>| .78%  | 18.56%  | 2.10%  | (11.46)%  | 56.03%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .95% J | .98%  | 1.03%  | 1.09%  | 1.10%  | 1.28%  |
| Expenses net of fee waivers, if any  | .95% J<br>| .98%  | 1.02%  | 1.09%  | 1.10%  | 1.25%  |
| Expenses net of all reductions, if any  | .95% J | .98%  | 1.02%  | 1.09%  | 1.10%  | 1.24%  |
| Net investment income (loss)  | .14% J | .20%  | .38%  | .57%  | (.01)%  | (.03)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10311 | $8479 | $7926 | $6104 | $5171 | $2865 |
| Portfolio turnover rate K | 21% J<br>| 45%  | 33%  | 22%  | 48%  | 35%  |

---

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

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

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

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

E*Total returns 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*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.60 | $15.74 | $13.34 | $13.14 | $15.22 | $9.78 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | (.01)  | .02  | .04  | (.04)  | (.04)  |
| Net realized and unrealized gain (loss)  | 3.92  | .11  | 2.41  | .20  | (1.69)  | 5.48  |
| Total from investment operations  | 3.91  | .10  | 2.43  | .24  | (1.73)  | 5.44  |
| Distributions from net investment income  | -  | -  | (.03)  | (.04)  | -  | - C |
| Distributions from net realized gain  | (.59)  | (.24)  | -  | -  | (.35)  | -  |
| Total distributions  | (.59)  | (.24)  | (.03)  | (.04)  | (.35)  | - C |
| Net asset value, end of period  | $18.92 | $15.60 | $15.74 | $13.34 | $13.14 | $15.22 |
| **Total Return** D,E,F | 25.63% <br>| .51%  | 18.22%  | 1.83%  | (11.66)%  | 55.65%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.20% I | 1.23%  | 1.29%  | 1.37%  | 1.35%  | 1.52%  |
| Expenses net of fee waivers, if any  | 1.20% I<br>| 1.23%  | 1.29%  | 1.37%  | 1.35%  | 1.50%  |
| Expenses net of all reductions, if any  | 1.20% I | 1.23%  | 1.29%  | 1.37%  | 1.35%  | 1.49%  |
| Net investment income (loss)  | (.11)% I | (.05)%  | .12%  | .28%  | (.27)%  | (.28)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1432 | $1241 | $1333 | $1122 | $1054 | $974 |
| Portfolio turnover rate J | 21% I<br>| 45%  | 33%  | 22%  | 48%  | 35%  |

---

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

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

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

I*Annualized.*

J*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.28 | $15.50 | $13.18 | $13.00 | $15.09 | $9.74 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.05)  | (.09)  | (.05)  | (.03)  | (.11)  | (.10)  |
| Net realized and unrealized gain (loss)  | 3.83  | .11  | 2.37  | .21  | (1.68)  | 5.45  |
| Total from investment operations  | 3.78  | .02  | 2.32  | .18  | (1.79)  | 5.35  |
| Distributions from net realized gain  | (.59)  | (.24)  | -  | -  | (.30)  | -  |
| Total distributions  | (.59)  | (.24)  | -  | -  | (.30)  | -  |
| Net asset value, end of period  | $18.47 | $15.28 | $15.50 | $13.18 | $13.00 | $15.09 |
| **Total Return** C,D,E | 25.30% <br>| -% F | 17.60%  | 1.38%  | (12.12)%  | 54.93%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.70% I | 1.73%  | 1.79%  | 1.86%  | 1.84%  | 1.99%  |
| Expenses net of fee waivers, if any  | 1.70% I<br>| 1.73%  | 1.78%  | 1.86%  | 1.84%  | 1.99%  |
| Expenses net of all reductions, if any  | 1.70% I | 1.73%  | 1.78%  | 1.86%  | 1.84%  | 1.98%  |
| Net investment income (loss)  | (.61)% I | (.55)%  | (.37)%  | (.20)%  | (.75)%  | (.77)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1878 | $1529 | $1745 | $1603 | $1540 | $937 |
| Portfolio turnover rate J | 21% I<br>| 45%  | 33%  | 22%  | 48%  | 35%  |

---

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

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

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

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

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

F*Amount represents less than .005%.*

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*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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.76 | $15.88 | $13.45 | $13.22 | $15.31 | $9.81 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .08  | .09  | .10  | .03  | .03  |
| Net realized and unrealized gain (loss)  | 3.95  | .12  | 2.43  | .21  | (1.70)  | 5.50  |
| Total from investment operations  | 3.99  | .20  | 2.52  | .31  | (1.67)  | 5.53  |
| Distributions from net investment income  | (.02)  | (.08)  | (.09)  | (.08)  | (.02)  | (.03)  |
| Distributions from net realized gain  | (.59)  | (.24)  | -  | -  | (.40)  | -  |
| Total distributions  | (.61)  | (.32)  | (.09)  | (.08)  | (.42)  | (.03)  |
| Net asset value, end of period  | $19.14 | $15.76 | $15.88 | $13.45 | $13.22 | $15.31 |
| **Total Return** C,D | 25.92% <br>| 1.09%  | 18.76%  | 2.37%  | (11.25)%  | 56.44%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .65% G | .68%  | .79%  | .89%  | .92%  | 1.10%  |
| Expenses net of fee waivers, if any  | .65% G<br>| .68%  | .78%  | .89%  | .90%  | 1.00%  |
| Expenses net of all reductions, if any  | .65% G | .68%  | .78%  | .89%  | .90%  | .99%  |
| Net investment income (loss)  | .44% G | .50%  | .63%  | .76%  | .18%  | .22%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $119478 | $98609 | $105832 | $115107 | $101533 | $98888 |
| Portfolio turnover rate H | 21% G<br>| 45%  | 33%  | 22%  | 48%  | 35%  |

---

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

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

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

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

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

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

G*Annualized.*

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

**Fidelity Advisor® Women's Leadership Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.74 | $15.87 | $13.44 | $13.21 | $15.31 | $9.81 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .08  | .10  | .11  | .04  | .03  |
| Net realized and unrealized gain (loss)  | 3.95  | .11  | 2.43  | .21  | (1.70)  | 5.51  |
| Total from investment operations  | 3.99  | .19  | 2.53  | .32  | (1.66)  | 5.54  |
| Distributions from net investment income  | (.02)  | (.08)  | (.10)  | (.09)  | (.04)  | (.04)  |
| Distributions from net realized gain  | (.59)  | (.24)  | -  | -  | (.40)  | -  |
| Total distributions  | (.61)  | (.32)  | (.10)  | (.09)  | (.44)  | (.04)  |
| Net asset value, end of period  | $19.12 | $15.74 | $15.87 | $13.44 | $13.21 | $15.31 |
| **Total Return** C,D | 25.94% <br>| 1.02%  | 18.88%  | 2.46%  | (11.20)%  | 56.52%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .67% G | .69%  | .74%  | .80%  | .81%  | .98%  |
| Expenses net of fee waivers, if any  | .67% G<br>| .69%  | .73%  | .79%  | .81%  | .98%  |
| Expenses net of all reductions, if any  | .67% G | .69%  | .73%  | .79%  | .81%  | .97%  |
| Net investment income (loss)  | .42% G | .49%  | .68%  | .86%  | .28%  | .24%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15595 | $12892 | $16279 | $13381 | $11273 | $3874 |
| Portfolio turnover rate H | 21% G<br>| 45%  | 33%  | 22%  | 48%  | 35%  |

---

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

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

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

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

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

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

G*Annualized.*

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

**Fidelity Advisor® Women's Leadership Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.83 | $15.93 | $13.49 | $13.25 | $15.35 | $9.83 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .10  | .12  | .13  | .06  | .05  |
| Net realized and unrealized gain (loss)  | 3.98  | .11  | 2.44  | .21  | (1.71)  | 5.51  |
| Total from investment operations  | 4.03  | .21  | 2.56  | .34  | (1.65)  | 5.56  |
| Distributions from net investment income  | (.01)  | (.07)  | (.12)  | (.10)  | (.05)  | (.04)  |
| Distributions from net realized gain  | (.59)  | (.24)  | -  | -  | (.40)  | -  |
| Total distributions  | (.60)  | (.31)  | (.12)  | (.10)  | (.45)  | (.04)  |
| Net asset value, end of period  | $19.26 | $15.83 | $15.93 | $13.49 | $13.25 | $15.35 |
| **Total Return** C,D | 26.06% <br>| 1.17%  | 19.02%  | 2.59%  | (11.13)%  | 56.63%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .55% G | .57%  | .62%  | .68%  | .69%  | .87%  |
| Expenses net of fee waivers, if any  | .55% G<br>| .57%  | .61%  | .67%  | .69%  | .85%  |
| Expenses net of all reductions, if any  | .55% G | .57%  | .61%  | .67%  | .69%  | .84%  |
| Net investment income (loss)  | .54% G | .61%  | .80%  | .98%  | .40%  | .37%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7600 | $9347 | $15144 | $10181 | $8216 | $9043 |
| Portfolio turnover rate H | 21% G<br>| 45%  | 33%  | 22%  | 48%  | 35%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

For the period ended October 31, 2025

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

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

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

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

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

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** | $56741475 |
| **Gross unrealized depreciation** | <u>(4093056)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$52648419</u> |
| **Tax cost** | <u>$103715349</u> |

---

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

**New Accounting Pronouncement.** 

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

**4. 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** | 14961871 | 23838131 |

---

**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 annualized 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% | 11894 | 338 |
| **Class M** | .25% | .25% | 3422 | 74 |
| **Class C** | .75% | .25% | <u>8688</u> | <u>479</u> |
|  |  |  | <u>24004</u> | <u>891</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** | 1792 |
| **Class M** | 68 |
| **Class C**A | <u>12</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1872</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** | 191 |

---

**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** | 379365 | 774993 | (40392) |

---

**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 plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Women's Leadership Fund** | 85 |

---

**7. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **hdrPeriod** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Women's Leadership Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $311859 | $147378 |
| Class M | 46406 | 18319 |
| Class C | 57948 | 25878 |
| Fidelity Women's Leadership Fund | 3747415 | 2101314 |
| Class I | 491117 | 280010 |
| Class Z | <u>226961</u> | <u>189643</u> |
| Total  | <u>$4881706</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** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Women's Leadership Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 25258 | 114129 | $445494 | $1928216 |
| Reinvestment of distributions | 18542 | 8296 | 304838 | 143108 |
| Shares redeemed | <u>(42817)</u> | <u>(82945)</u> | <u>(745697)</u> | <u>(1387205)</u> |
| Net increase (decrease) | <u>983</u> | <u>39480</u> | <u>$4635</u> | <u>$684119</u> |
| **Class M** |  |  |  |  |
| Shares sold | 1160 | 11783 | $20156 | $203410 |
| Reinvestment of distributions | 2838 | 956 | 46406 | 16431 |
| Shares redeemed | <u>(7855)</u> | <u>(17836)</u> | <u>(137967)</u> | <u>(298578)</u> |
| Net increase (decrease) | <u>(3857)</u> | <u>(5097)</u> | <u>$(71405)</u> | <u>$(78737)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 3617 | 7303 | $62991 | $120549 |
| Reinvestment of distributions | 3622 | 1535 | 57948 | 25878 |
| Shares redeemed | <u>(5570)</u> | <u>(21410)</u> | <u>(95898)</u> | <u>(349531)</u> |
| Net increase (decrease) | <u>1669</u> | <u>(12572)</u> | <u>$25041</u> | <u>$(203104)</u> |
| **Fidelity Women's Leadership Fund** |  |  |  |  |
| Shares sold | 244754 | 726369 | $4337067 | $12281104 |
| Reinvestment of distributions | 207992 | 111168 | 3433943 | 1921767 |
| Shares redeemed | <u>(468830)</u> | <u>(1244160)</u> | <u>(8274195)</u> | <u>(20698294)</u> |
| Net increase (decrease) | <u>(16084)</u> | <u>(406623)</u> | <u>$(503185)</u> | <u>$(6495423)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 24445 | 148657 | $440793 | $2468135 |
| Reinvestment of distributions | 29275 | 16017 | 483035 | 276365 |
| Shares redeemed | <u>(57083)</u> | <u>(371817)</u> | <u>(1014637)</u> | <u>(6236025)</u> |
| Net increase (decrease) | <u>(3363)</u> | <u>(207143)</u> | <u>$(90809)</u> | <u>$(3491525)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 30764 | 149250 | $554692 | $2503384 |
| Reinvestment of distributions | 12578 | 6610 | 208799 | 114201 |
| Shares redeemed | <u>(239066)</u> | <u>(516122)</u> | <u>(4111779)</u> | <u>(8999106)</u> |
| Net increase (decrease) | <u>(195724)</u> | <u>(360262)</u> | <u>$(3348288)</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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Women's Leadership Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

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

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

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

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

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

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

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

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

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

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

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

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

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

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

<u>Other Contractual Arrangements</u>. The Board considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses associated with a wholly owned subsidiary, if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable) as a percentage of their respective average net assets, exceed 1.15%, 1.40%, 1.90%, 0.90%, 0.75%, and 0.90% through August 31, 2026.

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

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

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

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

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

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

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

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

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

![](img119032_4.jpg)<br>

1.9893106.106 WLF-SANN-1225

**Fidelity® Short Duration High Income Fund**

**Semi-Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img119037_1.jpg)

![](img119037_2.jpg)

**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SDH-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Short Duration High Income Fund](#Sub_Sec_Fund_2580_SDH-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2580_SDH-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SDH-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SDH-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SDH-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SDH-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Short Duration High Income Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 6.6936% 1/16/2037 (b)(c)(d) | 250000 | 249848 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.3844% 1/20/2035 (b)(c)(d) | 150000 | 148680 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (b)(c)(d) | 125000 | 125445 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (b)(c)(d) | 150000 | 150998 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (b)(c)(d) | 100000 | 99927 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (b)(c)(d) | 200000 | 201196 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.7035% 2/20/2038 (b)(c)(d) | 150000 | 149783 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (b)(c)(d) | 100000 | 100800 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (b)(c)(d) | 250000 | 248302 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 1225131 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $1,474,255) |  | <br> **1474979** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 17.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 17.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 17.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| 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%, 8.5131% 5/23/2030 (b)(c)(e) | 543638 | 545845 |
| FRANCE - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (b)(c)(e) | 1097393 | 1094254 |
| 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%, 8.9045% 10/31/2027 (b)(c)(e) | 129667 | 102004 |
| NETHERLANDS - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Building Products - 0.2% |  |  |
| Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 1/17/2032 (b)(c)(e) | 527813 | 528378 |
| 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%, 9.2631% 8/30/2028 (b)(c)(e) | 49249 | 23393 |
| TOTAL NETHERLANDS |  | 551771 |
| SWITZERLAND - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (b)(c)(e) | 911454 | 762204 |
| UNITED STATES - 16.3%  |  |  |
| Communication Services - 2.2% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Cablevision Lightpath LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.0322% 11/30/2027 (b)(c)(e) | 470405 | 470404 |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.4291% 4/16/2029 (b)(c)(e) | 577051 | 573329 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.4291% 4/15/2030 (b)(c)(e) | 795933 | 790966 |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 10/6/2032 (b)(c)(e) | 510000 | 503625 |
|  |  | 2338324 |
| Media - 1.4% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6015% 6/18/2029 (b)(c)(e) | 611936 | 562791 |
| CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5322% 1/18/2028 (b)(c)(e) | 746164 | 738336 |
| Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 8.1646% 12/31/2030 (b)(c)(e) | 635000 | 573246 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3291% 1/31/2029 (b)(c)(e) | 1441603 | 1419980 |
| Virgin Media Bristol LLC Tranche Q 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3967% 1/31/2029 (b)(c)(e) | 785000 | 783203 |
|  |  | 4077556 |
| TOTAL COMMUNICATION SERVICES |  | 6415880 |
| Consumer Discretionary - 4.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 1/28/2032 (b)(c)(e) | 95000 | 95208 |
| Automobiles - 0.2% |  |  |
| CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5791% 6/3/2028 (b)(c)(e) | 671468 | 654553 |
| Broadline Retail - 0.3% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/23/2032 (b)(c)(e) | 1007348 | 1006300 |
| Distributors - 0.3% |  |  |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.0015% 6/20/2031 (b)(c)(e) | 899295 | 889556 |
| Diversified Consumer Services - 0.6% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3928% 3/4/2028 (b)(c)(e) | 1571196 | 1308021 |
| TKC Holdings Inc 1LN, term loan 13.5% 2/15/2027 (c)(e) | 362558 | 364371 |
|  |  | 1672392 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/29/2029 (b)(c)(e) | 964359 | 963193 |
| Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 1/28/2032 (b)(c)(e) | 407065 | 408400 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 8/2/2028 (b)(c)(e) | 32825 | 32740 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2631% 6/1/2028 (b)(c)(e) | 808461 | 783067 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (b)(c)(e) | 756309 | 728575 |
|  |  | 2915975 |
| Household Durables - 0.6% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3146% 6/29/2028 (b)(c)(e) | 829586 | 773588 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (b)(c)(e) | 865000 | 862120 |
|  |  | 1635708 |
| Leisure Products - 0.1% |  |  |
| Hayward Industries Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5791% 5/30/2028 (b)(c)(e) | 383000 | 383958 |
| Specialty Retail - 1.1% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.881% 6/6/2031 (b)(c)(e) | 780626 | 752492 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.031% 6/6/2031 (b)(c)(e) | 663271 | 657939 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (b)(c)(e) | 30000 | 30079 |
| Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0462% 9/4/2029 (b)(c)(e) | 746231 | 697144 |
| Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3291% 4/16/2028 (b)(c)(e) | 840502 | 833677 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 1/30/2031 (b)(c)(e) | 151250 | 150803 |
|  |  | 3122134 |
| TOTAL CONSUMER DISCRETIONARY |  | 12375784 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.0033% 9/20/2030 (b)(c)(e) | 500000 | 491250 |
| Food Products - 0.2% |  |  |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (b)(c)(e)(f) | 57406 | 26579 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (b)(c)(e)(f) | 16704 | 7734 |
| Del Monte Foods Corp II Inc Tranche TLA DIP, term loan CME Term SOFR 3 month Index + 0.1%, 13.6477% 3/30/2026 (b)(c)(e) | 141309 | 134950 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 0.1%, 13.6382% 3/30/2026 (b)(c)(e) | 185045 | 145260 |
| Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5477% 7/12/2032 (b)(c)(e) | 405000 | 405000 |
|  |  | 719523 |
| TOTAL CONSUMER STAPLES |  | 1210773 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 12/30/2027 (b)(c)(e) | 677825 | 678673 |
| Mesquite Energy Inc 1LN, term loan 0% (c)(e)(f)(g) | 15000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (b)(c)(e)(f)(g) | 35876 | 0 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (b)(c)(e) | 1314210 | 586940 |
|  |  | 1265613 |
| Financials - 1.8% |  |  |
| Capital Markets - 0.4% |  |  |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0712% 2/3/2032 (b)(c)(e) | 1138162 | 1136739 |
| Financial Services - 0.7% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 7/1/2032 (b)(c)(e) | 300000 | 292875 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 7/31/2031 (b)(c)(e) | 482066 | 478518 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 7/31/2031 (b)(c)(e) | 150000 | 150225 |
| Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.7146% 2/16/2032 (b)(c)(e) | 355000 | 353225 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7035% 2/20/2032 (b)(c)(e) | 922688 | 922835 |
|  |  | 2197678 |
| Insurance - 0.7% |  |  |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 11/6/2030 (b)(c)(e) | 4963 | 4954 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 9/19/2031 (b)(c)(e) | 625022 | 624203 |
| Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0646% 8/19/2028 (b)(c)(e) | 762980 | 763523 |
| USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 11/21/2029 (b)(c)(e) | 603946 | 604550 |
|  |  | 1997230 |
| TOTAL FINANCIALS |  | 5331647 |
| Health Care - 1.5% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2146% 1/15/2031 (b)(c)(e) | 1216950 | 1223339 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/23/2028 (b)(c)(e) | 985647 | 986455 |
| QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0015% 8/23/2032 (b)(c)(e) | 705000 | 699931 |
|  |  | 2909725 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.0015% 6/28/2029 (b)(c)(e) | 194008 | 151327 |
| Health Care Technology - 0.2% |  |  |
| AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 2/15/2029 (b)(c)(e) | 445309 | 443011 |
| Pharmaceuticals - 0.3% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.2146% 10/8/2030 (b)(c)(e) | 897788 | 890722 |
| Jazz Financing Lux Sarl Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 5/5/2028 (b)(c)(e) | 34033 | 34099 |
|  |  | 924821 |
| TOTAL HEALTH CARE |  | 4428884 |
| Industrials - 1.1% |  |  |
| Building Products - 0.0% |  |  |
| Oscar Acquisitionco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 4/29/2029 (b)(c)(e) | 90 | 80 |
| Commercial Services & Supplies - 0.6% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 12/21/2028 (b)(c)(e) | 561742 | 561040 |
| Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3146% 8/20/2032 (b)(c)(e) | 295000 | 296041 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7962% 8/1/2030 (b)(c)(e) | 259720 | 228987 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.0115% 4/11/2029 (b)(c)(e) | 649287 | 626400 |
|  |  | 1712468 |
| Ground Transportation - 0.2% |  |  |
| Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.7515% 4/10/2031 (b)(c)(e) | 753020 | 751010 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3084% 9/13/2032 (b)(c)(e) | 45000 | 45206 |
| Passenger Airlines - 0.0% |  |  |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7353% 4/1/2031 (b)(c)(e) | 19800 | 19924 |
| Professional Services - 0.3% |  |  |
| Dawn Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 10/7/2032 (b)(c)(e)(h) | 765000 | 762131 |
| TOTAL INDUSTRIALS |  | 3290819 |
| Information Technology - 2.4% |  |  |
| Communications Equipment - 0.3% |  |  |
| CommScope LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 8.7146% 12/17/2029 (b)(c)(e) | 750000 | 755910 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 7/12/2032 (b)(c)(e) | 29401 | 29419 |
| IT Services - 0.9% |  |  |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.1662% 2/10/2028 (b)(c)(e) | 445745 | 415381 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (e) | 615000 | 616439 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (b)(c)(e) | 1549179 | 1509071 |
|  |  | 2540891 |
| Software - 1.2% |  |  |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 12/11/2028 (b)(c)(e) | 1181943 | 1180714 |
| Cloud Software Group Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 8/13/2032 (b)(c)(e) | 105000 | 104967 |
| Ellucian Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 4.75%, 8.7146% 11/22/2032 (b)(c)(e) | 125000 | 126211 |
| Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 10/9/2029 (b)(c)(e) | 4987 | 4992 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 6/2/2028 (b)(c)(e) | 755597 | 721595 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 8/31/2028 (b)(c)(e)(h) | 370000 | 371336 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 8/31/2028 (b)(c)(e) | 730872 | 733511 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (e) | 94763 | 98908 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.1219% 6/28/2030 (b)(c)(e) | 119850 | 116640 |
|  |  | 3458874 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.8574% 2/20/2032 (b)(c)(e) | 328263 | 328470 |
| TOTAL INFORMATION TECHNOLOGY |  | 7113564 |
| Materials - 2.0% |  |  |
| Chemicals - 1.6% |  |  |
| Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0646% 11/24/2027 (b)(c)(e) | 359907 | 335613 |
| Arc Falcon I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.5646% 9/30/2028 (b)(c)(e) | 389136 | 388650 |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 10/15/2032 (b)(c)(e) | 360000 | 353610 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6074% 10/4/2029 (b)(c)(e) | 631829 | 625157 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.0265% 7/3/2028 (b)(c)(e) | 486286 | 431156 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.031% 3/15/2029 (b)(c)(e) | 906083 | 886992 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.3146% 4/2/2029 (b)(c)(e) | 801716 | 666089 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (b)(c)(e) | 864096 | 851852 |
| Olympus Water US Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 7/23/2032 (b)(c)(e)(h) | 35000 | 34825 |
| Scih Salt Hldgs Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.1971% 1/31/2029 (b)(c)(e) | 120988 | 121387 |
|  |  | 4695331 |
| Containers & Packaging - 0.4% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.1396% 4/13/2029 (b)(c)(e) | 1118925 | 1118052 |
| TOTAL MATERIALS |  | 5813383 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.2% |  |  |
| NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.5931% 4/16/2031 (b)(c)(e) | 44886 | 44971 |
| WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.3843% 1/27/2031 (b)(c)(e) | 443872 | 444805 |
|  |  | 489776 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5015% 3/29/2030 (b)(c)(e) | 325875 | 326960 |
| TOTAL UTILITIES |  | 816736 |
| TOTAL UNITED STATES |  | 48063083 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $51,857,971) |  | <br> **51119161** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.4%** | &nbsp;&nbsp;**Common Stocks - 0.4%** | &nbsp;&nbsp;**Common Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice France Holding SA (g) | 9686 | 161014 |
| UNITED STATES - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Warner Bros Discovery Inc (i) | 15800 | 354710 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| White Iris LLC (g) | 652 | 16091 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Forbes Energy Services Ltd (g)(i) | 6468 | 0 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Mesquite Energy Inc (g)(i) | 1922 | 392523 |
| TOTAL ENERGY |  | 392523 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Limetree Bay Cayman Ltd (g)(i) | 80 | 0 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Cano Health LLC (g)(i) | 29327 | 389756 |
| Cano Health LLC warrants (g)(i) | 901 | 3523 |
|  |  | 393279 |
| TOTAL UNITED STATES |  | 1156603 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,273,072) |  | <br> **1317617** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 1.3%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.3%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.3%  |  |  |
| Communication Services - 0.5% |  |  |
| Media - 0.5% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (c) | 618427 | 1486544 |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 1174000 | 1091233 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Travere Therapeutics Inc 2.25% 3/1/2029  | 300000 | 408690 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Wolfspeed Inc 2.5% 6/15/2031 (d) | 53000 | 115143 |
| Wolfspeed Inc 2.5% 6/15/2031  | 47000 | 102107 |
|  |  | 217250 |
| Software - 0.3% |  |  |
| Riot Platforms Inc 0.75% 1/15/2030 (d) | 346000 | 538376 |
| Terawulf Inc 0% 5/1/2032 (d) | 206000 | 213004 |
|  |  | 751380 |
| TOTAL INFORMATION TECHNOLOGY |  | 968630 |
| TOTAL UNITED STATES |  | 3955097 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $2,792,984) |  | <br> **3955097** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Apollo Global Management Inc Series A, 6.75% <br>(Cost $145,725)<br>| 2100 | **137478** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 0.5%** | &nbsp;&nbsp;**Fixed-Income Funds - 0.5%** | &nbsp;&nbsp;**Fixed-Income Funds - 0.5%** |
|  | Shares | Value ($)<br>|
| iShares Broad USD High Yield Corporate Bond ETF <br>(Cost $1,451,907)<br>| 38600 | **1450588** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 72.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 72.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 72.3%** |
|  | 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 (d) | 305000 | 306690 |
| AUSTRALIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Mineral Resources Ltd 7% 4/1/2031 (d) | 155000 | 160464 |
| Mineral Resources Ltd 9.25% 10/1/2028 (d) | 1140000 | 1195297 |
| TOTAL AUSTRALIA |  | 1355761 |
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (d) | 355000 | 315721 |
| BRAZIL - 0.6%  |  |  |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Ambipar Lux Sarl 9.875% 2/6/2031 (d)(f) | 1115000 | 248322 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (d) | 915000 | 909007 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (c)(d) | 475462 | 473834 |
|  |  | 1382841 |
| TOTAL BRAZIL |  | 1631163 |
| CAMEROON - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Golar LNG Ltd 7.5% 10/2/2030 (d) | 580000 | 572083 |
| Golar LNG Ltd 7.75% 9/19/2029 (d)(j) | 200000 | 199890 |
| TOTAL CAMEROON |  | 771973 |
| CANADA - 3.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| TELUS Corp 6.625% 10/15/2055 (c) | 605000 | 624146 |
| Consumer Discretionary - 1.0% |  |  |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (d) | 855000 | 839566 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (d) | 660000 | 623956 |
| 1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (d) | 600000 | 610663 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (d) | 345000 | 354520 |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (d) | 415000 | 409405 |
|  |  | 2838110 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Baytex Energy Corp 7.375% 3/15/2032 (d) | 305000 | 300329 |
| Parkland Corp 6.625% 8/15/2032 (d) | 590000 | 602335 |
|  |  | 902664 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (d) | 365000 | 381049 |
| Machinery - 0.1% |  |  |
| New Flyer Holdings Inc 9.25% 7/1/2030 (d) | 155000 | 165033 |
| TOTAL INDUSTRIALS |  | 546082 |
| Information Technology - 0.5% |  |  |
| Software - 0.5% |  |  |
| Open Text Corp 3.875% 2/15/2028 (d) | 1570000 | 1525991 |
| Materials - 0.8% |  |  |
| Chemicals - 0.2% |  |  |
| Methanex Corp 5.125% 10/15/2027  | 830000 | 831983 |
| Metals & Mining - 0.6% |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (d) | 265000 | 274210 |
| Hudbay Minerals Inc 4.5% 4/1/2026 (d) | 1080000 | 1077199 |
| New Gold Inc 6.875% 4/1/2032 (d) | 310000 | 324182 |
|  |  | 1675591 |
| TOTAL MATERIALS |  | 2507574 |
| TOTAL CANADA |  | 8944567 |
| COLOMBIA - 0.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Canacol Energy Ltd 5.75% 11/24/2028 (d) | 833000 | 179095 |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (d)(k) | 385000 | 311627 |
|  |  | 490722 |
| 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) | 670000 | 619884 |
| TOTAL COLOMBIA |  | 1110606 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Ivanhoe Mines Ltd 7.875% 1/23/2030 (d) | 455000 | 468974 |
| FRANCE - 0.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Altice France SA 6.5% 3/15/2032 (d) | 192525 | 184354 |
| Altice France SA 6.875% 10/15/2030 (d) | 180973 | 177103 |
| Altice France SA 6.875% 7/15/2032 (d) | 177123 | 169997 |
|  |  | 531454 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Viridien 10% 10/15/2030 (d) | 293000 | 307005 |
| TOTAL FRANCE |  | 838459 |
| GERMANY - 0.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (d) | 270000 | 257018 |
| ZF North America Capital Inc 7.5% 3/24/2031 (d) | 285000 | 274053 |
|  |  | 531071 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (d)(k) | 860000 | 859009 |
| TOTAL GERMANY |  | 1390080 |
| GHANA - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Kosmos Energy Ltd 7.125% 4/4/2026 (d)(k) | 780000 | 772200 |
| Kosmos Energy Ltd 7.75% 5/1/2027 (d) | 435000 | 406327 |
| TOTAL GHANA |  | 1178527 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (d) | 1035000 | 1065574 |
| IRELAND - 0.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Treasury DAC 5.875% 6/4/2031 (d) | 950000 | 961875 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (d) | 445000 | 450006 |
| GGAM Finance Ltd 6.875% 4/15/2029 (d) | 320000 | 331979 |
| GGAM Finance Ltd 7.75% 5/15/2026 (d) | 685000 | 686183 |
|  |  | 1468168 |
| TOTAL IRELAND |  | 2430043 |
| ISRAEL - 0.7%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Energean Israel Finance Ltd 5.375% 3/30/2028 (d)(j) | 195000 | 191831 |
| Energean PLC 6.5% 4/30/2027 (d) | 1240000 | 1236900 |
|  |  | 1428731 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 550000 | 568700 |
| TOTAL ISRAEL |  | 1997431 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (d) | 170000 | 143505 |
| MAURITIUS - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (d) | 170000 | 171530 |
| NIGERIA - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| IHS Holding Ltd 5.625% 11/29/2026 (d) | 475000 | 469063 |
| IHS Holding Ltd 7.875% 5/29/2030 (d) | 200000 | 203195 |
| IHS Holding Ltd 8.25% 11/29/2031 (d) | 455000 | 472973 |
| TOTAL NIGERIA |  | 1145231 |
| NORWAY - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (d) | 445000 | 455233 |
| TGS ASA 8.5% 1/15/2030 (d) | 680000 | 704141 |
| TOTAL NORWAY |  | 1159374 |
| PANAMA - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (d) | 545000 | 545000 |
| Wireless Telecommunication Services - 0.2% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (d) | 685000 | 698142 |
| TOTAL PANAMA |  | 1243142 |
| PERU - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (d) | 290000 | 294611 |
| SOUTH AFRICA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (d) | 685000 | 597889 |
| SWITZERLAND - 0.4%  |  |  |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (d) | 385000 | 390685 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (d) | 210000 | 218402 |
|  |  | 609087 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA 6.5% 5/15/2026 (d) | 740000 | 708879 |
| TOTAL SWITZERLAND |  | 1317966 |
| TANZANIA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (d) | 595000 | 617313 |
| UNITED KINGDOM - 1.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (d) | 725000 | 734511 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (d) | 1855000 | 2031802 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| INEOS Quattro Finance 2 Plc 9.625% 3/15/2029 (d) | 165000 | 154636 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (d) | 525000 | 530441 |
| TOTAL UNITED KINGDOM |  | 3451390 |
| UNITED STATES - 60.4%  |  |  |
| Communication Services - 6.4% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Cablevision Lightpath LLC 3.875% 9/15/2027 (d) | 1020000 | 999248 |
| Level 3 Financing Inc 3.875% 10/15/2030 (d) | 225000 | 201586 |
| Level 3 Financing Inc 4.875% 6/15/2029 (d) | 720000 | 688500 |
| Level 3 Financing Inc 7% 3/31/2034 (d) | 75000 | 77055 |
| Windstream Services LLC 7.5% 10/15/2033 (d)(k) | 290000 | 289475 |
| WULF Compute LLC 7.75% 10/15/2030 (d) | 855000 | 888238 |
|  |  | 3144102 |
| Entertainment - 0.7% |  |  |
| Live Nation Entertainment Inc 4.75% 10/15/2027 (d) | 1700000 | 1694541 |
| ROBLOX Corp 3.875% 5/1/2030 (d) | 465000 | 444946 |
|  |  | 2139487 |
| Media - 4.6% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 (d) | 465000 | 442152 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (d) | 1625000 | 1615632 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (d) | 740000 | 730324 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (d) | 600000 | 618755 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (d) | 180000 | 188220 |
| Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (d)(k) | 145000 | 152013 |
| CSC Holdings LLC 3.375% 2/15/2031 (d) | 50000 | 30253 |
| CSC Holdings LLC 4.5% 11/15/2031 (d) | 340000 | 208268 |
| CSC Holdings LLC 5.5% 4/15/2027 (d) | 190000 | 176298 |
| DISH DBS Corp 5.125% 6/1/2029  | 330000 | 284881 |
| DISH DBS Corp 7.75% 7/1/2026  | 580000 | 574062 |
| DISH Network Corp 11.75% 11/15/2027 (d) | 1460000 | 1537063 |
| EchoStar Corp 10.75% 11/30/2029  | 1889934 | 2080580 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (c) | 842483 | 869367 |
| EW Scripps Co/The 9.875% 8/15/2030 (d) | 1175000 | 1114296 |
| Sirius XM Radio LLC 3.125% 9/1/2026 (d) | 1095000 | 1086078 |
| TEGNA Inc 5% 9/15/2029  | 365000 | 362268 |
| Univision Communications Inc 4.5% 5/1/2029 (d)(k) | 340000 | 319554 |
| Univision Communications Inc 7.375% 6/30/2030 (d)(k) | 725000 | 727440 |
| Univision Communications Inc 8% 8/15/2028 (d) | 370000 | 380894 |
| Univision Communications Inc 9.375% 8/1/2032 (d) | 150000 | 158336 |
|  |  | 13656734 |
| TOTAL COMMUNICATION SERVICES |  | 18940323 |
| Consumer Discretionary - 8.8% |  |  |
| Automobile Components - 0.7% |  |  |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (d) | 220000 | 220654 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (d) | 845000 | 864589 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (d) | 315000 | 326554 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (d) | 170000 | 174127 |
| Patrick Industries Inc 6.375% 11/1/2032 (d) | 440000 | 448623 |
|  |  | 2034547 |
| Automobiles - 0.3% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (d) | 50000 | 45714 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (d)(k) | 85000 | 84494 |
| Nissan Motor Acceptance Co LLC 6.125% 9/30/2030 (d) | 375000 | 371762 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (d) | 385000 | 342906 |
|  |  | 844876 |
| Broadline Retail - 0.5% |  |  |
| Saks Global Enterprises LLC 11% 12/15/2029 (d) | 545340 | 238575 |
| Wayfair LLC 7.25% 10/31/2029 (d)(k) | 485000 | 501524 |
| Wayfair LLC 7.75% 9/15/2030 (d)(k) | 750000 | 791162 |
|  |  | 1531261 |
| Diversified Consumer Services - 1.5% |  |  |
| Service Corp International/US 5.75% 10/15/2032  | 605000 | 613804 |
| Sotheby's 7.375% 10/15/2027 (d) | 1685000 | 1678507 |
| StoneMor Inc 8.5% 5/15/2029 (d) | 870000 | 861081 |
| TKC Holdings Inc 10.5% 5/15/2029 (d) | 650000 | 668444 |
| TKC Holdings Inc 6.875% 5/15/2028 (d) | 515000 | 519308 |
|  |  | 4341144 |
| Hotels, Restaurants & Leisure - 3.8% |  |  |
| Boyd Gaming Corp 4.75% 12/1/2027  | 435000 | 432708 |
| Caesars Entertainment Inc 6% 10/15/2032 (d)(k) | 370000 | 352970 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (d) | 785000 | 791537 |
| Carnival Corp 5.125% 5/1/2029 (d) | 295000 | 298647 |
| Carnival Corp 5.75% 3/15/2030 (d) | 295000 | 303857 |
| Carnival Corp 5.875% 6/15/2031 (d) | 430000 | 443459 |
| Carnival Corp 6.125% 2/15/2033 (d) | 1365000 | 1407548 |
| Churchill Downs Inc 4.75% 1/15/2028 (d) | 365000 | 361715 |
| Churchill Downs Inc 6.75% 5/1/2031 (d)(k) | 600000 | 613465 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d) | 1190000 | 1103062 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (d) | 460000 | 444939 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (d) | 285000 | 290931 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 5% 6/1/2029 (d) | 485000 | 465704 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (d) | 300000 | 304434 |
| Life Time Inc 6% 11/15/2031 (d) | 500000 | 507025 |
| Lindblad Expeditions LLC 7% 9/15/2030 (d) | 155000 | 157863 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (d) | 125000 | 97644 |
| NCL Corp Ltd 5.875% 1/15/2031 (d) | 425000 | 424799 |
| Royal Caribbean Cruises Ltd 5.5% 4/1/2028 (d) | 450000 | 457648 |
| Six Flags Entertainment Corp 5.5% 4/15/2027 (d) | 525000 | 522959 |
| Viking Cruises Ltd 9.125% 7/15/2031 (d) | 460000 | 492821 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (d) | 150000 | 149852 |
| VOC Escrow Ltd 5% 2/15/2028 (d) | 240000 | 239334 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 5/15/2027 (d) | 390000 | 390722 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (d) | 195000 | 198124 |
|  |  | 11253767 |
| Household Durables - 1.0% |  |  |
| LGI Homes Inc 7% 11/15/2032 (d)(k) | 445000 | 427039 |
| LGI Homes Inc 8.75% 12/15/2028 (d) | 475000 | 493998 |
| New Home Co Inc/The 8.5% 11/1/2030 (d) | 175000 | 181093 |
| Newell Brands Inc 6.375% 5/15/2030 (k) | 210000 | 199500 |
| Newell Brands Inc 8.5% 6/1/2028 (d) | 205000 | 210313 |
| Somnigroup International Inc 4% 4/15/2029 (d)(k) | 1035000 | 996760 |
| Whirlpool Corp 6.125% 6/15/2030  | 390000 | 386169 |
|  |  | 2894872 |
| Specialty Retail - 1.0% |  |  |
| Advance Auto Parts Inc 7% 8/1/2030 (d)(k) | 205000 | 206842 |
| Carvana Co 5.875% 10/1/2028 (d) | 115000 | 112413 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (d) | 590000 | 601805 |
| LBM Acquisition LLC 6.25% 1/15/2029 (d) | 140000 | 127698 |
| LBM Acquisition LLC 9.5% 6/15/2031 (d) | 415000 | 434194 |
| Park River Holdings Inc 8% 3/15/2031 (d) | 110000 | 113239 |
| SGUS LLC 11% 12/15/2029 (d) | 341024 | 294137 |
| Staples Inc 10.75% 9/1/2029 (d) | 665000 | 644437 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (d)(k) | 205000 | 214252 |
| White Cap Supply Holdings LLC 7.375% 11/15/2030 (d) | 255000 | 257946 |
|  |  | 3006963 |
| TOTAL CONSUMER DISCRETIONARY |  | 25907430 |
| Consumer Staples - 2.1% |  |  |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d) | 320000 | 304978 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (d)(l) | 260000 | 262055 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.5% 2/15/2028 (d) | 1040000 | 1059058 |
| C&S Group Enterprises LLC 5% 12/15/2028 (d) | 310000 | 282699 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (d) | 820000 | 858547 |
| Performance Food Group Inc 5.5% 10/15/2027 (d) | 425000 | 425091 |
| Performance Food Group Inc 6.125% 9/15/2032 (d) | 435000 | 446614 |
| US Foods Inc 4.75% 2/15/2029 (d) | 545000 | 538971 |
| US Foods Inc 5.75% 4/15/2033 (d)(k) | 215000 | 217830 |
|  |  | 4395843 |
| Food Products - 0.6% |  |  |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (d) | 210000 | 221650 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (d) | 655000 | 704825 |
| Post Holdings Inc 4.625% 4/15/2030 (d) | 370000 | 358731 |
| Post Holdings Inc 6.375% 3/1/2033 (d)(k) | 225000 | 227878 |
| TreeHouse Foods Inc 4% 9/1/2028 (k) | 365000 | 355407 |
|  |  | 1868491 |
| TOTAL CONSUMER STAPLES |  | 6264334 |
| Energy - 8.2% |  |  |
| Energy Equipment & Services - 1.8% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.25% 4/1/2028 (d) | 445000 | 446894 |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (d) | 150000 | 154161 |
| Kodiak Gas Services LLC 7.25% 2/15/2029 (d) | 585000 | 607483 |
| Nabors Industries Inc 7.375% 5/15/2027 (d) | 346000 | 350832 |
| Nabors Industries Ltd 7.5% 1/15/2028 (d) | 705000 | 708271 |
| SESI LLC 7.875% 9/30/2030 (d) | 725000 | 711516 |
| Transocean International Ltd 7.875% 10/15/2032 (d) | 80000 | 82388 |
| Transocean International Ltd 8.25% 5/15/2029 (d) | 590000 | 593454 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (d) | 320000 | 321229 |
| USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (d) | 210000 | 216896 |
| Valaris Ltd 8.375% 4/30/2030 (d) | 355000 | 370231 |
| WBI Operating LLC 6.25% 10/15/2030 (d) | 870000 | 869174 |
|  |  | 5432529 |
| Oil, Gas & Consumable Fuels - 6.4% |  |  |
| Aethon United BR LP / Aethon United Finance Corp 7.5% 10/1/2029 (d) | 305000 | 316425 |
| Buckeye Partners LP 4.125% 12/1/2027  | 310000 | 306534 |
| California Resources Corp 8.25% 6/15/2029 (d) | 960000 | 998651 |
| CITGO Petroleum Corp 6.375% 6/15/2026 (d) | 525000 | 525634 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (d) | 575000 | 550391 |
| CNX Resources Corp 7.25% 3/1/2032 (d)(k) | 485000 | 505683 |
| Comstock Resources Inc 5.875% 1/15/2030 (d) | 455000 | 433028 |
| Comstock Resources Inc 6.75% 3/1/2029 (d) | 875000 | 867422 |
| CVR Energy Inc 8.5% 1/15/2029 (d) | 1070000 | 1096577 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (d) | 80000 | 80393 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (d) | 970000 | 1012416 |
| Energy Transfer LP 6.5% 2/15/2056 (c) | 275000 | 272509 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  | 230000 | 232812 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (d) | 115000 | 116628 |
| Harvest Midstream I LP 7.5% 5/15/2032 (d) | 415000 | 430077 |
| Hess Midstream Operations LP 5.875% 3/1/2028 (d) | 910000 | 928737 |
| Hess Midstream Operations LP 6.5% 6/1/2029 (d) | 630000 | 652808 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (d) | 290000 | 303880 |
| Kinetik Holdings LP 6.625% 12/15/2028 (d) | 1145000 | 1175999 |
| Matador Resources Co 6.5% 4/15/2032 (d) | 365000 | 368363 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (d) | 220000 | 212354 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (d) | 395000 | 384731 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (d) | 355000 | 361812 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028 (k) | 170000 | 168766 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d)(k) | 580000 | 582627 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d) | 870000 | 922318 |
| Prairie Acquiror LP 9% 8/1/2029 (d) | 805000 | 826233 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (d) | 255000 | 266894 |
| SM Energy Co 6.625% 1/15/2027  | 431000 | 431278 |
| Summit Midstream Holdings LLC 8.625% 10/31/2029 (d) | 150000 | 152591 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028  | 250000 | 250416 |
| Sunoco LP / Sunoco Finance Corp 6% 4/15/2027  | 1260000 | 1261924 |
| Sunoco LP 5.625% 3/15/2031 (d) | 845000 | 845545 |
| Talos Production Inc 9% 2/1/2029 (d) | 295000 | 303313 |
| Venture Global LNG Inc 7% 1/15/2030 (d)(k) | 300000 | 303594 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d) | 285000 | 313414 |
|  |  | 18762777 |
| TOTAL ENERGY |  | 24195306 |
| Financials - 6.8% |  |  |
| Banks - 0.0% |  |  |
| HAT Holdings I LLC / HAT Holdings II LLC 8% 6/15/2027 (d) | 77000 | 79974 |
| Capital Markets - 1.0% |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (d) | 595000 | 592881 |
| Focus Financial Partners LLC 6.75% 9/15/2031 (d) | 575000 | 592638 |
| Hightower Holding LLC 6.75% 4/15/2029 (d) | 135000 | 135143 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (d) | 515000 | 524052 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (d) | 395000 | 412052 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (d) | 580000 | 606949 |
|  |  | 2863715 |
| Consumer Finance - 1.3% |  |  |
| Encore Capital Group Inc 6.625% 4/15/2031 (d) | 300000 | 297717 |
| Ford Motor Credit Co LLC 5.73% 9/5/2030  | 730000 | 740339 |
| Navient Corp 6.75% 6/15/2026  | 250000 | 252694 |
| OneMain Finance Corp 3.5% 1/15/2027  | 775000 | 762445 |
| OneMain Finance Corp 5.375% 11/15/2029  | 690000 | 684536 |
| OneMain Finance Corp 6.125% 5/15/2030 (k) | 415000 | 419880 |
| OneMain Finance Corp 6.75% 3/15/2032  | 85000 | 86260 |
| PRA Group Inc 5% 10/1/2029 (d)(k) | 165000 | 150107 |
| PRA Group Inc 8.875% 1/31/2030 (d) | 420000 | 426175 |
|  |  | 3820153 |
| Financial Services - 2.3% |  |  |
| Block Inc 5.625% 8/15/2030 (d) | 260000 | 263928 |
| Block Inc 6% 8/15/2033 (d) | 165000 | 168712 |
| Block Inc 6.5% 5/15/2032  | 530000 | 549904 |
| CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (d) | 290000 | 292674 |
| Freedom Mortgage Corp 6.625% 1/15/2027 (d) | 335000 | 335752 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d) | 1150000 | 1154313 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027 (k) | 1040000 | 1022007 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  | 191000 | 190891 |
| NFE Financing LLC 12% 11/15/2029 (d) | 319789 | 77933 |
| Rocket Cos Inc 6.125% 8/1/2030 (d) | 600000 | 618902 |
| Rocket Cos Inc 6.5% 8/1/2029 (d) | 350000 | 363032 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (d) | 345000 | 356328 |
| UWM Holdings LLC 6.25% 3/15/2031 (d) | 340000 | 339388 |
| UWM Holdings LLC 6.625% 2/1/2030 (d) | 575000 | 585802 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (d) | 470000 | 479939 |
|  |  | 6799505 |
| Insurance - 1.6% |  |  |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (d) | 880000 | 916820 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (d) | 30000 | 30114 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d) | 680000 | 692346 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (d) | 235000 | 243401 |
| AmWINS Group Inc 4.875% 6/30/2029 (d) | 490000 | 473238 |
| AmWINS Group Inc 6.375% 2/15/2029 (d) | 350000 | 356768 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (d) | 735000 | 757050 |
| HUB International Ltd 7.375% 1/31/2032 (d) | 835000 | 865413 |
| Ryan Specialty LLC 5.875% 8/1/2032 (d) | 450000 | 457506 |
|  |  | 4792656 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| Rithm Capital Corp 8% 4/1/2029 (d) | 140000 | 142839 |
| Starwood Property Trust Inc 5.25% 10/15/2028 (d) | 980000 | 983551 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (d) | 615000 | 639633 |
|  |  | 1766023 |
| TOTAL FINANCIALS |  | 20122026 |
| Health Care - 4.3% |  |  |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (d) | 305000 | 289678 |
| Avantor Funding Inc 4.625% 7/15/2028 (d) | 635000 | 624797 |
| Medline Borrower LP 3.875% 4/1/2029 (d) | 60000 | 58278 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d) | 990000 | 1018466 |
|  |  | 1991219 |
| Health Care Providers & Services - 2.2% |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (d)(k) | 295000 | 304960 |
| AMN Healthcare Inc 6.5% 1/15/2031 (d)(k) | 550000 | 551322 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (d) | 385000 | 360890 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (d) | 295000 | 312342 |
| CVS Health Corp 7% 3/10/2055 (c) | 435000 | 457046 |
| LifePoint Health Inc 11% 10/15/2030 (d) | 385000 | 424502 |
| Molina Healthcare Inc 3.875% 5/15/2032 (d)(k) | 235000 | 211886 |
| Molina Healthcare Inc 6.25% 1/15/2033 (d)(k) | 460000 | 463006 |
| Owens & Minor Inc 6.625% 4/1/2030 (d)(k) | 330000 | 251182 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (d) | 175000 | 180060 |
| Tenet Healthcare Corp 5.125% 11/1/2027  | 2300000 | 2297439 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (d) | 800000 | 814648 |
|  |  | 6629283 |
| Health Care Technology - 0.6% |  |  |
| IQVIA Inc 5% 5/15/2027 (d) | 1165000 | 1164629 |
| IQVIA Inc 6.25% 6/1/2032 (d) | 355000 | 370004 |
| IQVIA Inc 6.5% 5/15/2030 (d) | 245000 | 254444 |
|  |  | 1789077 |
| Pharmaceuticals - 0.8% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (d) | 930000 | 972138 |
| Bausch Health Cos Inc 11% 9/30/2028 (d) | 315000 | 330196 |
| Jazz Securities DAC 4.375% 1/15/2029 (d) | 415000 | 406615 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d) | 535000 | 509008 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (d) | 235000 | 180136 |
|  |  | 2398093 |
| TOTAL HEALTH CARE |  | 12807672 |
| Industrials - 9.2% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| BWX Technologies Inc 4.125% 4/15/2029 (d) | 635000 | 619073 |
| Spirit AeroSystems Inc 9.75% 11/15/2030 (d) | 210000 | 230720 |
| TransDigm Inc 6.25% 1/31/2034 (d)(k) | 90000 | 93015 |
| TransDigm Inc 6.375% 3/1/2029 (d) | 1415000 | 1446838 |
| TransDigm Inc 6.75% 1/31/2034 (d) | 410000 | 424876 |
| TransDigm Inc 6.75% 8/15/2028 (d) | 2495000 | 2544900 |
|  |  | 5359422 |
| Air Freight & Logistics - 0.3% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (d)(k) | 955000 | 976273 |
| Building Products - 0.7% |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (d) | 245000 | 244398 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (d)(k) | 720000 | 665580 |
| JH North America Holdings Inc 5.875% 1/31/2031 (d) | 660000 | 672220 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (d) | 430000 | 442041 |
|  |  | 2024239 |
| Commercial Services & Supplies - 2.9% |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (d) | 365000 | 374452 |
| Artera Services LLC 8.5% 2/15/2031 (d)(k) | 1565000 | 1350578 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (d) | 665000 | 639846 |
| CoreCivic Inc 4.75% 10/15/2027  | 35000 | 34704 |
| CoreCivic Inc 8.25% 4/15/2029  | 400000 | 421242 |
| GEO Group Inc/The 10.25% 4/15/2031  | 620000 | 678964 |
| GEO Group Inc/The 8.625% 4/15/2029  | 205000 | 216340 |
| GFL Environmental Inc 4% 8/1/2028 (d) | 1205000 | 1178794 |
| GFL Environmental Inc 6.75% 1/15/2031 (d) | 230000 | 240609 |
| Madison IAQ LLC 4.125% 6/30/2028 (d) | 800000 | 783336 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (d) | 1040000 | 1027000 |
| OT Midco Inc 10% 2/15/2030 (d) | 125000 | 73128 |
| Prime Security Services Borrower LLC / Prime Finance Inc 5.75% 4/15/2026 (d) | 239000 | 239588 |
| Waste Pro USA Inc 7% 2/1/2033 (d) | 295000 | 306630 |
| Williams Scotsman Inc 6.625% 4/15/2030 (d) | 585000 | 604954 |
|  |  | 8170165 |
| Construction & Engineering - 0.5% |  |  |
| Pike Corp 5.5% 9/1/2028 (d) | 480000 | 478978 |
| Pike Corp 8.625% 1/31/2031 (d) | 275000 | 293430 |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (d) | 560000 | 560677 |
|  |  | 1333085 |
| Electrical Equipment - 0.1% |  |  |
| WESCO Distribution Inc 6.375% 3/15/2033 (d)(k) | 295000 | 308165 |
| Ground Transportation - 0.4% |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.25% 1/15/2030 (d) | 145000 | 147986 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (d) | 395000 | 402974 |
| XPO Inc 6.25% 6/1/2028 (d) | 745000 | 759705 |
|  |  | 1310665 |
| Machinery - 0.3% |  |  |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (c)(d) | 410000 | 440203 |
| Esab Corp 6.25% 4/15/2029 (d) | 545000 | 557733 |
|  |  | 997936 |
| Passenger Airlines - 0.2% |  |  |
| American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (d) | 270000 | 276264 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (d) | 237500 | 238104 |
|  |  | 514368 |
| Professional Services - 1.1% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (d)(k) | 570000 | 593202 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (d) | 915000 | 853619 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (d) | 775000 | 740080 |
| ION Platform Finance US Inc / ION Platform Finance SARL 9% 8/1/2029 (d) | 300000 | 303699 |
| TriNet Group Inc 7.125% 8/15/2031 (d) | 765000 | 793724 |
|  |  | 3284324 |
| Trading Companies & Distributors - 0.8% |  |  |
| FTAI Aviation Investors LLC 7% 6/15/2032 (d) | 230000 | 240894 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (d)(k) | 365000 | 387900 |
| Herc Holdings Inc 7% 6/15/2030 (d) | 565000 | 591374 |
| QXO Building Products Inc 6.75% 4/30/2032 (d) | 420000 | 434806 |
| United Rentals North America Inc 3.875% 11/15/2027 (k) | 645000 | 636500 |
|  |  | 2291474 |
| Transportation Infrastructure - 0.1% |  |  |
| Beacon Mobility Corp 7.25% 8/1/2030 (d) | 300000 | 312363 |
| TOTAL INDUSTRIALS |  | 26882479 |
| Information Technology - 4.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| CommScope LLC 9.5% 12/15/2031 (d) | 319000 | 324936 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Coherent Corp 5% 12/15/2029 (d) | 925000 | 915104 |
| Lightning Power LLC 7.25% 8/15/2032 (d) | 290000 | 307185 |
|  |  | 1222289 |
| IT Services - 1.3% |  |  |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d)(k) | 1085000 | 1082557 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d) | 585000 | 583132 |
| CoreWeave Inc 9% 2/1/2031 (d) | 600000 | 601755 |
| CoreWeave Inc 9.25% 6/1/2030 (d) | 1115000 | 1125845 |
| Sabre GLBL Inc 11.125% 7/15/2030 (d) | 350000 | 330750 |
|  |  | 3724039 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Entegris Inc 4.75% 4/15/2029 (d) | 1595000 | 1585135 |
| Wolfspeed Inc 12% 6/15/2031 pay-in-kind (c) | 59125 | 50847 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (c)(d) | 123058 | 135518 |
|  |  | 1771500 |
| Software - 1.5% |  |  |
| Cloud Software Group Inc 6.625% 8/15/2033 (d) | 140000 | 140321 |
| Elastic NV 4.125% 7/15/2029 (d) | 615000 | 592812 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (d) | 180000 | 182172 |
| Gen Digital Inc 6.25% 4/1/2033 (d) | 340000 | 350011 |
| SS&C Technologies Inc 5.5% 9/30/2027 (d) | 1040000 | 1040584 |
| UKG Inc 6.875% 2/1/2031 (d) | 760000 | 782312 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 1175000 | 1234008 |
|  |  | 4322220 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (d) | 565000 | 578871 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (d) | 145000 | 154056 |
|  |  | 732927 |
| TOTAL INFORMATION TECHNOLOGY |  | 12097911 |
| Materials - 5.2% |  |  |
| Chemicals - 2.6% |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (c)(d) | 280806 | 248513 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (d) | 605000 | 634319 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (k) | 240000 | 237996 |
| Celanese US Holdings LLC 6.75% 4/15/2033  | 330000 | 324956 |
| Chemours Co/The 4.625% 11/15/2029 (d) | 140000 | 122851 |
| Chemours Co/The 5.75% 11/15/2028 (d)(k) | 1220000 | 1169045 |
| LSB Industries Inc 6.25% 10/15/2028 (d) | 455000 | 448559 |
| Mativ Holdings Inc 8% 10/1/2029 (d)(k) | 265000 | 256795 |
| Methanex US Operations Inc 6.25% 3/15/2032 (d)(k) | 310000 | 315356 |
| Olin Corp 6.625% 4/1/2033 (d) | 310000 | 306986 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (d) | 200000 | 199074 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (d)(k) | 515000 | 515309 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (d) | 585000 | 578607 |
| Scih Salt Hldgs Inc 6.625% 5/1/2029 (d) | 960000 | 951539 |
| Tronox Inc 4.625% 3/15/2029 (d) | 530000 | 325832 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (d) | 510000 | 466670 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (d) | 575000 | 555375 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (d) | 115000 | 115219 |
|  |  | 7773001 |
| Construction Materials - 0.9% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (d) | 830000 | 860886 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d) | 835000 | 879254 |
| VM Consolidated Inc 5.5% 4/15/2029 (d) | 1045000 | 1033404 |
|  |  | 2773544 |
| Containers & Packaging - 1.1% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (d) | 610000 | 568709 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (d) | 725000 | 726870 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (d) | 280000 | 280951 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)(k) | 240000 | 240491 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (d)(k) | 445000 | 450841 |
| Sealed Air Corp 5% 4/15/2029 (d) | 245000 | 243267 |
| Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (d)(k) | 590000 | 597671 |
|  |  | 3108800 |
| Metals & Mining - 0.6% |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (d) | 90000 | 95125 |
| Alumina Pty Ltd 6.375% 9/15/2032 (d) | 895000 | 926196 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (d) | 200000 | 204499 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (d) | 495000 | 518180 |
|  |  | 1744000 |
| TOTAL MATERIALS |  | 15399345 |
| Real Estate - 2.0% |  |  |
| Diversified REITs - 0.2% |  |  |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (d) | 735000 | 687905 |
| Health Care REITs - 0.2% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027 (k) | 715000 | 687919 |
| Hotel & Resort REITs - 0.4% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (d)(k) | 455000 | 441922 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (d)(k) | 285000 | 291860 |
| RHP Hotel Properties LP / RHP Finance Corp 7.25% 7/15/2028 (d) | 425000 | 438235 |
|  |  | 1172017 |
| Real Estate Management & Development - 0.1% |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (d) | 300000 | 326656 |
| Retail REITs - 0.3% |  |  |
| Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 5.75% 5/15/2026 (d) | 776000 | 773795 |
| Specialized REITs - 0.8% |  |  |
| Iron Mountain Inc 4.875% 9/15/2027 (d) | 375000 | 373835 |
| Millrose Properties Inc 6.375% 8/1/2030 (d) | 740000 | 749650 |
| SBA Communications Corp 3.875% 2/15/2027 (k) | 1240000 | 1226128 |
|  |  | 2349613 |
| TOTAL REAL ESTATE |  | 5997905 |
| Utilities - 3.3% |  |  |
| Electric Utilities - 2.5% |  |  |
| American Electric Power Co Inc 5.8% 3/15/2056 (c) | 580000 | 581047 |
| Edison International 7.875% 6/15/2054 (c)(k) | 240000 | 247011 |
| NRG Energy Inc 5.75% 7/15/2029 (d) | 1335000 | 1340051 |
| PG&E Corp 5% 7/1/2028  | 310000 | 307838 |
| PG&E Corp 7.375% 3/15/2055 (c) | 1460000 | 1501647 |
| Sierra Pacific Power Co 6.2% 12/15/2055 (c) | 811000 | 810222 |
| Vistra Operations Co LLC 5% 7/31/2027 (d) | 1025000 | 1025555 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (d) | 805000 | 805262 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (d) | 340000 | 360820 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(k) | 360000 | 370320 |
|  |  | 7349773 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (d) | 290000 | 293370 |
| Alpha Generation LLC 6.75% 10/15/2032 (d)(k) | 290000 | 298000 |
| Calpine Corp 5.125% 3/15/2028 (d) | 895000 | 894902 |
| Sunnova Energy Corp 5.875% (d)(f) | 675000 | 3375 |
|  |  | 1489647 |
| Multi-Utilities - 0.3% |  |  |
| Sempra 6.375% 4/1/2056 (c) | 835000 | 857970 |
| TOTAL UTILITIES |  | 9697390 |
| TOTAL UNITED STATES |  | 178312121 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd 8% 3/1/2033 (d) | 275000 | 292265 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (d) | 470000 | 491738 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (d) | 131000 | 138321 |
| TOTAL ZAMBIA |  | 922324 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $209,982,516) |  | <br> **213181965** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Strategy Inc 9% (m)<br>(Cost $468,833)<br>| 5200 | **516984** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 4.4%** | &nbsp;&nbsp;**Preferred Securities - 4.4%** | &nbsp;&nbsp;**Preferred Securities - 4.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| SWITZERLAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| UBS Group AG 7% (c)(d)(n) | 295000 | 303431 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Barclays PLC 7.625% (c)(n) | 245000 | 261525 |
| UNITED STATES - 4.2%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Energy Transfer LP Series G, 7.125% (c)(n) | 825000 | 875946 |
| Mesquite Energy Inc 7.25% (f)(g)(n) | 135000 | 12 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.583% (b)(c)(n) | 720000 | 734211 |
| Sunoco LP 7.875% (c)(d)(n) | 900000 | 922565 |
|  |  | 2532734 |
| Financials - 2.8% |  |  |
| Banks - 1.9% |  |  |
| Bank of America Corp 6.25% (c)(n) | 1125000 | 1145519 |
| Citigroup Inc 6.75% (c)(n) | 200000 | 206342 |
| Citigroup Inc 6.875% (c)(n) | 750000 | 786869 |
| Citigroup Inc 6.95% (c)(n) | 425000 | 443465 |
| Citigroup Inc 7.125% (c)(n) | 405000 | 423873 |
| JPMorgan Chase & Co 6.5% (c)(n) | 1615000 | 1685031 |
| Wells Fargo & Co 3.9% (c)(n) | 715000 | 713291 |
| Wells Fargo & Co 7.625% (c)(k)(n) | 290000 | 312412 |
|  |  | 5716802 |
| Capital Markets - 0.3% |  |  |
| Goldman Sachs Group Inc/The 6.125% (c)(n) | 120000 | 125850 |
| Goldman Sachs Group Inc/The 6.85% (c)(n) | 590000 | 623040 |
|  |  | 748890 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc 4.7% (c)(n) | 230000 | 216219 |
| Ally Financial Inc 4.7% (c)(k)(n) | 1660000 | 1641960 |
|  |  | 1858179 |
| TOTAL FINANCIALS |  | 8323871 |
| Industrials - 0.3% |  |  |
| Trading Companies & Distributors - 0.3% |  |  |
| Air Lease Corp 4.125% (c)(n) | 1050000 | 1016581 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Edison International 5% (c)(n) | 615000 | 603834 |
| TOTAL UNITED STATES |  | 12477020 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $12,695,130) |  | <br> **13041976** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 9.5%** | &nbsp;&nbsp;**Money Market Funds - 9.5%** | &nbsp;&nbsp;**Money Market Funds - 9.5%** | &nbsp;&nbsp;**Money Market Funds - 9.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (o) | 4.18 | 8397562 | 8399241 |
| Fidelity Securities Lending Cash Central Fund (o)(p) | 4.18 | 19626927 | 19628890 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $28,028,131) |  |  | **28028131** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 106.5%**<br> (Cost $310,170,524)<br>| <br>**314223976** |
| **NET OTHER ASSETS (LIABILITIES) - (6.5)%**  | **(19124273)** |
| **NET ASSETS - 100.0%** | **295099703** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

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

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

(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 $188,122,869 or 63.7% of net assets.

(e) 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.

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

(g) Level 3 security.

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

(i) Non-income producing.

(j) 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 $391,721 or 0.1% of net assets.

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

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

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

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

(p) 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 | 72719081 | 75502241 | 240781 | 181 | - | 8399241 | 8397562 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 24361332 | 63819076 | 68551518 | 31748 | - | - | 19628890 | 19626927 | 0.1% |
| Total | 35543552 | 136538157 | 144053759 | 272529 | 181 | - | 28028131 |  |  |

---

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

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 1474979 | - | 1474979 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 7612138 | - | 7612138 | - |
| Consumer Discretionary | 12375784 | - | 12375784 | - |
| Consumer Staples | 1210773 | - | 1210773 | - |
| Energy | 1265613 | - | 1265613 | - |
| Financials | 5331647 | - | 5331647 | - |
| Health Care | 4428884 | - | 4428884 | - |
| Industrials | 3819197 | - | 3819197 | - |
| Information Technology | 7113564 | - | 7113564 | - |
| Materials | 7121432 | - | 7121432 | - |
| Utilities | 840129 | - | 840129 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 515724 | 354710 | - | 161014 |
| Consumer Discretionary | 16091 | - | - | 16091 |
| Energy | 392523 | - | - | 392523 |
| Financials | - | - | - | - |
| Health Care | 393279 | - | - | 393279 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 1486544 | - | 1486544 | - |
| Financials | 1091233 | - | 1091233 | - |
| Health Care | 408690 | - | 408690 | - |
| Information Technology | 968630 | - | 968630 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 137478 | - | 137478 | - |
|  **Fixed-Income Funds** | 1450588 | 1450588 | - | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 23253715 | - | 23253715 | - |
| Consumer Discretionary | 31288718 | - | 31288718 | - |
| Consumer Staples | 6264334 | - | 6264334 | - |
| Energy | 32772794 | - | 32772794 | - |
| Financials | 22655768 | - | 22655768 | - |
| Health Care | 13376372 | - | 13376372 | - |
| Industrials | 29144979 | - | 29144979 | - |
| Information Technology | 14241215 | - | 14241215 | - |
| Materials | 23338450 | - | 23338450 | - |
| Real Estate | 5997905 | - | 5997905 | - |
| Utilities | 10847715 | - | 10847715 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 516984 | 516984 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 2532734 | - | 2532722 | 12 |
| Financials | 8888827 | - | 8888827 | - |
| Industrials | 1016581 | - | 1016581 | - |
| Utilities | 603834 | - | 603834 | - |
|  **Money Market Funds** | 28028131 | 28028131 | - | - |
| **Total Investments in Securities:** | 314223976 | 30350413 | 282910644 | 962919 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $18,924,103) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $282,142,393) | $286195845 |  |
| Fidelity Central Funds (cost $28,028,131) | 28028131 |  |
| Total Investment in Securities (cost $310,170,524) |  | $314223976 |
| Receivable for investments sold |  | 2612948 |
| Receivable for fund shares sold |  | 820593 |
| Interest receivable |  | 4054186 |
| Distributions receivable from Fidelity Central Funds |  | 44966 |
| Prepaid expenses |  | 324 |
| Receivable from investment adviser for expense reductions |  | 724 |
| **Total assets** |  | 321757717 |
| **Liabilities** |  |  |
| Payable to custodian bank | $327579 |  |
| Payable for investments purchased |  |  |
| Regular delivery | 5640686 |  |
| Delayed delivery | 260000 |  |
| Payable for fund shares redeemed | 361872 |  |
| Distributions payable | 221229 |  |
| Accrued management fee | 159872 |  |
| Distribution and service plan fees payable | 12089 |  |
| Other payables and accrued expenses | 45797 |  |
| Collateral on securities loaned | 19628890 |  |
| **Total liabilities** |  | 26658014 |
| **Net Assets**  |  | $295099703 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $300314456 |
| Total accumulated earnings (loss) |  | (5214753) |
| **Net Assets** |  | $295099703 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($37,900,280 ÷ 4,168,555 shares)(a) |  | $9.09 |
| Maximum offering price per share (100/96.00 of $9.09) |  | $9.47 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($4,069,429 ÷ 447,647 shares)(a) |  | $9.09 |
| Maximum offering price per share (100/96.00 of $9.09) |  | $9.47 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($4,059,085 ÷ 446,391 shares)(a) |  | $9.09 |
| **Short Duration High Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($225,509,199 ÷ 24,802,999 shares) |  | $9.09 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($12,904,620 ÷ 1,419,143 shares) |  | $9.09 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($10,657,090 ÷ 1,171,930 shares) |  | $9.09 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $264282 |
| Interest  |  | 10420875 |
| Income from Fidelity Central Funds (including $31,748 from security lending)  |  | 272529 |
| **Total income** |  | 10957686 |
| **Expenses** |  |  |
| Management fee | $955387 |  |
| Distribution and service plan fees | 70333 |  |
| Custodian fees and expenses | 9469 |  |
| Independent trustees' fees and expenses | 534 |  |
| Registration fees | 96935 |  |
| Audit fees | 38329 |  |
| Legal | 594 |  |
| Miscellaneous | 444 |  |
| Total expenses before reductions | 1172025 |  |
| Expense reductions | (23330) |  |
| Total expenses after reductions |  | 1148695 |
| **Net Investment income (loss)** |  | 9808991 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1906994 |  |
| Fidelity Central Funds | 181 |  |
| Foreign currency transactions | (180) |  |
| Total net realized gain (loss) |  | 1906995 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 5366322 |  |
| Assets and liabilities in foreign currencies | (45) |  |
| Total change in net unrealized appreciation (depreciation) |  | 5366277 |
| **Net gain (loss)** |  | 7273272 |
| **Net increase (decrease) in net assets resulting from operations** |  | $17082263 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9808991 | $17526248 |
| &nbsp;&nbsp;Net realized gain (loss) | 1906995<br>| 144182<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 5366277 | (2296228)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 17082263<br>| 15374202<br>|
| Distributions to shareholders | (8714998)<br>| (16480878)<br>|
| Share transactions - net increase (decrease) | (7148373)<br>| 66461198<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1218892<br>| 65354522<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 293880811 | 228526289<br>|
| &nbsp;&nbsp;End of period | $295099703 | $293880811 |

---

**Financial Highlights** 

**Fidelity Advisor® Short Duration High Income Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 | $8.87 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .293  | .593  | .604  | .502  | .307  | .300  |
| Net realized and unrealized gain (loss)  | .227  | (.025)  | .078  | (.429)  | (.546)  | .651  |
| Total from investment operations  | .520  | .568  | .682  | .073  | (.239)  | .951  |
| Distributions from net investment income  | (.260)  | (.558)  | (.522)  | (.393)  | (.301)  | (.301)  |
| Total distributions  | (.260)  | (.558)  | (.522)  | (.393)  | (.301)  | (.301)  |
| Net asset value, end of period  | $9.09 | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 |
| **Total Return** C,D,E | 5.94% <br>| 6.53%  | 8.12%  | .93%  | (2.60)%  | 10.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.04% H | 1.03%  | 1.04%  | 1.10%  | 1.13%  | 1.15%  |
| Expenses net of fee waivers, if any  | 1.00% H<br>| 1.00%  | 1.01%  | 1.00%  | 1.01%  | 1.05%  |
| Expenses net of all reductions, if any  | 1.00% H | .99%  | 1.01%  | 1.00%  | 1.01%  | 1.05%  |
| Net investment income (loss)  | 6.47% H | 6.63%  | 6.94%  | 5.81%  | 3.27%  | 3.21%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $37900 | $32869 | $26215 | $21379 | $22554 | $17126 |
| Portfolio turnover rate I | 113% H<br>| 43%  | 30%  | 14%  | 42%  | 74%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

**Fidelity Advisor® Short Duration High Income Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.81 | $8.66 | $8.98 | $9.52 | $8.86 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .293  | .591  | .604  | .502  | .307  | .300  |
| Net realized and unrealized gain (loss)  | .227  | (.013)  | .068  | (.429)  | (.546)  | .661  |
| Total from investment operations  | .520  | .578  | .672  | .073  | (.239)  | .961  |
| Distributions from net investment income  | (.260)  | (.558)  | (.522)  | (.393)  | (.301)  | (.301)  |
| Total distributions  | (.260)  | (.558)  | (.522)  | (.393)  | (.301)  | (.301)  |
| Net asset value, end of period  | $9.09 | $8.83 | $8.81 | $8.66 | $8.98 | $9.52 |
| **Total Return** C,D,E | 5.94% <br>| 6.65%  | 8.00%  | .93%  | (2.60)%  | 10.96%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.06% H | 1.05%  | 1.06%  | 1.12%  | 1.13%  | 1.17%  |
| Expenses net of fee waivers, if any  | 1.00% H<br>| 1.00%  | 1.01%  | 1.00%  | 1.01%  | 1.05%  |
| Expenses net of all reductions, if any  | 1.00% H | .99%  | 1.01%  | 1.00%  | 1.01%  | 1.05%  |
| Net investment income (loss)  | 6.47% H | 6.63%  | 6.94%  | 5.81%  | 3.27%  | 3.21%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4069 | $3834 | $2065 | $2318 | $2812 | $2289 |
| Portfolio turnover rate I | 113% H<br>| 43%  | 30%  | 14%  | 42%  | 74%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

**Fidelity Advisor® Short Duration High Income Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 | $8.87 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .260  | .526  | .539  | .439  | .237  | .230  |
| Net realized and unrealized gain (loss)  | .226  | (.025)  | .078  | (.430)  | (.546)  | .651  |
| Total from investment operations  | .486  | .501  | .617  | .009  | (.309)  | .881  |
| Distributions from net investment income  | (.226)  | (.491)  | (.457)  | (.329)  | (.231)  | (.231)  |
| Total distributions  | (.226)  | (.491)  | (.457)  | (.329)  | (.231)  | (.231)  |
| Net asset value, end of period  | $9.09 | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 |
| **Total Return** C,D,E | 5.55% <br>| 5.73%  | 7.31%  | .18%  | (3.33)%  | 10.01%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.83% H | 1.82%  | 1.83%  | 1.90%  | 1.91%  | 1.94%  |
| Expenses net of fee waivers, if any  | 1.75% H<br>| 1.75%  | 1.76%  | 1.75%  | 1.76%  | 1.80%  |
| Expenses net of all reductions, if any  | 1.75% H | 1.74%  | 1.76%  | 1.75%  | 1.76%  | 1.80%  |
| Net investment income (loss)  | 5.72% H | 5.88%  | 6.19%  | 5.06%  | 2.52%  | 2.46%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4059 | $4168 | $3453 | $2795 | $3884 | $4018 |
| Portfolio turnover rate I | 113% H<br>| 43%  | 30%  | 14%  | 42%  | 74%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

**Fidelity® Short Duration High Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 | $8.87 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .305  | .617  | .624  | .523  | .331  | .323  |
| Net realized and unrealized gain (loss)  | .226  | (.025)  | .083  | (.428)  | (.546)  | .651  |
| Total from investment operations  | .531  | .592  | .707  | .095  | (.215)  | .974  |
| Distributions from net investment income  | (.271)  | (.582)  | (.547)  | (.415)  | (.325)  | (.324)  |
| Total distributions  | (.271)  | (.582)  | (.547)  | (.415)  | (.325)  | (.324)  |
| Net asset value, end of period  | $9.09 | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 |
| **Total Return** C,D | 6.08% <br>| 6.81%  | 8.42%  | 1.18%  | (2.35)%  | 11.11%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .74% G | .73%  | .73%  | .76%  | .83%  | .87%  |
| Expenses net of fee waivers, if any  | .74% G<br>| .73%  | .73%  | .75%  | .75%  | .80%  |
| Expenses net of all reductions, if any  | .74% G | .73%  | .73%  | .75%  | .75%  | .80%  |
| Net investment income (loss)  | 6.72% G | 6.90%  | 7.22%  | 6.06%  | 3.52%  | 3.46%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $225509 | $201292 | $180997 | $460873 | $87949 | $83066 |
| Portfolio turnover rate H | 113% G<br>| 43%  | 30%  | 14%  | 42%  | 74%  |

---

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

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

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

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

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

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

G*Annualized.*

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

**Fidelity Advisor® Short Duration High Income Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 | $8.87 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .305  | .615  | .625  | .524  | .331  | .323  |
| Net realized and unrealized gain (loss)  | .226  | (.025)  | .079  | (.429)  | (.546)  | .651  |
| Total from investment operations  | .531  | .590  | .704  | .095  | (.215)  | .974  |
| Distributions from net investment income  | (.271)  | (.580)  | (.544)  | (.415)  | (.325)  | (.324)  |
| Total distributions  | (.271)  | (.580)  | (.544)  | (.415)  | (.325)  | (.324)  |
| Net asset value, end of period  | $9.09 | $8.83 | $8.82 | $8.66 | $8.98 | $9.52 |
| **Total Return** C,D | 6.08% <br>| 6.79%  | 8.39%  | 1.18%  | (2.35)%  | 11.11%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .77% G | .75%  | .76%  | .84%  | .88%  | .92%  |
| Expenses net of fee waivers, if any  | .75% G<br>| .75%  | .76%  | .75%  | .76%  | .80%  |
| Expenses net of all reductions, if any  | .75% G | .74%  | .76%  | .75%  | .76%  | .80%  |
| Net investment income (loss)  | 6.72% G | 6.89%  | 7.19%  | 6.06%  | 3.52%  | 3.46%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12905 | $12757 | $6093 | $4855 | $5055 | $5023 |
| Portfolio turnover rate H | 113% G<br>| 43%  | 30%  | 14%  | 42%  | 74%  |

---

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

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

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

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

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

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

G*Annualized.*

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

**Fidelity Advisor® Short Duration High Income Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.84 | $8.82 | $8.66 | $8.98 | $9.52 | $8.87 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .314  | .617  | .632  | .531  | .339  | .331  |
| Net realized and unrealized gain (loss)  | .214  | (.009)  | .080  | (.428)  | (.546)  | .652  |
| Total from investment operations  | .528  | .608  | .712  | .103  | (.207)  | .983  |
| Distributions from net investment income  | (.278)  | (.588)  | (.552)  | (.423)  | (.333)  | (.333)  |
| Total distributions  | (.278)  | (.588)  | (.552)  | (.423)  | (.333)  | (.333)  |
| Net asset value, end of period  | $9.09 | $8.84 | $8.82 | $8.66 | $8.98 | $9.52 |
| **Total Return** C,D | 6.03% <br>| 7.01%  | 8.48%  | 1.27%  | (2.27)%  | 11.21%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .70% G | .69%  | .70%  | .75%  | .78%  | .80%  |
| Expenses net of fee waivers, if any  | .66% G<br>| .66%  | .67%  | .66%  | .66%  | .71%  |
| Expenses net of all reductions, if any  | .66% G | .65%  | .67%  | .66%  | .66%  | .71%  |
| Net investment income (loss)  | 6.81% G | 6.97%  | 7.28%  | 6.15%  | 3.61%  | 3.55%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10657 | $38961 | $9702 | $10289 | $5246 | $3815 |
| Portfolio turnover rate H | 113% G<br>| 43%  | 30%  | 14%  | 42%  | 74%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

For the period ended October 31, 2025

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

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. 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, 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** | $10326748 |
| **Gross unrealized depreciation** | <u>(3696990)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$6629758</u> |
| **Tax cost** | <u>$307594218</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(7578038) |
| Long-term | <u>(10550587)</u> |
| **Total capital loss carryforward** | <u>$(18128625)</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**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.

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

**4. 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.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Short Duration High Income Fund** | 160284579 | 164886788 |

---

**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.

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| | |
|:---|:---|
|  | **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** | .69 |
| **Class M** | .71 |
| **Class C** | .73 |
| **Short Duration High Income** | .64 |
| **Class I** | .66 |
| **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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 44831 | 2830 |
| **Class M** | - % | .25% | 4899 | - |
| **Class C** | .75% | .25% | <u>20603</u> | <u>4425</u> |
|  |  |  | <u>70333</u> | <u>7255</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** | 6436 |
| **Class M** | 6 |
| **Class C** A | &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>29</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6471</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:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Short Duration High Income Fund** | 4 |

---

**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 plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Short Duration High Income Fund** | 175 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **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** | 3149 | - | - |

---

**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, 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.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | 1.00% | 7644 |
| **Class M** | 1.00% | 1213 |
| **Class C** | 1.75% | 1564 |
| **Short Duration High Income** | .75% | - |
| **Class I** | .75% | 975 |
| **Class Z** | .66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4739</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16135</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 $7,195.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **October 31, 2025** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Short Duration High Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1035448 | $1854026 |
| Class M | 113137 | 175287 |
| Class C | 103305 | 226993 |
| Short Duration High Income | 6341581 | 12677223 |
| Class I | 401978 | 585048 |
| Class Z | <u>719549</u> | <u>962301</u> |
| Total  | <u>$8714998</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** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Short Duration High Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 585055 | 1151323 | $5250994 | $10310454 |
| Reinvestment of distributions | 113368 | 203908 | 1023233 | 1827157 |
| Shares redeemed | <u>(250766)</u> | <u>(608175)</u> | <u>(2255477)</u> | <u>(5439073)</u> |
| Net increase (decrease) | <u>447657</u> | <u>747056</u> | <u>$4018750</u> | <u>$6698538</u> |
| **Class M** |  |  |  |  |
| Shares sold | 17564 | 241271 | $158526 | $2158460 |
| Reinvestment of distributions | 12340 | 19155 | 111317 | 171576 |
| Shares redeemed | <u>(16287)</u> | <u>(60734)</u> | <u>(145925)</u> | <u>(544509)</u> |
| Net increase (decrease) | <u>13617</u> | <u>199692</u> | <u>$123918</u> | <u>$1785527</u> |
| **Class C** |  |  |  |  |
| Shares sold | 51613 | 258244 | $462986 | $2308787 |
| Reinvestment of distributions | 10844 | 24350 | 97875 | 218256 |
| Shares redeemed | <u>(87885)</u> | <u>(202420)</u> | <u>(788772)</u> | <u>(1802193)</u> |
| Net increase (decrease) | <u>(25428)</u> | <u>80174</u> | <u>$(227911)</u> | <u>$724850</u> |
| **Short Duration High Income** |  |  |  |  |
| Shares sold | 7268180 | 12671857 | $65475108 | $113621982 |
| Reinvestment of distributions | 586703 | 1193138 | 5294631 | 10690735 |
| Shares redeemed | <u>(5838872)</u> | <u>(11610306)</u> | <u>(52499928)</u> | <u>(103651955)</u> |
| Net increase (decrease) | <u>2016011</u> | <u>2254689</u> | <u>$18269811</u> | <u>$20660762</u> |
| **Class I** |  |  |  |  |
| Shares sold | 268206 | 1186513 | $2413546 | $10650092 |
| Reinvestment of distributions | 38058 | 58094 | 343528 | 520274 |
| Shares redeemed | <u>(331189)</u> | <u>(491668)</u> | <u>(2995053)</u> | <u>(4353050)</u> |
| Net increase (decrease) | <u>(24925)</u> | <u>752939</u> | <u>$(237979)</u> | <u>$6817316</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 219508 | 4403967 | $1979680 | $39608814 |
| Reinvestment of distributions | 60540 | 99889 | 543930 | 892707 |
| Shares redeemed | <u>(3516682)</u> | <u>(1195458)</u> | <u>(31618572)</u> | <u>(10727316)</u> |
| Net increase (decrease) | <u>(3236634)</u> | <u>3308398</u> | <u>$(29094962)</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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Short Duration High Income Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

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

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

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

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

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

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

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

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

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

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

The information provided to the Board indicated that the management fee rate for the retail class ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

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

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.00%, 1.00%, 1.75%, 0.75%, 0.66% and 0.75% through August 31, 2026.

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

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

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

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

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

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

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

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

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

![](img119037_4.jpg)<br>

1.969437.111 SDH-SANN-1225

**Fidelity® Series High Income Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119041_1.jpg)

![](img119041_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FSH-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series High Income Fund](#Sub_Sec_Fund_2269_FSH-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2269_FSH-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FSH-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FSH-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FSH-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FSH-SANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity® Series High Income Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 1.5%** | &nbsp;&nbsp;**Alternative Funds - 1.5%** | &nbsp;&nbsp;**Alternative Funds - 1.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (b)(c)<br>(Cost $22,578,271)<br>| 2307227 | **21786914** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Goldentree Ln Mgmt US Clo 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.5844% 7/20/2037 (d)(e)(f) | 397000 | 399257 |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (d)(e)(f) | 213000 | 214421 |
| OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 6.6936% 1/16/2037 (d)(e)(f) | 250000 | 249849 |
| TOTAL BAILIWICK OF JERSEY |  | 863527 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1074% 10/22/2037 (d)(e)(f) | 125000 | 126937 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (d)(e)(f) | 150000 | 152247 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0302% 7/20/2038 (d)(e)(f) | 150000 | 150347 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (d)(e)(f) | 125000 | 125445 |
| Bbam US Clo III Ltd Series 2025-3A Class DR, 9.1416% 10/15/2038 (e)(f) | 100000 | 99456 |
| Bbam US Clo IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 10.1545% 7/15/2039 (d)(e)(f) | 250000 | 251817 |
| Benefit Street Partners Clo Xxxix Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.5545% 4/15/2038 (d)(e)(f) | 250000 | 251377 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.6344% 10/20/2037 (d)(e)(f) | 100000 | 100824 |
| Carlyle US Clo 2025-2 Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 11.046% 7/25/2038 (d)(e)(f) | 250000 | 255395 |
| Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2344% 10/20/2037 (d)(e)(f) | 150000 | 152965 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.12% 7/21/2038 (d)(e)(f) | 250000 | 257215 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (d)(e)(f) | 100000 | 99927 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.4545% 10/15/2036 (d)(e)(f) | 558000 | 561554 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 8.0045% 4/15/2038 (d)(e)(f) | 150000 | 150184 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (d)(e)(f) | 200000 | 201196 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5202% 7/20/2037 (d)(e)(f) | 100000 | 101500 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.9045% 7/15/2037 (d)(e)(f) | 100000 | 100644 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 7/20/2036 (d)(e)(f) | 114000 | 114942 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 10/20/2037 (d)(e)(f) | 125000 | 125977 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.7035% 2/20/2038 (d)(e)(f) | 435000 | 434371 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.4844% 10/20/2037 (d)(e)(f) | 220000 | 222012 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (d)(e)(f) | 100000 | 100800 |
| Palmer Square CLO Series 2024-2A Class E, CME Term SOFR 3 month Index + 5.7%, 9.5844% 7/20/2037 (d)(e)(f) | 1000000 | 1014105 |
| Palmer Square Loan Funding 2025-2 Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 8.7877% 7/15/2033 (d)(e)(f) | 250000 | 248515 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (d)(e)(f) | 269000 | 267173 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.6844% 4/20/2038 (d)(e)(f) | 100000 | 99790 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (d)(e)(f) | 208000 | 210040 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 5976755 |
| UNITED STATES - 0.0%  |  |  |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.6344% 1/20/2038 (d)(e)(f) | 150000 | 152700 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $6,938,687) |  | <br> **6992982** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 9.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 9.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 9.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| 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%, 8.5131% 5/23/2030 (d)(e)(g) | 1441388 | 1447240 |
| FRANCE - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Altice France SA Tranche B13 1LN, term loan CME Term SOFR 1 month Index + 5.375%, 9.3603% 5/14/2029 (d)(e)(g) | 2714603 | 2677276 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (d)(e)(g) | 4646819 | 4633529 |
| TOTAL FRANCE |  | 7310805 |
| LUXEMBOURG - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9045% 10/31/2027 (d)(e)(g) | 862782 | 678725 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.2065% 10/1/2032 (d)(e)(g) | 1475000 | 1438125 |
| TOTAL LUXEMBOURG |  | 2116850 |
| 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%, 9.2631% 8/30/2028 (d)(e)(g) | 4723003 | 2243426 |
| SWITZERLAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (d)(e)(g) | 3672325 | 3070982 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6989% 2/7/2028 (d)(e)(g) | 2033642 | 2044237 |
| UNITED STATES - 7.9%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.4291% 4/16/2029 (d)(e)(g) | 1442628 | 1433323 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.4291% 4/15/2030 (d)(e)(g) | 1298365 | 1290263 |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 10/6/2032 (d)(e)(g) | 2255000 | 2226813 |
|  |  | 4950399 |
| Media - 0.3% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6015% 6/18/2029 (d)(e)(g) | 2348090 | 2159515 |
| CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5322% 1/18/2028 (d)(e)(g) | 1397813 | 1383150 |
| Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 8.1646% 12/31/2030 (d)(e)(g) | 1170000 | 1056218 |
|  |  | 4598883 |
| TOTAL COMMUNICATION SERVICES |  | 9549282 |
| Consumer Discretionary - 2.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 1/28/2032 (d)(e)(g) | 500000 | 501095 |
| Broadline Retail - 0.1% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/23/2032 (d)(e)(g) | 1478945 | 1477407 |
| Distributors - 0.1% |  |  |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.0015% 6/20/2031 (d)(e)(g) | 1297072 | 1283025 |
| Diversified Consumer Services - 0.6% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3928% 3/4/2028 (d)(e)(g) | 7264559 | 6047745 |
| TKC Holdings Inc 1LN, term loan 13.5% 2/15/2027 (e)(g) | 1887278 | 1896714 |
|  |  | 7944459 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/29/2029 (d)(e)(g) | 1412680 | 1410971 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2631% 6/1/2028 (d)(e)(g) | 2720027 | 2634591 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (d)(e)(g) | 4113994 | 3963134 |
|  |  | 8008696 |
| Household Durables - 0.4% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3146% 6/29/2028 (d)(e)(g) | 1789001 | 1668244 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (d)(e)(g) | 3730000 | 3717579 |
|  |  | 5385823 |
| Specialty Retail - 0.3% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.881% 6/6/2031 (d)(e)(g) | 4992548 | 4812617 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.031% 6/6/2031 (d)(e)(g) | 210000 | 208311 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (d)(e)(g) | 150000 | 150396 |
|  |  | 5171324 |
| TOTAL CONSUMER DISCRETIONARY |  | 29771829 |
| 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%, 9.0033% 9/20/2030 (d)(e)(g) | 2230000 | 2190975 |
| Food Products - 0.1% |  |  |
| Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5477% 7/12/2032 (d)(e)(g) | 1955000 | 1955000 |
| TOTAL CONSUMER STAPLES |  | 4145975 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 12/30/2027 (d)(e)(g) | 1545404 | 1547336 |
| Mesquite Energy Inc 1LN, term loan 0% (e)(g)(h)(i) | 1217000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (d)(e)(g)(h)(i) | 2735146 | 0 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (d)(e)(g) | 7785775 | 3477205 |
|  |  | 5024541 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.0% |  |  |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0712% 2/3/2032 (d)(e)(g) | 284288 | 283932 |
| Financial Services - 0.6% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 7/1/2032 (d)(e)(g) | 1410000 | 1376512 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 7/31/2031 (d)(e)(g) | 2054501 | 2039380 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 7/31/2031 (d)(e)(g) | 785000 | 786177 |
| Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.7146% 2/16/2032 (d)(e)(g) | 1880000 | 1870600 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7035% 2/20/2032 (d)(e)(g) | 2972550 | 2973026 |
|  |  | 9045695 |
| Insurance - 0.0% |  |  |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 9/19/2031 (d)(e)(g) | 158027 | 157820 |
| TOTAL FINANCIALS |  | 9487447 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2146% 1/15/2031 (d)(e)(g) | 2129663 | 2140843 |
| QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0015% 8/23/2032 (d)(e)(g) | 1920000 | 1906195 |
|  |  | 4047038 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.0015% 6/28/2029 (d)(e)(g)(i) | 705087 | 549968 |
| Pharmaceuticals - 0.5% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.2146% 10/8/2030 (d)(e)(g) | 7231875 | 7174961 |
| TOTAL HEALTH CARE |  | 11771967 |
| Industrials - 0.3% |  |  |
| Building Products - 0.0% |  |  |
| Oscar Acquisitionco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 4/29/2029 (d)(e)(g) | 396 | 355 |
| Commercial Services & Supplies - 0.2% |  |  |
| Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3146% 8/20/2032 (d)(e)(g) | 1573000 | 1578553 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7962% 8/1/2030 (d)(e)(g) | 622348 | 548705 |
|  |  | 2127258 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3084% 9/13/2032 (d)(e)(g) | 200000 | 200916 |
| Passenger Airlines - 0.0% |  |  |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7353% 4/1/2031 (d)(e)(g) | 89100 | 89657 |
| Professional Services - 0.1% |  |  |
| Dawn Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 10/7/2032 (d)(e)(g)(j) | 1495000 | 1489394 |
| TOTAL INDUSTRIALS |  | 3907580 |
| Information Technology - 1.9% |  |  |
| Communications Equipment - 0.2% |  |  |
| CommScope LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 8.7146% 12/17/2029 (d)(e)(g) | 3665000 | 3693880 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 7/12/2032 (d)(e)(g) | 65000 | 65041 |
| IT Services - 1.0% |  |  |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.1662% 2/10/2028 (d)(e)(g) | 2280684 | 2125323 |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (e)(g) | 1718736 | 1416530 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (g) | 2895000 | 2901774 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (d)(e)(g) | 7143900 | 6958946 |
|  |  | 13402573 |
| Software - 0.7% |  |  |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 12/11/2028 (d)(e)(g) | 2265703 | 2263346 |
| Ellucian Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 4.75%, 8.7146% 11/22/2032 (d)(e)(g) | 730000 | 737074 |
| Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 10/9/2029 (d)(e)(g) | 525530 | 526024 |
| Finastra USA Inc 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.2878% 9/13/2029 (d)(e)(g)(i) | 922998 | 922997 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 6/2/2028 (d)(e)(g) | 2324568 | 2219963 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 8/31/2028 (d)(e)(g)(j) | 1750000 | 1756318 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3383% 2/10/2031 (d)(e)(g) | 1188352 | 1187520 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (g) | 1033125 | 1078324 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.1219% 6/28/2030 (d)(e)(g) | 319200 | 310649 |
|  |  | 11002215 |
| TOTAL INFORMATION TECHNOLOGY |  | 28163709 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 10/15/2032 (d)(e)(g) | 1230000 | 1208168 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6074% 10/4/2029 (d)(e)(g) | 1937176 | 1916720 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.0265% 7/3/2028 (d)(e)(g) | 1943669 | 1723315 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.031% 3/15/2029 (d)(e)(g) | 2225175 | 2178291 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.3146% 4/2/2029 (d)(e)(g) | 2592352 | 2153804 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (d)(e)(g) | 3058705 | 3015363 |
| Olympus Water US Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 7/23/2032 (d)(e)(g)(j) | 175000 | 174125 |
| Scih Salt Hldgs Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.1971% 1/31/2029 (d)(e)(g) | 49749 | 49913 |
|  |  | 12419699 |
| Containers & Packaging - 0.0% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.1396% 4/13/2029 (d)(e)(g) | 345893 | 345623 |
| TOTAL MATERIALS |  | 12765322 |
| 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%, 9.5015% 3/29/2030 (d)(e)(g) | 1397313 | 1401966 |
| Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.8291% 3/24/2028 (d)(e)(g) | 673402 | 673360 |
|  |  | 2075326 |
| TOTAL UNITED STATES |  | 116662978 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $140,191,616) |  | <br> **134896518** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 0.2%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.2%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| ELP Commercial Mortgage Trust Series 2021-ELP Class F, CME Term SOFR 1 month Index + 2.7815%, 6.8145% 11/15/2038 (d)(e)(f) | 1188100 | 1184759 |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (e)(f) | 772000 | 752625 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 6.3475% 7/15/2038 (d)(e)(f) | 1791000 | 1784843 |
| TOTAL UNITED STATES |  | 3722227 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $3,566,527) |  | <br> **3722227** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 2.8%** | &nbsp;&nbsp;**Common Stocks - 2.8%** | &nbsp;&nbsp;**Common Stocks - 2.8%** |
|  | Shares | Value ($)<br>|
| FRANCE - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| Altice France Holding SA (i) | 135641 | 2254811 |
| Altice France Holding SA rights (f)(i)(k) | 2350 | 34536 |
| TOTAL FRANCE |  | 2289347 |
| TANZANIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Helios Towers PLC (k) | 718026 | 1411133 |
| UNITED STATES - 2.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Warner Bros Discovery Inc (k) | 81000 | 1818450 |
| Media - 0.0% |  |  |
| Main Street Sports Group (i) | 573 | 4190 |
| TOTAL COMMUNICATION SERVICES |  | 1822640 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Southeastern Grocers Inc rights (i)(k) | 963443 | 37748 |
| Energy - 2.2% |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Hess Midstream LP Class A  | 49200 | 1670340 |
| Mesquite Energy Inc (i)(k) | 149356 | 30497059 |
|  |  | 32167399 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC (i)(k) | 106584 | 1416501 |
| Cano Health LLC warrants (i)(k) | 4738 | 18526 |
| Surgery Partners Inc (k) | 32300 | 708339 |
|  |  | 2143366 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| GTT Communications Inc (i)(k) | 40978 | 1528479 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ON Semiconductor Corp (k) | 19900 | 996592 |
| TOTAL INFORMATION TECHNOLOGY |  | 2525071 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Elah Holdings Inc (k) | 333 | 4995 |
| TOTAL UNITED STATES |  | 38701219 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $14,568,927) |  | <br> **42401699** |

---

---

| | | |
|:---|:---|:---|
| &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 - 0.8% |  |  |
| Media - 0.8% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (e) | 4863496 | 11690629 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 3576000 | 3323892 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Travere Therapeutics Inc 2.25% 3/1/2029  | 1619000 | 2205564 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| MKS Inc 1.25% 6/1/2030  | 2527000 | 3032400 |
| ON Semiconductor Corp 0% 5/1/2027 (l) | 515000 | 596112 |
| Wolfspeed Inc 2.5% 6/15/2031 (f) | 312000 | 677820 |
| Wolfspeed Inc 2.5% 6/15/2031  | 275000 | 597438 |
|  |  | 4903770 |
| Software - 0.4% |  |  |
| Core Scientific Inc 0% 6/15/2031 (f)(l) | 1285000 | 1633556 |
| Riot Platforms Inc 0.75% 1/15/2030 (f) | 1787000 | 2780572 |
| Terawulf Inc 0% 5/1/2032 (f) | 1045000 | 1080530 |
|  |  | 5494658 |
| TOTAL INFORMATION TECHNOLOGY |  | 10398428 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| PG&E Corp 4.25% 12/1/2027  | 990000 | 1016135 |
| TOTAL UNITED STATES |  | 28634648 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $18,741,168) |  | <br> **28634648** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Acrisure Holdings Inc Series A-2 (i) | 88376 | 2324289 |
| Apollo Global Management Inc Series A, 6.75%  | 17100 | 1119462 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $3,341,951) |  | <br> **3443751** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 78.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 78.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 78.0%** |
|  | 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 (f) | 980000 | 985431 |
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (f) | 513000 | 496518 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (f) | 630000 | 627484 |
| Mineral Resources Ltd 7% 4/1/2031 (f) | 810000 | 838557 |
| Mineral Resources Ltd 8% 11/1/2027 (f) | 730000 | 745567 |
| Mineral Resources Ltd 8.5% 5/1/2030 (f) | 565000 | 589028 |
| Mineral Resources Ltd 9.25% 10/1/2028 (f) | 1105000 | 1158599 |
| TOTAL AUSTRALIA |  | 4455753 |
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (f) | 1210000 | 1076119 |
| BRAZIL - 0.5%  |  |  |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Ambipar Lux Sarl 9.875% 2/6/2031 (f)(h) | 4285000 | 954312 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (f) | 4265000 | 4237065 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (e)(f) | 2424709 | 2416408 |
|  |  | 6653473 |
| TOTAL BRAZIL |  | 7607785 |
| CANADA - 2.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| TELUS Corp 6.625% 10/15/2055 (e) | 715000 | 737628 |
| TELUS Corp 7% 10/15/2055 (e) | 1425000 | 1520040 |
|  |  | 2257668 |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.5% 2/15/2029 (f) | 1170000 | 1127364 |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (f) | 930000 | 913212 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (f) | 6200000 | 5861407 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (f) | 3320000 | 3411612 |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (f) | 345000 | 340349 |
|  |  | 11653944 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (f) | 395000 | 293003 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Parkland Corp 4.625% 5/1/2030 (f) | 3475000 | 3371351 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (e) | 535000 | 572322 |
|  |  | 3943673 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bombardier Inc 6.75% 6/15/2033 (f) | 415000 | 435645 |
| Bombardier Inc 7% 6/1/2032 (f) | 1770000 | 1858307 |
| Bombardier Inc 7.25% 7/1/2031 (f) | 1950000 | 2069770 |
|  |  | 4363722 |
| Commercial Services & Supplies - 0.4% |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (f) | 5510000 | 5752280 |
| TOTAL INDUSTRIALS |  | 10116002 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Open Text Corp 3.875% 12/1/2029 (f) | 1655000 | 1566239 |
| Open Text Corp 3.875% 2/15/2028 (f) | 1310000 | 1273279 |
| Open Text Holdings Inc 4.125% 12/1/2031 (f) | 875000 | 814621 |
|  |  | 3654139 |
| Materials - 0.4% |  |  |
| Chemicals - 0.2% |  |  |
| Methanex Corp 5.125% 10/15/2027  | 1685000 | 1689026 |
| Methanex Corp 5.65% 12/1/2044  | 717000 | 623844 |
|  |  | 2312870 |
| Containers & Packaging - 0.0% |  |  |
| Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC 9.5% 5/15/2030 (f) | 615000 | 576718 |
| Metals & Mining - 0.2% |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (f) | 2405000 | 2488586 |
| TOTAL MATERIALS |  | 5378174 |
| TOTAL CANADA |  | 37296603 |
| COLOMBIA - 0.3%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Canacol Energy Ltd 5.75% 11/24/2028 (f) | 4730000 | 1016950 |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (f) | 910000 | 736572 |
|  |  | 1753522 |
| 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) | 2470000 | 2285244 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (f) | 720000 | 752926 |
|  |  | 3038170 |
| TOTAL COLOMBIA |  | 4791692 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Mines Ltd 7.875% 1/23/2030 (f) | 1580000 | 1628523 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Leisure Products - 0.1% |  |  |
| Amer Sports Co 6.75% 2/16/2031 (f) | 1375000 | 1431309 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (f) | 2205000 | 2143982 |
| TOTAL FINLAND |  | 3575291 |
| FRANCE - 1.0%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Altice France SA 6.5% 10/15/2031 (f) | 2017662 | 1923537 |
| Altice France SA 6.5% 3/15/2032 (f) | 6199305 | 5936208 |
| Altice France SA 6.875% 10/15/2030 (f) | 1128196 | 1104072 |
| Altice France SA 6.875% 7/15/2032 (f) | 2482831 | 2382935 |
|  |  | 11346752 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (f) | 2398000 | 2548772 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Iliad Holding SAS 7% 4/15/2032 (f) | 1360000 | 1391715 |
| TOTAL FRANCE |  | 15287239 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (f) | 420000 | 399806 |
| ZF North America Capital Inc 6.875% 4/14/2028 (f) | 595000 | 598659 |
| ZF North America Capital Inc 7.5% 3/24/2031 (f) | 1495000 | 1437578 |
|  |  | 2436043 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (f)(m) | 3580000 | 3575873 |
| TOTAL GERMANY |  | 6011916 |
| GHANA - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Kosmos Energy Ltd 7.125% 4/4/2026 (f) | 707000 | 699930 |
| Kosmos Energy Ltd 7.75% 5/1/2027 (f) | 2380000 | 2223123 |
| Kosmos Energy Ltd 8.75% 10/1/2031 (f) | 680000 | 456409 |
| Tullow Oil PLC 10.25% 5/15/2026 (f) | 804000 | 677370 |
| TOTAL GHANA |  | 4056832 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (f) | 2240000 | 2306170 |
| GUATEMALA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (f) | 1405000 | 1310514 |
| IRELAND - 0.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Treasury DAC 5.875% 6/4/2031 (f) | 3995000 | 4044937 |
| Financials - 0.5% |  |  |
| Consumer Finance - 0.1% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (e) | 850000 | 878149 |
| Financial Services - 0.4% |  |  |
| GGAM Finance Ltd 6.875% 4/15/2029 (f) | 1715000 | 1779201 |
| GGAM Finance Ltd 8% 2/15/2027 (f) | 2705000 | 2762642 |
| GGAM Finance Ltd 8% 6/15/2028 (f) | 1675000 | 1776570 |
|  |  | 6318413 |
| TOTAL FINANCIALS |  | 7196562 |
| TOTAL IRELAND |  | 11241499 |
| ISRAEL - 0.6%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Energean Israel Finance Ltd 5.375% 3/30/2028 (f)(n) | 615000 | 605006 |
| Energean PLC 6.5% 4/30/2027 (f) | 4585000 | 4573538 |
|  |  | 5178544 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  | 1110000 | 1158410 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 2225000 | 2300650 |
|  |  | 3459060 |
| TOTAL ISRAEL |  | 8637604 |
| LUXEMBOURG - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| Altice Financing SA 5.75% 8/15/2029 (f) | 3915000 | 2848241 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Altice France Lux 3 / Altice Holdings 1 10% 1/15/2033 (f) | 562000 | 528022 |
| TOTAL COMMUNICATION SERVICES |  | 3376263 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (f) | 345000 | 291232 |
| TOTAL LUXEMBOURG |  | 3667495 |
| MAURITIUS - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (f) | 225000 | 227024 |
| NETHERLANDS - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Ziggo BV 4.875% 1/15/2030 (f) | 1455000 | 1373301 |
| NIGERIA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| IHS Holding Ltd 5.625% 11/29/2026 (f) | 455000 | 449313 |
| IHS Holding Ltd 7.875% 5/29/2030 (f) | 1020000 | 1036297 |
| TOTAL NIGERIA |  | 1485610 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (f) | 1005000 | 1028111 |
| TGS ASA 8.5% 1/15/2030 (f) | 1925000 | 1993338 |
| TOTAL NORWAY |  | 3021449 |
| PANAMA - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (f) | 3530000 | 3530000 |
| Wireless Telecommunication Services - 0.2% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (f) | 3105000 | 3164573 |
| TOTAL PANAMA |  | 6694573 |
| PERU - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (f) | 1785000 | 1813382 |
| SOUTH AFRICA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (f) | 3325000 | 2902160 |
| SPAIN - 0.2%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA 4.75% 10/15/2028 (f) | 660000 | 638181 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (f) | 2540000 | 2459427 |
| TOTAL SPAIN |  | 3097608 |
| SWITZERLAND - 0.3%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (f) | 604000 | 583344 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (f) | 435000 | 441424 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (f) | 440000 | 457604 |
|  |  | 1482372 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (f) | 2085000 | 1481810 |
| Consolidated Energy Finance SA 6.5% 5/15/2026 (f) | 1255000 | 1202220 |
|  |  | 2684030 |
| TOTAL SWITZERLAND |  | 4166402 |
| TANZANIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (f) | 1055000 | 1094563 |
| TURKEY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (f) | 1545000 | 1544073 |
| UNITED KINGDOM - 1.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.1% |  |  |
| Virgin Media Secured Finance PLC 4.5% 8/15/2030 (f) | 1815000 | 1686835 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (f) | 1025000 | 935823 |
| Vmed O2 UK Financing I PLC 6.75% 1/15/2033 (f) | 745000 | 747162 |
|  |  | 1682985 |
| TOTAL COMMUNICATION SERVICES |  | 3369820 |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (f) | 1375000 | 1393037 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (f) | 5900000 | 6462336 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (f) | 1055000 | 1019101 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| INEOS Quattro Finance 2 Plc 9.625% 3/15/2029 (f) | 665000 | 623231 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (f) | 2390000 | 2414770 |
| TOTAL UNITED KINGDOM |  | 15282295 |
| UNITED STATES - 67.1%  |  |  |
| Communication Services - 6.7% |  |  |
| Diversified Telecommunication Services - 2.0% |  |  |
| Cablevision Lightpath LLC 3.875% 9/15/2027 (f) | 1980000 | 1939715 |
| Cablevision Lightpath LLC 5.625% 9/15/2028 (f) | 2470000 | 2444769 |
| Frontier Communications Holdings LLC 5.875% 11/1/2029  | 1385000 | 1400862 |
| Frontier Communications Holdings LLC 8.75% 5/15/2030 (f) | 1320000 | 1380861 |
| Level 3 Financing Inc 3.875% 10/15/2030 (f)(m) | 2880000 | 2580300 |
| Level 3 Financing Inc 4% 4/15/2031 (f)(m) | 2735000 | 2440988 |
| Level 3 Financing Inc 4.5% 4/1/2030 (f) | 2100000 | 1939875 |
| Level 3 Financing Inc 4.875% 6/15/2029 (f) | 1090000 | 1042312 |
| Level 3 Financing Inc 6.875% 6/30/2033 (f) | 5675000 | 5812829 |
| Level 3 Financing Inc 7% 3/31/2034 (f) | 3300000 | 3390430 |
| Windstream Services LLC 7.5% 10/15/2033 (f) | 3095000 | 3089398 |
| WULF Compute LLC 7.75% 10/15/2030 (f) | 2960000 | 3075070 |
|  |  | 30537409 |
| Interactive Media & Services - 0.1% |  |  |
| Snap Inc 6.875% 3/15/2034 (f) | 1455000 | 1481039 |
| Media - 4.6% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (f)(m) | 2145000 | 1801207 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032 (m) | 4340000 | 3860038 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (f) | 675000 | 632754 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (f)(m) | 3090000 | 2797437 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 (f) | 4510000 | 4288402 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (f) | 1495000 | 1479995 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (f) | 1705000 | 1682705 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (f) | 1445000 | 1490168 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (f) | 2165000 | 2263863 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (f) | 780000 | 765373 |
| CMG Media Corp 8.875% 6/18/2029 (f) | 485000 | 424175 |
| CSC Holdings LLC 3.375% 2/15/2031 (f) | 4650000 | 2813581 |
| CSC Holdings LLC 4.125% 12/1/2030 (f) | 5990000 | 3684515 |
| CSC Holdings LLC 4.5% 11/15/2031 (f) | 3210000 | 1966296 |
| CSC Holdings LLC 4.625% 12/1/2030 (f) | 2200000 | 794988 |
| CSC Holdings LLC 5.375% 2/1/2028 (f) | 1220000 | 1011712 |
| DISH DBS Corp 5.125% 6/1/2029  | 2657000 | 2293726 |
| DISH DBS Corp 7.75% 7/1/2026  | 1505000 | 1489591 |
| DISH Network Corp 11.75% 11/15/2027 (f) | 2115000 | 2226636 |
| EchoStar Corp 10.75% 11/30/2029  | 5004806 | 5509664 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e) | 4120384 | 4251865 |
| EW Scripps Co/The 9.875% 8/15/2030 (f) | 4255000 | 4035172 |
| Sirius XM Radio LLC 4% 7/15/2028 (f) | 2200000 | 2138227 |
| Sirius XM Radio LLC 5.5% 7/1/2029 (f)(m) | 660000 | 660924 |
| TEGNA Inc 4.625% 3/15/2028 (m) | 430000 | 424411 |
| TEGNA Inc 5% 9/15/2029  | 725000 | 719576 |
| Univision Communications Inc 4.5% 5/1/2029 (f)(m) | 2170000 | 2039505 |
| Univision Communications Inc 7.375% 6/30/2030 (f)(m) | 445000 | 446497 |
| Univision Communications Inc 8% 8/15/2028 (f) | 1125000 | 1158125 |
| Univision Communications Inc 8.5% 7/31/2031 (f)(m) | 3520000 | 3600274 |
| Univision Communications Inc 9.375% 8/1/2032 (f) | 3600000 | 3800062 |
| Warnermedia Holdings Inc 5.05% 3/15/2042 (m) | 2420000 | 1942607 |
| Warnermedia Holdings Inc 5.141% 3/15/2052  | 600000 | 456000 |
|  |  | 68950071 |
| TOTAL COMMUNICATION SERVICES |  | 100968519 |
| Consumer Discretionary - 10.5% |  |  |
| Automobile Components - 0.8% |  |  |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (f) | 1140000 | 1143390 |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (f) | 2150000 | 2153028 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (f) | 2955000 | 3023503 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (f) | 2900000 | 3006372 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (f) | 395000 | 404589 |
| Patrick Industries Inc 6.375% 11/1/2032 (f) | 2195000 | 2238015 |
|  |  | 11968897 |
| Automobiles - 0.2% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (f) | 245000 | 223997 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (f) | 415000 | 412532 |
| Nissan Motor Acceptance Co LLC 6.125% 9/30/2030 (f) | 1495000 | 1482089 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (f) | 1415000 | 1260294 |
|  |  | 3378912 |
| Broadline Retail - 0.6% |  |  |
| Match Group Holdings II LLC 3.625% 10/1/2031 (f) | 640000 | 580135 |
| Match Group Holdings II LLC 4.125% 8/1/2030 (f) | 1045000 | 983564 |
| Saks Global Enterprises LLC 11% 12/15/2029 (f) | 2712420 | 1186629 |
| Wayfair LLC 7.25% 10/31/2029 (f)(m) | 2005000 | 2073310 |
| Wayfair LLC 7.75% 9/15/2030 (f)(m) | 3420000 | 3607697 |
|  |  | 8431335 |
| Diversified Consumer Services - 1.2% |  |  |
| Service Corp International/US 4% 5/15/2031 (m) | 1665000 | 1577026 |
| Service Corp International/US 5.125% 6/1/2029  | 597000 | 597288 |
| Service Corp International/US 5.75% 10/15/2032  | 3490000 | 3540791 |
| Sotheby's 7.375% 10/15/2027 (f) | 5100000 | 5080346 |
| StoneMor Inc 8.5% 5/15/2029 (f) | 2225000 | 2202189 |
| TKC Holdings Inc 10.5% 5/15/2029 (f) | 2770000 | 2848599 |
| TKC Holdings Inc 6.875% 5/15/2028 (f) | 2260000 | 2278905 |
|  |  | 18125144 |
| Hotels, Restaurants & Leisure - 4.7% |  |  |
| Aramark Services Inc 5% 2/1/2028 (f) | 1560000 | 1557842 |
| Caesars Entertainment Inc 6% 10/15/2032 (f)(m) | 1170000 | 1116149 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (f) | 4075000 | 4108933 |
| Caesars Entertainment Inc 7% 2/15/2030 (f) | 1305000 | 1342739 |
| Carnival Corp 5.125% 5/1/2029 (f) | 1490000 | 1508420 |
| Carnival Corp 5.75% 3/15/2030 (f) | 1400000 | 1442035 |
| Carnival Corp 5.75% 8/1/2032 (f) | 1735000 | 1782335 |
| Carnival Corp 5.875% 6/15/2031 (f) | 2630000 | 2712320 |
| Carnival Corp 6.125% 2/15/2033 (f) | 2785000 | 2871809 |
| Carnival Corp 7% 8/15/2029 (f) | 2465000 | 2592159 |
| Churchill Downs Inc 4.75% 1/15/2028 (f) | 560000 | 554961 |
| Churchill Downs Inc 6.75% 5/1/2031 (f)(m) | 2045000 | 2090892 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (f) | 2730000 | 2612022 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (f) | 4820000 | 4467864 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (f) | 2960000 | 2726955 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (f) | 495000 | 478792 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (f) | 1805000 | 1715356 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (f)(m) | 1440000 | 1467000 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (f) | 995000 | 1019904 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (f) | 685000 | 699256 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (f) | 2585000 | 2623204 |
| Life Time Inc 6% 11/15/2031 (f) | 2920000 | 2961026 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (f) | 1050000 | 820208 |
| NCL Finance Ltd 6.125% 3/15/2028 (f) | 1395000 | 1424494 |
| Royal Caribbean Cruises Ltd 5.5% 4/1/2028 (f) | 2745000 | 2791654 |
| Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (f) | 1145000 | 1166566 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (f) | 2795000 | 2869654 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (f) | 1730000 | 1785420 |
| Station Casinos LLC 4.5% 2/15/2028 (f)(m) | 1665000 | 1638921 |
| Station Casinos LLC 6.625% 3/15/2032 (f)(m) | 2735000 | 2779761 |
| Viking Cruises Ltd 5.875% 10/15/2033 (f) | 2975000 | 3024286 |
| Viking Cruises Ltd 9.125% 7/15/2031 (f) | 520000 | 557101 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (f) | 630000 | 629378 |
| VOC Escrow Ltd 5% 2/15/2028 (f) | 865000 | 862600 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 7.125% 2/15/2031 (f)(m) | 2025000 | 2174593 |
| Yum! Brands Inc 3.625% 3/15/2031  | 545000 | 511674 |
| Yum! Brands Inc 4.625% 1/31/2032  | 3085000 | 3012565 |
| Yum! Brands Inc 5.375% 4/1/2032 (m) | 435000 | 439773 |
|  |  | 70940621 |
| Household Durables - 1.1% |  |  |
| Century Communities Inc 6.625% 9/15/2033 (f) | 1480000 | 1475612 |
| LGI Homes Inc 7% 11/15/2032 (f)(m) | 3050000 | 2926903 |
| LGI Homes Inc 8.75% 12/15/2028 (f) | 960000 | 998395 |
| New Home Co Inc/The 8.5% 11/1/2030 (f) | 845000 | 874421 |
| Newell Brands Inc 6.375% 5/15/2030 (m) | 605000 | 574750 |
| Newell Brands Inc 6.375% 9/15/2027 (m) | 555000 | 553529 |
| Newell Brands Inc 8.5% 6/1/2028 (f) | 995000 | 1020787 |
| Somnigroup International Inc 3.875% 10/15/2031 (f)(m) | 1560000 | 1441392 |
| TopBuild Corp 4.125% 2/15/2032 (f) | 1390000 | 1309148 |
| TopBuild Corp 5.625% 1/31/2034 (f) | 2380000 | 2389654 |
| Whirlpool Corp 6.125% 6/15/2030  | 795000 | 787190 |
| Whirlpool Corp 6.5% 6/15/2033 (m) | 1830000 | 1785415 |
|  |  | 16137196 |
| Specialty Retail - 1.8% |  |  |
| Asbury Automotive Group Inc 4.75% 3/1/2030  | 870000 | 850355 |
| Asbury Automotive Group Inc 5% 2/15/2032 (f) | 1195000 | 1150717 |
| Bath & Body Works Inc 6.625% 10/1/2030 (f)(m) | 1625000 | 1670235 |
| Bath & Body Works Inc 6.694% 1/15/2027 (m) | 625000 | 637827 |
| Bath & Body Works Inc 6.95% 3/1/2033 (m) | 1370000 | 1418505 |
| Carvana Co 10.25% 5/1/2030 (f) | 150000 | 161999 |
| Carvana Co 4.875% 9/1/2029 (f) | 1480000 | 1369000 |
| Carvana Co 5.5% 4/15/2027 (f) | 1025000 | 1009625 |
| Carvana Co 5.875% 10/1/2028 (f) | 507000 | 495593 |
| Carvana Co 9% 6/1/2030 pay-in-kind (e)(f) | 974652 | 1017898 |
| Carvana Co 9% 6/1/2031 pay-in-kind (e)(f) | 1330538 | 1480542 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (f) | 1330000 | 1356612 |
| LBM Acquisition LLC 6.25% 1/15/2029 (f) | 1015000 | 925812 |
| LBM Acquisition LLC 9.5% 6/15/2031 (f) | 2890000 | 3023663 |
| Michaels Cos Inc/The 5.25% 5/1/2028 (f) | 730000 | 681659 |
| Park River Holdings Inc 8% 3/15/2031 (f) | 560000 | 576488 |
| SGUS LLC 11% 12/15/2029 (f) | 1725307 | 1488095 |
| Staples Inc 10.75% 9/1/2029 (f) | 4925000 | 4772713 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (f)(m) | 825000 | 862236 |
| White Cap Supply Holdings LLC 7.375% 11/15/2030 (f) | 1290000 | 1304903 |
|  |  | 26254477 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Crocs Inc 4.125% 8/15/2031 (f)(m) | 2840000 | 2607544 |
| TOTAL CONSUMER DISCRETIONARY |  | 157844126 |
| Consumer Staples - 2.8% |  |  |
| Beverages - 0.2% |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (f) | 2285000 | 2286405 |
| Consumer Staples Distribution & Retail - 1.6% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.25% 3/15/2026 (f) | 295000 | 294574 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (f) | 2690000 | 2563725 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (f) | 1855000 | 1831926 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (f)(o) | 1320000 | 1330434 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.75% 3/31/2034 (f)(o) | 745000 | 748283 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (f) | 1495000 | 1536763 |
| C&S Group Enterprises LLC 5% 12/15/2028 (f) | 2450000 | 2234231 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (f) | 2400000 | 2512821 |
| Performance Food Group Inc 4.25% 8/1/2029 (f) | 2690000 | 2623413 |
| Performance Food Group Inc 6.125% 9/15/2032 (f) | 970000 | 995897 |
| US Foods Inc 4.625% 6/1/2030 (f) | 820000 | 804688 |
| US Foods Inc 4.75% 2/15/2029 (f) | 2180000 | 2155883 |
| US Foods Inc 5.75% 4/15/2033 (f)(m) | 2960000 | 2998971 |
| US Foods Inc 7.25% 1/15/2032 (f) | 1225000 | 1285232 |
|  |  | 23916841 |
| Food Products - 1.0% |  |  |
| Darling Ingredients Inc 6% 6/15/2030 (f) | 1225000 | 1238104 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (f) | 2370000 | 2550282 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (f)(m) | 3660000 | 3534976 |
| Pilgrim's Pride Corp 3.5% 3/1/2032  | 2515000 | 2305118 |
| Post Holdings Inc 4.625% 4/15/2030 (f)(m) | 880000 | 853197 |
| Post Holdings Inc 5.5% 12/15/2029 (f) | 2110000 | 2111060 |
| Post Holdings Inc 6.375% 3/1/2033 (f)(m) | 1535000 | 1554639 |
| TreeHouse Foods Inc 4% 9/1/2028 (m) | 1530000 | 1489790 |
|  |  | 15637166 |
| TOTAL CONSUMER STAPLES |  | 41840412 |
| Energy - 8.6% |  |  |
| Energy Equipment & Services - 1.8% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.25% 4/1/2028 (f) | 690000 | 692936 |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (f) | 2090000 | 2147981 |
| Kodiak Gas Services LLC 6.5% 10/1/2033 (f) | 880000 | 901769 |
| Kodiak Gas Services LLC 6.75% 10/1/2035 (f) | 1465000 | 1508679 |
| Kodiak Gas Services LLC 7.25% 2/15/2029 (f) | 1950000 | 2024943 |
| Nabors Industries Inc 7.375% 5/15/2027 (f) | 561000 | 568835 |
| Nabors Industries Inc 8.875% 8/15/2031 (f) | 610000 | 579674 |
| Nabors Industries Ltd 7.5% 1/15/2028 (f) | 3495000 | 3511217 |
| SESI LLC 7.875% 9/30/2030 (f) | 1490000 | 1462287 |
| Transocean International Ltd 7.875% 10/15/2032 (f) | 415000 | 427387 |
| Transocean International Ltd 8.25% 5/15/2029 (f) | 4065000 | 4088797 |
| Transocean International Ltd 8.5% 5/15/2031 (f) | 1510000 | 1499150 |
| Transocean International Ltd 8.75% 2/15/2030 (f) | 686250 | 720102 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (f) | 1680000 | 1686450 |
| USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (f) | 1630000 | 1683529 |
| Valaris Ltd 8.375% 4/30/2030 (f) | 710000 | 740463 |
| WBI Operating LLC 6.25% 10/15/2030 (f) | 1490000 | 1488585 |
| WBI Operating LLC 6.5% 10/15/2033 (f) | 1490000 | 1489806 |
|  |  | 27222590 |
| Oil, Gas & Consumable Fuels - 6.8% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 10/15/2033 (f) | 1485000 | 1482868 |
| California Resources Corp 8.25% 6/15/2029 (f) | 3635000 | 3781352 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (f) | 1230000 | 1279073 |
| CNX Resources Corp 7.25% 3/1/2032 (f)(m) | 2720000 | 2835995 |
| CNX Resources Corp 7.375% 1/15/2031 (f)(m) | 625000 | 646938 |
| Comstock Resources Inc 5.875% 1/15/2030 (f) | 2050000 | 1951003 |
| Comstock Resources Inc 6.75% 3/1/2029 (f) | 3005000 | 2978976 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (f) | 2545000 | 2517960 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (f) | 1560000 | 1687850 |
| CVR Energy Inc 8.5% 1/15/2029 (f) | 3440000 | 3525443 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (f) | 1885000 | 1894263 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (f) | 730000 | 740594 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (f) | 2305000 | 2405793 |
| DT Midstream Inc 4.125% 6/15/2029 (f) | 1140000 | 1115669 |
| DT Midstream Inc 4.375% 6/15/2031 (f) | 645000 | 626136 |
| Energy Transfer LP 6.5% 2/15/2056 (e) | 1455000 | 1441822 |
| Energy Transfer LP 6.75% 2/15/2056 (e) | 730000 | 732261 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  | 2210000 | 2237015 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (f) | 540000 | 547647 |
| Harvest Midstream I LP 7.5% 5/15/2032 (f) | 2535000 | 2627094 |
| Harvest Midstream I LP 7.5% 9/1/2028 (f) | 1110000 | 1122160 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (f) | 1115000 | 1085991 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (f) | 3025000 | 3018187 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (f) | 2120000 | 2133943 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (f) | 1640000 | 1690045 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (f) | 1380000 | 1446051 |
| Kinetik Holdings LP 5.875% 6/15/2030 (f) | 1820000 | 1833603 |
| Kinetik Holdings LP 6.625% 12/15/2028 (f) | 955000 | 980854 |
| Matador Resources Co 6.25% 4/15/2033 (f) | 720000 | 718936 |
| Matador Resources Co 6.5% 4/15/2032 (f) | 2025000 | 2043660 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (f) | 1035000 | 999027 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (f) | 1545000 | 1437785 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (f) | 2365000 | 2303516 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (f) | 3150000 | 3210448 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (f) | 3780000 | 3797120 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (f) | 2750000 | 2915374 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (f) | 1573000 | 1573000 |
| Permian Resources Operating LLC 7% 1/15/2032 (f) | 2785000 | 2889438 |
| Prairie Acquiror LP 9% 8/1/2029 (f) | 1330000 | 1365080 |
| Rockies Express Pipeline LLC 4.8% 5/15/2030 (f) | 145000 | 141899 |
| Rockies Express Pipeline LLC 4.95% 7/15/2029 (f) | 1480000 | 1467280 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (f) | 1195000 | 1250737 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (f) | 435000 | 448506 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029 (m) | 4570000 | 4481086 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028  | 875000 | 876454 |
| Sunoco LP 5.625% 3/15/2031 (f) | 1480000 | 1480955 |
| Sunoco LP 6.25% 7/1/2033 (f) | 1405000 | 1434668 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (f) | 2965000 | 2947128 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (f) | 2505000 | 2462775 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6.75% 3/15/2034 (f) | 740000 | 734309 |
| Venture Global Calcasieu 3.875% 8/15/2029 (f) | 770000 | 729415 |
| Venture Global LNG Inc 7% 1/15/2030 (f)(m) | 425000 | 430091 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (f) | 2835000 | 2969530 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (f) | 2715000 | 2875486 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (f) | 2680000 | 2947193 |
|  |  | 101297482 |
| TOTAL ENERGY |  | 128520072 |
| Financials - 7.3% |  |  |
| Capital Markets - 1.2% |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (f) | 1560000 | 1554445 |
| Coinbase Global Inc 3.375% 10/1/2028 (f) | 1510000 | 1436272 |
| Focus Financial Partners LLC 6.75% 9/15/2031 (f) | 2340000 | 2411778 |
| Hightower Holding LLC 6.75% 4/15/2029 (f) | 1120000 | 1121186 |
| Hightower Holding LLC 9.125% 1/31/2030 (f) | 2630000 | 2818968 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (f) | 970000 | 942612 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (f) | 2775000 | 2823774 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (f) | 1965000 | 2049829 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (f) | 2005000 | 2098160 |
|  |  | 17257024 |
| Consumer Finance - 0.7% |  |  |
| Ally Financial Inc 5.75% 11/20/2025  | 110000 | 109979 |
| Ally Financial Inc 6.7% 2/14/2033 (m) | 1760000 | 1834936 |
| Encore Capital Group Inc 6.625% 4/15/2031 (f) | 740000 | 734369 |
| OneMain Finance Corp 3.5% 1/15/2027  | 2975000 | 2926801 |
| OneMain Finance Corp 3.875% 9/15/2028  | 3005000 | 2899609 |
| OneMain Finance Corp 6.125% 5/15/2030 (m) | 850000 | 859996 |
| OneMain Finance Corp 7.125% 9/15/2032 (m) | 775000 | 799892 |
| PRA Group Inc 5% 10/1/2029 (f)(m) | 795000 | 723244 |
|  |  | 10888826 |
| Financial Services - 2.6% |  |  |
| Block Inc 3.5% 6/1/2031 (m) | 3117000 | 2902202 |
| Block Inc 5.625% 8/15/2030 (f) | 1365000 | 1385624 |
| Block Inc 6% 8/15/2033 (f) | 1080000 | 1104295 |
| Block Inc 6.5% 5/15/2032  | 2720000 | 2822147 |
| CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (f) | 1490000 | 1503744 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (f) | 2275000 | 2283531 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 3485000 | 2997386 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027 (m) | 2915000 | 2864568 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  | 1320000 | 1270508 |
| NFE Financing LLC 12% 11/15/2029 (f) | 2003273 | 488205 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (f) | 1740000 | 1783474 |
| Rocket Cos Inc 6.125% 8/1/2030 (f) | 1720000 | 1774185 |
| Rocket Cos Inc 6.375% 8/1/2033 (f) | 2270000 | 2364727 |
| Rocket Cos Inc 6.5% 8/1/2029 (f) | 2095000 | 2173006 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (f) | 2200000 | 2272233 |
| UWM Holdings LLC 6.25% 3/15/2031 (f) | 750000 | 748651 |
| UWM Holdings LLC 6.625% 2/1/2030 (f) | 1510000 | 1538365 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (f) | 1375000 | 1407110 |
| WEX Inc 6.5% 3/15/2033 (f) | 1665000 | 1702741 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (f) | 3220000 | 3288090 |
|  |  | 38674792 |
| Insurance - 2.5% |  |  |
| Acrisure LLC / Acrisure Finance Inc 4.25% 2/15/2029 (f) | 435000 | 417602 |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (f) | 1000000 | 990013 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (f) | 705000 | 723020 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (f) | 1485000 | 1547134 |
| Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (f) | 950000 | 997266 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (f) | 3010000 | 2964255 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (f) | 1365000 | 1361216 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (f) | 6945000 | 6971343 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (f) | 540000 | 549804 |
| AmWINS Group Inc 4.875% 6/30/2029 (f) | 2160000 | 2086109 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (f) | 2255000 | 2322650 |
| Athene Holding Ltd 6.875% 6/28/2055 (e) | 2125000 | 2133028 |
| HUB International Ltd 5.625% 12/1/2029 (f) | 965000 | 962121 |
| HUB International Ltd 7.25% 6/15/2030 (f) | 3995000 | 4170772 |
| HUB International Ltd 7.375% 1/31/2032 (f) | 2145000 | 2223126 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (f) | 2970000 | 3069427 |
| Ryan Specialty LLC 5.875% 8/1/2032 (f) | 2940000 | 2989042 |
| USI Inc/NY 7.5% 1/15/2032 (f) | 1335000 | 1382205 |
|  |  | 37860133 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| Starwood Property Trust Inc 5.25% 10/15/2028 (f) | 745000 | 747699 |
| Starwood Property Trust Inc 6.5% 10/15/2030 (f) | 1400000 | 1456598 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (f) | 2030000 | 2111310 |
|  |  | 4315607 |
| TOTAL FINANCIALS |  | 108996382 |
| Health Care - 5.3% |  |  |
| Biotechnology - 0.0% |  |  |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (f) | 875000 | 774431 |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (f) | 1345000 | 1277432 |
| Avantor Funding Inc 4.625% 7/15/2028 (f) | 885000 | 870780 |
| Hologic Inc 3.25% 2/15/2029 (f) | 840000 | 829164 |
| Insulet Corp 6.5% 4/1/2033 (f) | 675000 | 703249 |
| Medline Borrower LP 3.875% 4/1/2029 (f) | 6955000 | 6755437 |
| Medline Borrower LP 5.25% 10/1/2029 (f) | 860000 | 856727 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (f) | 2740000 | 2818783 |
|  |  | 14111572 |
| Health Care Providers & Services - 3.0% |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (f)(m) | 2125000 | 2196749 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (f) | 4055000 | 3619904 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (f) | 3010000 | 2821506 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (f) | 880000 | 739391 |
| CHS/Community Health Systems Inc 6.875% 4/15/2029 (f) | 785000 | 711705 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (f) | 2170000 | 2297568 |
| CVS Health Corp 6.75% 12/10/2054 (e) | 830000 | 862559 |
| CVS Health Corp 7% 3/10/2055 (e) | 3370000 | 3540795 |
| DaVita Inc 3.75% 2/15/2031 (f) | 855000 | 784994 |
| DaVita Inc 4.625% 6/1/2030 (f) | 2960000 | 2858342 |
| DaVita Inc 6.75% 7/15/2033 (f) | 1920000 | 1990727 |
| DaVita Inc 6.875% 9/1/2032 (f) | 700000 | 725151 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (f) | 575000 | 545018 |
| HealthEquity Inc 4.5% 10/1/2029 (f) | 1865000 | 1814922 |
| Humana Inc 5.875% 3/1/2033  | 1085000 | 1143449 |
| ModivCare Inc 5% 10/1/2029 (f)(h) | 215000 | 1075 |
| Molina Healthcare Inc 3.875% 11/15/2030 (f) | 1465000 | 1351347 |
| Molina Healthcare Inc 6.25% 1/15/2033 (f) | 2535000 | 2551566 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (f) | 825000 | 848852 |
| Tenet Healthcare Corp 4.25% 6/1/2029  | 2790000 | 2727706 |
| Tenet Healthcare Corp 4.375% 1/15/2030  | 1005000 | 980854 |
| Tenet Healthcare Corp 6.125% 10/1/2028 (m) | 3035000 | 3038912 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 2820000 | 2872313 |
| Tenet Healthcare Corp 6.75% 5/15/2031 (m) | 390000 | 404617 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (f) | 2740000 | 2790169 |
|  |  | 44220191 |
| Health Care Technology - 0.4% |  |  |
| IQVIA Inc 6.25% 6/1/2032 (f) | 3475000 | 3621874 |
| IQVIA Inc 6.5% 5/15/2030 (f) | 2720000 | 2824851 |
|  |  | 6446725 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (f) | 1195000 | 1145707 |
| Charles River Laboratories International Inc 4% 3/15/2031 (f) | 465000 | 438380 |
|  |  | 1584087 |
| Pharmaceuticals - 0.9% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (f) | 6955000 | 7270129 |
| Bausch Health Cos Inc 11% 9/30/2028 (f) | 1290000 | 1352230 |
| Bausch Health Cos Inc 5.25% 1/30/2030 (f) | 530000 | 381676 |
| Jazz Securities DAC 4.375% 1/15/2029 (f) | 1455000 | 1425603 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (f)(m) | 745000 | 708806 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (f)(m) | 1720000 | 1318443 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 5/15/2034 (f)(m) | 610000 | 546514 |
|  |  | 13003401 |
| TOTAL HEALTH CARE |  | 80140407 |
| Industrials - 9.5% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| ATI Inc 4.875% 10/1/2029  | 1440000 | 1432522 |
| ATI Inc 5.875% 12/1/2027  | 1230000 | 1231375 |
| BWX Technologies Inc 4.125% 6/30/2028 (f) | 3247000 | 3171824 |
| Moog Inc 4.25% 12/15/2027 (f) | 715000 | 707038 |
| Spirit AeroSystems Inc 9.75% 11/15/2030 (f) | 965000 | 1060216 |
| TransDigm Inc 6% 1/15/2033 (f) | 4265000 | 4332741 |
| TransDigm Inc 6.25% 1/31/2034 (f)(m) | 485000 | 501247 |
| TransDigm Inc 6.375% 3/1/2029 (f) | 6800000 | 6953000 |
| TransDigm Inc 6.375% 5/31/2033 (f) | 5150000 | 5249560 |
| TransDigm Inc 6.75% 1/31/2034 (f) | 2495000 | 2585526 |
| TransDigm Inc 6.75% 8/15/2028 (f) | 1630000 | 1662600 |
|  |  | 28887649 |
| Air Freight & Logistics - 0.2% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (f)(m) | 3580000 | 3659745 |
| Building Products - 0.9% |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (f) | 824000 | 821978 |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (f) | 1375000 | 1400759 |
| Builders FirstSource Inc 4.25% 2/1/2032 (f)(m) | 2210000 | 2090979 |
| Builders FirstSource Inc 6.75% 5/15/2035 (f) | 2075000 | 2178651 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (f)(m) | 2320000 | 2144646 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (f) | 3300000 | 3392502 |
| Masterbrand Inc 7% 7/15/2032 (f) | 715000 | 741665 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (f)(m) | 1060000 | 1028517 |
|  |  | 13799697 |
| Commercial Services & Supplies - 2.9% |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (f) | 2010000 | 2062053 |
| Allied Universal Holdco LLC 7.875% 2/15/2031 (f) | 2290000 | 2384384 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (f) | 2190000 | 2144949 |
| Artera Services LLC 8.5% 2/15/2031 (f)(m) | 8530000 | 7361298 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (f) | 3885000 | 3738048 |
| Clean Harbors Inc 5.75% 10/15/2033 (f)(m) | 745000 | 761386 |
| Clean Harbors Inc 6.375% 2/1/2031 (f) | 1635000 | 1675087 |
| CoreCivic Inc 4.75% 10/15/2027  | 3661000 | 3630012 |
| CoreCivic Inc 8.25% 4/15/2029  | 1365000 | 1437488 |
| GEO Group Inc/The 10.25% 4/15/2031  | 2710000 | 2967729 |
| GEO Group Inc/The 8.625% 4/15/2029  | 1375000 | 1451062 |
| GFL Environmental Inc 6.75% 1/15/2031 (f) | 930000 | 972897 |
| Madison IAQ LLC 4.125% 6/30/2028 (f) | 865000 | 846981 |
| Madison IAQ LLC 5.875% 6/30/2029 (f) | 2465000 | 2415469 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (f) | 5140000 | 5075751 |
| Waste Pro USA Inc 7% 2/1/2033 (f) | 1260000 | 1309674 |
| Williams Scotsman Inc 6.625% 4/15/2030 (f) | 985000 | 1018597 |
|  |  | 41252865 |
| Construction & Engineering - 0.6% |  |  |
| AECOM 6% 8/1/2033 (f) | 2885000 | 2960760 |
| Pike Corp 5.5% 9/1/2028 (f) | 1847000 | 1843068 |
| Pike Corp 8.625% 1/31/2031 (f) | 1425000 | 1520498 |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (f) | 2325000 | 2327812 |
|  |  | 8652138 |
| Electrical Equipment - 0.1% |  |  |
| Sensata Technologies BV 4% 4/15/2029 (f) | 1040000 | 1013519 |
| Ground Transportation - 0.4% |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.25% 1/15/2030 (f)(m) | 275000 | 280664 |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.375% 6/15/2032 (f)(m) | 695000 | 711957 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (f) | 2040000 | 2081181 |
| XPO Inc 6.25% 6/1/2028 (f) | 335000 | 341612 |
| XPO Inc 7.125% 2/1/2032 (f) | 1650000 | 1735141 |
| XPO Inc 7.125% 6/1/2031 (f)(m) | 550000 | 574263 |
|  |  | 5724818 |
| Machinery - 0.4% |  |  |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (e)(f) | 2360000 | 2533852 |
| Enpro Inc 6.125% 6/1/2033 (f) | 2090000 | 2137999 |
| Mueller Water Products Inc 4% 6/15/2029 (f) | 1905000 | 1840189 |
|  |  | 6512040 |
| Passenger Airlines - 0.1% |  |  |
| American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (f) | 280000 | 286495 |
| American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (f) | 830000 | 865925 |
| JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (f) | 745000 | 732256 |
|  |  | 1884676 |
| Professional Services - 1.1% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (f)(m) | 3010000 | 3132522 |
| CACI International Inc 6.375% 6/15/2033 (f) | 2710000 | 2817641 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (f) | 2140000 | 1996442 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (f) | 2505000 | 2392131 |
| ION Platform Finance US Inc / ION Platform Finance SARL 9% 8/1/2029 (f) | 1545000 | 1564049 |
| Science Applications International Corp 4.875% 4/1/2028 (f) | 1130000 | 1121259 |
| Science Applications International Corp 5.875% 11/1/2033 (f) | 2240000 | 2233414 |
| TriNet Group Inc 3.5% 3/1/2029 (f) | 595000 | 558752 |
| TriNet Group Inc 7.125% 8/15/2031 (f) | 1320000 | 1369563 |
|  |  | 17185773 |
| Trading Companies & Distributors - 0.9% |  |  |
| FTAI Aviation Investors LLC 5.875% 4/15/2033 (f) | 860000 | 867454 |
| FTAI Aviation Investors LLC 7% 6/15/2032 (f) | 680000 | 712209 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (f)(m) | 1860000 | 1976695 |
| Herc Holdings Inc 7% 6/15/2030 (f) | 2045000 | 2140459 |
| Herc Holdings Inc 7.25% 6/15/2033 (f)(m) | 1975000 | 2082248 |
| QXO Building Products Inc 6.75% 4/30/2032 (f) | 1425000 | 1475236 |
| United Rentals North America Inc 6% 12/15/2029 (f) | 545000 | 559359 |
| United Rentals North America Inc 6.125% 3/15/2034 (f) | 3415000 | 3563508 |
|  |  | 13377168 |
| TOTAL INDUSTRIALS |  | 141950088 |
| Information Technology - 4.7% |  |  |
| Communications Equipment - 0.2% |  |  |
| CommScope LLC 9.5% 12/15/2031 (f) | 1505000 | 1533010 |
| Viasat Inc 6.5% 7/15/2028 (f) | 1390000 | 1349134 |
|  |  | 2882144 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Coherent Corp 5% 12/15/2029 (f) | 2885000 | 2854137 |
| Lightning Power LLC 7.25% 8/15/2032 (f) | 1730000 | 1832516 |
| Sensata Technologies Inc 3.75% 2/15/2031 (f) | 545000 | 506565 |
| Sensata Technologies Inc 6.625% 7/15/2032 (f)(m) | 685000 | 713097 |
| TTM Technologies Inc 4% 3/1/2029 (f) | 2950000 | 2848907 |
|  |  | 8755222 |
| IT Services - 1.2% |  |  |
| Ahead DB Holdings LLC 6.625% 5/1/2028 (f) | 2405000 | 2422747 |
| ASGN Inc 4.625% 5/15/2028 (f) | 1025000 | 1006681 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (f) | 3665000 | 3653300 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (f)(m) | 1060000 | 1057613 |
| CoreWeave Inc 9% 2/1/2031 (f) | 2940000 | 2948599 |
| CoreWeave Inc 9.25% 6/1/2030 (f) | 3545000 | 3579479 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (f) | 2070000 | 1971047 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (f) | 625000 | 624289 |
| Sabre GLBL Inc 11.125% 7/15/2030 (f) | 1390000 | 1313550 |
|  |  | 18577305 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Entegris Inc 3.625% 5/1/2029 (f)(m) | 2690000 | 2557592 |
| Entegris Inc 5.95% 6/15/2030 (f)(m) | 3270000 | 3319835 |
| ON Semiconductor Corp 3.875% 9/1/2028 (f) | 1480000 | 1440033 |
| Wolfspeed Inc 12% 6/15/2031 pay-in-kind (e) | 347977 | 299260 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (e)(f) | 715985 | 788479 |
|  |  | 8405199 |
| Software - 1.8% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (f) | 3455000 | 3481078 |
| Cloud Software Group Inc 6.625% 8/15/2033 (f) | 585000 | 586340 |
| Cloud Software Group Inc 9% 9/30/2029 (f) | 3480000 | 3599504 |
| Elastic NV 4.125% 7/15/2029 (f) | 2200000 | 2120629 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (f) | 290000 | 293498 |
| Fair Isaac Corp 6% 5/15/2033 (f) | 3455000 | 3516831 |
| Gen Digital Inc 6.25% 4/1/2033 (f) | 1740000 | 1791231 |
| Gen Digital Inc 7.125% 9/30/2030 (f)(m) | 545000 | 562458 |
| Rackspace Finance LLC 3.5% 5/15/2028 (f) | 2262850 | 882512 |
| SS&C Technologies Inc 5.5% 9/30/2027 (f) | 440000 | 440247 |
| SS&C Technologies Inc 6.5% 6/1/2032 (f) | 2710000 | 2809544 |
| UKG Inc 6.875% 2/1/2031 (f) | 1605000 | 1652120 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 5405000 | 5676434 |
|  |  | 27412426 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (f) | 1210000 | 1236817 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (f) | 1810000 | 1854436 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (f) | 555000 | 589663 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (f) | 670000 | 713123 |
|  |  | 4394039 |
| TOTAL INFORMATION TECHNOLOGY |  | 70426335 |
| Materials - 6.2% |  |  |
| Chemicals - 2.8% |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (e)(f) | 4468721 | 3954818 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (f) | 2445000 | 2563487 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (m) | 1135000 | 1125522 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (m) | 2110000 | 2077749 |
| Chemours Co/The 4.625% 11/15/2029 (f) | 3310000 | 2904561 |
| Chemours Co/The 5.75% 11/15/2028 (f) | 3365000 | 3224456 |
| CVR Partners LP / CVR Nitrogen Finance Corp 6.125% 6/15/2028 (f) | 1807000 | 1805291 |
| Inversion Escrow Issuer LLC 6.75% 8/1/2032 (f) | 2315000 | 2260387 |
| LSB Industries Inc 6.25% 10/15/2028 (f) | 985000 | 971057 |
| Methanex US Operations Inc 6.25% 3/15/2032 (f)(m) | 1175000 | 1195299 |
| Olin Corp 6.625% 4/1/2033 (f) | 1400000 | 1386387 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (f) | 590000 | 565193 |
| Olympus Water US Holding Corp 6.25% 10/1/2029 (f) | 600000 | 584846 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (f) | 2985000 | 2971178 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (f)(m) | 1250000 | 1250750 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (f) | 2720000 | 2690275 |
| Scih Salt Hldgs Inc 6.625% 5/1/2029 (f) | 2410000 | 2388759 |
| SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (f) | 1550000 | 1547291 |
| Tronox Inc 4.625% 3/15/2029 (f) | 1480000 | 909872 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (f) | 4580000 | 4190882 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (f) | 1455000 | 1405341 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (f) | 440000 | 440838 |
|  |  | 42414239 |
| Construction Materials - 0.5% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (f) | 2740000 | 2841961 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (f) | 2100000 | 2211298 |
| VM Consolidated Inc 5.5% 4/15/2029 (f) | 2020000 | 1997584 |
|  |  | 7050843 |
| Containers & Packaging - 2.0% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (f) | 4725000 | 4405166 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (f) | 1985000 | 1990117 |
| Ball Corp 2.875% 8/15/2030  | 545000 | 498291 |
| Ball Corp 3.125% 9/15/2031  | 1095000 | 997838 |
| Ball Corp 5.5% 9/15/2033  | 2180000 | 2206490 |
| Ball Corp 6% 6/15/2029  | 710000 | 727362 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (f) | 2350000 | 2359388 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (f) | 1585000 | 1590386 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (f)(m) | 2175000 | 2179448 |
| Crown Americas LLC 5.875% 6/1/2033 (f)(m) | 2785000 | 2822533 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (f) | 2115000 | 2105061 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (f) | 610000 | 573108 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (f)(m) | 2720000 | 2755703 |
| Sealed Air Corp 5% 4/15/2029 (f) | 3300000 | 3276656 |
| Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (f) | 655000 | 663516 |
| Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (f)(m) | 400000 | 419889 |
|  |  | 29570952 |
| Metals & Mining - 0.9% |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (f) | 530000 | 560177 |
| Alumina Pty Ltd 6.375% 9/15/2032 (f) | 4205000 | 4351569 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (f) | 215000 | 203252 |
| Cleveland-Cliffs Inc 6.875% 11/1/2029 (f) | 730000 | 749640 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (f)(m) | 1575000 | 1610426 |
| Cleveland-Cliffs Inc 7.375% 5/1/2033 (f)(m) | 730000 | 755243 |
| Cleveland-Cliffs Inc 7.625% 1/15/2034 (f) | 740000 | 769350 |
| Commercial Metals Co 3.875% 2/15/2031  | 655000 | 611529 |
| Commercial Metals Co 4.125% 1/15/2030  | 1140000 | 1098478 |
| Kaiser Aluminum Corp 4.625% 3/1/2028 (f) | 2375000 | 2373229 |
| Kaiser Aluminum Corp 5.875% 3/1/2034 (f) | 745000 | 742276 |
|  |  | 13825169 |
| TOTAL MATERIALS |  | 92861203 |
| Real Estate - 1.7% |  |  |
| Diversified REITs - 0.5% |  |  |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (f) | 655000 | 587206 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (f) | 3301000 | 3089492 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (f) | 1705000 | 1596772 |
| Vornado Realty LP 3.4% 6/1/2031  | 1595000 | 1437527 |
|  |  | 6710997 |
| Health Care REITs - 0.4% |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (f) | 2070000 | 2029409 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 425000 | 300078 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 3265000 | 3141337 |
|  |  | 5470824 |
| Hotel & Resort REITs - 0.2% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (f)(m) | 1470000 | 1427746 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (f)(m) | 540000 | 552998 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (f)(m) | 1510000 | 1558497 |
|  |  | 3539241 |
| Real Estate Management & Development - 0.3% |  |  |
| Howard Hughes Corp/The 4.125% 2/1/2029 (f) | 945000 | 908266 |
| Howard Hughes Corp/The 4.375% 2/1/2031 (f) | 925000 | 872095 |
| Kennedy-Wilson Inc 4.75% 2/1/2030 (m) | 1595000 | 1473109 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (f) | 1010000 | 1008668 |
|  |  | 4262138 |
| Specialized REITs - 0.3% |  |  |
| Iron Mountain Inc 4.5% 2/15/2031 (f) | 545000 | 522735 |
| Iron Mountain Inc 6.25% 1/15/2033 (f) | 730000 | 746591 |
| Millrose Properties Inc 6.375% 8/1/2030 (f) | 1740000 | 1762691 |
| SBA Communications Corp 3.125% 2/1/2029  | 2250000 | 2126907 |
|  |  | 5158924 |
| TOTAL REAL ESTATE |  | 25142124 |
| Utilities - 3.8% |  |  |
| Electric Utilities - 2.9% |  |  |
| American Electric Power Co Inc 5.8% 3/15/2056 (e) | 750000 | 751355 |
| American Electric Power Co Inc 6.05% 3/15/2056 (e) | 750000 | 759521 |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (f) | 280000 | 253546 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (f) | 2580000 | 2389180 |
| Edison International 7.875% 6/15/2054 (e) | 1560000 | 1605574 |
| Edison International 8.125% 6/15/2053 (e) | 415000 | 428308 |
| Hawaiian Electric Co Inc 6% 10/1/2033 (f) | 1080000 | 1091892 |
| NRG Energy Inc 3.375% 2/15/2029 (f) | 2360000 | 2244258 |
| NRG Energy Inc 3.625% 2/15/2031 (f) | 790000 | 737454 |
| NRG Energy Inc 5.25% 6/15/2029 (f) | 2565000 | 2576113 |
| NRG Energy Inc 5.75% 1/15/2034 (f) | 2240000 | 2257739 |
| NRG Energy Inc 5.75% 7/15/2029 (f) | 1390000 | 1395259 |
| NRG Energy Inc 6% 1/15/2036 (f) | 3730000 | 3797317 |
| NRG Energy Inc 6.25% 11/1/2034 (f) | 1660000 | 1709146 |
| PG&E Corp 7.375% 3/15/2055 (e) | 6436000 | 6619587 |
| Sierra Pacific Power Co 6.2% 12/15/2055 (e) | 2960000 | 2957161 |
| Vistra Operations Co LLC 5% 7/31/2027 (f) | 2849000 | 2850541 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (f) | 1965000 | 1965639 |
| Vistra Operations Co LLC 6.875% 4/15/2032 (f) | 2660000 | 2793907 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (f) | 2445000 | 2594717 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (f)(m) | 965000 | 992664 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (f)(m) | 815000 | 852715 |
|  |  | 43623593 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (f) | 2240000 | 2266031 |
| Alpha Generation LLC 6.75% 10/15/2032 (f)(m) | 3000000 | 3082762 |
| Sunnova Energy Corp 5.875% (f)(h) | 3885000 | 19425 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (f) | 2240000 | 2297006 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (f) | 2235000 | 2314797 |
|  |  | 9980021 |
| Multi-Utilities - 0.2% |  |  |
| Sempra 6.375% 4/1/2056 (e) | 2920000 | 3000329 |
| TOTAL UTILITIES |  | 56603943 |
| TOTAL UNITED STATES |  | 1005293611 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (f) | 810000 | 841114 |
| First Quantum Minerals Ltd 8% 3/1/2033 (f) | 1260000 | 1339107 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (f) | 1180000 | 1234575 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (f) | 2525000 | 2666122 |
| TOTAL ZAMBIA |  | 6080918 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,157,402,975) |  | <br> **1168013435** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Compass Diversified Holdings Series C, 7.875%  | 9196 | 170003 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Strategy Inc 10%  | 20500 | 1586085 |
| Strategy Inc 9% (p) | 25748 | 2559866 |
|  |  | 4145951 |
| TOTAL UNITED STATES |  | 4315954 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $4,108,249) |  | <br> **4315954** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 3.4%** | &nbsp;&nbsp;**Preferred Securities - 3.4%** | &nbsp;&nbsp;**Preferred Securities - 3.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BNP Paribas SA 7.45% (e)(f)(q) | 2000000 | 2131374 |
| UNITED KINGDOM - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Barclays PLC 7.625% (e)(q) | 2135000 | 2279007 |
| HSBC Holdings PLC 7.05% (e)(q) | 2780000 | 2976356 |
| TOTAL UNITED KINGDOM |  | 5255363 |
| UNITED STATES - 2.9%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Energy Transfer LP Series G, 7.125% (e)(q) | 2825000 | 2999451 |
| Mesquite Energy Inc 7.25% (h)(i)(q) | 10580000 | 1058 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.583% (d)(e)(q) | 3375000 | 3441614 |
| Sunoco LP 7.875% (e)(f)(q) | 4720000 | 4838339 |
|  |  | 11280462 |
| Financials - 2.0% |  |  |
| Banks - 1.3% |  |  |
| Bank of America Corp 5.875% (e)(m)(q) | 2195000 | 2235322 |
| Bank of America Corp 6.25% (e)(q) | 3760000 | 3828579 |
| Citigroup Inc 6.75% (e)(q) | 1750000 | 1805491 |
| Citigroup Inc 6.875% (e)(q) | 4325000 | 4537613 |
| Citigroup Inc 6.95% (e)(q) | 700000 | 730412 |
| Citigroup Inc 7.125% (e)(q) | 1705000 | 1784453 |
| JPMorgan Chase & Co 6.5% (e)(q) | 2785000 | 2905765 |
| Wells Fargo & Co 7.625% (e)(m)(q) | 615000 | 662530 |
|  |  | 18490165 |
| Capital Markets - 0.3% |  |  |
| Charles Schwab Corp/The 4% (e)(q) | 1405000 | 1326904 |
| Goldman Sachs Group Inc/The 6.125% (e)(m)(q) | 720000 | 755097 |
| Goldman Sachs Group Inc/The 6.85% (e)(q) | 2520000 | 2661122 |
|  |  | 4743123 |
| Consumer Finance - 0.4% |  |  |
| Ally Financial Inc 4.7% (e)(q) | 1785000 | 1678051 |
| Ally Financial Inc 4.7% (e)(m)(q) | 4760000 | 4708269 |
|  |  | 6386320 |
| TOTAL FINANCIALS |  | 29619608 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Air Lease Corp 4.125% (e)(q) | 1070000 | 1035944 |
| Aircastle Ltd 5.25% (e)(f)(q) | 225000 | 225131 |
|  |  | 1261075 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Edison International 5% (e)(q) | 1565000 | 1536586 |
| TOTAL UNITED STATES |  | 43697731 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $57,752,153) |  | <br> **51084468** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (r) | 4.18 | 23423929 | 23428613 |
| Fidelity Securities Lending Cash Central Fund (r)(s) | 4.18 | 87530494 | 87539248 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $110,967,861) |  |  | **110967861** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.2%**<br> (Cost $1,540,158,385)<br>| <br>**1576260457** |
| **NET OTHER ASSETS (LIABILITIES) - (5.2)%**  | **(78200140)** |
| **NET ASSETS - 100.0%** | **1498060317** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 5Y US Treasury Notes Contracts (United States) | 95 | 12/31/2025 | 10380234 | 28212 | 28212 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% |

---

**Legend**

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

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,786,914 or 1.5% of net assets.

(c) Affiliated fund.

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

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,038,389,668 or 69.3% 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) Non-income producing - Security is in default.

(i) Level 3 security.

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

(k) Non-income producing.

(l) Zero coupon bond which is issued at a discount.

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

(n) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $605,006 or 0.0% of net assets.

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Fidelity Private Credit Company LLC | 4/15/2022 - 10/6/2025 | 22871012 |

---

**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 | 253887356 | 271610742 | 826469 | 949 | - | 23428613 | 23423929 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 116780015 | 208594777 | 237835544 | 141771 | - | - | 87539248 | 87530494 | 0.3% |
| Total | 157931065 | 462482133 | 509446286 | 968240 | 949 | - | 110967861 |  |  |

---

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 | 1413666 | - | 1120924 | - | 10721 | 21786914 | 2307227 |
|  | 20655268 | 1413666 | - | 1120924 | - | 10721 | 21786914 |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 21786914 | - | 21786914 | - |
|  **Asset-Backed Securities** | 6992982 | - | 6992982 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 17538812 | - | 17538812 | - |
| Consumer Discretionary | 29771829 | - | 29771829 | - |
| Consumer Staples | 4145975 | - | 4145975 | - |
| Energy | 7068778 | - | 7068778 | - |
| Financials | 10925572 | - | 10925572 | - |
| Health Care | 11771967 | - | 11221999 | 549968 |
| Industrials | 3907580 | - | 3907580 | - |
| Information Technology | 28163709 | - | 27240712 | 922997 |
| Materials | 17283544 | - | 17283544 | - |
| Utilities | 4318752 | - | 4318752 | - |
|  **Commercial Mortgage Securities** | 3722227 | - | 3722227 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 5523120 | 3229583 | - | 2293537 |
| Consumer Staples | 37748 | - | - | 37748 |
| Energy | 32167399 | 1670340 | - | 30497059 |
| Health Care | 2143366 | 708339 | - | 1435027 |
| Information Technology | 2525071 | 996592 | - | 1528479 |
| Materials | 4995 | 4995 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 11690629 | - | 11690629 | - |
| Financials | 3323892 | - | 3323892 | - |
| Health Care | 2205564 | - | 2205564 | - |
| Information Technology | 10398428 | - | 10398428 | - |
| Utilities | 1016135 | - | 1016135 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 3443751 | - | 1119462 | 2324289 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 135312204 | - | 135312204 | - |
| Consumer Discretionary | 179879515 | - | 179879515 | - |
| Consumer Staples | 42133415 | - | 42133415 | - |
| Energy | 156470631 | - | 156470631 | - |
| Financials | 119890829 | - | 119890829 | - |
| Health Care | 85256749 | - | 85256749 | - |
| Industrials | 158078647 | - | 158078647 | - |
| Information Technology | 75175037 | - | 75175037 | - |
| Materials | 126157974 | - | 126157974 | - |
| Real Estate | 25142124 | - | 25142124 | - |
| Utilities | 64516310 | - | 64516310 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 170003 | 170003 | - | - |
| Information Technology | 4145951 | 4145951 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 11280462 | - | 11279404 | 1058 |
| Financials | 37006345 | - | 37006345 | - |
| Industrials | 1261075 | - | 1261075 | - |
| Utilities | 1536586 | - | 1536586 | - |
|  **Money Market Funds** | 110967861 | 110967861 | - | - |
| **Total Investments in Securities:** | 1576260457 | 121893664 | 1414776631 | 39590162 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 28212 | 28212 | - | - |
| Total Assets | 28212 | 28212 | - | - |
| **Total Derivative Instruments:** | 28212 | 28212 | - | - |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2025 ($)** |
| **Bank Loan Obligations** | 3308239 | 59384 | (191364) | 705087 | (2412270) | 3889 | - | - | 1472965 | (190229) |
| **Common Stocks** | 16099134 | - | 17275629 | 2417087 | - | - | - | - | 35791850 | 17275629 |
| **Convertible Preferred Stocks** | - | - | 196195 | 2128094 | - | - | - | - | 2324289 | 196195 |
| **Preferred Securities** | - | - | (104742) | - | - | - | 105800 | - | 1058 | (104742) |
| **Non-Convertible Corporate Bonds** | 2470950 | 86187 | 954 | 12728 | (2563574) | (7245) | - | - | - | - |
| <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 October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 28212 | - |
| **Total Interest Rate Risk**  | 28212 | - |
| **Total Value of Derivatives** | 28212 | - |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $84,352,877) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,406,612,253) | $1443505682 |  |
| Fidelity Central Funds (cost $110,967,861) | 110967861 |  |
| Other affiliated issuers (cost $22,578,271) | 21786914 |  |
| Total Investment in Securities (cost $1,540,158,385) |  | $1576260457 |
| Segregated cash with brokers for derivative instruments |  | 126250 |
| Cash |  | 775141 |
| Receivable for investments sold |  | 10205353 |
| Receivable for fund shares sold |  | 746704 |
| Interest receivable |  | 20939156 |
| Distributions receivable from Fidelity Central Funds |  | 140523 |
| Receivable for daily variation margin on futures contracts |  | 5195 |
| Receivable from investment adviser for expense reductions |  | 12829 |
| **Total assets** |  | 1609211608 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $21426120 |  |
| Delayed delivery | 2065000 |  |
| Payable for fund shares redeemed | 115965 |  |
| Distributions payable | 973 |  |
| Other payables and accrued expenses | 3985 |  |
| Collateral on securities loaned | 87539248 |  |
| **Total liabilities** |  | 111151291 |
| Commitments and contingent liabilities (see Significant Accounting Policies and Litigation notes) |  |  |
| **Net Assets**  |  | $1498060317 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1869597599 |
| Total accumulated earnings (loss) |  | (371537282) |
| **Net Assets** |  | $1498060317 |
| **Net Asset Value**, offering price and redemption price per share ($1,498,060,317 ÷ 167,539,528 shares) |  | $8.94 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $1023051 |
| Affiliated issuers |  | 1120924 |
| Interest  |  | 49271071 |
| Income from Fidelity Central Funds (including $141,771 from security lending)  |  | 968240 |
| Payment from investment adviser |  | 78508 |
| **Total income** |  | 52461794 |
| **Expenses** |  |  |
| Custodian fees and expenses | $10274 |  |
| Independent trustees' fees and expenses | 2573 |  |
| Legal | 5030 |  |
| Total expenses before reductions | 17877 |  |
| Expense reductions | (8410) |  |
| Total expenses after reductions |  | 9467 |
| **Net Investment income (loss)** |  | 52452327 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (4042363) |  |
| Fidelity Central Funds | 949 |  |
| Foreign currency transactions | (735) |  |
| Futures contracts | 51164 |  |
| Total net realized gain (loss) |  | (3990985) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 71876095 |  |
| Affiliated issuers  | 10721 |  |
| Assets and liabilities in foreign currencies | (469) |  |
| Futures contracts | 28212 |  |
| Total change in net unrealized appreciation (depreciation) |  | 71914559 |
| **Net gain (loss)** |  | 67923574 |
| **Net increase (decrease) in net assets resulting from operations** |  | $120375901 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $52452327 | $101200882 |
| &nbsp;&nbsp;Net realized gain (loss) | (3990985)<br>| (16023062)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 71914559 | 36111565<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 120375901<br>| 121289385<br>|
| Distributions to shareholders | (47791468)<br>| (94299693)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 63529682 | 248393417 |
| Reinvestment of distributions | 47790317<br>| 94284692<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (66622372) | (338088119) |
| **Net increase (decrease) in net assets resulting from share transactions** | 44697627<br>| 4589990<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 117282060<br>| 31579682<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1380778257 | 1349198575<br>|
| &nbsp;&nbsp;End of period | $1498060317 | $1380778257 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7215438 | 28727843 |
| Issued in reinvestment of distributions | 5415190<br>| 10966489<br>|
| &nbsp;&nbsp;Redeemed | (7568932) | (39121863) |
| &nbsp;&nbsp;Net increase (decrease) | 5061696 | 572469 |

---

**Financial Highlights** 

**Fidelity® Series High Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.50 | $8.33 | $8.24 | $8.74 | $9.44 | $8.54 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .318  | .618  | .562  | .536  | .510  | .513  |
| Net realized and unrealized gain (loss)  | .412  | .127  | .060  | (.516)  | (.699)  | .890  |
| Total from investment operations  | .730  | .745  | .622  | .020  | (.189)  | 1.403  |
| Distributions from net investment income  | (.290)  | (.575)  | (.532)  | (.520)  | (.511)  | (.503)  |
| Total distributions  | (.290)  | (.575)  | (.532)  | (.520)  | (.511)  | (.503)  |
| Net asset value, end of period  | $8.94 | $8.50 | $8.33 | $8.24 | $8.74 | $9.44 |
| **Total Return** C,D | 8.68% <br>| 9.08%  | 7.82%  | .41%  | (2.24)%  | 16.72%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | -% G,H | -% H | -% H | .04%  | .02%  | -% H |
| Expenses net of fee waivers, if any H | -% G<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 7.19% G | 7.20%  | 6.83%  | 6.49%  | 5.42%  | 5.58%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1498060 | $1380778 | $1349199 | $1200069 | $1474882 | $1702161 |
| Portfolio turnover rate I | 97% G<br>| 43%  | 28%  | 34%  | 49%  | 68%  |

---

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

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

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

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

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

H*Amount represents less than .005%.*

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

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

For the period ended October 31, 2025

**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.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the nine month period ended September 30, 2025 was 9.68%.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities 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. 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.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Bank Loan Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472965  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Discounted cash flow  | Yield  | 10.5% | Decrease |
|  |  | Indicative market price  | Evaluated bid  | $78.00  | Increase |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 35791850  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 7.9 | Increase |
|  |  | Market approach  | Transaction price  | $7.31  | Increase |
|  |  | Recovery value | Recovery value  | $0.04  | Increase |
|  |  | Black scholes | Volatility  | 60.0% | Increase |
|  |  |  | Discount rate  | 3.5% | Increase |
|  |  |  | Term  | 3.7 | Increase |
|  |  | Discounted cash flow  | Discount rate | 8.5% | Decrease |
|  |  | Indicative market price  | Mid price | $14.70 - $16.79 / $16.62 | Increase |
| Convertible Preferred Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2324289  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA) | 20.5 | Increase |
| Preferred Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058  | Indicative market price | Evaluated bid | $0.01  | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. 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, 2026 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. 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, 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** | $89802445 |
| **Gross unrealized depreciation** | <u>(41060171)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$48742274</u> |
| **Tax cost** | <u>$1527546395</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(46986632) |
| Long-term | <u>(378449711)</u> |
| **Total capital loss carryforward** | <u>$(425436343)</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**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 | - |

---

**New Accounting Pronouncement.** 

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

**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 and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

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

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

**6. 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 Series High Income Fund** | 740330682 | 681870548 |

---

**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** | 173 |

---

**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** | - | 1625834 | 493082 |

---

**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 plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series High Income Fund** | 14243 | - | - |

---

**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 $8,410.

**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. Litigation.**

The Fund and other entities managed by FMR or its affiliates have been involved with proceedings arising out of disputes in the United States Bankruptcy Court for the Southern District of Texas ("Bankruptcy Court"), relating to the In re Sanchez Energy Corporation chapter 11 bankruptcy case (Case No. 19-34508). A Bankruptcy Court-appointed representative of unsecured creditors asserted that eight million shares of Mesquite Energy, Inc. (formerly known as Sanchez Energy Corporation) (the "Company"), held in escrow pursuant to the terms of the Company's confirmed chapter 11 plan, should be awarded to the unsecured creditors instead of the Company's current equity holders, including the Fund, which were providers of debtor-in-possession financing to the Company during its chapter 11 case and holders of secured notes issued by the Company in 2018. The unsecured creditors also asserted that certain additional equity issued by the Company in 2020 in connection with two post-bankruptcy financings, also held by the Fund, is invalid. In August 2023, the Bankruptcy Court issued an opinion awarding a portion of the eight million shares to the unsecured creditors, diluting the value of the Fund's holdings in Mesquite. The Fund appealed this decision to the U.S. Court of Appeals for the Fifth Circuit. On May 30, 2025, the Fifth Circuit vacated the Bankruptcy Court's decision and ruled in favor of the providers of debtor-in-possession financing, including the Fund. The Fund has incurred legal costs in defending the disputes and has recovered a portion of these legal costs through an insurance claim.

**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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Series High Income Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

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

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

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

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

![](img119041_4.jpg)<br>

1.924273.114 FSH-SANN-1225

**Fidelity® High Income Fund**

**Semi-Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img119050_1.jpg)

![](img119050_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SPH-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® High Income Fund](#Sub_Sec_Fund_455_SPH-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements455_SPH-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SPH-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SPH-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SPH-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SPH-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® High Income Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

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>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Brant Point CLO 2024-5 Ltd Series 2024-5A Class E, CME Term SOFR 3 month Index + 6.7%, 10.5844% 10/20/2037 (b)(c)(d) | 250000 | 253373 |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (b)(c)(d) | 175000 | 176168 |
| TOTAL BAILIWICK OF JERSEY |  | 429541 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1074% 10/22/2037 (b)(c)(d) | 150000 | 152325 |
| Arini US Clo II Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 5.65%, 9.9371% 3/31/2038 (b)(c)(d) | 156000 | 156940 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (b)(c)(d) | 222000 | 225326 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0302% 7/20/2038 (b)(c)(d) | 150000 | 150347 |
| Bbam US Clo III Ltd Series 2025-3A Class DR, 9.1416% 10/15/2038 (b)(c) | 187000 | 185985 |
| Bbam US Clo IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 10.1545% 7/15/2039 (b)(c)(d) | 250000 | 251817 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.6074% 4/22/2038 (b)(c)(d) | 285000 | 286137 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.6344% 10/20/2037 (b)(c)(d) | 184000 | 185517 |
| Carlyle US Clo 2025-2 Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 11.046% 7/25/2038 (b)(c)(d) | 304000 | 310560 |
| Carlyle US CLO Ltd Series 2024-2A Class E, CME Term SOFR 3 month Index + 6.85%, 10.708% 4/25/2037 (b)(c)(d) | 250000 | 252790 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (b)(c)(d) | 223000 | 224484 |
| Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2344% 10/20/2037 (b)(c)(d) | 317000 | 323266 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (b)(c)(d) | 189000 | 188863 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.4545% 10/15/2036 (b)(c)(d) | 285000 | 286815 |
| Diameter Cap Clo 7 Ltd / Diameter Cap Clo 7 LLC Series 2024-7A Class D, CME Term SOFR 3 month Index + 6.1%, 9.9844% 7/20/2037 (b)(c)(d) | 385000 | 387449 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (b)(c)(d) | 285000 | 286704 |
| Galaxy XXV CLO Ltd Series 2025-25A Class ERR, CME Term SOFR 3 month Index + 5.75%, 9.608% 4/25/2036 (b)(c)(d) | 100000 | 99742 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5202% 7/20/2037 (b)(c)(d) | 100000 | 101499 |
| Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (b) | 150000 | 153241 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.9045% 7/15/2037 (b)(c)(d) | 150000 | 150966 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 7/20/2036 (b)(c)(d) | 222000 | 223834 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 10/20/2037 (b)(c)(d) | 222000 | 223735 |
| Neuberger Berman Loan Advisers Lasalle Street Lending Clo II Ltd Series 2024-2A Class E, CME Term SOFR 3 month Index + 7.5%, 11.3844% 4/20/2038 (b)(c)(d) | 791000 | 803575 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.4344% 7/20/2037 (b)(c)(d) | 200000 | 201006 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.4844% 10/20/2037 (b)(c)(d) | 285000 | 287607 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (b)(c)(d) | 146000 | 147168 |
| Palmer Square Loan Funding 2025-2 Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 8.7877% 7/15/2033 (b)(c)(d) | 250000 | 248515 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (b)(c)(d) | 285000 | 283064 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.6844% 4/20/2038 (b)(c)(d) | 127000 | 126733 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (b)(c)(d) | 150000 | 151471 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 7057481 |
| UNITED STATES - 0.0%  |  |  |
| Diameter Capital Clo 1 Ltd Series 2024-1A Class DR, CME Term SOFR 3 month Index + 6.15%, 10.0545% 10/15/2037 (b)(c)(d) | 250000 | 253984 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.6344% 1/20/2038 (b)(c)(d) | 179000 | 182222 |
| TOTAL UNITED STATES |  | 436206 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $7,854,272) |  | <br> **7923228** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 7.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 7.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 7.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| 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%, 8.5131% 5/23/2030 (c)(d)(e) | 2987513 | 2999642 |
| 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%, 9.3603% 5/14/2029 (c)(d)(e) | 422475 | 416665 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (c)(d)(e) | 3498880 | 3488873 |
| TOTAL FRANCE |  | 3905538 |
| 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%, 8.9045% 10/31/2027 (c)(d)(e) | 259333 | 204009 |
| 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%, 9.2631% 8/30/2028 (c)(d)(e) | 5293281 | 2514309 |
| SWITZERLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (c)(d)(e) | 3017067 | 2523023 |
| UNITED STATES - 7.2%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Connect Holding II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.781% 10/3/2031 (c)(d)(e) | 732675 | 501150 |
| Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2326% 4/3/2031 (c)(d)(e) | 6225000 | 5704777 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.4291% 4/15/2030 (c)(d)(e) | 2892846 | 2874794 |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 10/6/2032 (c)(d)(e) | 5395000 | 5327563 |
|  |  | 14408284 |
| Media - 0.1% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6015% 6/18/2029 (c)(d)(e) | 3304739 | 3039335 |
| CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5322% 1/18/2028 (c)(d)(e) | 1459029 | 1443724 |
|  |  | 4483059 |
| TOTAL COMMUNICATION SERVICES |  | 18891343 |
| Consumer Discretionary - 2.6% |  |  |
| Automobile Components - 0.0% |  |  |
| American Axle & Manufacturing Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 2/24/2032 (c)(d)(e)(f) | 1355000 | 1344837 |
| Diversified Consumer Services - 0.8% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3928% 3/4/2028 (c)(d)(e) | 18691992 | 15561084 |
| TKC Holdings Inc 1LN, term loan 13.5% 2/15/2027 (c)(e) | 4364416 | 4386238 |
|  |  | 19947322 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Eagle Parent Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 4/2/2029 (c)(d)(e) | 3001020 | 2997748 |
| Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 10/31/2031 (c)(d)(e) | 4795851 | 4532080 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2631% 6/1/2028 (c)(d)(e) | 3132952 | 3034546 |
| Sizzling Platter LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.9646% 7/2/2032 (c)(d)(e) | 3421040 | 3343006 |
| Sizzling Platter LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 2.5% 7/2/2032 (c)(d)(e)(g) | 643960 | 629271 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (c)(d)(e) | 13707595 | 13204938 |
| United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.602% 12/30/2026 (c)(d)(e) | 788418 | 761808 |
|  |  | 28503397 |
| Household Durables - 0.5% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3146% 6/29/2028 (c)(d)(e) | 7134179 | 6652622 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (c)(d)(e) | 9670000 | 9637799 |
|  |  | 16290421 |
| Specialty Retail - 0.3% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.881% 6/6/2031 (c)(d)(e) | 6445592 | 6213293 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.031% 6/6/2031 (c)(d)(e) | 1253661 | 1243581 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (c)(d)(e) | 315000 | 315832 |
| Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0462% 9/4/2029 (c)(d)(e) | 594000 | 554927 |
|  |  | 8327633 |
| TOTAL CONSUMER DISCRETIONARY |  | 74413610 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.0033% 9/20/2030 (c)(d)(e) | 3020000 | 2967150 |
| Food Products - 0.1% |  |  |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (c)(d)(e)(h) | 80433 | 37240 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (c)(d)(e)(h) | 23259 | 10769 |
| Del Monte Foods Corp II Inc Tranche TLA DIP, term loan CME Term SOFR 3 month Index + 0.1%, 13.6477% 3/30/2026 (c)(d)(e) | 197714 | 188817 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 0.1%, 13.6382% 3/30/2026 (c)(d)(e) | 258909 | 203244 |
| Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5477% 7/12/2032 (c)(d)(e) | 4040000 | 4040000 |
|  |  | 4480070 |
| TOTAL CONSUMER STAPLES |  | 7447220 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Mesquite Energy Inc 1LN, term loan 0% (c)(e)(h)(i) | 1718000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (c)(d)(e)(h)(i) | 4024234 | 1 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (c)(d)(e) | 22247931 | 9936148 |
|  |  | 9936149 |
| Financials - 0.3% |  |  |
| Financial Services - 0.1% |  |  |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7035% 2/20/2032 (c)(d)(e) | 2917688 | 2918154 |
| Insurance - 0.2% |  |  |
| Asurion LLC Tranche B3 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.3291% 1/31/2028 (c)(d)(e) | 4953000 | 4845421 |
| TOTAL FINANCIALS |  | 7763575 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0015% 8/23/2032 (c)(d)(e) | 2430000 | 2412528 |
| Health Care Providers & Services - 0.2% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.0015% 6/28/2029 (c)(d)(e)(i) | 1797420 | 1401988 |
| HAH Group Holding Co LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.9646% 9/24/2031 (c)(d)(e) | 2424344 | 2171946 |
| ModivCare Inc 1LN, term loan CME Term SOFR 1 month Index + 7%, 11.1059% 2/22/2026 (c)(d)(e)(i) | 279987 | 271587 |
| ModivCare Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.75%, 12.7515% 7/1/2031 (c)(d)(e) | 2475865 | 1015105 |
| Radiology Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5015% 6/30/2032 (c)(d)(e) | 1035000 | 1033064 |
| Team Health Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.3404% 6/30/2028 (c)(d)(e) | 1301738 | 1302818 |
|  |  | 7196508 |
| Pharmaceuticals - 0.4% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.2146% 10/8/2030 (c)(d)(e) | 10949175 | 10863005 |
| TOTAL HEALTH CARE |  | 20472041 |
| Industrials - 0.5% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.8146% 11/23/2028 (c)(d)(e)(i) | 187210 | 186836 |
| Echo Global Logistics Inc 2LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.3146% 11/23/2029 (c)(d)(e)(i) | 30000 | 29699 |
| Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.0015% 3/18/2030 (c)(d)(e) | 1811219 | 1772477 |
|  |  | 1989012 |
| Building Products - 0.1% |  |  |
| Cornerstone Building Brands Inc 1LN, term loan CME Term SOFR 1 month Index + 5.625%, 9.6572% 8/1/2028 (c)(d)(e) | 678256 | 621168 |
| Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3822% 4/12/2028 (c)(d)(e) | 1979817 | 1807949 |
|  |  | 2429117 |
| Commercial Services & Supplies - 0.3% |  |  |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.5015% 2/15/2031 (c)(d)(e) | 1413190 | 1198003 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7962% 8/1/2030 (c)(d)(e) | 3332099 | 2937812 |
| Neptune Bidco US Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.7615% 10/11/2028 (c)(d)(e) | 315000 | 303975 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.0115% 4/11/2029 (c)(d)(e) | 4884860 | 4712670 |
|  |  | 9152460 |
| Professional Services - 0.1% |  |  |
| Dawn Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 10/7/2032 (c)(d)(e)(f) | 2705000 | 2694856 |
| TOTAL INDUSTRIALS |  | 16265445 |
| Information Technology - 0.9% |  |  |
| IT Services - 0.5% |  |  |
| Constant Contact Inc 2LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.6662% 2/12/2029 (c)(d)(e) | 379000 | 315707 |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.1662% 2/10/2028 (c)(d)(e) | 4894400 | 4560993 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (e) | 6261000 | 6275651 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (c)(d)(e) | 4791653 | 4667597 |
|  |  | 15819948 |
| Software - 0.4% |  |  |
| Finastra USA Inc 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.2878% 9/13/2029 (c)(d)(e)(i) | 1395129 | 1395128 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 6/2/2028 (c)(d)(e) | 2701601 | 2580029 |
| Polaris Newco LLC Tranche PIK TERM 2LN, term loan CME Term SOFR 1 month Index + 9%, 13.2989% 6/4/2029 (c)(d)(e) | 2495000 | 2360120 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (e) | 618450 | 645507 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.1219% 6/28/2030 (c)(d)(e) | 5971600 | 5811621 |
|  |  | 12792405 |
| TOTAL INFORMATION TECHNOLOGY |  | 28612353 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| American Rock Salt Co LLC 1LN, term loan 2% 6/12/2028 (c)(e)(g) | 121881 | 120561 |
| American Rock Salt Co LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.4605% 6/9/2028 (c)(d)(e) | 962410 | 715793 |
| American Rock Salt Co LLC 1LN, term loan CME Term SOFR 3 month Index + 7%, 11.4633% 6/12/2028 (c)(d)(e) | 464781 | 459748 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.0265% 7/3/2028 (c)(d)(e) | 7098037 | 6293332 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.031% 3/15/2029 (c)(d)(e) | 4953797 | 4849421 |
| Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.5021% 3/15/2030 (c)(d)(e) | 613529 | 598958 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.3146% 4/2/2029 (c)(d)(e) | 5441519 | 4520977 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (c)(d)(e) | 6026910 | 5941508 |
| TPC Group Inc 1LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.7733% 12/16/2031 (c)(d)(e) | 4229143 | 3996540 |
|  |  | 27496838 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5015% 3/29/2030 (c)(d)(e) | 5189472 | 5206753 |
| Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 10/11/2032 (c)(d)(e)(f) | 250000 | 249793 |
|  |  | 5456546 |
| TOTAL UNITED STATES |  | 216755120 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $245,331,519) |  | <br> **228901641** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 2.5%** | &nbsp;&nbsp;**Common Stocks - 2.5%** | &nbsp;&nbsp;**Common Stocks - 2.5%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Canacol Energy Ltd (j) | 211900 | 341445 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (i) | 225800 | 3753558 |
| Altice France Holding SA rights (b)(i)(j) | 6157 | 90485 |
| TOTAL FRANCE |  | 3844043 |
| LUXEMBOURG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| SES SA rights (i)(j) | 2308 | 8701 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Intelsat SA/Luxembourg (i)(j) | 2308 | 0 |
| TOTAL COMMUNICATION SERVICES |  | 8701 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Travelport Finance Luxembourg Sarl (i)(j) | 7 | 14698 |
| TOTAL LUXEMBOURG |  | 23399 |
| TANZANIA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Helios Towers PLC (j) | 2742284 | 5389398 |
| UNITED STATES - 2.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Warner Bros Discovery Inc (j) | 164500 | 3693025 |
| Media - 0.0% |  |  |
| Main Street Sports Group (i) | 9655 | 70607 |
| TOTAL COMMUNICATION SERVICES |  | 3763632 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| UC Holdings Inc (i)(j) | 3510 | 0 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC / New Cotai Capital Corp (i)(j)(k) | 125816 | 41519 |
| TOTAL CONSUMER DISCRETIONARY |  | 41519 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Northeast Grocery Inc (i)(j)(k) | 12754 | 66193 |
| Southeastern Grocers Inc rights (i)(j) | 1243047 | 48703 |
|  |  | 114896 |
| Energy - 1.7% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Forbes Energy Services Ltd (i)(j) | 47062 | 0 |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| EP Energy Corp (i)(j) | 7975 | 12920 |
| Hess Midstream LP Class A  | 99600 | 3381420 |
| Mesquite Energy Inc (i)(j) | 217050 | 44318688 |
|  |  | 47713028 |
| TOTAL ENERGY |  | 47713028 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Cano Health LLC (i)(j) | 271705 | 3610959 |
| Cano Health LLC warrants (i)(j) | 14480 | 56617 |
| Surgery Partners Inc (j) | 144900 | 3177657 |
|  |  | 6845233 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| GTT Communications Inc (i)(j) | 113281 | 4225381 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ON Semiconductor Corp (j) | 44500 | 2228560 |
| TOTAL INFORMATION TECHNOLOGY |  | 6453941 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| PureWest Energy LLC (i)(j) | 105 | 24 |
| TOTAL UNITED STATES |  | 64932273 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $36,354,753) |  | <br> **74530558** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| CAMEROON - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Golar LNG Ltd 2.75% 12/15/2030 (b) | 3098000 | 3132078 |
| UNITED STATES - 1.9%  |  |  |
| Communication Services - 1.0% |  |  |
| Media - 1.0% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (c) | 11340678 | 27260155 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC 5% 2/24/2027 (i) | 170828 | 210800 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 9695000 | 9011503 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| MKS Inc 1.25% 6/1/2030  | 2535000 | 3042000 |
| ON Semiconductor Corp 0% 5/1/2027 (l) | 1447000 | 1674902 |
| Wolfspeed Inc 2.5% 6/15/2031  | 1131000 | 2457098 |
| Wolfspeed Inc 2.5% 6/15/2031 (b) | 502000 | 1090595 |
|  |  | 8264595 |
| Software - 0.2% |  |  |
| Riot Platforms Inc 0.75% 1/15/2030 (b) | 4236000 | 6591216 |
| Terawulf Inc 0% 5/1/2032 (b) | 1481000 | 1531354 |
|  |  | 8122570 |
| TOTAL INFORMATION TECHNOLOGY |  | 16387165 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| PG&E Corp 4.25% 12/1/2027  | 3502000 | 3594453 |
| TOTAL UNITED STATES |  | 56464076 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $39,137,515) |  | <br> **59596154** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Acrisure Holdings Inc Series A-2 (i) | 194418 | 5113194 |
| Apollo Global Management Inc Series A, 6.75%  | 20900 | 1368231 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $6,190,012) |  | <br> **6481425** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 81.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 81.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 81.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 81.2%** |
|  |  | 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 (b) |  | 792000 | 766555 |
| Fortescue Treasury Pty Ltd 5.875% 4/15/2030 (b) |  | 65000 | 67063 |
| Mineral Resources Ltd 7% 4/1/2031 (b) |  | 1660000 | 1718523 |
| Mineral Resources Ltd 8% 11/1/2027 (b) |  | 4700000 | 4800224 |
| Mineral Resources Ltd 8.5% 5/1/2030 (b) |  | 3535000 | 3685336 |
| Mineral Resources Ltd 9.25% 10/1/2028 (b) |  | 2425000 | 2542627 |
| TOTAL AUSTRALIA |  |  | 13580328 |
| BAILIWICK OF JERSEY - 0.1%  |  |  |  |
| Consumer Discretionary - 0.1% |  |  |  |
| Automobiles - 0.1% |  |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (b) |  | 4782000 | 4252895 |
| BRAZIL - 0.5%  |  |  |  |
| Industrials - 0.1% |  |  |  |
| Commercial Services & Supplies - 0.1% |  |  |  |
| Ambipar Lux Sarl 9.875% 2/6/2031 (b)(h) |  | 11572000 | 2577200 |
| Materials - 0.4% |  |  |  |
| Metals & Mining - 0.4% |  |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (b) |  | 6388000 | 6346159 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (b)(c) |  | 6088241 | 6067398 |
|  |  |  | 12413557 |
| TOTAL BRAZIL |  |  | 14990757 |
| CAMEROON - 0.3%  |  |  |  |
| Energy - 0.3% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |  |
| Golar LNG Ltd 7.5% 10/2/2030 (b) |  | 5690000 | 5612332 |
| Golar LNG Ltd 7.75% 9/19/2029 (b)(m) |  | 5000000 | 4997250 |
| TOTAL CAMEROON |  |  | 10609582 |
| CANADA - 3.0%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| TELUS Corp 6.625% 10/15/2055 (c) |  | 2956000 | 3049548 |
| Consumer Discretionary - 0.5% |  |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (b) |  | 7576000 | 7162262 |
| 1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (b) |  | 4235000 | 4310260 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (b) |  | 2710000 | 2784779 |
|  |  |  | 14257301 |
| Consumer Staples - 0.1% |  |  |  |
| Household Products - 0.1% |  |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (b) |  | 4713000 | 3496023 |
| Energy - 0.7% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |  |
| Baytex Energy Corp 7.375% 3/15/2032 (b) |  | 3105000 | 3057447 |
| Parkland Corp 4.5% 10/1/2029 (b) |  | 1673000 | 1614956 |
| Parkland Corp 4.625% 5/1/2030 (b) |  | 8785000 | 8522968 |
| Parkland Corp 6.625% 8/15/2032 (b) |  | 810000 | 826935 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (c) |  | 5362000 | 5736058 |
| South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (c) |  | 424000 | 441405 |
|  |  |  | 20199769 |
| Industrials - 0.5% |  |  |  |
| Aerospace & Defense - 0.3% |  |  |  |
| Bombardier Inc 6.75% 6/15/2033 (b) |  | 2625000 | 2755589 |
| Bombardier Inc 7% 6/1/2032 (b) |  | 790000 | 829413 |
| Bombardier Inc 7.25% 7/1/2031 (b) |  | 3940000 | 4181995 |
|  |  |  | 7766997 |
| Commercial Services & Supplies - 0.2% |  |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (b) |  | 5150000 | 5376451 |
| Machinery - 0.0% |  |  |  |
| New Flyer Holdings Inc 9.25% 7/1/2030 (b) |  | 1420000 | 1511912 |
| TOTAL INDUSTRIALS |  |  | 14655360 |
| Information Technology - 0.4% |  |  |  |
| Software - 0.4% |  |  |  |
| Open Text Corp 3.875% 12/1/2029 (b) |  | 4220000 | 3993671 |
| Open Text Corp 3.875% 2/15/2028 (b) |  | 570000 | 554022 |
| Open Text Holdings Inc 4.125% 12/1/2031 (b)(n) |  | 4420000 | 4115003 |
| Open Text Holdings Inc 4.125% 2/15/2030 (b) |  | 5070000 | 4839554 |
|  |  |  | 13502250 |
| Materials - 0.7% |  |  |  |
| Chemicals - 0.6% |  |  |  |
| Methanex Corp 5.125% 10/15/2027  |  | 11571000 | 11598644 |
| Methanex Corp 5.65% 12/1/2044  |  | 6431000 | 5595457 |
|  |  |  | 17194101 |
| Metals & Mining - 0.1% |  |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (b) |  | 2330000 | 2410979 |
| Champion Iron Canada Inc 7.875% 7/15/2032 (b) |  | 1190000 | 1247626 |
| Hudbay Minerals Inc 4.5% 4/1/2026 (b) |  | 1120000 | 1117095 |
|  |  |  | 4775700 |
| TOTAL MATERIALS |  |  | 21969801 |
| TOTAL CANADA |  |  | 91130052 |
| CHILE - 0.4%  |  |  |  |
| Communication Services - 0.3% |  |  |  |
| Media - 0.3% |  |  |  |
| VTR Finance NV 6.375% 7/15/2028 (b) |  | 7835000 | 7678300 |
| Industrials - 0.1% |  |  |  |
| Construction & Engineering - 0.1% |  |  |  |
| ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C 7.875% 2/3/2030 (b) |  | 2947000 | 3025051 |
| TOTAL CHILE |  |  | 10703351 |
| COLOMBIA - 0.4%  |  |  |  |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| Canacol Energy Ltd 5.75% 11/24/2028 (b) |  | 12997000 | 2794355 |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (b)(n) |  | 4697000 | 3801846 |
|  |  |  | 6596201 |
| 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 (b) |  | 5486000 | 5075647 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (b) |  | 1065000 | 1113702 |
|  |  |  | 6189349 |
| TOTAL COLOMBIA |  |  | 12785550 |
| FINLAND - 0.3%  |  |  |  |
| Consumer Discretionary - 0.2% |  |  |  |
| Leisure Products - 0.2% |  |  |  |
| Amer Sports Co 6.75% 2/16/2031 (b) |  | 5815000 | 6053136 |
| Materials - 0.1% |  |  |  |
| Paper & Forest Products - 0.1% |  |  |  |
| Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (b) |  | 2735000 | 2659316 |
| TOTAL FINLAND |  |  | 8712452 |
| FRANCE - 1.4%  |  |  |  |
| Communication Services - 0.8% |  |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |  |
| Altice France SA 6.5% 10/15/2031 (b) |  | 9598526 | 9150751 |
| Altice France SA 6.5% 3/15/2032 (b) |  | 8675176 | 8307002 |
| Altice France SA 6.875% 10/15/2030 (b) |  | 4112334 | 4024400 |
| Altice France SA 6.875% 7/15/2032 (b) |  | 1101243 | 1056935 |
|  |  |  | 22539088 |
| Consumer Discretionary - 0.1% |  |  |  |
| Automobile Components - 0.1% |  |  |  |
| Forvia SE 6.75% 9/15/2033 (b) |  | 3014000 | 3057317 |
| Energy - 0.3% |  |  |  |
| Energy Equipment & Services - 0.3% |  |  |  |
| Vallourec SACA 7.5% 4/15/2032 (b) |  | 5179000 | 5504624 |
| Viridien 10% 10/15/2030 (b) |  | 2813000 | 2947458 |
|  |  |  | 8452082 |
| Financials - 0.2% |  |  |  |
| Financial Services - 0.2% |  |  |  |
| Iliad Holding SAS 7% 4/15/2032 (b) |  | 3165000 | 3238808 |
| Iliad Holding SAS 8.5% 4/15/2031 (b) |  | 3653000 | 3924783 |
|  |  |  | 7163591 |
| TOTAL FRANCE |  |  | 41212078 |
| GERMANY - 0.6%  |  |  |  |
| Consumer Discretionary - 0.3% |  |  |  |
| Automobile Components - 0.3% |  |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (b) |  | 2275000 | 2165616 |
| ZF North America Capital Inc 6.875% 4/14/2028 (b) |  | 1440000 | 1448856 |
| ZF North America Capital Inc 6.875% 4/23/2032 (b) |  | 2400000 | 2190577 |
| ZF North America Capital Inc 7.125% 4/14/2030 (b) |  | 1440000 | 1401799 |
| ZF North America Capital Inc 7.5% 3/24/2031 (b) |  | 1500000 | 1442386 |
|  |  |  | 8649234 |
| Industrials - 0.3% |  |  |  |
| Machinery - 0.3% |  |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (b)(n) |  | 10284000 | 10272146 |
| TOTAL GERMANY |  |  | 18921380 |
| GHANA - 0.4%  |  |  |  |
| Energy - 0.4% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |  |
| Kosmos Energy Ltd 7.125% 4/4/2026 (b) |  | 2430000 | 2405700 |
| Kosmos Energy Ltd 7.5% 3/1/2028 (b) |  | 1658000 | 1311478 |
| Kosmos Energy Ltd 7.75% 5/1/2027 (b) |  | 980000 | 915403 |
| Kosmos Energy Ltd 8.75% 10/1/2031 (b) |  | 1695000 | 1137667 |
| Tullow Oil PLC 10.25% 5/15/2026 (b) |  | 7919000 | 6671758 |
| TOTAL GHANA |  |  | 12442006 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |  |
| Financials - 0.3% |  |  |  |
| Financial Services - 0.3% |  |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (b) |  | 8121000 | 8360894 |
| GREECE - 0.1%  |  |  |  |
| Industrials - 0.1% |  |  |  |
| Marine Transportation - 0.1% |  |  |  |
| Danaos Corp 6.875% 10/15/2032 (b) |  | 3090000 | 3042911 |
| GUATEMALA - 0.2%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (b) |  | 1349000 | 1258280 |
| Millicom International Cellular SA 5.125% 1/15/2028 (b) |  | 2930400 | 2913931 |
| Millicom International Cellular SA 7.375% 4/2/2032 (b) |  | 1720000 | 1790520 |
| TOTAL GUATEMALA |  |  | 5962731 |
| IRELAND - 1.0%  |  |  |  |
| Consumer Discretionary - 0.3% |  |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |  |
| Flutter Treasury DAC 5.875% 6/4/2031 (b) |  | 9635000 | 9755438 |
| Financials - 0.7% |  |  |  |
| Consumer Finance - 0.1% |  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (c) |  | 2952000 | 3049761 |
| Financial Services - 0.6% |  |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (b) |  | 3675000 | 3716344 |
| GGAM Finance Ltd 6.875% 4/15/2029 (b) |  | 3625000 | 3760702 |
| GGAM Finance Ltd 8% 6/15/2028 (b) |  | 7870000 | 8347229 |
| TrueNoord Capital DAC 8.75% 3/1/2030 (b) |  | 1421000 | 1497049 |
|  |  |  | 17321324 |
| TOTAL FINANCIALS |  |  | 20371085 |
| TOTAL IRELAND |  |  | 30126523 |
| ISRAEL - 0.3%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| Energean PLC 6.5% 4/30/2027 (b) |  | 4568000 | 4556580 |
| Health Care - 0.2% |  |  |  |
| Pharmaceuticals - 0.2% |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  |  | 1282000 | 1262288 |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  |  | 2895000 | 3021260 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  |  | 1475000 | 1525150 |
|  |  |  | 5808698 |
| TOTAL ISRAEL |  |  | 10365278 |
| LUXEMBOURG - 0.6%  |  |  |  |
| Communication Services - 0.4% |  |  |  |
| Media - 0.4% |  |  |  |
| Altice Financing SA 5.75% 8/15/2029 (b) |  | 12167000 | 8851737 |
| Altice Financing SA 9.625% 7/15/2027 (b) |  | 1755000 | 1499074 |
|  |  |  | 10350811 |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| Altice France Lux 3 / Altice Holdings 1 10% 1/15/2033 (b) |  | 1472600 | 1383567 |
| TOTAL COMMUNICATION SERVICES |  |  | 11734378 |
| Industrials - 0.0% |  |  |  |
| Electrical Equipment - 0.0% |  |  |  |
| Albion Financing 1 SARL / Aggreko Holdings Inc 7% 5/21/2030 (b) |  | 2955000 | 3049802 |
| Materials - 0.2% |  |  |  |
| Chemicals - 0.2% |  |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (b) |  | 5685000 | 4798999 |
| TOTAL LUXEMBOURG |  |  | 19583179 |
| MAURITIUS - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (b) |  | 3000000 | 3027000 |
| NETHERLANDS - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Media - 0.0% |  |  |  |
| Ziggo BV 4.875% 1/15/2030 (b) |  | 1605000 | 1514878 |
| NIGERIA - 0.3%  |  |  |  |
| Communication Services - 0.3% |  |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |  |
| IHS Holding Ltd 5.625% 11/29/2026 (b) |  | 3146000 | 3106675 |
| IHS Holding Ltd 6.25% 11/29/2028 (b) |  | 615000 | 614138 |
| IHS Holding Ltd 7.875% 5/29/2030 (b) |  | 2365000 | 2402788 |
| IHS Holding Ltd 8.25% 11/29/2031 (b) |  | 3265000 | 3393968 |
| TOTAL NIGERIA |  |  | 9517569 |
| NORWAY - 0.1%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Energy Equipment & Services - 0.1% |  |  |  |
| TGS ASA 8.5% 1/15/2030 (b) |  | 2965000 | 3070259 |
| PANAMA - 0.5%  |  |  |  |
| Communication Services - 0.5% |  |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (b) |  | 5357000 | 5357000 |
| Wireless Telecommunication Services - 0.3% |  |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (b) |  | 8130000 | 8285982 |
| TOTAL PANAMA |  |  | 13642982 |
| PERU - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Metals & Mining - 0.1% |  |  |  |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (b) |  | 3610000 | 3667399 |
| RUSSIA - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| TMK OAO Via TMK Capital SA loan participation 4.3% (h)(i)(m) |  | 200000 | 10000 |
| SOUTH AFRICA - 0.2%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |  |
| Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (b) |  | 8405000 | 7336136 |
| SWITZERLAND - 0.8%  |  |  |  |
| Industrials - 0.5% |  |  |  |
| Aerospace & Defense - 0.5% |  |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (b) |  | 9081000 | 8770444 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (b) |  | 2690000 | 2729724 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (b) |  | 2263000 | 2353541 |
|  |  |  | 13853709 |
| Materials - 0.3% |  |  |  |
| Chemicals - 0.3% |  |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (b) |  | 4786000 | 3401410 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 (b) |  | 1130000 | 767360 |
| Consolidated Energy Finance SA 6.5% 5/15/2026 (b) |  | 5674000 | 5435378 |
|  |  |  | 9604148 |
| TOTAL SWITZERLAND |  |  | 23457857 |
| TANZANIA - 0.1%  |  |  |  |
| Information Technology - 0.1% |  |  |  |
| Communications Equipment - 0.1% |  |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (b) |  | 1728000 | 1792800 |
| UNITED KINGDOM - 1.1%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Virgin Media Finance PLC 5% 7/15/2030 (b) |  | 2510000 | 2240361 |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (b) |  | 1179000 | 1076424 |
| Vmed O2 UK Financing I PLC 6.75% 1/15/2033 (b) |  | 1535000 | 1539455 |
| Vmed O2 UK Financing I PLC 7.75% 4/15/2032 (b) |  | 1360000 | 1409879 |
|  |  |  | 4025758 |
| TOTAL COMMUNICATION SERVICES |  |  | 6266119 |
| Consumer Discretionary - 0.2% |  |  |  |
| Automobile Components - 0.1% |  |  |  |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (b) |  | 3810000 | 4066421 |
| Specialty Retail - 0.1% |  |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (b) |  | 2974000 | 3013013 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 7079434 |
| Energy - 0.4% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |  |
| EG Global Finance PLC 12% 11/30/2028 (b) |  | 8835000 | 9677073 |
| Utilities - 0.3% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (b) |  | 5670000 | 5728764 |
| ContourGlobal Power Holdings SA 6.75% 2/28/2030 (b) |  | 3220000 | 3310079 |
|  |  |  | 9038843 |
| TOTAL UNITED KINGDOM |  |  | 32061469 |
| UNITED STATES - 67.2%  |  |  |  |
| Communication Services - 6.4% |  |  |  |
| Diversified Telecommunication Services - 1.5% |  |  |  |
| Cablevision Lightpath LLC 3.875% 9/15/2027 (b) |  | 1300000 | 1273550 |
| Cablevision Lightpath LLC 5.625% 9/15/2028 (b) |  | 1015000 | 1004632 |
| Connect Holding II LLC 10.5% 4/3/2031 (b) |  | 2915000 | 2851240 |
| Level 3 Financing Inc 3.625% 1/15/2029 (b) |  | 1905000 | 1712119 |
| Level 3 Financing Inc 3.75% 7/15/2029 (b) |  | 655000 | 578038 |
| Level 3 Financing Inc 3.875% 10/15/2030 (b)(n) |  | 5494000 | 4922281 |
| Level 3 Financing Inc 4% 4/15/2031 (b) |  | 384000 | 342719 |
| Level 3 Financing Inc 4.25% 7/1/2028 (b) |  | 595000 | 562275 |
| Level 3 Financing Inc 4.5% 4/1/2030 (b) |  | 4175000 | 3856656 |
| Level 3 Financing Inc 4.875% 6/15/2029 (b) |  | 1620000 | 1549125 |
| Level 3 Financing Inc 6.875% 6/30/2033 (b) |  | 8105000 | 8301846 |
| Level 3 Financing Inc 7% 3/31/2034 (b) |  | 5335000 | 5481195 |
| Lumen Technologies Inc 4.125% 4/15/2030 (b) |  | 820000 | 809221 |
| Lumen Technologies Inc 4.5% 1/15/2029 (b) |  | 630000 | 582750 |
| Windstream Services LLC 7.5% 10/15/2033 (b)(n) |  | 5420000 | 5410190 |
| WULF Compute LLC 7.75% 10/15/2030 (b) |  | 5995000 | 6228055 |
|  |  |  | 45465892 |
| Interactive Media & Services - 0.1% |  |  |  |
| Snap Inc 6.875% 3/1/2033 (b) |  | 2640000 | 2699783 |
| Snap Inc 6.875% 3/15/2034 (b) |  | 1485000 | 1511575 |
|  |  |  | 4211358 |
| Media - 4.8% |  |  |  |
| Advantage Sales & Marketing Inc 6.5% 11/15/2028 (b) |  | 4118000 | 3539045 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (b)(n) |  | 6950000 | 5836079 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (b) |  | 7509000 | 6796535 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032 (n) |  | 11551000 | 10273571 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 6/1/2033 (b)(n) |  | 11880000 | 10299914 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (b) |  | 4505000 | 4645818 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (b) |  | 2505000 | 2619388 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (b) |  | 3679000 | 3610011 |
| Clear Channel Outdoor Holdings Inc 7.75% 4/15/2028 (b) |  | 35000 | 34735 |
| Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (b)(n) |  | 5015000 | 5257561 |
| CMG Media Corp 8.875% 6/18/2029 (b) |  | 955000 | 835232 |
| CSC Holdings LLC 3.375% 2/15/2031 (b) |  | 11649000 | 7048474 |
| CSC Holdings LLC 4.125% 12/1/2030 (b) |  | 3869000 | 2379865 |
| CSC Holdings LLC 4.5% 11/15/2031 (b) |  | 5715000 | 3500741 |
| CSC Holdings LLC 4.625% 12/1/2030 (b) |  | 10035000 | 3626228 |
| CSC Holdings LLC 5.375% 2/1/2028 (b) |  | 4235000 | 3511968 |
| Discovery Communications LLC 5% 9/20/2037  |  | 1435000 | 1214009 |
| Discovery Communications LLC 6.35% 6/1/2040  |  | 1700000 | 1525070 |
| DISH DBS Corp 5.125% 6/1/2029  |  | 7792000 | 6726652 |
| DISH DBS Corp 5.25% 12/1/2026 (b) |  | 620000 | 610027 |
| DISH DBS Corp 7.375% 7/1/2028  |  | 2170000 | 2027691 |
| DISH DBS Corp 7.75% 7/1/2026  |  | 7690000 | 7611266 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (c) |  | 19022363 | 19629367 |
| EW Scripps Co/The 9.875% 8/15/2030 (b) |  | 3175000 | 3010969 |
| Lamar Media Corp 5.375% 11/1/2033 (b) |  | 4595000 | 4549093 |
| Outfront Media Capital LLC / Outfront Media Capital Corp 7.375% 2/15/2031 (b)(n) |  | 2864000 | 3025429 |
| Univision Communications Inc 7.375% 6/30/2030 (b)(n) |  | 990000 | 993331 |
| Univision Communications Inc 8.5% 7/31/2031 (b)(n) |  | 9495000 | 9711534 |
| Univision Communications Inc 9.375% 8/1/2032 (b) |  | 4950000 | 5225085 |
| Warnermedia Holdings Inc 4.279% 3/15/2032  |  | 660000 | 604519 |
| Warnermedia Holdings Inc 5.05% 3/15/2042 (n) |  | 3385000 | 2717241 |
| Warnermedia Holdings Inc 5.141% 3/15/2052  |  | 1220000 | 927200 |
|  |  |  | 143923648 |
| TOTAL COMMUNICATION SERVICES |  |  | 193600898 |
| Consumer Discretionary - 9.9% |  |  |  |
| Automobile Components - 0.6% |  |  |  |
| Adient Global Holdings Ltd 7.5% 2/15/2033 (b) |  | 2740000 | 2832313 |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (b) |  | 2335000 | 2341943 |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (b) |  | 4405000 | 4411204 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (b) |  | 4510000 | 4614552 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (b) |  | 2555000 | 2648717 |
| Hertz Corp/The 5.5% (h)(i)(o) |  | 65000 | 3250 |
| Hertz Corp/The 6% (h)(i)(o) |  | 85000 | 12750 |
| Hertz Corp/The 6.25% (h)(i)(o) |  | 60000 | 3600 |
| Hertz Corp/The 7.125% (h)(i)(o) |  | 85000 | 13600 |
| Patrick Industries Inc 6.375% 11/1/2032 (b) |  | 1375000 | 1401946 |
|  |  |  | 18283875 |
| Automobiles - 0.1% |  |  |  |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (b) |  | 2585000 | 2302375 |
| Broadline Retail - 0.8% |  |  |  |
| GrubHub Holdings Inc 13% 7/31/2030 pay-in-kind (b) |  | 870217 | 733236 |
| Nordstrom Inc 4.25% 8/1/2031 (n) |  | 1175000 | 1069883 |
| Nordstrom Inc 4.375% 4/1/2030  |  | 870000 | 822771 |
| Saks Global Enterprises LLC 11% 12/15/2029 (b) |  | 6188902 | 2707521 |
| Wayfair LLC 7.25% 10/31/2029 (b)(n) |  | 8684000 | 8979864 |
| Wayfair LLC 7.75% 9/15/2030 (b)(n) |  | 9895000 | 10438057 |
|  |  |  | 24751332 |
| Diversified Consumer Services - 0.8% |  |  |  |
| Service Corp International/US 5.75% 10/15/2032  |  | 1355000 | 1374719 |
| Sotheby's 7.375% 10/15/2027 (b) |  | 6049000 | 6025689 |
| StoneMor Inc 8.5% 5/15/2029 (b) |  | 7103000 | 7030180 |
| TKC Holdings Inc 10.5% 5/15/2029 (b) |  | 4438000 | 4563928 |
| TKC Holdings Inc 6.875% 5/15/2028 (b) |  | 4625000 | 4663689 |
|  |  |  | 23658205 |
| Hotels, Restaurants & Leisure - 4.5% |  |  |  |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc 9.5% 7/1/2032 (b) |  | 1475000 | 1484204 |
| Caesars Entertainment Inc 6% 10/15/2032 (b)(n) |  | 4665000 | 4450286 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (b) |  | 5260000 | 5303800 |
| Caesars Entertainment Inc 7% 2/15/2030 (b) |  | 515000 | 529893 |
| Carnival Corp 5.75% 3/15/2030 (b) |  | 5663000 | 5833032 |
| Carnival Corp 5.75% 8/1/2032 (b) |  | 2995000 | 3076712 |
| Carnival Corp 5.875% 6/15/2031 (b) |  | 5770000 | 5950602 |
| Carnival Corp 6% 5/1/2029 (b) |  | 5845000 | 5932675 |
| Carnival Corp 6.125% 2/15/2033 (b) |  | 2740000 | 2825405 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (b) |  | 10561000 | 9789441 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (b)(n) |  | 9749000 | 8981446 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (b)(n) |  | 2980000 | 3035875 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (b) |  | 1445000 | 1481167 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (b) |  | 1050000 | 1071852 |
| Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (b)(n) |  | 2325000 | 2399179 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (b) |  | 3990000 | 4048968 |
| Life Time Inc 6% 11/15/2031 (b) |  | 2836000 | 2875846 |
| Light & Wonder International Inc 6.25% 10/1/2033 (b) |  | 4542000 | 4521924 |
| Lindblad Expeditions LLC 7% 9/15/2030 (b) |  | 1705000 | 1736496 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (b) |  | 3850000 | 3007429 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 11.875% 4/15/2031 (b) |  | 2616000 | 2729613 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (b) |  | 2346000 | 2435461 |
| NCL Corp Ltd 5.875% 1/15/2031 (b) |  | 3025000 | 3023568 |
| NCL Corp Ltd 6.25% 9/15/2033 (b) |  | 3025000 | 3059799 |
| NCL Corp Ltd 6.75% 2/1/2032 (b) |  | 2740000 | 2815517 |
| Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (b) |  | 10260000 | 10453245 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (b) |  | 5210000 | 5349158 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (b) |  | 4874000 | 5030137 |
| Viking Cruises Ltd 5.875% 10/15/2033 (b) |  | 9165000 | 9316833 |
| Viking Cruises Ltd 9.125% 7/15/2031 (b) |  | 930000 | 996354 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (b) |  | 1605000 | 1603419 |
| Yum! Brands Inc 4.625% 1/31/2032 (n) |  | 9310000 | 9091402 |
| Yum! Brands Inc 5.375% 4/1/2032 (n) |  | 1100000 | 1112070 |
|  |  |  | 135352808 |
| Household Durables - 1.7% |  |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 8/1/2029 (b) |  | 2555000 | 2415374 |
| Ashton Woods USA LLC / Ashton Woods Finance Co 6.875% 8/1/2033 (b) |  | 1500000 | 1501314 |
| Beazer Homes USA Inc 7.5% 3/15/2031 (b)(n) |  | 2160000 | 2186212 |
| Century Communities Inc 6.625% 9/15/2033 (b) |  | 3005000 | 2996091 |
| Dream Finders Homes Inc 6.875% 9/15/2030 (b) |  | 2841000 | 2827733 |
| LGI Homes Inc 4% 7/15/2029 (b)(n) |  | 1585000 | 1423498 |
| LGI Homes Inc 7% 11/15/2032 (b)(n) |  | 7860000 | 7542771 |
| LGI Homes Inc 8.75% 12/15/2028 (b) |  | 1355000 | 1409193 |
| New Home Co Inc/The 8.5% 11/1/2030 (b)(n) |  | 1460000 | 1510834 |
| Newell Brands Inc 6.375% 5/15/2030 (n) |  | 3060000 | 2907000 |
| Newell Brands Inc 6.625% 5/15/2032 (n) |  | 710000 | 667400 |
| Newell Brands Inc 6.625% 9/15/2029  |  | 1170000 | 1144207 |
| Newell Brands Inc 6.875% 4/1/2036 (n)(p) |  | 385000 | 362870 |
| Newell Brands Inc 7% 4/1/2046 (p) |  | 1800000 | 1485336 |
| Newell Brands Inc 8.5% 6/1/2028 (b) |  | 757000 | 776619 |
| TopBuild Corp 4.125% 2/15/2032 (b) |  | 2115000 | 1991976 |
| TopBuild Corp 5.625% 1/31/2034 (b) |  | 3045000 | 3057351 |
| Whirlpool Corp 5.75% 3/1/2034  |  | 310000 | 296306 |
| Whirlpool Corp 6.125% 6/15/2030  |  | 6060000 | 6000471 |
| Whirlpool Corp 6.5% 6/15/2033 (n) |  | 7964000 | 7769970 |
|  |  |  | 50272526 |
| Specialty Retail - 1.4% |  |  |  |
| Carvana Co 10.25% 5/1/2030 (b) |  | 357000 | 385560 |
| Carvana Co 4.875% 9/1/2029 (b) |  | 2253000 | 2084025 |
| Carvana Co 5.5% 4/15/2027 (b) |  | 2422000 | 2385670 |
| Carvana Co 5.875% 10/1/2028 (b) |  | 1267000 | 1238493 |
| Carvana Co 9% 6/1/2030 pay-in-kind (b)(c) |  | 2261502 | 2361846 |
| Carvana Co 9% 6/1/2031 pay-in-kind (b)(c) |  | 5681799 | 6322359 |
| Champions Financing Inc 8.75% 2/15/2029 (b)(n) |  | 3187000 | 3089405 |
| LBM Acquisition LLC 6.25% 1/15/2029 (b) |  | 2824000 | 2575855 |
| LBM Acquisition LLC 9.5% 6/15/2031 (b) |  | 5410000 | 5660213 |
| Park River Holdings Inc 8% 3/15/2031 (b) |  | 1150000 | 1183861 |
| SGUS LLC 11% 12/15/2029 (b) |  | 3499007 | 3017929 |
| Staples Inc 10.75% 9/1/2029 (b) |  | 6389000 | 6191444 |
| Staples Inc 12.75% 1/15/2030 (b) |  | 4067209 | 3131751 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (b)(n) |  | 1300000 | 1358674 |
| White Cap Supply Holdings LLC 7.375% 11/15/2030 (b) |  | 2610000 | 2640152 |
|  |  |  | 43627237 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 298248358 |
| Consumer Staples - 2.2% |  |  |  |
| Consumer Staples Distribution & Retail - 1.1% |  |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (b) |  | 1593000 | 1518220 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (b) |  | 4100000 | 4049002 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (b)(q) |  | 2675000 | 2696144 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.75% 3/31/2034 (b)(q) |  | 3015000 | 3028285 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (b) |  | 3080000 | 3166040 |
| C&S Group Enterprises LLC 5% 12/15/2028 (b) |  | 3237000 | 2951920 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (b) |  | 5792000 | 6064275 |
| Performance Food Group Inc 6.125% 9/15/2032 (b) |  | 2955000 | 3033893 |
| US Foods Inc 4.75% 2/15/2029 (b) |  | 2800000 | 2769025 |
| US Foods Inc 5.75% 4/15/2033 (b)(n) |  | 2585000 | 2619034 |
| US Foods Inc 6.875% 9/15/2028 (b) |  | 1455000 | 1500582 |
| US Foods Inc 7.25% 1/15/2032 (b) |  | 50000 | 52458 |
|  |  |  | 33448878 |
| Food Products - 1.0% |  |  |  |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (b) |  | 1440000 | 1519883 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (b) |  | 1260000 | 1355846 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (b)(n) |  | 8425000 | 8137206 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (b) |  | 1370000 | 1306048 |
| Post Holdings Inc 4.625% 4/15/2030 (b)(n) |  | 3900000 | 3781216 |
| Post Holdings Inc 5.5% 12/15/2029 (b) |  | 3787000 | 3788901 |
| Post Holdings Inc 6.25% 10/15/2034 (b)(n) |  | 3750000 | 3793924 |
| Post Holdings Inc 6.25% 2/15/2032 (b) |  | 3485000 | 3582199 |
| Post Holdings Inc 6.375% 3/1/2033 (b)(n) |  | 3800000 | 3848617 |
|  |  |  | 31113840 |
| Household Products - 0.1% |  |  |  |
| Resideo Funding Inc 6.5% 7/15/2032 (b) |  | 1797000 | 1839388 |
| TOTAL CONSUMER STAPLES |  |  | 66402106 |
| Energy - 7.6% |  |  |  |
| Energy Equipment & Services - 1.0% |  |  |  |
| Kodiak Gas Services LLC 6.5% 10/1/2033 (b) |  | 2091000 | 2142727 |
| Kodiak Gas Services LLC 6.75% 10/1/2035 (b) |  | 2400000 | 2471556 |
| Nabors Industries Inc 7.375% 5/15/2027 (b) |  | 1173000 | 1189383 |
| Nabors Industries Inc 8.875% 8/15/2031 (b) |  | 2300000 | 2185655 |
| Nabors Industries Inc 9.125% 1/31/2030 (b) |  | 640000 | 672531 |
| Nabors Industries Ltd 7.5% 1/15/2028 (b) |  | 4200000 | 4219488 |
| Star Holding LLC 8.75% 8/1/2031 (b) |  | 1870000 | 1807435 |
| Transocean Aquila Ltd 8% 9/30/2028 (b) |  | 1001462 | 1027276 |
| Transocean International Ltd 7.875% 10/15/2032 (b) |  | 850000 | 875372 |
| Transocean International Ltd 8.25% 5/15/2029 (b) |  | 2465000 | 2479430 |
| Transocean International Ltd 8.5% 5/15/2031 (b) |  | 3160000 | 3137293 |
| Transocean International Ltd 8.75% 2/15/2030 (b) |  | 1661250 | 1743198 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (b) |  | 3045000 | 3056690 |
| WBI Operating LLC 6.25% 10/15/2030 (b) |  | 2445000 | 2442677 |
| WBI Operating LLC 6.5% 10/15/2033 (b) |  | 2445000 | 2444682 |
|  |  |  | 31895393 |
| Oil, Gas & Consumable Fuels - 6.6% |  |  |  |
| Alpha Natural Resources Inc 9.75% (h)(i) |  | 210000 | 0 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 10/15/2033 (b) |  | 1515000 | 1512825 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.625% 7/15/2033 (b) |  | 1221000 | 1242828 |
| California Resources Corp 7% 1/15/2034 (b) |  | 305000 | 303642 |
| California Resources Corp 8.25% 6/15/2029 (b) |  | 8190000 | 8519746 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 8.125% 1/15/2027 (b) |  | 2365000 | 2359875 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 7/15/2028 (b) |  | 7498000 | 7349015 |
| CITGO Petroleum Corp 6.375% 6/15/2026 (b) |  | 9291000 | 9302224 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (b) |  | 1405000 | 1461055 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (b) |  | 4019000 | 3846993 |
| CNX Resources Corp 6% 1/15/2029 (b) |  | 25000 | 25100 |
| CNX Resources Corp 7.25% 3/1/2032 (b)(n) |  | 4305000 | 4488587 |
| CNX Resources Corp 7.375% 1/15/2031 (b)(n) |  | 1580000 | 1635460 |
| Comstock Resources Inc 5.875% 1/15/2030 (b) |  | 5330000 | 5072609 |
| Comstock Resources Inc 6.75% 3/1/2029 (b) |  | 4870000 | 4827824 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (b) |  | 5263000 | 5694329 |
| CVR Energy Inc 8.5% 1/15/2029 (b) |  | 4455000 | 4565653 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (b) |  | 8191000 | 8231251 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (b) |  | 1480000 | 1501479 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (b) |  | 4140000 | 4321034 |
| Energy Transfer LP 6.5% 2/15/2056 (c) |  | 297000 | 294310 |
| Energy Transfer LP 6.75% 2/15/2056 (c) |  | 297000 | 297920 |
| Genesis Energy LP / Genesis Energy Finance Corp 8% 5/15/2033  |  | 5831000 | 6022315 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  |  | 2160000 | 2186404 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (b) |  | 1115000 | 1130790 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (b)(n) |  | 560000 | 585444 |
| Harvest Midstream I LP 7.5% 5/15/2032 (b) |  | 1565000 | 1621855 |
| Harvest Midstream I LP 7.5% 9/1/2028 (b) |  | 2905000 | 2936824 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (b) |  | 1270000 | 1236958 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (b) |  | 6630000 | 6615068 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (b) |  | 1400000 | 1409208 |
| Hess Midstream Operations LP 6.5% 6/1/2029 (b) |  | 265000 | 274594 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (b) |  | 1510000 | 1556078 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (b) |  | 1960000 | 2053811 |
| Kinetik Holdings LP 5.875% 6/15/2030 (b) |  | 3835000 | 3863663 |
| Kinetik Holdings LP 6.625% 12/15/2028 (b) |  | 4290000 | 4406143 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (b) |  | 4665000 | 4502860 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028 (n) |  | 260000 | 258113 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (b)(n) |  | 8169000 | 8205997 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (b) |  | 3950000 | 4187537 |
| Prairie Acquiror LP 9% 8/1/2029 (b) |  | 840000 | 862156 |
| Rockies Express Pipeline LLC 4.8% 5/15/2030 (b) |  | 1900000 | 1859371 |
| Rockies Express Pipeline LLC 4.95% 7/15/2029 (b) |  | 2849000 | 2824513 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (b) |  | 4020000 | 4207501 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (b) |  | 1598000 | 1647614 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029 (n) |  | 3519000 | 3450534 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028  |  | 5610000 | 5619324 |
| Sunoco LP / Sunoco Finance Corp 6% 4/15/2027  |  | 175000 | 175267 |
| Sunoco LP 5.625% 3/15/2031 (b) |  | 1505000 | 1505971 |
| Sunoco LP 5.875% 3/15/2034 (b) |  | 1505000 | 1504753 |
| Sunoco LP 6.25% 7/1/2033 (b) |  | 3815000 | 3895558 |
| Sunoco LP 7% 5/1/2029 (b) |  | 1480000 | 1538433 |
| Sunoco LP 7.25% 5/1/2032 (b) |  | 1775000 | 1871317 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (b) |  | 7715000 | 7668495 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (b) |  | 1725000 | 1711827 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (b) |  | 8510000 | 8366553 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6.75% 3/15/2034 (b) |  | 1505000 | 1493427 |
| Talos Production Inc 9% 2/1/2029 (b) |  | 1145000 | 1177265 |
| Talos Production Inc 9.375% 2/1/2031 (b) |  | 1135000 | 1160752 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (b) |  | 5520000 | 5781941 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (b) |  | 4570000 | 4840137 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (b) |  | 2930000 | 3222118 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (b) |  | 2995000 | 3379597 |
|  |  |  | 199671845 |
| TOTAL ENERGY |  |  | 231567238 |
| Financials - 7.8% |  |  |  |
| Banks - 0.1% |  |  |  |
| Western Alliance Bancorp 3% 6/15/2031 (c) |  | 5683000 | 5450110 |
| Capital Markets - 1.0% |  |  |  |
| Hightower Holding LLC 6.75% 4/15/2029 (b) |  | 1437000 | 1438522 |
| Hightower Holding LLC 9.125% 1/31/2030 (b) |  | 5135000 | 5503955 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (b) |  | 3671000 | 3735521 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (b) |  | 8070000 | 8418380 |
| Jane Street Group / JSG Finance Inc 7.125% 4/30/2031 (b) |  | 4135000 | 4339137 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (b) |  | 980000 | 927940 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (b) |  | 1980000 | 1950831 |
| Stonex Escrow Issuer LLC 6.875% 7/15/2032 (b)(n) |  | 1458000 | 1508452 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (b) |  | 1915000 | 2003979 |
|  |  |  | 29826717 |
| Consumer Finance - 1.9% |  |  |  |
| Ally Financial Inc 6.646% 1/17/2040 (c)(n) |  | 3479000 | 3487059 |
| Ally Financial Inc 6.7% 2/14/2033 (n) |  | 6655000 | 6938353 |
| Encore Capital Group Inc 6.625% 4/15/2031 (b) |  | 305000 | 302679 |
| Encore Capital Group Inc 8.5% 5/15/2030 (b) |  | 4559000 | 4800810 |
| Ford Motor Credit Co LLC 5.73% 9/5/2030  |  | 2997000 | 3039448 |
| LFS Topco LLC 8.75% 7/15/2030 (b) |  | 6150000 | 6020116 |
| Navient Corp 4.875% 3/15/2028  |  | 639000 | 624974 |
| Navient Corp 5% 3/15/2027  |  | 1769000 | 1758563 |
| Navient Corp 5.5% 3/15/2029 (n) |  | 1500000 | 1473048 |
| Navient Corp 5.625% 8/1/2033 (n) |  | 1259000 | 1139813 |
| Navient Corp 7.875% 6/15/2032 (n) |  | 3474000 | 3589432 |
| OneMain Finance Corp 3.875% 9/15/2028  |  | 4360000 | 4207086 |
| OneMain Finance Corp 6.125% 5/15/2030  |  | 3010000 | 3045398 |
| OneMain Finance Corp 6.5% 3/15/2033  |  | 1505000 | 1501969 |
| OneMain Finance Corp 6.625% 5/15/2029  |  | 620000 | 637582 |
| OneMain Finance Corp 6.75% 3/15/2032  |  | 1185000 | 1202561 |
| OneMain Finance Corp 7.125% 11/15/2031  |  | 1705000 | 1766762 |
| OneMain Finance Corp 7.125% 9/15/2032 (n) |  | 4335000 | 4474236 |
| OneMain Finance Corp 7.5% 5/15/2031  |  | 1320000 | 1378782 |
| PRA Group Inc 8.875% 1/31/2030 (b)(n) |  | 2296000 | 2329758 |
| SLM Corp 6.5% 1/31/2030  |  | 2800000 | 2903104 |
|  |  |  | 56621533 |
| Financial Services - 3.6% |  |  |  |
| Block Inc 3.5% 6/1/2031 (n) |  | 6493000 | 6045556 |
| Block Inc 5.625% 8/15/2030 (b) |  | 2785000 | 2827079 |
| Block Inc 6% 8/15/2033 (b) |  | 2205000 | 2254603 |
| Block Inc 6.5% 5/15/2032  |  | 8030000 | 8331559 |
| Boost Newco Borrower LLC 7.5% 1/15/2031 (b) |  | 6955000 | 7388783 |
| Burford Capital Global Finance LLC 7.5% 7/15/2033 (b) |  | 2665000 | 2631109 |
| Clue Opco LLC 9.5% 10/15/2031 (b)(n) |  | 1710000 | 1743141 |
| CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (b) |  | 3065000 | 3093272 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (b) |  | 4285000 | 4301069 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  |  | 4835000 | 4158495 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  |  | 7823000 | 7687657 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  |  | 2044000 | 2042838 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  |  | 1020000 | 981756 |
| ION Platform Finance US Inc 7.875% 9/30/2032 (b) |  | 5160000 | 5035051 |
| Jefferson Capital Holdin 8.25% 5/15/2030 (b) |  | 2355000 | 2441549 |
| NFE Financing LLC 12% 11/15/2029 (b) |  | 7280321 | 1774240 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (b) |  | 2970000 | 3044205 |
| PennyMac Financial Services Inc 6.875% 2/15/2033 (b)(n) |  | 2815000 | 2911942 |
| PennyMac Financial Services Inc 6.875% 5/15/2032 (b) |  | 3965000 | 4135848 |
| Rocket Cos Inc 6.125% 8/1/2030 (b) |  | 4680000 | 4827434 |
| Rocket Cos Inc 6.375% 8/1/2033 (b) |  | 5320000 | 5542004 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (b) |  | 2865000 | 2959068 |
| UWM Holdings LLC 6.25% 3/15/2031 (b) |  | 3030000 | 3024549 |
| UWM Holdings LLC 6.625% 2/1/2030 (b) |  | 5460000 | 5562566 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (b) |  | 2050000 | 2097874 |
| WEX Inc 6.5% 3/15/2033 (b) |  | 4430000 | 4530415 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (b) |  | 7835000 | 8000678 |
|  |  |  | 109374340 |
| Insurance - 0.5% |  |  |  |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (b) |  | 1320000 | 1353739 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (b) |  | 1320000 | 1365247 |
| Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (b) |  | 1320000 | 1385675 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (b) |  | 600000 | 615292 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (b) |  | 1370000 | 1394874 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7.375% 10/1/2032 (b) |  | 2115000 | 2182259 |
| AmWINS Group Inc 4.875% 6/30/2029 (b) |  | 530000 | 511869 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (b) |  | 4725000 | 4866751 |
|  |  |  | 13675706 |
| 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 (b) |  | 3005000 | 3012842 |
| Rithm Capital Corp 8% 4/1/2029 (b) |  | 1300000 | 1326366 |
| Rithm Capital Corp 8% 7/15/2030 (b) |  | 2985000 | 3025826 |
| Starwood Property Trust Inc 3.625% 7/15/2026 (b) |  | 645000 | 639883 |
| Starwood Property Trust Inc 5.25% 10/15/2028 (b) |  | 1530000 | 1535543 |
| Starwood Property Trust Inc 5.75% 1/15/2031 (b) |  | 2445000 | 2479503 |
| Starwood Property Trust Inc 6% 4/15/2030 (b) |  | 2495000 | 2548161 |
| Starwood Property Trust Inc 6.5% 10/15/2030 (b) |  | 540000 | 561831 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (b) |  | 3245000 | 3374975 |
| Starwood Property Trust Inc 7.25% 4/1/2029 (b) |  | 1625000 | 1711473 |
|  |  |  | 20216403 |
| TOTAL FINANCIALS |  |  | 235164809 |
| Health Care - 6.4% |  |  |  |
| Biotechnology - 0.2% |  |  |  |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (b) |  | 5192000 | 4595260 |
| Health Care Equipment & Supplies - 0.5% |  |  |  |
| AdaptHealth LLC 5.125% 3/1/2030 (b) |  | 2531000 | 2421268 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (b) |  | 11505000 | 11835803 |
| Sotera Health Holdings LLC 7.375% 6/1/2031 (b) |  | 1877000 | 1972543 |
|  |  |  | 16229614 |
| Health Care Providers & Services - 4.2% |  |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (b)(n) |  | 1907000 | 1971388 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (b) |  | 12735000 | 11368551 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (b) |  | 15584000 | 14608090 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (b) |  | 7706000 | 6474710 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (b) |  | 3010000 | 3186949 |
| CVS Health Corp 6.75% 12/10/2054 (c) |  | 5272000 | 5478810 |
| CVS Health Corp 7% 3/10/2055 (c) |  | 7155000 | 7517623 |
| DaVita Inc 4.625% 6/1/2030 (b) |  | 9890000 | 9550339 |
| DaVita Inc 6.75% 7/15/2033 (b) |  | 4290000 | 4448030 |
| DaVita Inc 6.875% 9/1/2032 (b) |  | 4620000 | 4785997 |
| Global Medical Response Inc 7.375% 10/1/2032 (b) |  | 1490000 | 1559054 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (b) |  | 1576000 | 1493824 |
| LifePoint Health Inc 10% 6/1/2032 (b) |  | 1726000 | 1835839 |
| ModivCare Inc 5% 10/1/2029 (b)(h) |  | 970000 | 4850 |
| Molina Healthcare Inc 6.25% 1/15/2033 (b) |  | 9280000 | 9340645 |
| Owens & Minor Inc 4.5% 3/31/2029 (b)(n) |  | 1755000 | 1350584 |
| Owens & Minor Inc 6.625% 4/1/2030 (b)(n) |  | 3678000 | 2799532 |
| Pediatrix Medical Group Inc 5.375% 2/15/2030 (b) |  | 2937000 | 2919024 |
| Prime Healthcare Services Inc 9.375% 9/1/2029 (b) |  | 2890000 | 3040396 |
| Radiology Partners Inc 8.5% 7/15/2032 (b) |  | 1485000 | 1544344 |
| Radiology Partners Inc 9.781% 2/15/2030 pay-in-kind (b)(c) |  | 287152 | 279901 |
| Select Medical Corp 6.25% 12/1/2032 (b)(n) |  | 3970000 | 4027160 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (b) |  | 1455000 | 1497067 |
| Tenet Healthcare Corp 4.25% 6/1/2029  |  | 2990000 | 2923240 |
| Tenet Healthcare Corp 4.375% 1/15/2030  |  | 3830000 | 3737982 |
| Tenet Healthcare Corp 6.125% 10/1/2028 (n) |  | 5575000 | 5582186 |
| Tenet Healthcare Corp 6.125% 6/15/2030  |  | 6275000 | 6391405 |
| Tenet Healthcare Corp 6.75% 5/15/2031 (n) |  | 945000 | 980419 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (b) |  | 7153000 | 7283971 |
|  |  |  | 127981910 |
| Health Care Technology - 0.3% |  |  |  |
| IQVIA Inc 6.25% 6/1/2032 (b) |  | 5950000 | 6201483 |
| IQVIA Inc 6.5% 5/15/2030 (b) |  | 2670000 | 2772923 |
|  |  |  | 8974406 |
| Life Sciences Tools & Services - 0.0% |  |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (b) |  | 1285000 | 1231994 |
| Charles River Laboratories International Inc 4% 3/15/2031 (b) |  | 355000 | 334677 |
|  |  |  | 1566671 |
| Pharmaceuticals - 1.2% |  |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (b) |  | 11945000 | 12486222 |
| Bausch Health Americas Inc 8.5% 1/31/2027 (b) |  | 1855000 | 1846894 |
| Bausch Health Cos Inc 11% 9/30/2028 (b) |  | 2430000 | 2547223 |
| Bausch Health Cos Inc 4.875% 6/1/2028 (b) |  | 3370000 | 3066700 |
| Bausch Health Cos Inc 5.25% 1/30/2030 (b) |  | 1415000 | 1019005 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (b) |  | 1410000 | 1341498 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (b)(n) |  | 7079000 | 5426314 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 5/15/2034 (b)(n) |  | 3004000 | 2691359 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 7.875% 5/15/2034 (b)(n) |  | 6289000 | 4893983 |
|  |  |  | 35319198 |
| TOTAL HEALTH CARE |  |  | 194667059 |
| Industrials - 10.5% |  |  |  |
| Aerospace & Defense - 1.4% |  |  |  |
| Axon Enterprise Inc 6.125% 3/15/2030 (b) |  | 3995000 | 4103017 |
| Axon Enterprise Inc 6.25% 3/15/2033 (b) |  | 3760000 | 3886354 |
| BWX Technologies Inc 4.125% 6/30/2028 (b) |  | 6123000 | 5981238 |
| OneSky Flight LLC 8.875% 12/15/2029 (b) |  | 2823000 | 2995680 |
| TransDigm Inc 6% 1/15/2033 (b) |  | 1525000 | 1549222 |
| TransDigm Inc 6.25% 1/31/2034 (b)(n) |  | 990000 | 1023164 |
| TransDigm Inc 6.375% 3/1/2029 (b) |  | 3535000 | 3614538 |
| TransDigm Inc 6.375% 5/31/2033 (b) |  | 8715000 | 8883478 |
| TransDigm Inc 6.75% 1/31/2034 (b) |  | 5095000 | 5279862 |
| TransDigm Inc 6.75% 8/15/2028 (b) |  | 4165000 | 4248300 |
| TransDigm Inc 6.875% 12/15/2030 (b) |  | 150000 | 155732 |
| TransDigm Inc 7.125% 12/1/2031 (b) |  | 1560000 | 1627495 |
|  |  |  | 43348080 |
| Air Freight & Logistics - 0.4% |  |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (b)(n) |  | 10115000 | 10340312 |
| Stonepeak Nile Parent LLC 7.25% 3/15/2032 (b) |  | 2160000 | 2284376 |
|  |  |  | 12624688 |
| Building Products - 1.7% |  |  |  |
| AmeriTex HoldCo Intermediate LLC 7.625% 8/15/2033 (b) |  | 3005000 | 3143460 |
| Builders FirstSource Inc 4.25% 2/1/2032 (b)(n) |  | 5995000 | 5672137 |
| Builders FirstSource Inc 6.375% 3/1/2034 (b)(n) |  | 1630000 | 1688065 |
| Builders FirstSource Inc 6.75% 5/15/2035 (b) |  | 7120000 | 7475659 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (b)(n) |  | 2615000 | 2417349 |
| Cornerstone Building Brands Inc 6.125% 1/15/2029 (b) |  | 2095000 | 1592438 |
| Cornerstone Building Brands Inc 9.5% 8/15/2029 (b)(n) |  | 1590000 | 1467129 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (b) |  | 9155000 | 9411624 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.75% 7/15/2031 (b) |  | 2370000 | 2461162 |
| JELD-WEN Inc 4.875% 12/15/2027 (b)(n) |  | 2160000 | 2100890 |
| JH North America Holdings Inc 6.125% 7/31/2032 (b) |  | 460000 | 471774 |
| Masterbrand Inc 7% 7/15/2032 (b) |  | 1441000 | 1494741 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (b) |  | 1410000 | 1447297 |
| Standard Building Solutions Inc 6.25% 8/1/2033 (b) |  | 6295000 | 6419314 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (b) |  | 2725000 | 2801304 |
|  |  |  | 50064343 |
| Commercial Services & Supplies - 2.9% |  |  |  |
| ADT Security Corp/The 5.875% 10/15/2033 (b) |  | 3055000 | 3099135 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6% 6/1/2029 (b) |  | 2120000 | 2072547 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (b) |  | 4205000 | 4313897 |
| Allied Universal Holdco LLC 7.875% 2/15/2031 (b) |  | 9655000 | 10052939 |
| Artera Services LLC 8.5% 2/15/2031 (b)(n) |  | 16509000 | 14247088 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (b) |  | 11530000 | 11093873 |
| Clean Harbors Inc 6.375% 2/1/2031 (b)(n) |  | 1205000 | 1234544 |
| CoreCivic Inc 4.75% 10/15/2027  |  | 7084000 | 7024038 |
| CoreCivic Inc 8.25% 4/15/2029  |  | 1432000 | 1508046 |
| GEO Group Inc/The 10.25% 4/15/2031  |  | 4401000 | 4819549 |
| GEO Group Inc/The 8.625% 4/15/2029  |  | 4485000 | 4733101 |
| GFL Environmental Inc 3.5% 9/1/2028 (b) |  | 1505000 | 1471741 |
| GFL Environmental Inc 6.75% 1/15/2031 (b) |  | 505000 | 528293 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (b) |  | 8025000 | 7924688 |
| OT Midco Inc 10% 2/15/2030 (b) |  | 4321000 | 2527896 |
| Reworld Holding Corp 4.875% 12/1/2029 (b) |  | 1630000 | 1531619 |
| Waste Pro USA Inc 7% 2/1/2033 (b) |  | 1740000 | 1808598 |
| Williams Scotsman Inc 6.625% 4/15/2030 (b) |  | 1205000 | 1246101 |
| Williams Scotsman Inc 6.625% 6/15/2029 (b) |  | 2665000 | 2743807 |
|  |  |  | 83981500 |
| Construction & Engineering - 0.5% |  |  |  |
| AECOM 6% 8/1/2033 (b) |  | 6010000 | 6167823 |
| Amsted Industries Inc 6.375% 3/15/2033 (b) |  | 2279000 | 2358617 |
| Pike Corp 5.5% 9/1/2028 (b) |  | 437000 | 436069 |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (b) |  | 6254000 | 6261565 |
|  |  |  | 15224074 |
| Electrical Equipment - 0.3% |  |  |  |
| Sensata Technologies BV 4% 4/15/2029 (b) |  | 3705000 | 3610663 |
| WESCO Distribution Inc 6.375% 3/15/2033 (b)(n) |  | 4210000 | 4397884 |
|  |  |  | 8008547 |
| Ground Transportation - 0.5% |  |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.375% 6/15/2032 (b)(n) |  | 1940000 | 1987334 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (b) |  | 7000000 | 7141309 |
| XPO Inc 7.125% 2/1/2032 (b)(n) |  | 4920000 | 5173872 |
| XPO Inc 7.125% 6/1/2031 (b)(n) |  | 1330000 | 1388673 |
|  |  |  | 15691188 |
| Industrial Conglomerates - 0.2% |  |  |  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.75% 6/15/2029 (b) |  | 3985000 | 3907210 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 7% 7/15/2031 (b) |  | 2640000 | 2772887 |
|  |  |  | 6680097 |
| Machinery - 0.3% |  |  |  |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (b)(c) |  | 5525000 | 5932005 |
| Enpro Inc 6.125% 6/1/2033 (b) |  | 2881000 | 2947165 |
|  |  |  | 8879170 |
| Passenger Airlines - 0.1% |  |  |  |
| JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (b) |  | 4313000 | 4239224 |
| Professional Services - 1.1% |  |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (b) |  | 3375000 | 3512379 |
| CACI International Inc 6.375% 6/15/2033 (b) |  | 5116000 | 5319208 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (b) |  | 7866000 | 7338325 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (b) |  | 4730000 | 4516877 |
| ION Platform Finance US Inc / ION Platform Finance SARL 8.75% 5/1/2029 (b) |  | 2125000 | 2162343 |
| Science Applications International Corp 5.875% 11/1/2033 (b) |  | 4595000 | 4581490 |
| TriNet Group Inc 3.5% 3/1/2029 (b) |  | 7215000 | 6775455 |
|  |  |  | 34206077 |
| Trading Companies & Distributors - 1.0% |  |  |  |
| FTAI Aviation Investors LLC 7% 5/1/2031 (b) |  | 100000 | 104795 |
| FTAI Aviation Investors LLC 7% 6/15/2032 (b) |  | 1050000 | 1099736 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (b)(n) |  | 3205000 | 3406079 |
| Herc Holdings Inc 7% 6/15/2030 (b) |  | 5735000 | 6002704 |
| Herc Holdings Inc 7.25% 6/15/2033 (b)(n) |  | 4115000 | 4338457 |
| QXO Building Products Inc 6.75% 4/30/2032 (b) |  | 9930000 | 10280062 |
| United Rentals North America Inc 6.125% 3/15/2034 (b) |  | 5835000 | 6088747 |
|  |  |  | 31320580 |
| Transportation Infrastructure - 0.1% |  |  |  |
| Beacon Mobility Corp 7.25% 8/1/2030 (b) |  | 1460000 | 1520165 |
| TOTAL INDUSTRIALS |  |  | 315787733 |
| Information Technology - 4.0% |  |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |  |
| Coherent Corp 5% 12/15/2029 (b) |  | 4336000 | 4289613 |
| Insight Enterprises Inc 6.625% 5/15/2032 (b) |  | 2180000 | 2231147 |
| Lightning Power LLC 7.25% 8/15/2032 (b) |  | 2182000 | 2311301 |
| Sensata Technologies Inc 3.75% 2/15/2031 (b) |  | 1370000 | 1273386 |
| Sensata Technologies Inc 6.625% 7/15/2032 (b)(n) |  | 3145000 | 3273999 |
| TTM Technologies Inc 4% 3/1/2029 (b) |  | 1580000 | 1525855 |
|  |  |  | 14905301 |
| IT Services - 1.0% |  |  |  |
| ASGN Inc 4.625% 5/15/2028 (b) |  | 2110000 | 2072291 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (b) |  | 7565000 | 7540848 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (b)(n) |  | 1805000 | 1800936 |
| CoreWeave Inc 9% 2/1/2031 (b) |  | 7495000 | 7516923 |
| CoreWeave Inc 9.25% 6/1/2030 (b) |  | 5000000 | 5048630 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (b) |  | 4200000 | 3999224 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (b) |  | 945000 | 943926 |
|  |  |  | 28922778 |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |  |
| Amkor Technology Inc 5.875% 10/1/2033 (b) |  | 1505000 | 1531008 |
| Entegris Inc 3.625% 5/1/2029 (b)(n) |  | 2050000 | 1949095 |
| Entegris Inc 4.75% 4/15/2029 (b) |  | 10525000 | 10459901 |
| Entegris Inc 5.95% 6/15/2030 (b)(n) |  | 9385000 | 9528027 |
| ON Semiconductor Corp 3.875% 9/1/2028 (b) |  | 4025000 | 3916306 |
| Wolfspeed Inc 12% 6/15/2031 pay-in-kind (c) |  | 1468937 | 1263286 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (b)(c) |  | 1357857 | 1495340 |
|  |  |  | 30142963 |
| Software - 1.2% |  |  |  |
| Cloud Software Group Inc 8.25% 6/30/2032 (b) |  | 3695000 | 3882757 |
| Cloud Software Group Inc 9% 9/30/2029 (b) |  | 12002000 | 12414149 |
| Fair Isaac Corp 6% 5/15/2033 (b) |  | 6060000 | 6168450 |
| Gen Digital Inc 6.25% 4/1/2033 (b) |  | 1485000 | 1528722 |
| Rackspace Finance LLC 3.5% 5/15/2028 (b) |  | 6437850 | 2510762 |
| UKG Inc 6.875% 2/1/2031 (b) |  | 2345000 | 2413845 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  |  | 7720000 | 8107691 |
|  |  |  | 37026376 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |  |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (b) |  | 4045000 | 4134649 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (b) |  | 2565000 | 2627971 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (b) |  | 1110000 | 1179326 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (b) |  | 1625000 | 1729590 |
|  |  |  | 9671536 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 120668954 |
| Materials - 6.2% |  |  |  |
| Chemicals - 3.0% |  |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (b)(c) |  | 6715229 | 5942978 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (b) |  | 1225000 | 1284365 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (n) |  | 2200000 | 2181630 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (n) |  | 5325000 | 5243607 |
| Chemours Co/The 4.625% 11/15/2029 (b) |  | 1223000 | 1073195 |
| Chemours Co/The 5.75% 11/15/2028 (b)(n) |  | 7655000 | 7335277 |
| Chemours Co/The 8% 1/15/2033 (b)(n) |  | 3275000 | 3165420 |
| GPD Cos Inc 12.5% 12/31/2029 pay-in-kind (b) |  | 2742656 | 1534424 |
| Inversion Escrow Issuer LLC 6.75% 8/1/2032 (b) |  | 6205000 | 6058618 |
| Mativ Holdings Inc 8% 10/1/2029 (b)(n) |  | 3052000 | 2957503 |
| Olin Corp 5% 2/1/2030 (n) |  | 9230000 | 8976218 |
| Olin Corp 6.625% 4/1/2033 (b) |  | 5400000 | 5347493 |
| Olympus Water US Holding Corp 6.25% 10/1/2029 (b)(n) |  | 5040000 | 4912704 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (b) |  | 7660000 | 7624529 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (b)(n) |  | 1315000 | 1315789 |
| SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (b) |  | 2800000 | 2795106 |
| Solstice Advanced Materials Inc 5.625% 9/30/2033 (b) |  | 4550000 | 4553640 |
| Tronox Inc 4.625% 3/15/2029 (b) |  | 9735000 | 5984866 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (b) |  | 7540000 | 6899399 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (b) |  | 4455000 | 4302951 |
|  |  |  | 89489712 |
| Construction Materials - 0.7% |  |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (b) |  | 13000000 | 13483756 |
| Quikrete Holdings Inc 6.75% 3/1/2033 (b)(n) |  | 4171000 | 4340167 |
| Smyrna Ready Mix Concrete LLC 6% 11/1/2028 (b) |  | 4470000 | 4455539 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (b) |  | 960000 | 1010879 |
|  |  |  | 23290341 |
| Containers & Packaging - 1.1% |  |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (b) |  | 4495000 | 4190734 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (b) |  | 2615000 | 2621741 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (b) |  | 4075000 | 4088847 |
| Clydesdale Acquisition Holdings Inc 6.875% 1/15/2030 (b) |  | 3145000 | 3176409 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (b)(n) |  | 4927000 | 4937077 |
| Crown Americas LLC 5.875% 6/1/2033 (b) |  | 4185000 | 4241401 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (b) |  | 965000 | 960465 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (b) |  | 1600000 | 1503234 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (b)(n) |  | 2615000 | 2649325 |
| Sealed Air Corp 5% 4/15/2029 (b) |  | 916000 | 909520 |
| Sealed Air Corp 6.5% 7/15/2032 (b) |  | 1515000 | 1567722 |
| Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (b)(n) |  | 2555000 | 2682042 |
|  |  |  | 33528517 |
| Metals & Mining - 1.4% |  |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (b) |  | 10362000 | 10952002 |
| Alumina Pty Ltd 6.375% 9/15/2032 (b) |  | 5480000 | 5671011 |
| Century Aluminum Co 6.875% 8/1/2032 (b) |  | 2645000 | 2719263 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (b)(n) |  | 3185000 | 3256640 |
| Cleveland-Cliffs Inc 7.375% 5/1/2033 (b)(n) |  | 1530000 | 1582907 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (b) |  | 1370000 | 1434156 |
| Cleveland-Cliffs Inc 7.625% 1/15/2034 (b) |  | 1775000 | 1845400 |
| Commercial Metals Co 3.875% 2/15/2031  |  | 1685000 | 1573170 |
| Commercial Metals Co 4.125% 1/15/2030 (n) |  | 1570000 | 1512816 |
| Kaiser Aluminum Corp 5.875% 3/1/2034 (b) |  | 3020000 | 3008959 |
| Novelis Corp 3.875% 8/15/2031 (b)(n) |  | 1475000 | 1351571 |
| Novelis Corp 6.375% 8/15/2033 (b) |  | 1485000 | 1504565 |
| Novelis Corp 6.875% 1/30/2030 (b)(n) |  | 5570000 | 5781894 |
|  |  |  | 42194354 |
| TOTAL MATERIALS |  |  | 188502924 |
| Real Estate - 2.4% |  |  |  |
| Diversified REITs - 0.6% |  |  |  |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (b) |  | 8930000 | 8005727 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (b) |  | 7795000 | 7295543 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (b) |  | 3730000 | 3493232 |
|  |  |  | 18794502 |
| Health Care REITs - 1.0% |  |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (b) |  | 3760000 | 3686270 |
| MPT Operating Partnership LP / MPT Finance Corp 0.993% 10/15/2026  | EUR | 1290000 | 1407634 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  |  | 5330000 | 3763330 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  |  | 3925000 | 3209126 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027 (n) |  | 10769000 | 10361120 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b) |  | 2085000 | 2184419 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  |  | 6131000 | 5411756 |
|  |  |  | 30023655 |
| Hotel & Resort REITs - 0.1% |  |  |  |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (b)(n) |  | 2890000 | 2982818 |
| Real Estate Management & Development - 0.5% |  |  |  |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (b) |  | 600000 | 604343 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.25% 4/15/2030 (b) |  | 736000 | 677521 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.75% 1/15/2029 (b) |  | 1871000 | 1795565 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (b) |  | 1395000 | 1518954 |
| Forestar Group Inc 6.5% 3/15/2033 (b) |  | 4383000 | 4490033 |
| Howard Hughes Corp/The 4.125% 2/1/2029 (b) |  | 1585000 | 1523388 |
| Howard Hughes Corp/The 4.375% 2/1/2031 (b) |  | 1350000 | 1272788 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  |  | 3270000 | 3020105 |
|  |  |  | 14902697 |
| Specialized REITs - 0.2% |  |  |  |
| Millrose Properties Inc 6.25% 9/15/2032 (b) |  | 3025000 | 3039460 |
| Millrose Properties Inc 6.375% 8/1/2030 (b) |  | 3010000 | 3049252 |
|  |  |  | 6088712 |
| TOTAL REAL ESTATE |  |  | 72792384 |
| Utilities - 3.8% |  |  |  |
| Electric Utilities - 3.1% |  |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (b) |  | 670000 | 606700 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (b) |  | 6965000 | 6449860 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (b) |  | 1030000 | 1024234 |
| Edison International 6.25% 3/15/2030 (n) |  | 2773000 | 2879750 |
| Edison International 7.875% 6/15/2054 (c) |  | 2430000 | 2500990 |
| Edison International 8.125% 6/15/2053 (c)(n) |  | 2370000 | 2446001 |
| Hawaiian Electric Co Inc 6% 10/1/2033 (b) |  | 2210000 | 2234333 |
| NRG Energy Inc 3.375% 2/15/2029 (b) |  | 6090000 | 5791328 |
| NRG Energy Inc 3.625% 2/15/2031 (b) |  | 1990000 | 1857637 |
| NRG Energy Inc 3.875% 2/15/2032 (b) |  | 5000 | 4640 |
| NRG Energy Inc 5.25% 6/15/2029 (b) |  | 5650000 | 5674480 |
| NRG Energy Inc 5.75% 1/15/2034 (b) |  | 4595000 | 4631388 |
| NRG Energy Inc 5.75% 7/15/2029 (b) |  | 3530000 | 3543355 |
| NRG Energy Inc 6% 1/15/2036 (b) |  | 4595000 | 4677928 |
| NRG Energy Inc 6% 2/1/2033 (b) |  | 3170000 | 3233660 |
| NRG Energy Inc 6.25% 11/1/2034 (b) |  | 3438000 | 3539785 |
| PacifiCorp 7.375% 9/15/2055 (c) |  | 4241000 | 4455285 |
| PG&E Corp 5% 7/1/2028  |  | 1485000 | 1474646 |
| PG&E Corp 5.25% 7/1/2030  |  | 12109000 | 11983130 |
| PG&E Corp 7.375% 3/15/2055 (c) |  | 5237000 | 5386385 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (b) |  | 6835000 | 6837222 |
| Vistra Operations Co LLC 6.875% 4/15/2032 (b) |  | 3230000 | 3392601 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (b) |  | 2240000 | 2377164 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (b)(n) |  | 1894000 | 1948295 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (b)(n) |  | 3020000 | 3159757 |
| XPLR Infrastructure Operating Partners LP 8.625% 3/15/2033 (b)(n) |  | 2995000 | 3142408 |
|  |  |  | 95252962 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |  |
| AES Corp/The 6.95% 7/15/2055 (c) |  | 3229000 | 3124021 |
| Alpha Generation LLC 6.25% 1/15/2034 (b) |  | 3055000 | 3090503 |
| Alpha Generation LLC 6.75% 10/15/2032 (b)(n) |  | 1325000 | 1361552 |
| Calpine Corp 4.625% 2/1/2029 (b) |  | 1820000 | 1808835 |
| Calpine Corp 5.125% 3/15/2028 (b) |  | 2127000 | 2126766 |
| Sunnova Energy Corp 5.875% (b)(h) |  | 6514000 | 32570 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (b) |  | 4605000 | 4722194 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (b) |  | 4605000 | 4769414 |
|  |  |  | 21035855 |
| TOTAL UTILITIES |  |  | 116288817 |
| TOTAL UNITED STATES |  |  | 2033691280 |
| ZAMBIA - 0.4%  |  |  |  |
| Materials - 0.4% |  |  |  |
| Metals & Mining - 0.4% |  |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (b) |  | 1655000 | 1718573 |
| First Quantum Minerals Ltd 8% 3/1/2033 (b) |  | 2455000 | 2609132 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (b) |  | 285000 | 298181 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (b) |  | 6266000 | 6616207 |
| TOTAL ZAMBIA |  |  | 11242093 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $2,453,362,341) |  |  | <br> **2460813669** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Strategy Inc 10%  | 73100 | 5655747 |
| Strategy Inc 9% (p) | 25012 | 2486693 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $8,284,439) |  | <br> **8142440** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 1.8%** | &nbsp;&nbsp;**Preferred Securities - 1.8%** | &nbsp;&nbsp;**Preferred Securities - 1.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BNP Paribas SA 7.45% (b)(c)(o) | 2950000 | 3143777 |
| RUSSIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Tinkoff Bank JSC Via TCS Finance Ltd loan participation 6% (b)(c)(h)(i)(o) | 100000 | 5000 |
| UNITED STATES - 1.7%  |  |  |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Energy Transfer LP 6.625% (c)(o) | 2948000 | 2984873 |
| Energy Transfer LP Series G, 7.125% (c)(o) | 1470000 | 1560776 |
| Mesquite Energy Inc 7.25% (h)(i)(o) | 28768000 | 2876 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.583% (c)(d)(o) | 9863000 | 10057671 |
| Sunoco LP 7.875% (b)(c)(o) | 4515000 | 4628199 |
|  |  | 19234395 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| Bank of America Corp 6.25% (c)(o) | 2945000 | 2998714 |
| BW Real Estate Inc 9.5% (b)(c)(o) | 4583000 | 4741446 |
|  |  | 7740160 |
| Consumer Finance - 0.3% |  |  |
| Ally Financial Inc 4.7% (c)(o) | 3980000 | 3741537 |
| Ally Financial Inc 4.7% (c)(n)(o) | 4385000 | 4337346 |
|  |  | 8078883 |
| Insurance - 0.0% |  |  |
| Alliant Holdings LP 10.5% (c)(i)(o) | 1504390 | 1525295 |
| TOTAL FINANCIALS |  | 17344338 |
| Industrials - 0.4% |  |  |
| Trading Companies & Distributors - 0.4% |  |  |
| Air Lease Corp 4.125% (c)(o) | 7524000 | 7284527 |
| Aircastle Ltd 5.25% (b)(c)(o) | 5175000 | 5178004 |
|  |  | 12462531 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Edison International 5% (c)(o) | 3165000 | 3107535 |
| TOTAL UNITED STATES |  | 52148799 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $76,814,783) |  | <br> **55297576** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 1.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 1.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 1.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 1.6%** |
|  | Yield (%) (r) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Notes 3.75% 5/31/2030  | 3.66 to 3.72 | 8158000 | 8176483 |
| US Treasury Notes 4% 2/15/2034  | 3.87 to 4.74 | 40809000 | 40836100 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $48,009,655) |  |  | **49012583** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 10.4%** | &nbsp;&nbsp;**Money Market Funds - 10.4%** | &nbsp;&nbsp;**Money Market Funds - 10.4%** | &nbsp;&nbsp;**Money Market Funds - 10.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (s) | 4.18 | 66116879 | 66130102 |
| Fidelity Securities Lending Cash Central Fund (s)(t) | 4.18 | 248521973 | 248546825 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $314,676,927) |  |  | **314676927** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.7%**<br> (Cost $3,236,016,216)<br>| <br>**3265376201** |
| **NET OTHER ASSETS (LIABILITIES) - (7.7)%**  | **(233796016)** |
| **NET ASSETS - 100.0%** | **3031580185** |

---

**Currency Abbreviations**

EUR - European Monetary Unit (Euro)

**Legend**

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,139,036,865 or 70.6% of net assets.

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

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

(e) 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.

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

(g) 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 $860,891 and $842,713, respectively.

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

(i) Level 3 security.

(j) Non-income producing.

(k) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $107,712 or 0.0% of net assets.

(l) Zero coupon bond which is issued at a discount.

(m) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $5,007,250 or 0.2% of net assets.

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

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

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

(q) Security or a portion of the security 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 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 | 5074 |

---

**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 | 575160709 | 565006256 | 1113066 | (1323) | - | 66130102 | 66116879 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 258518740 | 464193378 | 474165293 | 536211 | - | - | 248546825 | 248521973 | 1.0% |
| Total | 314495712 | 1039354087 | 1039171549 | 1649277 | (1323) | - | 314676927 |  |  |

---

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 | - | 21512512 | 1196285 | (736668) | 853846 | - | - |
|  | 21731410 | - | 21512512 | 1196285 | (736668) | 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 October 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 7923228 | - | 7923228 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 23000890 | - | 23000890 | - |
| Consumer Discretionary | 74413610 | - | 74413610 | - |
| Consumer Staples | 7447220 | - | 7447220 | - |
| Energy | 9936149 | - | 9936148 | 1 |
| Financials | 7763575 | - | 7763575 | - |
| Health Care | 20472041 | - | 18798466 | 1673575 |
| Industrials | 16265445 | - | 16048910 | 216535 |
| Information Technology | 28612353 | - | 27217225 | 1395128 |
| Materials | 33019503 | - | 33019503 | - |
| Utilities | 7970855 | - | 7970855 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 13005774 | 9082423 | - | 3923351 |
| Consumer Discretionary | 56217 | - | - | 56217 |
| Consumer Staples | 114896 | - | - | 114896 |
| Energy | 48054473 | 3722865 | - | 44331608 |
| Health Care | 6845233 | 3177657 | - | 3667576 |
| Information Technology | 6453941 | 2228560 | - | 4225381 |
| Utilities | 24 | - | - | 24 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 27260155 | - | 27260155 | - |
| Consumer Discretionary | 210800 | - | - | 210800 |
| Energy | 3132078 | - | 3132078 | - |
| Financials | 9011503 | - | 9011503 | - |
| Information Technology | 16387165 | - | 16387165 | - |
| Utilities | 3594453 | - | 3594453 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 6481425 | - | 1368231 | 5113194 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 285869627 | - | 285869627 | - |
| Consumer Discretionary | 351353113 | - | 351319913 | 33200 |
| Consumer Staples | 69898129 | - | 69898129 | - |
| Energy | 307170790 | - | 307170790 | - |
| Financials | 271060379 | - | 271060379 | - |
| Health Care | 200475757 | - | 200475757 | - |
| Industrials | 366263912 | - | 366263912 | - |
| Information Technology | 135964004 | - | 135964004 | - |
| Materials | 268448565 | - | 268438565 | 10000 |
| Real Estate | 72792384 | - | 72792384 | - |
| Utilities | 131517009 | - | 131517009 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 8142440 | 8142440 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 19234395 | - | 19231519 | 2876 |
| Financials | 20493115 | - | 18962820 | 1530295 |
| Industrials | 12462531 | - | 12462531 | - |
| Utilities | 3107535 | - | 3107535 | - |
|  **U.S. Treasury Obligations** | 49012583 | - | 49012583 | - |
|  **Money Market Funds** | 314676927 | 314676927 | - | - |
| **Total Investments in Securities:** | 3265376201 | 341030872 | 2857840672 | 66504657 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2025 ($)** |
| **Bank Loan Obligations** | 8363952 | 89781 | (454056) | 2071807 | (3876551) | 6797 | - | (2916491) | 3285239 | (452916) |
| **Common Stocks** | 27473541 | - | 24878975 | 4056627 | (90090) | - | - | - | 56319053 | 24878975 |
| **Convertible Preferred Stocks** | - | - | 431609 | 4681585 | - | - | - | - | 5113194 | 431609 |
| **Convertible Corporate Bonds** | 167755 | - | 38196 | 4128 | - | 721 | - | - | 210800 | 38196 |
| **Preferred Securities** | 1482994 | - | (237503) | - | - | - | 287680 | - | 1533171 | (237503) |
| **Non-Convertible Corporate Bonds** | 4759216 | 163453 | (28087) | 24140 | (4861782) | (13740) | - | - | 43200 | 13200 |
| <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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $239,413,645) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,921,339,289) | $2950699274 |  |
| Fidelity Central Funds (cost $314,676,927) | 314676927 |  |
| Total Investment in Securities (cost $3,236,016,216) |  | $3265376201 |
| Cash |  | 64719 |
| Receivable for investments sold |  | 15421915 |
| Receivable for fund shares sold |  | 1752179 |
| Dividends receivable |  | 131 |
| Interest receivable |  | 45546530 |
| Distributions receivable from Fidelity Central Funds |  | 348912 |
| Prepaid expenses |  | 3251 |
| Receivable from investment adviser for expense reductions |  | 55802 |
| Other receivables |  | 811026 |
| **Total assets** |  | 3329380666 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $36981492 |  |
| Delayed delivery | 5690000 |  |
| Payable for fund shares redeemed | 1792863 |  |
| Distributions payable | 3052883 |  |
| Accrued management fee | 1639102 |  |
| Distribution and service plan fees payable | 44770 |  |
| Other payables and accrued expenses | 52546 |  |
| Collateral on securities loaned | 248546825 |  |
| **Total liabilities** |  | 297800481 |
| Commitments and contingent liabilities (see Litigation note)  |  |  |
| **Net Assets**  |  | $3031580185 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3719531881 |
| Total accumulated earnings (loss) |  | (687951696) |
| **Net Assets** |  | $3031580185 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($136,018,477 ÷ 16,734,653 shares)(a) |  | $8.13 |
| Maximum offering price per share (100/96.00 of $8.13) |  | $8.47 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($32,450,941 ÷ 3,992,737 shares)(a) |  | $8.13 |
| Maximum offering price per share (100/96.00 of $8.13) |  | $8.47 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($11,477,873 ÷ 1,411,645 shares)(a) |  | $8.13 |
| **Fidelity High Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,629,064,976 ÷ 323,286,508 shares) |  | $8.13 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($55,865,846 ÷ 6,870,693 shares) |  | $8.13 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($166,702,072 ÷ 20,512,160 shares) |  | $8.13 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends (including $1,196,285 earned from affiliated issuers) |  | $2522303 |
| Interest  |  | 107256415 |
| Income from Fidelity Central Funds (including $536,211 from security lending)  |  | 1649277 |
| **Total income** |  | 111427995 |
| **Expenses** |  |  |
| Management fee | $9734459 |  |
| Distribution and service plan fees | 259100 |  |
| Custodian fees and expenses | 19598 |  |
| Independent trustees' fees and expenses | 5249 |  |
| Registration fees | 97227 |  |
| Audit fees | 53955 |  |
| Legal | 10988 |  |
| Miscellaneous | 7351 |  |
| Total expenses before reductions | 10187927 |  |
| Expense reductions | (82516) |  |
| Total expenses after reductions |  | 10105411 |
| **Net Investment income (loss)** |  | 101322584 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9666408 |  |
| Fidelity Central Funds | (1323) |  |
| Other affiliated issuers | (736668) |  |
| Foreign currency transactions | 775398 |  |
| Total net realized gain (loss) |  | 9703815 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 113370425 |  |
| Affiliated issuers  | 853846 |  |
| Assets and liabilities in foreign currencies | (12162) |  |
| Total change in net unrealized appreciation (depreciation) |  | 114212109 |
| **Net gain (loss)** |  | 123915924 |
| **Net increase (decrease) in net assets resulting from operations** |  | $225238508 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $101322584 | $178976484 |
| &nbsp;&nbsp;Net realized gain (loss) | 9703815<br>| (29702440)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 114212109 | 75627668<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 225238508<br>| 224901712<br>|
| Distributions to shareholders | (89871271)<br>| (168512973)<br>|
| Share transactions - net increase (decrease) | 56010790<br>| 142938348<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 191378027<br>| 199327087<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2840202158 | 2640875071<br>|
| &nbsp;&nbsp;End of period | $3031580185 | $2840202158 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 | $7.93 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .261  | .497  | .449  | .387  | .345  | .368  |
| Net realized and unrealized gain (loss)  | .340  | .120  | .139  | (.501)  | (.760)  | .772  |
| Total from investment operations  | .601  | .617  | .588  | (.114)  | (.415)  | 1.140  |
| Distributions from net investment income  | (.231)  | (.467)  | (.408)  | (.366)  | (.385)  | (.360)  |
| Total distributions  | (.231)  | (.467)  | (.408)  | (.366)  | (.385)  | (.360)  |
| Net asset value, end of period  | $8.13 | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| **Total Return** C,D,E | 7.81% <br>| 8.21%  | 8.15%  | (1.33)%  | (5.02)%  | 14.56%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .95% H | .97%  | .99%  | 1.02%  | .99%  | .98%  |
| Expenses net of fee waivers, if any  | .95% H<br>| .95%  | .98%  | 1.02%  | .99%  | .98%  |
| Expenses net of all reductions, if any  | .94% H | .95%  | .98%  | 1.02%  | .99%  | .98%  |
| Net investment income (loss)  | 6.47% H | 6.35%  | 6.03%  | 5.19%  | 4.02%  | 4.32%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $136018 | $125519 | $118358 | $119481 | $131926 | $148229 |
| Portfolio turnover rate I | 77% H<br>| 70% J | 43%  | 35%  | 54%  | 62%  |

---

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 | $7.93 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .261  | .497  | .449  | .386  | .345  | .367  |
| Net realized and unrealized gain (loss)  | .340  | .120  | .139  | (.500)  | (.761)  | .772  |
| Total from investment operations  | .601  | .617  | .588  | (.114)  | (.416)  | 1.139  |
| Distributions from net investment income  | (.231)  | (.467)  | (.408)  | (.366)  | (.384)  | (.359)  |
| Total distributions  | (.231)  | (.467)  | (.408)  | (.366)  | (.384)  | (.359)  |
| Net asset value, end of period  | $8.13 | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| **Total Return** C,D,E | 7.81% <br>| 8.20%  | 8.15%  | (1.34)%  | (5.03)%  | 14.55%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .95% H | .97%  | 1.00%  | 1.03%  | 1.00%  | .99%  |
| Expenses net of fee waivers, if any  | .94% H<br>| .95%  | .98%  | 1.02%  | 1.00%  | .99%  |
| Expenses net of all reductions, if any  | .94% H | .95%  | .98%  | 1.02%  | 1.00%  | .99%  |
| Net investment income (loss)  | 6.47% H | 6.35%  | 6.03%  | 5.18%  | 4.01%  | 4.31%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32451 | $31852 | $30592 | $28957 | $30231 | $36179 |
| Portfolio turnover rate I | 77% H<br>| 70% J | 43%  | 35%  | 54%  | 62%  |

---

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 | $7.93 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .231  | .439  | .392  | .330  | .281  | .302  |
| Net realized and unrealized gain (loss)  | .340  | .119  | .138  | (.501)  | (.763)  | .772  |
| Total from investment operations  | .571  | .558  | .530  | (.171)  | (.482)  | 1.074  |
| Distributions from net investment income  | (.201)  | (.408)  | (.350)  | (.309)  | (.318)  | (.294)  |
| Total distributions  | (.201)  | (.408)  | (.350)  | (.309)  | (.318)  | (.294)  |
| Net asset value, end of period  | $8.13 | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| **Total Return** C,D,E | 7.41% <br>| 7.40%  | 7.32%  | (2.09)%  | (5.75)%  | 13.68%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | 1.69% H | 1.72%  | 1.76%  | 1.79%  | 1.76%  | 1.75%  |
| Expenses net of fee waivers, if any  | 1.69% H<br>| 1.70%  | 1.75%  | 1.79%  | 1.76%  | 1.75%  |
| Expenses net of all reductions, if any  | 1.69% H | 1.70%  | 1.75%  | 1.79%  | 1.76%  | 1.75%  |
| Net investment income (loss)  | 5.72% H | 5.60%  | 5.26%  | 4.42%  | 3.25%  | 3.55%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11478 | $10736 | $10073 | $12311 | $17027 | $29822 |
| Portfolio turnover rate I | 77% H<br>| 70% J | 43%  | 35%  | 54%  | 62%  |

---

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

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

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

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

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

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

**Fidelity® High Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.77 | $7.61 | $7.43 | $7.91 | $8.71 | $7.93 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .273  | .520  | .471  | .408  | .371  | .392  |
| Net realized and unrealized gain (loss)  | .329  | .130  | .138  | (.500)  | (.761)  | .772  |
| Total from investment operations  | .602  | .650  | .609  | (.092)  | (.390)  | 1.164  |
| Distributions from net investment income  | (.242)  | (.490)  | (.429)  | (.388)  | (.410)  | (.384)  |
| Total distributions  | (.242)  | (.490)  | (.429)  | (.388)  | (.410)  | (.384)  |
| Net asset value, end of period  | $8.13 | $7.77 | $7.61 | $7.43 | $7.91 | $8.71 |
| **Total Return** C,D | 7.82% <br>| 8.66%  | 8.46%  | (1.04)%  | (4.75)%  | 14.89%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .66% G | .67%  | .70%  | .73%  | .70%  | .69%  |
| Expenses net of fee waivers, if any  | .66% G<br>| .66%  | .69%  | .73%  | .70%  | .69%  |
| Expenses net of all reductions, if any  | .66% G | .66%  | .69%  | .73%  | .70%  | .69%  |
| Net investment income (loss)  | 6.76% G | 6.64%  | 6.32%  | 5.48%  | 4.31%  | 4.61%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2629065 | $2463453 | $2366574 | $2566789 | $3181308 | $4139179 |
| Portfolio turnover rate H | 77% G<br>| 70% I | 43%  | 35%  | 54%  | 62%  |

---

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

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

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

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

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

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

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 | $7.93 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .272  | .520  | .465  | .401  | .390  | .390  |
| Net realized and unrealized gain (loss)  | .339  | .117  | .137  | (.499)  | (.774)  | .771  |
| Total from investment operations  | .611  | .637  | .602  | (.098)  | (.384)  | 1.161  |
| Distributions from net investment income  | (.241)  | (.487)  | (.422)  | (.382)  | (.416)  | (.381)  |
| Total distributions  | (.241)  | (.487)  | (.422)  | (.382)  | (.416)  | (.381)  |
| Net asset value, end of period  | $8.13 | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| **Total Return** C,D | 7.94% <br>| 8.47%  | 8.35%  | (1.12)%  | (4.68)%  | 14.85%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .70% G | .71%  | .81%  | .85%  | .72%  | .73%  |
| Expenses net of fee waivers, if any  | .70% G<br>| .70%  | .79%  | .80%  | .71%  | .73%  |
| Expenses net of all reductions, if any  | .70% G | .70%  | .79%  | .80%  | .71%  | .73%  |
| Net investment income (loss)  | 6.72% G | 6.60%  | 6.22%  | 5.41%  | 4.29%  | 4.57%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $55866 | $54645 | $58026 | $110904 | $84814 | $4009851 |
| Portfolio turnover rate H | 77% G<br>| 70% I | 43%  | 35%  | 54%  | 62%  |

---

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

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

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

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

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

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

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 | $7.93 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .275  | .523  | .476  | .415  | .378  | .399  |
| Net realized and unrealized gain (loss)  | .340  | .122  | .138  | (.502)  | (.763)  | .770  |
| Total from investment operations  | .615  | .645  | .614  | (.087)  | (.385)  | 1.169  |
| Distributions from net investment income  | (.245)  | (.495)  | (.434)  | (.393)  | (.415)  | (.389)  |
| Total distributions  | (.245)  | (.495)  | (.434)  | (.393)  | (.415)  | (.389)  |
| Net asset value, end of period  | $8.13 | $7.76 | $7.61 | $7.43 | $7.91 | $8.71 |
| **Total Return** C,D | 7.99% <br>| 8.58%  | 8.53%  | (.98)%  | (4.68)%  | 14.96%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .60% G | .61%  | .65%  | .66%  | .64%  | .63%  |
| Expenses net of fee waivers, if any  | .60% G<br>| .60%  | .64%  | .66%  | .63%  | .63%  |
| Expenses net of all reductions, if any  | .60% G | .60%  | .64%  | .66%  | .63%  | .62%  |
| Net investment income (loss)  | 6.81% G | 6.70%  | 6.37%  | 5.54%  | 4.37%  | 4.67%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $166702 | $153998 | $57252 | $58023 | $133498 | $249502 |
| Portfolio turnover rate H | 77% G<br>| 70% I | 43%  | 35%  | 54%  | 62%  |

---

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

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

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

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

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

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

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

For the period ended October 31, 2025

**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 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 nine month period ended September 30, 2025 was 9.68%.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, 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. 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.

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.

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 Input\*** |
| Bank Loan Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3285239  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Discounted cash flow  | Yield  | 8.5% - 11.2% / 10.3% | Decrease |
|  |  | Indicative market price  | Evaluated bid  | $78.00 - $97.00 / $81.08 | Increase |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 56319053  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 5.1 - 11.8 / 7.9 | Increase |
|  |  | Market approach  | Transaction price  | $0.00 - $7.31 / $7.31 | Increase |
|  |  | Recovery value | Recovery value  | $0.00 - $0.22 / $0.04 | Increase |
|  |  | Black scholes | Volatility  | 45.0% - 60.0% / 53.7% | Increase |
|  |  |  | Discount rate  | 3.5% - 3.7% / 3.6% | Increase |
|  |  |  | Term  | 1.3 - 3.7 / 2.7 | Increase |
|  |  | Discounted cash flow  | Discount rate | 4.8% - 12.2% / 8.5% | Decrease |
|  |  | Indicative market price  | Mid price | $14.70 - $16.79 / $16.61 | Increase |
| Convertible Corporate Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210800  | Black scholes  | Volatility | 45.0% | Increase |
|  |  |  | Discount rate | 3.7% | Increase |
|  |  |  | Term | 1.3 | Increase |
| Convertible Preferred Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5113194  | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 20.5 | Increase |
| Non-Convertible Corporate Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43200  | Recovery value | Recovery value | $0.00  | Increase |
|  |  | Indicative market price | Evaluated bid | $5.00 - $16.00 / $11.50 | Increase |
| Preferred Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1533171  | Discounted cash flow | Yield | 9.9% | Decrease |
|  |  | Indicative market price | Evaluated bid | $0.01 - $5.00 / $3.18 | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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. 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 short-term gain distributions from the underlying funds, swaps, 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** | $172261614 |
| **Gross unrealized depreciation** | <u>(114524300)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$57737314</u> |
| **Tax cost** | <u>$3207638887</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(116639476) |
| Long-term | <u>(652930926)</u> |
| **Total capital loss carryforward** | <u>$(769570402)</u> |

---

Due to a merger in the prior period, approximately $14,119,918 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.

**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.

**New Accounting Pronouncement.** 

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

**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** | 1098167591 | 1107495285 |

---

**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% | 163147 | 2320 |
| **Class M** | - % | .25% | 40581 | - |
| **Class C** | .75% | .25% | <u>55372</u> | <u>5066</u> |
|  |  |  | <u>259100</u> | <u>7386</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** | 4179 |
| **Class M** | 1376 |
| **Class C** A | <u>136</u> |
|  | <u>5691</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** | 1121 |

---

**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** | 325052 | 1186947 | 394483 |

---

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity High Income Fund** | 1755 |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity High Income Fund** | 54894 | - | - |

---

**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, 2026. 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 $15,525.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **October 31, 2025** | **Year ended**<br> **April 30, 2025** |
| **Fidelity High Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $3752438 | $7515023 |
| Class M | 933971 | 1922874 |
| Class C | 276924 | 592276 |
| Fidelity High Income Fund | 78052745 | 150562622 |
| Class I | 1650004 | 3523403 |
| Class Z | <u>5205189</u> | <u>4396775</u> |
| Total  | <u>$89871271</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** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity High Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1437944 | 2765764 | $11605653 | $21766962 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 999256 | - | 7914122<br>|
| Reinvestment of distributions | 431375 | 878589 | 3469737 | 6900156 |
| Shares redeemed | <u>(1305468)</u> | <u>(4033889)</u> | <u>(10468945)</u> | <u>(31705247)</u> |
| Net increase (decrease) | <u>563851</u> | <u>609720</u> | <u>$4606445</u> | <u>$4875993</u> |
| **Class M** |  |  |  |  |
| Shares sold | 153248 | 348687 | $1233734 | $2726098 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 324134 | - | 2567153<br>|
| Reinvestment of distributions | 104755 | 216979 | 842262 | 1703988 |
| Shares redeemed | <u>(369020)</u> | <u>(808332)</u> | <u>(2967766)</u> | <u>(6343195)</u> |
| Net increase (decrease) | <u>(111017)</u> | <u>81468</u> | <u>$(891770)</u> | <u>$654044</u> |
| **Class C** |  |  |  |  |
| Shares sold | 206341 | 455252 | $1664606 | $3571383 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 140245 | - | 1110732<br>|
| Reinvestment of distributions | 33941 | 72908 | 273165 | 573108 |
| Shares redeemed | <u>(211342)</u> | <u>(609489)</u> | <u>(1696699)</u> | <u>(4775132)</u> |
| Net increase (decrease) | <u>28940</u> | <u>58916</u> | <u>$241072</u> | <u>$480091</u> |
| **Fidelity High Income Fund** |  |  |  |  |
| Shares sold | 36620942 | 55866553 | $293149977 | $434557181 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 7108722 | - | 56301115<br>|
| Reinvestment of distributions | 7751802 | 15023075 | 62383314 | 118034502 |
| Shares redeemed | <u>(38287813)</u> | <u>(71927843)</u> | <u>(307119937)</u> | <u>(563257986)</u> |
| Net increase (decrease) | <u>6084931</u> | <u>6070507</u> | <u>$48413354</u> | <u>$45634812</u> |
| **Class I** |  |  |  |  |
| Shares sold | 628143 | 11634766 | $5048414 | $90465919 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 329320 | - | 2608217<br>|
| Reinvestment of distributions | 195745 | 422686 | 1575113 | 3320372 |
| Shares redeemed | <u>(990531)</u> | <u>(12975210)</u> | <u>(7926228)</u> | <u>(101165442)</u> |
| Net increase (decrease) | <u>(166643)</u> | <u>(588438)</u> | <u>$(1302701)</u> | <u>$(4770934)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 4937270 | 15506611 | $39321885 | $121066894 |
| Reinvestment of distributions | 300663 | 508756 | 2418198 | 3996641 |
| Shares redeemed | <u>(4567967)</u> | <u>(3701141)</u> | <u>(36795693)</u> | <u>(28999193)</u> |
| Net increase (decrease) | <u>669966</u> | <u>12314226</u> | <u>$4944390</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. Litigation.**

The Fund and other entities managed by FMR or its affiliates have been involved with proceedings arising out of disputes in the United States Bankruptcy Court for the Southern District of Texas ("Bankruptcy Court"), relating to the In re Sanchez Energy Corporation chapter 11 bankruptcy case (Case No. 19-34508). A Bankruptcy Court-appointed representative of unsecured creditors asserted that eight million shares of Mesquite Energy, Inc. (formerly known as Sanchez Energy Corporation) (the "Company"), held in escrow pursuant to the terms of the Company's confirmed chapter 11 plan, should be awarded to the unsecured creditors instead of the Company's current equity holders, including the Fund, which were providers of debtor-in-possession financing to the Company during its chapter 11 case and holders of secured notes issued by the Company in 2018. The unsecured creditors also asserted that certain additional equity issued by the Company in 2020 in connection with two post-bankruptcy financings, also held by the Fund, is invalid. In August 2023, the Bankruptcy Court issued an opinion awarding a portion of the eight million shares to the unsecured creditors, diluting the value of the Fund's holdings in Mesquite. The Fund appealed this decision to the U.S. Court of Appeals for the Fifth Circuit. On May 30, 2025, the Fifth Circuit vacated the Bankruptcy Court's decision and ruled in favor of the providers of debtor-in-possession financing, including the Fund. The Fund has incurred legal costs in defending the disputes and has recovered a portion of these legal costs through an insurance claim.

**15. 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.

**16. 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 |

---

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Global 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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity High Income Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

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

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

![](img119050_4.jpg)<br>

1.538299.128 SPH-SANN-1225

**Fidelity® Focused High Income Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119053_1.jpg)

![](img119053_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FFH-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Focused High Income Fund](#Sub_Sec_Fund_1366_FFH-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1366_FFH-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FFH-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FFH-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FFH-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FFH-SANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity® Focused High Income Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.5%  |  |  |
| Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.3844% 1/20/2035 (b)(c)(d) | 150000 | 148680 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (b)(c)(d) | 125000 | 125445 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (b)(c)(d) | 150000 | 150998 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (b)(c)(d) | 100000 | 99927 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.7035% 2/20/2038 (b)(c)(d) | 150000 | 149783 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (b)(c)(d) | 100000 | 100800 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (b)(c)(d) | 250000 | 248302 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 1023935 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $1,025,000) |  | <br> **1023935** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 6.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 6.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 6.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (b)(d)(e) | 127067 | 126703 |
| SWITZERLAND - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (b)(d)(e) | 592348 | 495351 |
| UNITED KINGDOM - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6989% 2/7/2028 (b)(d)(e) | 4950 | 4976 |
| UNITED STATES - 6.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 10/6/2032 (b)(d)(e) | 340000 | 335750 |
| Consumer Discretionary - 1.3% |  |  |
| Automobile Components - 0.1% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 1/28/2032 (b)(d)(e) | 190000 | 190416 |
| Broadline Retail - 0.2% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/23/2032 (b)(d)(e) | 381318 | 380921 |
| Diversified Consumer Services - 0.4% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3928% 3/4/2028 (b)(d)(e) | 572824 | 476876 |
| TKC Holdings Inc 1LN, term loan 13.5% 2/15/2027 (d)(e) | 296812 | 298296 |
|  |  | 775172 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/29/2029 (b)(d)(e) | 472552 | 471980 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2631% 6/1/2028 (b)(d)(e) | 292684 | 283491 |
|  |  | 755471 |
| Specialty Retail - 0.2% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.881% 6/6/2031 (b)(d)(e) | 213917 | 206207 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.031% 6/6/2031 (b)(d)(e) | 99740 | 98938 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 1/30/2031 (b)(d)(e) | 131734 | 131345 |
|  |  | 436490 |
| TOTAL CONSUMER DISCRETIONARY |  | 2538470 |
| 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%, 9.0033% 9/20/2030 (b)(d)(e) | 235000 | 230888 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 12/30/2027 (b)(d)(e) | 476980 | 477576 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (b)(d)(e) | 537350 | 239986 |
|  |  | 717562 |
| Financials - 0.8% |  |  |
| Capital Markets - 0.0% |  |  |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0712% 2/3/2032 (b)(d)(e) | 64838 | 64756 |
| Financial Services - 0.4% |  |  |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 7/31/2031 (b)(d)(e) | 297754 | 295562 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 7/31/2031 (b)(d)(e) | 105000 | 105158 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7035% 2/20/2032 (b)(d)(e) | 379050 | 379111 |
|  |  | 779831 |
| Insurance - 0.4% |  |  |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 11/6/2030 (b)(d)(e) | 4963 | 4953 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 9/19/2031 (b)(d)(e) | 280029 | 279663 |
| Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0646% 8/19/2028 (b)(d)(e) | 476523 | 476862 |
|  |  | 761478 |
| TOTAL FINANCIALS |  | 1606065 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2146% 1/15/2031 (b)(d)(e) | 663338 | 666820 |
| QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0015% 8/23/2032 (b)(d)(e) | 290000 | 287915 |
|  |  | 954735 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.0015% 6/28/2029 (b)(d)(e)(f) | 134955 | 105265 |
| Pharmaceuticals - 0.2% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.2146% 10/8/2030 (b)(d)(e) | 329175 | 326584 |
| TOTAL HEALTH CARE |  | 1386584 |
| Industrials - 0.3% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.0015% 3/18/2030 (b)(d)(e) | 74812 | 73211 |
| Ground Transportation - 0.3% |  |  |
| Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.7515% 4/10/2031 (b)(d)(e) | 391050 | 390006 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3084% 9/13/2032 (b)(d)(e) | 25000 | 25115 |
| Passenger Airlines - 0.0% |  |  |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7353% 4/1/2031 (b)(d)(e) | 14850 | 14943 |
| TOTAL INDUSTRIALS |  | 503275 |
| Information Technology - 1.4% |  |  |
| IT Services - 0.6% |  |  |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.1662% 2/10/2028 (b)(d)(e) | 301876 | 281311 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (e) | 385000 | 385901 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (b)(d)(e) | 547646 | 533468 |
|  |  | 1200680 |
| Software - 0.8% |  |  |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 12/11/2028 (b)(d)(e) | 388693 | 388289 |
| Ellucian Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 4.75%, 8.7146% 11/22/2032 (b)(d)(e) | 100000 | 100969 |
| Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 10/9/2029 (b)(d)(e) | 4987 | 4992 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 6/2/2028 (b)(d)(e) | 298213 | 284793 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 8/31/2028 (b)(d)(e)(g) | 235000 | 235848 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 8/31/2028 (b)(d)(e) | 287830 | 288870 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (e) | 59900 | 62521 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.1219% 6/28/2030 (b)(d)(e) | 39900 | 38831 |
|  |  | 1405113 |
| TOTAL INFORMATION TECHNOLOGY |  | 2605793 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 10/15/2032 (b)(d)(e) | 160000 | 157159 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.0265% 7/3/2028 (b)(d)(e) | 297483 | 263758 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.031% 3/15/2029 (b)(d)(e) | 287619 | 281559 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.3146% 4/2/2029 (b)(d)(e) | 209368 | 173949 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (b)(d)(e) | 407500 | 401726 |
|  |  | 1278151 |
| Containers & Packaging - 0.0% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.1396% 4/13/2029 (b)(d)(e) | 135000 | 134895 |
| TOTAL MATERIALS |  | 1413046 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.0% |  |  |
| NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.5931% 4/16/2031 (b)(d)(e) | 24937 | 24984 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5015% 3/29/2030 (b)(d)(e) | 246336 | 247156 |
| Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.8291% 3/24/2028 (b)(d)(e) | 184063 | 184052 |
|  |  | 431208 |
| TOTAL UTILITIES |  | 456192 |
| TOTAL UNITED STATES |  | 11793625 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $12,764,470) |  | <br> **12420655** |

---

---

| | | |
|:---|:---|:---|
| &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) | 2330 | 38731 |
| UNITED STATES - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Cano Health LLC (f)(h) | 20400 | 271116 |
| Cano Health LLC warrants (f)(h) | 627 | 2452 |
| TOTAL UNITED STATES |  | 273568 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $443,213) |  | <br> **312299** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.4%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.4%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (d) | 278283 | 668923 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Wolfspeed Inc 2.5% 6/15/2031 (c) | 18000 | 39105 |
| Wolfspeed Inc 2.5% 6/15/2031  | 16000 | 34760 |
|  |  | 73865 |
| TOTAL UNITED STATES |  | 742788 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $333,594) |  | <br> **742788** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 86.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 86.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 86.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (c) | 93000 | 90012 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (c) | 385000 | 383463 |
| Fortescue Treasury Pty Ltd 6.125% 4/15/2032 (c) | 75000 | 78261 |
| Mineral Resources Ltd 7% 4/1/2031 (c) | 105000 | 108702 |
| Mineral Resources Ltd 8% 11/1/2027 (c) | 1130000 | 1154096 |
| TOTAL AUSTRALIA |  | 1814534 |
| BRAZIL - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (c) | 480000 | 476856 |
| CANADA - 3.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| TELUS Corp 6.625% 10/15/2055 (d) | 155000 | 159905 |
| TELUS Corp 7% 10/15/2055 (d) | 230000 | 245340 |
|  |  | 405245 |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (c) | 635000 | 600322 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (c) | 1010000 | 1037870 |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (c) | 35000 | 34528 |
|  |  | 1672720 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Parkland Corp 6.625% 8/15/2032 (c) | 510000 | 520663 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (d) | 72000 | 77022 |
|  |  | 597685 |
| Industrials - 0.5% |  |  |
| Commercial Services & Supplies - 0.5% |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (c) | 910000 | 950014 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Open Text Corp 3.875% 12/1/2029 (c) | 390000 | 369083 |
| Open Text Holdings Inc 4.125% 2/15/2030 (c) | 130000 | 124091 |
|  |  | 493174 |
| Materials - 0.8% |  |  |
| Chemicals - 0.3% |  |  |
| Methanex Corp 5.25% 12/15/2029  | 95000 | 94724 |
| NOVA Chemicals Corp 5.25% 6/1/2027 (c) | 470000 | 471064 |
|  |  | 565788 |
| Metals & Mining - 0.5% |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (c) | 350000 | 362164 |
| Champion Iron Canada Inc 7.875% 7/15/2032 (c) | 95000 | 99600 |
| Hudbay Minerals Inc 4.5% 4/1/2026 (c) | 285000 | 284261 |
| New Gold Inc 6.875% 4/1/2032 (c) | 195000 | 203921 |
|  |  | 949946 |
| TOTAL MATERIALS |  | 1515734 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| TransAlta Corp 6.5% 3/15/2040  | 200000 | 202804 |
| TOTAL CANADA |  | 5837376 |
| 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 (c) | 445000 | 411714 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (c) | 115000 | 120259 |
| TOTAL COLOMBIA |  | 531973 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Mines Ltd 7.875% 1/23/2030 (c) | 230000 | 237064 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Leisure Products - 0.1% |  |  |
| Amer Sports Co 6.75% 2/16/2031 (c) | 210000 | 218599 |
| FRANCE - 0.4%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Altice France SA 6.5% 3/15/2032 (c) | 269535 | 258096 |
| Altice France SA 6.875% 7/15/2032 (c) | 60000 | 57586 |
|  |  | 315682 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (c) | 409000 | 434715 |
| TOTAL FRANCE |  | 750397 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (c)(i) | 300000 | 285576 |
| ZF North America Capital Inc 6.875% 4/23/2032 (c)(i) | 210000 | 191675 |
| TOTAL GERMANY |  | 477251 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (c) | 555000 | 571395 |
| GUATEMALA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (c) | 145000 | 135249 |
| Millicom International Cellular SA 5.125% 1/15/2028 (c) | 360000 | 357977 |
| TOTAL GUATEMALA |  | 493226 |
| IRELAND - 1.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Treasury DAC 5.875% 6/4/2031 (c) | 610000 | 617625 |
| Financials - 1.1% |  |  |
| Consumer Finance - 0.3% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (d) | 570000 | 588877 |
| Financial Services - 0.8% |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (c) | 395000 | 399444 |
| GGAM Finance Ltd 6.875% 4/15/2029 (c) | 260000 | 269733 |
| GGAM Finance Ltd 7.75% 5/15/2026 (c) | 540000 | 540932 |
| GGAM Finance Ltd 8% 2/15/2027 (c) | 305000 | 311499 |
|  |  | 1521608 |
| TOTAL FINANCIALS |  | 2110485 |
| TOTAL IRELAND |  | 2728110 |
| ISRAEL - 0.5%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Energean PLC 6.5% 4/30/2027 (c) | 735000 | 733163 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 300000 | 310200 |
| TOTAL ISRAEL |  | 1043363 |
| NETHERLANDS - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| VZ Secured Financing BV 5% 1/15/2032 (c) | 255000 | 231671 |
| NIGERIA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| IHS Holding Ltd 7.875% 5/29/2030 (c) | 280000 | 284474 |
| NORWAY - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (c) | 340000 | 347819 |
| TGS ASA 8.5% 1/15/2030 (c) | 440000 | 455620 |
| TOTAL NORWAY |  | 803439 |
| PANAMA - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (c) | 480000 | 480000 |
| Wireless Telecommunication Services - 0.2% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (c) | 360000 | 366907 |
| TOTAL PANAMA |  | 846907 |
| TANZANIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (c) | 250000 | 259375 |
| UNITED KINGDOM - 1.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Virgin Media Finance PLC 5% 7/15/2030 (c) | 105000 | 93720 |
| Media - 0.4% |  |  |
| Virgin Media Secured Finance PLC 5.5% 5/15/2029 (c) | 600000 | 588979 |
| TOTAL COMMUNICATION SERVICES |  | 682699 |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (c) | 300000 | 303935 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (c) | 615000 | 673616 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (c) | 465000 | 449177 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| INEOS Quattro Finance 2 Plc 9.625% 3/15/2029 (c) | 60000 | 56231 |
| Utilities - 0.6% |  |  |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (c) | 770000 | 777981 |
| ContourGlobal Power Holdings SA 6.75% 2/28/2030 (c) | 280000 | 287833 |
|  |  | 1065814 |
| TOTAL UNITED KINGDOM |  | 3231472 |
| UNITED STATES - 75.3%  |  |  |
| Communication Services - 4.9% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Cablevision Lightpath LLC 3.875% 9/15/2027 (c) | 290000 | 284100 |
| Cablevision Lightpath LLC 5.625% 9/15/2028 (c) | 115000 | 113825 |
| Level 3 Financing Inc 6.875% 6/30/2033 (c) | 850000 | 870644 |
| Level 3 Financing Inc 7% 3/31/2034 (c) | 50000 | 51370 |
| Windstream Services LLC 7.5% 10/15/2033 (c) | 230000 | 229583 |
| WULF Compute LLC 7.75% 10/15/2030 (c) | 475000 | 493466 |
|  |  | 2042988 |
| Entertainment - 0.2% |  |  |
| ROBLOX Corp 3.875% 5/1/2030 (c) | 405000 | 387534 |
| Interactive Media & Services - 0.1% |  |  |
| Snap Inc 6.875% 3/1/2033 (c) | 75000 | 76698 |
| Snap Inc 6.875% 3/15/2034 (c) | 285000 | 290101 |
|  |  | 366799 |
| Media - 3.5% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (c) | 405000 | 366573 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032 (i) | 655000 | 582563 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (c) | 605000 | 567136 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (c) | 965000 | 955315 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (c) | 670000 | 666137 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (d) | 640000 | 660422 |
| Nexstar Media Inc 5.625% 7/15/2027 (c) | 665000 | 664727 |
| Sirius XM Radio LLC 4% 7/15/2028 (c) | 390000 | 379049 |
| Sirius XM Radio LLC 5.5% 7/1/2029 (c)(i) | 185000 | 185259 |
| TEGNA Inc 5% 9/15/2029  | 275000 | 272943 |
| Univision Communications Inc 8.5% 7/31/2031 (c) | 415000 | 424464 |
| Univision Communications Inc 9.375% 8/1/2032 (c)(i) | 190000 | 200559 |
| Warnermedia Holdings Inc 5.05% 3/15/2042 (i) | 920000 | 738512 |
|  |  | 6663659 |
| TOTAL COMMUNICATION SERVICES |  | 9460980 |
| Consumer Discretionary - 12.1% |  |  |
| Automobile Components - 0.6% |  |  |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (c) | 145000 | 145431 |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (c) | 275000 | 275388 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (c) | 190000 | 194405 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (c) | 185000 | 191785 |
| Patrick Industries Inc 6.375% 11/1/2032 (c) | 385000 | 392545 |
|  |  | 1199554 |
| Automobiles - 0.4% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (c) | 30000 | 27428 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (c) | 55000 | 54673 |
| Nissan Motor Acceptance Co LLC 6.125% 9/30/2030 (c) | 385000 | 381675 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (c) | 190000 | 169227 |
| Thor Industries Inc 4% 10/15/2029 (c) | 195000 | 185555 |
|  |  | 818558 |
| Broadline Retail - 0.9% |  |  |
| Macy's Retail Holdings LLC 7.375% 8/1/2033 (c)(i) | 265000 | 279247 |
| Match Group Holdings II LLC 3.625% 10/1/2031 (c) | 190000 | 172227 |
| Match Group Holdings II LLC 4.125% 8/1/2030 (c) | 265000 | 249421 |
| Wayfair LLC 7.25% 10/31/2029 (c)(i) | 190000 | 196473 |
| Wayfair LLC 7.75% 9/15/2030 (c)(i) | 770000 | 812259 |
|  |  | 1709627 |
| Diversified Consumer Services - 1.0% |  |  |
| Service Corp International/US 4% 5/15/2031 (i) | 515000 | 487789 |
| Service Corp International/US 5.125% 6/1/2029 (i) | 385000 | 385186 |
| Service Corp International/US 5.75% 10/15/2032 (i) | 285000 | 289148 |
| Sotheby's 7.375% 10/15/2027 (c) | 690000 | 687340 |
|  |  | 1849463 |
| Hotels, Restaurants & Leisure - 6.1% |  |  |
| Caesars Entertainment Inc 6% 10/15/2032 (c) | 120000 | 114477 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (c) | 675000 | 680621 |
| Carnival Corp 5.75% 3/15/2030 (c) | 195000 | 200855 |
| Carnival Corp 5.75% 8/1/2032 (c) | 135000 | 138683 |
| Carnival Corp 5.875% 6/15/2031 (c) | 475000 | 489868 |
| Carnival Corp 6.125% 2/15/2033 (c) | 1360000 | 1402391 |
| Carnival Corp 7% 8/15/2029 (c) | 425000 | 446924 |
| Churchill Downs Inc 5.75% 4/1/2030 (c) | 385000 | 386183 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (c) | 105000 | 100462 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (c) | 460000 | 426394 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (c) | 1105000 | 1018002 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (c) | 815000 | 774524 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (c) | 230000 | 234312 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 5% 6/1/2029 (c) | 200000 | 192043 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (c) | 420000 | 426207 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  | 380000 | 380276 |
| Life Time Inc 6% 11/15/2031 (c) | 435000 | 441112 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (c) | 470000 | 482554 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (c) | 205000 | 211567 |
| Viking Cruises Ltd 5.875% 10/15/2033 (c) | 480000 | 487952 |
| Wyndham Hotels & Resorts Inc 4.375% 8/15/2028 (c) | 525000 | 516027 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 5/15/2027 (c) | 285000 | 285528 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 5.125% 10/1/2029 (c)(i) | 75000 | 74978 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (c)(i) | 205000 | 208285 |
| Yum! Brands Inc 3.625% 3/15/2031  | 1660000 | 1558493 |
|  |  | 11678718 |
| Household Durables - 1.6% |  |  |
| Century Communities Inc 3.875% 8/15/2029 (c) | 105000 | 98457 |
| Century Communities Inc 6.625% 9/15/2033 (c) | 190000 | 189437 |
| LGI Homes Inc 7% 11/15/2032 (c)(i) | 525000 | 503811 |
| LGI Homes Inc 8.75% 12/15/2028 (c) | 180000 | 187199 |
| Somnigroup International Inc 3.875% 10/15/2031 (c) | 575000 | 531282 |
| TopBuild Corp 4.125% 2/15/2032 (c) | 810000 | 762885 |
| TopBuild Corp 5.625% 1/31/2034 (c) | 190000 | 190771 |
| Whirlpool Corp 6.125% 6/15/2030  | 105000 | 103969 |
| Whirlpool Corp 6.5% 6/15/2033  | 475000 | 463427 |
|  |  | 3031238 |
| Specialty Retail - 1.2% |  |  |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (c) | 200000 | 194261 |
| Asbury Automotive Group Inc 5% 2/15/2032 (c) | 260000 | 250365 |
| Bath & Body Works Inc 6.625% 10/1/2030 (c)(i) | 445000 | 457388 |
| Bath & Body Works Inc 6.875% 11/1/2035  | 390000 | 407742 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (c) | 565000 | 576305 |
| LBM Acquisition LLC 9.5% 6/15/2031 (c) | 170000 | 177863 |
| White Cap Supply Holdings LLC 7.375% 11/15/2030 (c) | 165000 | 166906 |
|  |  | 2230830 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Crocs Inc 4.125% 8/15/2031 (c)(i) | 425000 | 390214 |
| Levi Strauss & Co 3.5% 3/1/2031 (c) | 275000 | 254833 |
|  |  | 645047 |
| TOTAL CONSUMER DISCRETIONARY |  | 23163035 |
| Consumer Staples - 4.1% |  |  |
| Consumer Staples Distribution & Retail - 2.4% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (c) | 1170000 | 1115078 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (c) | 290000 | 286393 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (c)(j) | 170000 | 171344 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.75% 3/31/2034 (c)(j) | 135000 | 135594 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (c) | 185000 | 190168 |
| C&S Group Enterprises LLC 5% 12/15/2028 (c) | 130000 | 118550 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (c) | 400000 | 418804 |
| Performance Food Group Inc 4.25% 8/1/2029 (c) | 390000 | 380346 |
| Performance Food Group Inc 6.125% 9/15/2032 (c) | 560000 | 574951 |
| US Foods Inc 4.625% 6/1/2030 (c)(i) | 180000 | 176639 |
| US Foods Inc 5.75% 4/15/2033 (c)(i) | 750000 | 759875 |
| US Foods Inc 7.25% 1/15/2032 (c) | 210000 | 220325 |
|  |  | 4548067 |
| Food Products - 1.5% |  |  |
| Darling Ingredients Inc 5.25% 4/15/2027 (c) | 190000 | 189580 |
| Darling Ingredients Inc 6% 6/15/2030 (c) | 380000 | 384065 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (c) | 195000 | 205817 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (c) | 335000 | 360483 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (c) | 755000 | 719757 |
| Pilgrim's Pride Corp 3.5% 3/1/2032  | 485000 | 444526 |
| Pilgrim's Pride Corp 4.25% 4/15/2031  | 200000 | 193578 |
| Post Holdings Inc 5.5% 12/15/2029 (c) | 175000 | 175088 |
| Post Holdings Inc 6.375% 3/1/2033 (c) | 205000 | 207623 |
|  |  | 2880517 |
| Household Products - 0.0% |  |  |
| Central Garden & Pet Co 4.125% 4/30/2031 (c) | 205000 | 191958 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc 7% 3/15/2030 (c)(i) | 365000 | 376356 |
| TOTAL CONSUMER STAPLES |  | 7996898 |
| Energy - 10.0% |  |  |
| Energy Equipment & Services - 1.4% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (c) | 470000 | 483039 |
| Kodiak Gas Services LLC 6.5% 10/1/2033 (c) | 155000 | 158834 |
| Kodiak Gas Services LLC 6.75% 10/1/2035 (c) | 230000 | 236857 |
| Kodiak Gas Services LLC 7.25% 2/15/2029 (c) | 260000 | 269993 |
| Nabors Industries Inc 7.375% 5/15/2027 (c) | 75000 | 76048 |
| Nabors Industries Ltd 7.5% 1/15/2028 (c) | 210000 | 210974 |
| Transocean International Ltd 7.875% 10/15/2032 (c) | 55000 | 56641 |
| Transocean International Ltd 8.25% 5/15/2029 (c) | 400000 | 402342 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (c) | 215000 | 215825 |
| Valaris Ltd 8.375% 4/30/2030 (c) | 145000 | 151222 |
| WBI Operating LLC 6.25% 10/15/2030 (c) | 250000 | 249762 |
| WBI Operating LLC 6.5% 10/15/2033 (c) | 250000 | 249968 |
|  |  | 2761505 |
| Oil, Gas & Consumable Fuels - 8.6% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 10/15/2033 (c) | 250000 | 249641 |
| California Resources Corp 8.25% 6/15/2029 (c) | 280000 | 291273 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (c) | 330000 | 315877 |
| CNX Resources Corp 7.25% 3/1/2032 (c)(i) | 385000 | 401418 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (c) | 250000 | 247344 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (c)(i) | 550000 | 595075 |
| CVR Energy Inc 8.5% 1/15/2029 (c) | 350000 | 358693 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (c) | 250000 | 253628 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (c) | 470000 | 490552 |
| Energy Transfer LP 6.5% 2/15/2056 (d) | 190000 | 188279 |
| Energy Transfer LP 6.75% 2/15/2056 (d) | 100000 | 100310 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  | 110000 | 111345 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (c) | 70000 | 70991 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (c) | 130000 | 135907 |
| Harvest Midstream I LP 7.5% 5/15/2032 (c) | 555000 | 575163 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (c) | 765000 | 763277 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (c) | 475000 | 478124 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6% 2/1/2031 (c) | 295000 | 279312 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (c) | 75000 | 75126 |
| Hilcorp Energy I LP / Hilcorp Finance Co 8.375% 11/1/2033 (c) | 95000 | 98273 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (c) | 215000 | 221561 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (c) | 275000 | 288162 |
| Kinetik Holdings LP 5.875% 6/15/2030 (c) | 270000 | 272018 |
| Kinetik Holdings LP 6.625% 12/15/2028 (c) | 445000 | 457047 |
| Matador Resources Co 6.25% 4/15/2033 (c) | 330000 | 329512 |
| Matador Resources Co 6.5% 4/15/2032 (c) | 345000 | 348179 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (c) | 525000 | 488568 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (c) | 365000 | 355511 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (c) | 280000 | 285373 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (c) | 465000 | 467106 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (c)(i) | 610000 | 646683 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (c) | 200000 | 200000 |
| Permian Resources Operating LLC 6.25% 2/1/2033 (c) | 305000 | 310316 |
| Permian Resources Operating LLC 7% 1/15/2032 (c) | 630000 | 653625 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (c) | 165000 | 172696 |
| Rockies Express Pipeline LLC 7.5% 7/15/2038 (c) | 220000 | 238583 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  | 180000 | 174366 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  | 880000 | 862879 |
| Sunoco LP / Sunoco Finance Corp 6% 4/15/2027  | 55000 | 55084 |
| Sunoco LP 5.625% 3/15/2031 (c) | 285000 | 285184 |
| Sunoco LP 5.875% 3/15/2034 (c) | 95000 | 94984 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (c) | 425000 | 421755 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6.75% 3/15/2034 (c) | 155000 | 153808 |
| Venture Global Calcasieu 3.875% 11/1/2033 (c) | 110000 | 97087 |
| Venture Global LNG Inc 7% 1/15/2030 (c)(i) | 500000 | 505990 |
| Venture Global LNG Inc 8.125% 6/1/2028 (c) | 205000 | 211176 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (c) | 375000 | 392794 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (c) | 375000 | 397167 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (c) | 445000 | 489366 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (c) | 435000 | 490860 |
|  |  | 16447048 |
| TOTAL ENERGY |  | 19208553 |
| Financials - 7.3% |  |  |
| Capital Markets - 1.2% |  |  |
| Hightower Holding LLC 6.75% 4/15/2029 (c) | 605000 | 605641 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (c) | 210000 | 204071 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (c) | 650000 | 661424 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (c) | 270000 | 281656 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (c) | 95000 | 93600 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (c) | 405000 | 423818 |
|  |  | 2270210 |
| Consumer Finance - 1.3% |  |  |
| Encore Capital Group Inc 6.625% 4/15/2031 (c) | 190000 | 188554 |
| Navient Corp 6.75% 6/15/2026  | 485000 | 490226 |
| OneMain Finance Corp 3.5% 1/15/2027  | 605000 | 595198 |
| OneMain Finance Corp 6.125% 5/15/2030  | 135000 | 136588 |
| OneMain Finance Corp 6.75% 3/15/2032  | 290000 | 294298 |
| OneMain Finance Corp 7.125% 9/15/2032  | 55000 | 56766 |
| OneMain Finance Corp 7.5% 5/15/2031  | 545000 | 569270 |
| PRA Group Inc 5% 10/1/2029 (c)(i) | 125000 | 113718 |
|  |  | 2444618 |
| Financial Services - 3.2% |  |  |
| Block Inc 2.75% 6/1/2026  | 195000 | 192766 |
| Block Inc 3.5% 6/1/2031  | 225000 | 209495 |
| Block Inc 5.625% 8/15/2030 (c) | 180000 | 182720 |
| Block Inc 6% 8/15/2033 (c) | 140000 | 143149 |
| Block Inc 6.5% 5/15/2032  | 625000 | 648471 |
| CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (c) | 195000 | 196799 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (c) | 420000 | 421575 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  | 200000 | 196540 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9.75% 1/15/2029  | 375000 | 376331 |
| NFE Financing LLC 12% 11/15/2029 (c) | 139688 | 34042 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (c) | 380000 | 389495 |
| PennyMac Financial Services Inc 6.875% 5/15/2032 (c) | 185000 | 192971 |
| Rocket Cos Inc 6.125% 8/1/2030 (c) | 570000 | 587958 |
| Rocket Cos Inc 6.375% 8/1/2033 (c) | 665000 | 692751 |
| Rocket Cos Inc 6.5% 8/1/2029 (c) | 305000 | 316356 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (c) | 240000 | 247880 |
| UWM Holdings LLC 6.25% 3/15/2031 (c) | 190000 | 189658 |
| UWM Holdings LLC 6.625% 2/1/2030 (c) | 395000 | 402420 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (c) | 185000 | 189320 |
| WEX Inc 6.5% 3/15/2033 (c) | 280000 | 286347 |
|  |  | 6097044 |
| Insurance - 1.3% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (c) | 95000 | 97428 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (c) | 390000 | 384073 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (c) | 570000 | 587100 |
| Athene Holding Ltd 6.875% 6/28/2055 (d) | 475000 | 476794 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (c) | 340000 | 351382 |
| Ryan Specialty LLC 4.375% 2/1/2030 (c) | 300000 | 293274 |
| Ryan Specialty LLC 5.875% 8/1/2032 (c) | 375000 | 381256 |
|  |  | 2571307 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| Starwood Property Trust Inc 5.25% 10/15/2028 (c) | 230000 | 230833 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (c) | 370000 | 384820 |
|  |  | 615653 |
| TOTAL FINANCIALS |  | 13998832 |
| Health Care - 6.5% |  |  |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (c) | 200000 | 189953 |
| Avantor Funding Inc 4.625% 7/15/2028 (c) | 640000 | 629717 |
| Hologic Inc 3.25% 2/15/2029 (c)(i) | 415000 | 409647 |
| Hologic Inc 4.625% 2/1/2028 (c) | 190000 | 189556 |
| Insulet Corp 6.5% 4/1/2033 (c) | 185000 | 192742 |
| Medline Borrower LP 3.875% 4/1/2029 (c) | 340000 | 330244 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (c) | 615000 | 632683 |
| Teleflex Inc 4.25% 6/1/2028 (c) | 390000 | 382115 |
|  |  | 2956657 |
| Health Care Providers & Services - 3.4% |  |  |
| Acadia Healthcare Co Inc 5% 4/15/2029 (c)(i) | 295000 | 288669 |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (c)(i) | 185000 | 191246 |
| CVS Health Corp 6.75% 12/10/2054 (d) | 225000 | 233826 |
| CVS Health Corp 7% 3/10/2055 (d) | 660000 | 693450 |
| DaVita Inc 4.625% 6/1/2030 (c) | 365000 | 352464 |
| DaVita Inc 6.75% 7/15/2033 (c) | 585000 | 606550 |
| DaVita Inc 6.875% 9/1/2032 (c) | 185000 | 191647 |
| HealthEquity Inc 4.5% 10/1/2029 (c) | 395000 | 384394 |
| Molina Healthcare Inc 3.875% 5/15/2032 (c)(i) | 510000 | 459838 |
| Molina Healthcare Inc 6.25% 1/15/2033 (c) | 625000 | 629084 |
| Tenet Healthcare Corp 4.625% 6/15/2028  | 1755000 | 1747967 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 465000 | 473626 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (c) | 210000 | 213845 |
|  |  | 6466606 |
| Health Care Technology - 0.7% |  |  |
| IQVIA Inc 5% 5/15/2027 (c) | 480000 | 479847 |
| IQVIA Inc 6.25% 6/1/2032 (c) | 755000 | 786911 |
|  |  | 1266758 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (c) | 510000 | 488962 |
| Pharmaceuticals - 0.7% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (c) | 580000 | 606280 |
| Jazz Securities DAC 4.375% 1/15/2029 (c) | 315000 | 308636 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (c)(i) | 240000 | 228340 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (c)(i) | 200000 | 153307 |
|  |  | 1296563 |
| TOTAL HEALTH CARE |  | 12475546 |
| Industrials - 10.8% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| Axon Enterprise Inc 6.125% 3/15/2030 (c) | 240000 | 246489 |
| Axon Enterprise Inc 6.25% 3/15/2033 (c) | 220000 | 227393 |
| BWX Technologies Inc 4.125% 6/30/2028 (c) | 795000 | 776594 |
| Moog Inc 4.25% 12/15/2027 (c) | 585000 | 578486 |
| TransDigm Inc 6% 1/15/2033 (c) | 375000 | 380956 |
| TransDigm Inc 6.25% 1/31/2034 (c)(i) | 65000 | 67177 |
| TransDigm Inc 6.375% 3/1/2029 (c) | 255000 | 260738 |
| TransDigm Inc 6.375% 5/31/2033 (c) | 650000 | 662566 |
| TransDigm Inc 6.75% 1/31/2034 (c) | 325000 | 336792 |
| TransDigm Inc 6.75% 8/15/2028 (c) | 1020000 | 1040400 |
|  |  | 4577591 |
| Air Freight & Logistics - 0.3% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (c) | 480000 | 490692 |
| Building Products - 1.7% |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (c)(i) | 765000 | 763123 |
| Builders FirstSource Inc 4.25% 2/1/2032 (c) | 875000 | 827876 |
| Builders FirstSource Inc 6.75% 5/15/2035 (c) | 190000 | 199491 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (c) | 470000 | 483175 |
| JH North America Holdings Inc 6.125% 7/31/2032 (c) | 190000 | 194863 |
| Masterbrand Inc 7% 7/15/2032 (c) | 185000 | 191899 |
| Standard Building Solutions Inc 6.25% 8/1/2033 (c) | 190000 | 193752 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (c) | 195000 | 200460 |
| Standard Industries Inc/NY 4.375% 7/15/2030 (c) | 300000 | 289337 |
|  |  | 3343976 |
| Commercial Services & Supplies - 2.3% |  |  |
| ADT Security Corp/The 4.125% 8/1/2029 (c) | 100000 | 96839 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (c) | 275000 | 282122 |
| Artera Services LLC 8.5% 2/15/2031 (c)(i) | 1015000 | 875934 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (c) | 290000 | 279031 |
| Clean Harbors Inc 5.125% 7/15/2029 (c) | 135000 | 134648 |
| Clean Harbors Inc 5.75% 10/15/2033 (c)(i) | 190000 | 194179 |
| Clean Harbors Inc 6.375% 2/1/2031 (c) | 330000 | 338091 |
| CoreCivic Inc 8.25% 4/15/2029  | 270000 | 284338 |
| GEO Group Inc/The 10.25% 4/15/2031  | 170000 | 186167 |
| GEO Group Inc/The 8.625% 4/15/2029  | 270000 | 284936 |
| GFL Environmental Inc 6.75% 1/15/2031 (c) | 155000 | 162150 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (c) | 510000 | 503625 |
| OT Midco Inc 10% 2/15/2030 (c) | 85000 | 49726 |
| Prime Security Services Borrower LLC / Prime Finance Inc 3.375% 8/31/2027 (c) | 195000 | 189904 |
| Waste Pro USA Inc 7% 2/1/2033 (c) | 175000 | 181899 |
| Williams Scotsman Inc 6.625% 4/15/2030 (c) | 365000 | 377450 |
|  |  | 4421039 |
| Construction & Engineering - 0.4% |  |  |
| AECOM 6% 8/1/2033 (c) | 570000 | 584968 |
| Dycom Industries Inc 4.5% 4/15/2029 (c) | 195000 | 191059 |
|  |  | 776027 |
| Electrical Equipment - 0.3% |  |  |
| Vertiv Group Corp 4.125% 11/15/2028 (c) | 295000 | 290621 |
| WESCO Distribution Inc 6.375% 3/15/2033 (c) | 290000 | 302942 |
|  |  | 593563 |
| Ground Transportation - 0.4% |  |  |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (c) | 305000 | 311157 |
| XPO Inc 6.25% 6/1/2028 (c) | 325000 | 331415 |
| XPO Inc 7.125% 2/1/2032 (c) | 180000 | 189288 |
|  |  | 831860 |
| Machinery - 0.5% |  |  |
| Allison Transmission Inc 3.75% 1/30/2031 (c) | 415000 | 383165 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (c)(d) | 180000 | 193260 |
| Enpro Inc 6.125% 6/1/2033 (c) | 285000 | 291545 |
| Esab Corp 6.25% 4/15/2029 (c) | 130000 | 133037 |
|  |  | 1001007 |
| Passenger Airlines - 0.1% |  |  |
| American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (c) | 110000 | 112551 |
| American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (c) | 145000 | 151276 |
|  |  | 263827 |
| Professional Services - 1.1% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (c) | 280000 | 291397 |
| CACI International Inc 6.375% 6/15/2033 (c) | 370000 | 384696 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (c) | 110000 | 102621 |
| ION Platform Finance US Inc / ION Platform Finance SARL 9% 8/1/2029 (c) | 215000 | 217651 |
| Science Applications International Corp 5.875% 11/1/2033 (c) | 385000 | 383868 |
| TriNet Group Inc 3.5% 3/1/2029 (c) | 710000 | 666747 |
|  |  | 2046980 |
| Trading Companies & Distributors - 1.3% |  |  |
| FTAI Aviation Investors LLC 5.875% 4/15/2033 (c)(i) | 300000 | 302600 |
| FTAI Aviation Investors LLC 7% 6/15/2032 (c)(i) | 315000 | 329921 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (c) | 215000 | 228489 |
| Herc Holdings Inc 7% 6/15/2030 (c) | 285000 | 298304 |
| Herc Holdings Inc 7.25% 6/15/2033 (c)(i) | 270000 | 284661 |
| QXO Building Products Inc 6.75% 4/30/2032 (c) | 185000 | 191522 |
| United Rentals North America Inc 3.75% 1/15/2032  | 350000 | 325616 |
| United Rentals North America Inc 6.125% 3/15/2034 (c)(i) | 515000 | 537396 |
|  |  | 2498509 |
| TOTAL INDUSTRIALS |  | 20845071 |
| Information Technology - 5.4% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Coherent Corp 5% 12/15/2029 (c) | 785000 | 776603 |
| Insight Enterprises Inc 6.625% 5/15/2032 (c) | 185000 | 189340 |
| Lightning Power LLC 7.25% 8/15/2032 (c) | 455000 | 481962 |
| Sensata Technologies Inc 3.75% 2/15/2031 (c) | 465000 | 432207 |
| TTM Technologies Inc 4% 3/1/2029 (c) | 395000 | 381464 |
|  |  | 2261576 |
| IT Services - 1.4% |  |  |
| ASGN Inc 4.625% 5/15/2028 (c) | 790000 | 775882 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (c)(i) | 660000 | 658514 |
| CoreWeave Inc 9% 2/1/2031 (c) | 170000 | 170497 |
| CoreWeave Inc 9.25% 6/1/2030 (c) | 435000 | 439231 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (c) | 705000 | 671298 |
|  |  | 2715422 |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Entegris Inc 3.625% 5/1/2029 (c) | 405000 | 385065 |
| Entegris Inc 4.375% 4/15/2028 (c) | 290000 | 285156 |
| Entegris Inc 5.95% 6/15/2030 (c) | 365000 | 370563 |
| ON Semiconductor Corp 3.875% 9/1/2028 (c)(i) | 295000 | 287034 |
| Wolfspeed Inc 12% 6/15/2031 pay-in-kind (d) | 19740 | 16976 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (c)(d) | 97887 | 107798 |
|  |  | 1452592 |
| Software - 1.4% |  |  |
| Crowdstrike Holdings Inc 3% 2/15/2029  | 405000 | 385896 |
| Elastic NV 4.125% 7/15/2029 (c) | 700000 | 674746 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (c) | 100000 | 101207 |
| Fair Isaac Corp 4% 6/15/2028 (c) | 450000 | 441021 |
| Fair Isaac Corp 6% 5/15/2033 (c) | 515000 | 524217 |
| Gen Digital Inc 6.25% 4/1/2033 (c) | 260000 | 267655 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 370000 | 388581 |
|  |  | 2783323 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (c) | 165000 | 169050 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (c) | 1060000 | 1126204 |
|  |  | 1295254 |
| TOTAL INFORMATION TECHNOLOGY |  | 10508167 |
| Materials - 7.0% |  |  |
| Chemicals - 2.3% |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (c)(d) | 266253 | 235634 |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.75% 6/15/2027 (c) | 380000 | 379073 |
| Axalta Coating Systems LLC 3.375% 2/15/2029 (c)(i) | 200000 | 190283 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (i) | 225000 | 223121 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (i) | 450000 | 443122 |
| Chemours Co/The 4.625% 11/15/2029 (c) | 335000 | 293966 |
| Chemours Co/The 5.75% 11/15/2028 (c) | 470000 | 450370 |
| Inversion Escrow Issuer LLC 6.75% 8/1/2032 (c) | 185000 | 180636 |
| LSB Industries Inc 6.25% 10/15/2028 (c) | 210000 | 207027 |
| Methanex US Operations Inc 6.25% 3/15/2032 (c)(i) | 300000 | 305183 |
| Olin Corp 6.625% 4/1/2033 (c) | 395000 | 391159 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (c) | 200000 | 197814 |
| Scih Salt Hldgs Inc 6.625% 5/1/2029 (c) | 95000 | 94163 |
| Tronox Inc 4.625% 3/15/2029 (c) | 205000 | 126030 |
| WR Grace Holdings LLC 4.875% 6/15/2027 (c) | 205000 | 203148 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (c) | 150000 | 137256 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (c) | 345000 | 333225 |
|  |  | 4391210 |
| Construction Materials - 0.6% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (c) | 465000 | 482304 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (c) | 365000 | 384345 |
| VM Consolidated Inc 5.5% 4/15/2029 (c) | 345000 | 341171 |
|  |  | 1207820 |
| Containers & Packaging - 2.4% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (c) | 410000 | 391155 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (c) | 320000 | 298339 |
| Ball Corp 3.125% 9/15/2031  | 640000 | 583212 |
| Ball Corp 5.5% 9/15/2033  | 285000 | 288463 |
| Ball Corp 6% 6/15/2029  | 360000 | 368803 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (c) | 320000 | 321087 |
| Clydesdale Acquisition Holdings Inc 6.875% 1/15/2030 (c) | 455000 | 459544 |
| Crown Americas LLC 5.875% 6/1/2033 (c) | 670000 | 679030 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (c)(i) | 245000 | 230183 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (c) | 400000 | 405250 |
| Sealed Air Corp 5% 4/15/2029 (c) | 175000 | 173762 |
| Sealed Air Corp 6.875% 7/15/2033 (c) | 235000 | 255868 |
| Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (c)(i) | 235000 | 246684 |
|  |  | 4701380 |
| Metals & Mining - 1.7% |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (c) | 80000 | 84555 |
| Alumina Pty Ltd 6.375% 9/15/2032 (c) | 580000 | 600216 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (c)(i) | 595000 | 608384 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (c) | 385000 | 403029 |
| Cleveland-Cliffs Inc 7.625% 1/15/2034 (c) | 190000 | 197536 |
| Commercial Metals Co 4.375% 3/15/2032 (i) | 515000 | 486755 |
| Kaiser Aluminum Corp 4.625% 3/1/2028 (c) | 485000 | 484638 |
| Kaiser Aluminum Corp 5.875% 3/1/2034 (c) | 230000 | 229159 |
| Novelis Corp 3.875% 8/15/2031 (c) | 210000 | 192427 |
|  |  | 3286699 |
| TOTAL MATERIALS |  | 13587109 |
| Real Estate - 1.8% |  |  |
| Hotel & Resort REITs - 0.5% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (c)(i) | 440000 | 427353 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (c) | 150000 | 153610 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (c) | 260000 | 267468 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (c) | 205000 | 211584 |
|  |  | 1060015 |
| Real Estate Management & Development - 0.3% |  |  |
| Howard Hughes Corp/The 4.375% 2/1/2031 (c) | 540000 | 509115 |
| Taylor Morrison Communities Inc 5.75% 1/15/2028 (c) | 95000 | 96387 |
|  |  | 605502 |
| Specialized REITs - 1.0% |  |  |
| Iron Mountain Inc 4.875% 9/15/2029 (c)(i) | 485000 | 478646 |
| Millrose Properties Inc 6.375% 8/1/2030 (c) | 475000 | 481194 |
| SBA Communications Corp 3.125% 2/1/2029  | 40000 | 37812 |
| SBA Communications Corp 3.875% 2/15/2027 (i) | 750000 | 741610 |
|  |  | 1739262 |
| TOTAL REAL ESTATE |  | 3404779 |
| Utilities - 5.4% |  |  |
| Electric Utilities - 4.3% |  |  |
| American Electric Power Co Inc 5.8% 3/15/2056 (d) | 100000 | 100180 |
| American Electric Power Co Inc 6.05% 3/15/2056 (d) | 100000 | 101270 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (c) | 505000 | 467650 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (c)(i) | 195000 | 193908 |
| Edison International 7.875% 6/15/2054 (d) | 251000 | 258333 |
| Edison International 8.125% 6/15/2053 (d) | 75000 | 77405 |
| Hawaiian Electric Co Inc 6% 10/1/2033 (c) | 140000 | 141541 |
| NRG Energy Inc 5.25% 6/15/2029 (c) | 725000 | 728141 |
| NRG Energy Inc 5.75% 1/15/2034 (c) | 480000 | 483801 |
| NRG Energy Inc 6% 1/15/2036 (c) | 675000 | 687182 |
| NRG Energy Inc 6% 2/1/2033 (c) | 200000 | 204016 |
| NRG Energy Inc 6.25% 11/1/2034 (c)(i) | 795000 | 818538 |
| PG&E Corp 5% 7/1/2028  | 195000 | 193640 |
| PG&E Corp 7.375% 3/15/2055 (d) | 843000 | 867047 |
| Sierra Pacific Power Co 6.2% 12/15/2055 (d) | 480000 | 479540 |
| Vistra Operations Co LLC 5% 7/31/2027 (c) | 1515000 | 1515820 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (c) | 625000 | 663271 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (c)(i) | 185000 | 190304 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (c)(i) | 160000 | 167404 |
|  |  | 8338991 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (c) | 250000 | 252905 |
| Alpha Generation LLC 6.75% 10/15/2032 (c) | 370000 | 380207 |
| Sunnova Energy Corp 5.875% (c)(k) | 280000 | 1400 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (c) | 425000 | 435816 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (c) | 445000 | 460888 |
|  |  | 1531216 |
| Multi-Utilities - 0.3% |  |  |
| Sempra 6.375% 4/1/2056 (d) | 475000 | 488067 |
| TOTAL UTILITIES |  | 10358274 |
| TOTAL UNITED STATES |  | 145007244 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (c) | 200000 | 207682 |
| First Quantum Minerals Ltd 8% 3/1/2033 (c) | 440000 | 467625 |
| TOTAL ZAMBIA |  | 675307 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $164,581,578) |  | <br> **166520033** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 4.0%** | &nbsp;&nbsp;**Preferred Securities - 4.0%** | &nbsp;&nbsp;**Preferred Securities - 4.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BNP Paribas SA 7.45% (c)(d)(l) | 285000 | 303721 |
| SWITZERLAND - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| UBS Group AG 7% (c)(d)(l) | 200000 | 205716 |
| UNITED KINGDOM - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Barclays PLC 7.625% (d)(l) | 475000 | 507039 |
| HSBC Holdings PLC 7.05% (d)(l) | 375000 | 401487 |
| TOTAL UNITED KINGDOM |  | 908526 |
| UNITED STATES - 3.3%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Energy Transfer LP Series G, 7.125% (d)(l) | 560000 | 594581 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.583% (b)(d)(l) | 475000 | 484375 |
| Sunoco LP 7.875% (c)(d)(l) | 610000 | 625295 |
|  |  | 1704251 |
| Financials - 2.4% |  |  |
| Banks - 1.5% |  |  |
| Bank of America Corp 6.25% (d)(l) | 665000 | 677129 |
| BW Real Estate Inc 9.5% (c)(d)(l) | 185000 | 191396 |
| Citigroup Inc 6.75% (d)(l) | 420000 | 433319 |
| Citigroup Inc 6.875% (d)(l) | 380000 | 398680 |
| Citigroup Inc 7.125% (d)(l) | 355000 | 371543 |
| JPMorgan Chase & Co 6.5% (d)(i)(l) | 390000 | 406911 |
| Wells Fargo & Co 7.625% (d)(i)(l) | 320000 | 344731 |
|  |  | 2823709 |
| Capital Markets - 0.3% |  |  |
| Charles Schwab Corp/The 4% (d)(l) | 215000 | 203049 |
| Goldman Sachs Group Inc/The 6.85% (d)(l) | 465000 | 491040 |
|  |  | 694089 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc 4.7% (d)(l) | 100000 | 94008 |
| Ally Financial Inc 4.7% (d)(i)(l) | 1035000 | 1023752 |
|  |  | 1117760 |
| TOTAL FINANCIALS |  | 4635558 |
| TOTAL UNITED STATES |  | 6339809 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $7,308,282) |  | <br> **7757772** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.9%** | &nbsp;&nbsp;**Money Market Funds - 6.9%** | &nbsp;&nbsp;**Money Market Funds - 6.9%** | &nbsp;&nbsp;**Money Market Funds - 6.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (m) | 4.18 | 2807481 | 2808042 |
| Fidelity Securities Lending Cash Central Fund (m)(n) | 4.18 | 10405989 | 10407030 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $13,215,072) |  |  | **13215072** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.7%**<br> (Cost $199,671,209)<br>| <br>**201992554** |
| **NET OTHER ASSETS (LIABILITIES) - (4.7)%**  | **(9112463)** |
| **NET ASSETS - 100.0%** | **192880091** |

---

**Legend**

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

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

(c) 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 $143,766,990 or 74.5% of net assets.

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

(e) 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.

(f) Level 3 security.

(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.

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

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

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

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

(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 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 | 31988774 | 33246935 | 85930 | 81 | - | 2808042 | 2807481 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 23662378 | 57737651 | 70992999 | 16001 | - | - | 10407030 | 10405989 | 0.0% |
| Total | 27728500 | 89726425 | 104239934 | 101931 | 81 | - | 13215072 |  |  |

---

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

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 1023935 | - | 1023935 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 462453 | - | 462453 | - |
| Consumer Discretionary | 2538470 | - | 2538470 | - |
| Consumer Staples | 230888 | - | 230888 | - |
| Energy | 722538 | - | 722538 | - |
| Financials | 1606065 | - | 1606065 | - |
| Health Care | 1386584 | - | 1281319 | 105265 |
| Industrials | 503275 | - | 503275 | - |
| Information Technology | 2605793 | - | 2605793 | - |
| Materials | 1908397 | - | 1908397 | - |
| Utilities | 456192 | - | 456192 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 38731 | - | - | 38731 |
| Health Care | 273568 | - | - | 273568 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 668923 | - | 668923 | - |
| Information Technology | 73865 | - | 73865 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 12720884 | - | 12720884 | - |
| Consumer Discretionary | 26453165 | - | 26453165 | - |
| Consumer Staples | 7996898 | - | 7996898 | - |
| Energy | 22451171 | - | 22451171 | - |
| Financials | 16680712 | - | 16680712 | - |
| Health Care | 13234923 | - | 13234923 | - |
| Industrials | 21795085 | - | 21795085 | - |
| Information Technology | 11260716 | - | 11260716 | - |
| Materials | 18362835 | - | 18362835 | - |
| Real Estate | 3404779 | - | 3404779 | - |
| Utilities | 12158865 | - | 12158865 | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 1704251 | - | 1704251 | - |
| Financials | 6053521 | - | 6053521 | - |
|  **Money Market Funds** | 13215072 | 13215072 | - | - |
| **Total Investments in Securities:** | 201992554 | 13215072 | 188359918 | 417564 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $10,058,379) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $186,456,137) | $188777482 |  |
| Fidelity Central Funds (cost $13,215,072) | 13215072 |  |
| Total Investment in Securities (cost $199,671,209) |  | $201992554 |
| Cash |  | 18344 |
| Receivable for investments sold |  | 384259 |
| Receivable for fund shares sold |  | 48897 |
| Interest receivable |  | 2718796 |
| Distributions receivable from Fidelity Central Funds |  | 16228 |
| Prepaid expenses |  | 206 |
| **Total assets** |  | 205179284 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $1112011 |  |
| Delayed delivery | 305000 |  |
| Payable for fund shares redeemed | 170273 |  |
| Distributions payable | 142060 |  |
| Accrued management fee | 114494 |  |
| Other payables and accrued expenses | 48325 |  |
| Collateral on securities loaned | 10407030 |  |
| **Total liabilities** |  | 12299193 |
| **Net Assets**  |  | $192880091 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $218793228 |
| Total accumulated earnings (loss) |  | (25913137) |
| **Net Assets** |  | $192880091 |
| **Net Asset Value**, offering price and redemption price per share ($192,880,091 ÷ 23,164,888 shares) |  | $8.33 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $174430 |
| Interest  |  | 5842552 |
| Income from Fidelity Central Funds (including $16,001 from security lending)  |  | 101931 |
| **Total income** |  | 6118913 |
| **Expenses** |  |  |
| Management fee | $664787 |  |
| Custodian fees and expenses | 5914 |  |
| Independent trustees' fees and expenses | 346 |  |
| Registration fees | 17998 |  |
| Audit fees | 42183 |  |
| Legal | 1044 |  |
| Miscellaneous | 315 |  |
| Total expenses before reductions | 732587 |  |
| Expense reductions | (13569) |  |
| Total expenses after reductions |  | 719018 |
| **Net Investment income (loss)** |  | 5399895 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1471349) |  |
| Fidelity Central Funds | 81 |  |
| Foreign currency transactions | (25) |  |
| Total net realized gain (loss) |  | (1471293) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 7326265 |
| **Net gain (loss)** |  | 5854972 |
| **Net increase (decrease) in net assets resulting from operations** |  | $11254867 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5399895 | $10066016 |
| &nbsp;&nbsp;Net realized gain (loss) | (1471293)<br>| (2552330)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7326265 | 6619800<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 11254867<br>| 14133486<br>|
| Distributions to shareholders | (5097798)<br>| (9806619)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 9553106 | 20256239 |
| Reinvestment of distributions | 4257070<br>| 8189881<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (16270282) | (44978350) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2460106)<br>| (16532230)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3696963<br>| (12205363)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 189183128 | 201388491<br>|
| &nbsp;&nbsp;End of period | $192880091 | $189183128 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1157823 | 2500217 |
| Issued in reinvestment of distributions | 515740<br>| 1009718<br>|
| &nbsp;&nbsp;Redeemed | (1978429) | (5552923) |
| &nbsp;&nbsp;Net increase (decrease) | (304866) | (2042988) |

---

**Financial Highlights** 

**Fidelity® Focused High Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.06 | $7.89 | $7.79 | $7.99 | $8.86 | $8.28 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .233  | .413  | .376  | .357  | .317  | .340  |
| Net realized and unrealized gain (loss)  | .257  | .159  | .083  | (.216)  | (.863)  | .574  |
| Total from investment operations  | .490  | .572  | .459  | .141  | (.546)  | .914  |
| Distributions from net investment income  | (.220)  | (.402)  | (.359)  | (.341)  | (.324)  | (.334)  |
| Total distributions  | (.220)  | (.402)  | (.359)  | (.341)  | (.324)  | (.334)  |
| Net asset value, end of period  | $8.33 | $8.06 | $7.89 | $7.79 | $7.99 | $8.86 |
| **Total Return** C,D | 6.14% <br>| 7.34%  | 6.04%  | 1.91%  | (6.41)%  | 11.16%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .76% G | .76%  | .79%  | .79%  | .75%  | .75%  |
| Expenses net of fee waivers, if any  | .75% G<br>| .75%  | .75%  | .75%  | .75%  | .75%  |
| Expenses net of all reductions, if any  | .75% G | .75%  | .75%  | .75%  | .75%  | .75%  |
| Net investment income (loss)  | 5.62% G | 5.09%  | 4.83%  | 4.62%  | 3.62%  | 3.88%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $192880 | $189183 | $201388 | $221380 | $277933 | $384632 |
| Portfolio turnover rate H | 110% G<br>| 32%  | 26%  | 9%  | 20%  | 73%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

For the period ended October 31, 2025

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

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. 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 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** | $5359706 |
| **Gross unrealized depreciation** | <u>(2180896)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3178810</u> |
| **Tax cost** | <u>$198813744</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(10714490) |
| Long-term | <u>(17956113)</u> |
| **Total capital loss carryforward** | <u>$(28670603)</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**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.

**New Accounting Pronouncement.** 

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

**4. 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** | 103916060 | 106488721 |

---

**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** | .69 |

---

**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 plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Focused High Income Fund** | 114 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Focused High Income Fund** | 1574 | - | - |

---

**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, 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 $11,784.

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 $1,785.

**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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Focused High Income Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

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

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

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

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

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

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

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

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

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

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

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.75% through August 31, 2026.

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

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

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

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

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

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

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

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

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

![](img119053_4.jpg)<br>

1.801609.122 FFH-SANN-1225

**Fidelity® Capital & Income Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119057_1.jpg)

![](img119057_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CAI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Capital & Income Fund](#Sub_Sec_Fund_38_CAI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements38_CAI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CAI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CAI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CAI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CAI-SANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity® Capital & Income Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 2.4%** | &nbsp;&nbsp;**Alternative Funds - 2.4%** | &nbsp;&nbsp;**Alternative Funds - 2.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (b)(c)<br>(Cost $372,967,312)<br>| 38033001 | **359141826** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.3%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.3%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Brant Point CLO 2024-5 Ltd Series 2024-5A Class E, CME Term SOFR 3 month Index + 6.7%, 10.5844% 10/20/2037 (d)(e)(f) | 757000 | 767212 |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (d)(e)(f) | 1000000 | 1006677 |
| OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 6.6936% 1/16/2037 (d)(e)(f) | 490000 | 489703 |
| TOTAL BAILIWICK OF JERSEY |  | 2263592 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| 720 East CLO IV Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.5%, 10.4045% 4/15/2037 (d)(e)(f) | 1228000 | 1236790 |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1074% 10/22/2037 (d)(e)(f) | 1152000 | 1169853 |
| Arini US Clo II Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 5.65%, 9.9371% 3/31/2038 (d)(e)(f) | 721000 | 725345 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (d)(e)(f) | 1078000 | 1094151 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0302% 7/20/2038 (d)(e)(f) | 691000 | 692600 |
| Bayard Pk Clo Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2154% 7/24/2038 (d)(e)(f) | 1747000 | 1787413 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (d)(e)(f) | 1141000 | 1145062 |
| Bbam US Clo III Ltd Series 2025-3A Class DR, 9.1416% 10/15/2038 (e)(f) | 889000 | 884173 |
| Benefit Street Partners Clo Xxxix Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.5545% 4/15/2038 (d)(e)(f) | 1562000 | 1570604 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.6074% 4/22/2038 (d)(e)(f) | 1672000 | 1678668 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.6344% 10/20/2037 (d)(e)(f) | 903000 | 910443 |
| Carlyle US Clo 2025-2 Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 11.046% 7/25/2038 (d)(e)(f) | 1404000 | 1434296 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (d)(e)(f) | 1082000 | 1089201 |
| Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2344% 10/20/2037 (d)(e)(f) | 412000 | 420143 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.12% 7/21/2038 (d)(e)(f) | 2379000 | 2447653 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (d)(e)(f) | 956000 | 955306 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.4545% 10/15/2036 (d)(e)(f) | 5156000 | 5188839 |
| Diameter Cap Clo 7 Ltd / Diameter Cap Clo 7 LLC Series 2024-7A Class D, CME Term SOFR 3 month Index + 6.1%, 9.9844% 7/20/2037 (d)(e)(f) | 2754000 | 2771515 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 8.0045% 4/15/2038 (d)(e)(f) | 1048000 | 1049285 |
| Flatiron Clo 19 Ltd Series 2025-1A Class ER2, CME Term SOFR 3 month Index + 5.9%, 10.0852% 11/16/2034 (d)(e)(f) | 695000 | 678948 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (d)(e)(f) | 1608000 | 1617614 |
| Galaxy XXV CLO Ltd Series 2025-25A Class ERR, CME Term SOFR 3 month Index + 5.75%, 9.608% 4/25/2036 (d)(e)(f) | 439000 | 437870 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5202% 7/20/2037 (d)(e)(f) | 471000 | 478065 |
| Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (f) | 664000 | 678348 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.9045% 7/15/2037 (d)(e)(f) | 914000 | 919886 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 7/20/2036 (d)(e)(f) | 1120000 | 1129252 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 10/20/2037 (d)(e)(f) | 1070000 | 1078361 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.4344% 7/20/2037 (d)(e)(f) | 1291000 | 1297496 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.4844% 10/20/2037 (d)(e)(f) | 2024000 | 2042514 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (d)(e)(f) | 726000 | 731809 |
| Palmer Square Loan Funding 2025-2 Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 8.7877% 7/15/2033 (d)(e)(f) | 1586000 | 1576578 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (d)(e)(f) | 2485000 | 2468119 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.6844% 4/20/2038 (d)(e)(f) | 640000 | 638655 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (d)(e)(f) | 1250000 | 1262258 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 45287113 |
| UNITED STATES - 0.0%  |  |  |
| Goldentree Loan Management US Clo 7 Ltd Series 2024-7A Class ERR, CME Term SOFR 3 month Index + 5.25%, 9.1344% 4/20/2034 (d)(e)(f) | 814000 | 812007 |
| Obra Clo 1 Ltd / Obra Clo 1 LLC Series 2024-1A Class D2, 8.259% 1/20/2038 (f) | 750000 | 759873 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.6344% 1/20/2038 (d)(e)(f) | 864000 | 879551 |
| Systima Capital Management LLC Series 2025-SUP2 Class E, U.S. 30-Day Avg. SOFR Index + 4%, 7.8828% 9/25/2032 (d)(e)(f) | 354761 | 354748 |
| TOTAL UNITED STATES |  | 2806179 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $49,930,506) |  | <br> **50356884** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 10.8%** | &nbsp;&nbsp;**Bank Loan Obligations - 10.8%** | &nbsp;&nbsp;**Bank Loan Obligations - 10.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2401% 8/1/2030 (d)(e)(g) | 2321651 | 2171719 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Kronos Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 7/8/2031 (d)(e)(g) | 19495895 | 14138618 |
| TOTAL CANADA |  | 16310337 |
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5131% 5/23/2030 (d)(e)(g) | 8897700 | 8933824 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (d)(e)(g) | 16296100 | 16249493 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.2065% 10/1/2032 (d)(e)(g) | 11885000 | 11587875 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Klockner Pentaplast of America Inc Tranche 1ST LIEN AE TL 1LN, term loan 14.0018% 10/27/2025 (e)(g)(h) | 153560 | 153560 |
| Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 9.0185% 2/12/2026 (d)(e)(g) | 1441038 | 609746 |
|  |  | 763306 |
| TOTAL LUXEMBOURG |  | 12351181 |
| NETHERLANDS - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Building Products - 0.1% |  |  |
| Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 1/17/2032 (d)(e)(g) | 20067797 | 20089270 |
| SWITZERLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (d)(e)(g) | 11943125 | 9987438 |
| UNITED KINGDOM - 0.4%  |  |  |
| 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%, 8.4646% 9/27/2029 (d)(e)(g) | 8579966 | 8531146 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6989% 2/7/2028 (d)(e)(g) | 44653010 | 44885652 |
| TOTAL UNITED KINGDOM |  | 53416798 |
| UNITED STATES - 9.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.3531% 3/25/2026 (d)(e)(g) | 7729674 | 5159557 |
| Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.2649% 3/25/2026 (d)(e)(g)(h) | 210242 | 221017 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 1 month Index + 10%, 14.1552% 3/25/2026 (d)(e)(g) | 1931635 | 2021784 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.7631% 3/25/2026 (d)(e)(g)(h) | 204976 | 204976 |
|  |  | 7607334 |
| Media - 0.1% |  |  |
| Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 6/24/2029 (d)(e)(g) | 730463 | 727950 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3291% 1/31/2029 (d)(e)(g) | 7237500 | 7128938 |
|  |  | 7856888 |
| TOTAL COMMUNICATION SERVICES |  | 15464222 |
| Consumer Discretionary - 1.6% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 5/6/2030 (d)(e)(g) | 2618600 | 2616976 |
| Broadline Retail - 0.0% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/23/2032 (d)(e)(g) | 6623948 | 6617059 |
| Distributors - 0.0% |  |  |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.0015% 6/20/2031 (d)(e)(g) | 3316577 | 3280659 |
| Diversified Consumer Services - 0.3% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3928% 3/4/2028 (d)(e)(g) | 25927770 | 21584868 |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.9773% 5/15/2028 (d)(e)(g) | 26209822 | 26217947 |
|  |  | 47802815 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 1/29/2029 (d)(e)(g) | 28996329 | 28961244 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (d)(e)(g) | 8940402 | 8612557 |
|  |  | 37573801 |
| Household Durables - 0.1% |  |  |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (d)(e)(g) | 11890000 | 11850406 |
| Specialty Retail - 0.9% |  |  |
| Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.4919% 10/16/2031 (d)(e)(g) | 4638238 | 4657579 |
| Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7515% 12/4/2031 (d)(e)(g) | 2719756 | 2699358 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.881% 6/6/2031 (d)(e)(g) | 115786075 | 111613146 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (d)(e)(g) | 1485000 | 1488920 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 1/30/2031 (d)(e)(g) | 2099831 | 2093637 |
|  |  | 122552640 |
| TOTAL CONSUMER DISCRETIONARY |  | 232294356 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Naked Juice LLC Tranche EXCH FLSO FL20 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.3515% 1/24/2029 (d)(e)(g) | 1790952 | 1352169 |
| Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5015% 1/24/2029 (d)(e)(g) | 1165101 | 1171415 |
|  |  | 2523584 |
| Food Products - 0.0% |  |  |
| Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 2/12/2031 (d)(e)(g) | 2123219 | 2113325 |
| TOTAL CONSUMER STAPLES |  | 4636909 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0015% 12/30/2027 (d)(e)(g) | 2007193 | 2009702 |
| EPIC Crude Services LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3404% 10/15/2031 (d)(e)(g) | 1689881 | 1696522 |
| Mesquite Energy Inc 1LN, term loan 0% (e)(g)(h)(i) | 2528000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (d)(e)(g)(h)(i) | 5860874 | 0 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (d)(e)(g) | 22084511 | 9863164 |
|  |  | 13569388 |
| Financials - 1.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/31/2031 (d)(e)(g) | 9432865 | 9460031 |
| Focus Financial Partners LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 9/15/2031 (d)(e)(g) | 23904363 | 23956713 |
| PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7515% 11/26/2031 (d)(e)(g) | 1731300 | 1729863 |
|  |  | 35146607 |
| Financial Services - 0.4% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 7/1/2032 (d)(e)(g) | 13725000 | 13399031 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 7/31/2031 (d)(e)(g) | 11885000 | 11902828 |
| Orion US Finco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4274% 10/8/2032 (d)(e)(g) | 1270000 | 1275562 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7035% 2/20/2032 (d)(e)(g) | 28663163 | 28667749 |
|  |  | 55245170 |
| Insurance - 0.6% |  |  |
| Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 6/21/2032 (d)(e)(g) | 16325634 | 16320574 |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 11/6/2030 (d)(e)(g) | 11672061 | 11651635 |
| Alera Group Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 5/31/2032 (d)(e)(g) | 3635000 | 3652375 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 9/19/2031 (d)(e)(g) | 34157195 | 34112450 |
| CRC Insurance Group LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.7515% 5/6/2032 (d)(e)(g) | 13536842 | 13702668 |
| CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7515% 5/6/2031 (d)(e)(g) | 2254718 | 2250682 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.12% 6/20/2030 (d)(e)(g) | 7776691 | 7800721 |
|  |  | 89491105 |
| TOTAL FINANCIALS |  | 179882882 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2146% 1/15/2031 (d)(e)(g) | 3132150 | 3148594 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.9646% 10/23/2028 (d)(e)(g) | 21998161 | 22016199 |
|  |  | 25164793 |
| Health Care Providers & Services - 0.0% |  |  |
| Phoenix Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4646% 11/15/2028 (d)(e)(g) | 6675842 | 6692197 |
| Health Care Technology - 0.5% |  |  |
| AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 2/15/2029 (d)(e)(g) | 28747722 | 28599384 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.8843% 5/1/2031 (d)(e)(g) | 40825397 | 39260561 |
|  |  | 67859945 |
| Pharmaceuticals - 0.1% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.2146% 10/8/2030 (d)(e)(g) | 18019838 | 17878021 |
| Amneal Pharmaceuticals LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4646% 8/2/2032 (d)(e)(g) | 1310000 | 1319275 |
|  |  | 19197296 |
| TOTAL HEALTH CARE |  | 118914231 |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| TransDigm Group Inc Tranche M 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.5015% 8/19/2032 (d)(e)(g) | 21645000 | 21649762 |
| TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.5015% 1/19/2032 (d)(e)(g) | 10147500 | 10153081 |
|  |  | 31802843 |
| Commercial Services & Supplies - 0.7% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 2/13/2032 (d)(e)(g) | 19153750 | 19105866 |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 12/21/2028 (d)(e)(g) | 17445927 | 17424120 |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.5015% 2/15/2031 (d)(e)(g) | 6249825 | 5298164 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7962% 8/1/2030 (d)(e)(g) | 30904233 | 27247335 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7019% 6/21/2028 (d)(e)(g) | 2908800 | 2912436 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.0115% 4/11/2029 (d)(e)(g) | 15288000 | 14749098 |
| Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.281% 11/30/2028 (d)(e)(g) | 2142602 | 2142602 |
| Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.281% 11/30/2028 (d)(e)(g) | 165854 | 165853 |
| Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.0791% 12/10/2026 (d)(e)(g) | 4792926 | 4786935 |
|  |  | 93832409 |
| Machinery - 0.1% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3084% 9/13/2032 (d)(e)(g) | 1930000 | 1938839 |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0646% 3/25/2031 (d)(e)(g) | 6052825 | 6039207 |
|  |  | 7978046 |
| Passenger Airlines - 0.0% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1344% 5/28/2032 (d)(e)(g) | 1228825 | 1232511 |
| United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.1958% 2/22/2031 (d)(e)(g) | 2256640 | 2259867 |
|  |  | 3492378 |
| Professional Services - 0.0% |  |  |
| Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.2146% 9/29/2031 (d)(e)(g) | 4716000 | 4708926 |
| TOTAL INDUSTRIALS |  | 141814602 |
| Information Technology - 4.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7146% 7/12/2032 (d)(e)(g) | 1948904 | 1950131 |
| Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 8/18/2031 (d)(e)(g) | 2930400 | 2942210 |
|  |  | 4892341 |
| IT Services - 1.3% |  |  |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (e)(g) | 3585567 | 2955116 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.2146% 3/20/2032 (d)(e)(g) | 5621750 | 5618827 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (g) | 117435000 | 117709798 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (d)(e)(g) | 61599936 | 60005114 |
|  |  | 186288855 |
| Software - 2.8% |  |  |
| Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.5015% 2/23/2032 (d)(e)(g) | 225000 | 229313 |
| Applied Systems Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 2/24/2031 (d)(e)(g) | 11687654 | 11703783 |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 12/11/2028 (d)(e)(g) | 17545987 | 17527739 |
| Avalara Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7353% 3/29/2032 (d)(e)(g) | 28114538 | 28160364 |
| ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.7631% 9/29/2028 (d)(e)(g) | 14024886 | 14036106 |
| KnowBe4 Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5904% 7/26/2032 (d)(e)(g) | 1635000 | 1630912 |
| McAfee Corp 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 3/1/2029 (d)(e)(g) | 30704117 | 29040875 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2515% 5/3/2028 (d)(e)(g) | 10402030 | 9435994 |
| Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.0904% 7/1/2031 (d)(e)(g) | 29110950 | 28412287 |
| Ping Identity Holding Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 10/31/2032 (d)(e)(g)(j) | 1750000 | 1750000 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 6/2/2028 (d)(e)(g) | 21336746 | 20376593 |
| Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.2515% 10/26/2030 (d)(e)(g) | 13377587 | 13371567 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9646% 8/31/2028 (d)(e)(g) | 82990147 | 83289741 |
| RealPage Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2631% 4/24/2028 (d)(e)(g) | 5788800 | 5774907 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 9/8/2032 (d)(e)(g) | 7245000 | 7127269 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3383% 2/10/2031 (d)(e)(g) | 83216101 | 83157850 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.0904% 4/14/2031 (d)(e)(g) | 34911614 | 34562498 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (g) | 29570888 | 30864614 |
|  |  | 420452412 |
| TOTAL INFORMATION TECHNOLOGY |  | 611633608 |
| Materials - 1.0% |  |  |
| Chemicals - 0.6% |  |  |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6074% 10/4/2029 (d)(e)(g) | 61485978 | 60836686 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (d)(e)(g) | 26559882 | 26183529 |
|  |  | 87020215 |
| Containers & Packaging - 0.4% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.1396% 4/13/2029 (d)(e)(g) | 62363150 | 62314506 |
| TOTAL MATERIALS |  | 149334721 |
| 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%, 6.7329% 5/17/2030 (d)(e)(g) | 547153 | 547229 |
| TOTAL UNITED STATES |  | 1468092148 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $1,630,037,638) |  | <br> **1605430489** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 21.7%** | &nbsp;&nbsp;**Common Stocks - 21.7%** | &nbsp;&nbsp;**Common Stocks - 21.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (k) | 195100 | 33921847 |
| CHINA - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobiles - 0.5% |  |  |
| BYD Co Ltd H Shares  | 5184000 | 67113705 |
| FRANCE - 0.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (h) | 1010567 | 16799033 |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 11800 | 8340514 |
| TOTAL FRANCE |  | 25139547 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City International Holdings Ltd ADR (k) | 695700 | 2608875 |
| Studio City International Holdings Ltd ADR (f)(k) | 631958 | 2369843 |
| TOTAL HONG KONG |  | 4978718 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Algoma Steel Sca (h)(k) | 198162 | 1 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 43500 | 9096720 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 411700 | 123687031 |
| UNITED STATES - 19.9%  |  |  |
| Communication Services - 2.4% |  |  |
| Interactive Media & Services - 1.8% |  |  |
| Alphabet Inc Class A  | 344200 | 96785598 |
| Meta Platforms Inc Class A  | 266600 | 172850110 |
|  |  | 269635708 |
| Media - 0.6% |  |  |
| EchoStar Corp (b)(k) | 472785 | 35397413 |
| EchoStar Corp Class A (k)(l) | 769300 | 57597491 |
| iHeartMedia Inc Class A (k) | 104 | 309 |
|  |  | 92995213 |
| TOTAL COMMUNICATION SERVICES |  | 362630921 |
| Consumer Discretionary - 1.8% |  |  |
| Automobile Components - 0.0% |  |  |
| UC Holdings Inc (h)(k) | 677217 | 6 |
| Broadline Retail - 0.4% |  |  |
| Amazon.com Inc (k) | 256900 | 62740118 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Booking Holdings Inc  | 4600 | 23357604 |
| Boyd Gaming Corp  | 453873 | 35343091 |
| New Cotai LLC / New Cotai Capital Corp (b)(h)(k) | 3366626 | 1110986 |
|  |  | 59811681 |
| Household Durables - 0.5% |  |  |
| TopBuild Corp (k) | 174900 | 73891752 |
| Specialty Retail - 0.4% |  |  |
| Dick's Sporting Goods Inc  | 140400 | 31091580 |
| Williams-Sonoma Inc  | 152606 | 29657450 |
|  |  | 60749030 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Arena Brands Holding Corp (b)(h) | 659302 | 12691564 |
| TOTAL CONSUMER DISCRETIONARY |  | 269884151 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| Celsius Holdings Inc (k) | 238100 | 14340763 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Southeastern Grocers Inc rights (h)(k) | 793345 | 31083 |
| US Foods Holding Corp (k) | 310200 | 22526724 |
|  |  | 22557807 |
| TOTAL CONSUMER STAPLES |  | 36898570 |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Forbes Energy Services Ltd (h)(k) | 193218 | 2 |
| Superior Energy Services Inc Class A (h)(k) | 110370 | 7008495 |
|  |  | 7008497 |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| California Resources Corp  | 17780 | 838683 |
| Energy Transfer LP  | 1252700 | 21082941 |
| EP Energy Corp (h)(k) | 841775 | 1363676 |
| Expand Energy Corp  | 954 | 98558 |
| Expand Energy Corp warrants 2/9/2026 (k) | 1803 | 161358 |
| Mesquite Energy Inc (h)(k) | 317026 | 64733469 |
| Unit Corp  | 37978 | 1220233 |
|  |  | 89498918 |
| TOTAL ENERGY |  | 96507415 |
| Financials - 2.5% |  |  |
| Capital Markets - 0.4% |  |  |
| Ares Management Corp Class A  | 145100 | 21577821 |
| Blue Owl Capital Inc Class A  | 1137300 | 17935221 |
| Moody's Corp  | 33900 | 16282170 |
| PJT Partners Inc Class A  | 5092 | 820372 |
|  |  | 56615584 |
| Consumer Finance - 0.1% |  |  |
| OneMain Holdings Inc  | 569200 | 33690948 |
| Financial Services - 1.6% |  |  |
| Apollo Global Management Inc  | 610300 | 75866393 |
| Block Inc Class A (k) | 596500 | 45298210 |
| Carnelian Point Holdings LP warrants 6/30/2027 (h)(k) | 931 | 2719 |
| Mastercard Inc Class A  | 92500 | 51059075 |
| Visa Inc Class A  | 178500 | 60822090 |
|  |  | 233048487 |
| Insurance - 0.4% |  |  |
| Arthur J Gallagher & Co  | 211900 | 52866931 |
| TOTAL FINANCIALS |  | 376221950 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC warrants (h)(k) | 10791 | 42193 |
| Encompass Health Corp  | 34 | 3871 |
| Enhabit Inc (k) | 17 | 138 |
| Tenet Healthcare Corp (k) | 105498 | 21784282 |
|  |  | 21830484 |
| Industrials - 5.5% |  |  |
| Building Products - 0.6% |  |  |
| Carlisle Cos Inc  | 35200 | 11441760 |
| Simpson Manufacturing Co Inc  | 75300 | 13290450 |
| Trane Technologies PLC  | 149500 | 67073175 |
|  |  | 91805385 |
| Construction & Engineering - 2.6% |  |  |
| Comfort Systems USA Inc  | 237200 | 229035576 |
| EMCOR Group Inc  | 142500 | 96298650 |
| IES Holdings Inc (k) | 94400 | 36993472 |
| WillScot Holdings Corp  | 610100 | 13269675 |
|  |  | 375597373 |
| Electrical Equipment - 2.0% |  |  |
| Eaton Corp PLC  | 206300 | 78715828 |
| NEXTracker Inc Class A (k) | 876300 | 88699086 |
| nVent Electric PLC  | 315900 | 36123165 |
| Vertiv Holdings Co Class A  | 414400 | 79921184 |
|  |  | 283459263 |
| Machinery - 0.3% |  |  |
| Parker-Hannifin Corp  | 58900 | 45519687 |
| Passenger Airlines - 0.0% |  |  |
| Spirit Aviation Holdings Inc  | 265711 | 95656 |
| Spirit Aviation Holdings Inc  | 57517 | 20706 |
|  |  | 116362 |
| Trading Companies & Distributors - 0.0% |  |  |
| Penhall Acquisition Company (h)(k) | 34884 | 0 |
| TOTAL INDUSTRIALS |  | 796498070 |
| Information Technology - 5.0% |  |  |
| Communications Equipment - 0.4% |  |  |
| Arista Networks Inc  | 384000 | 60552960 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Coherent Corp (k) | 154500 | 20387820 |
| IT Services - 0.0% |  |  |
| GTT Communications Inc (h)(k) | 85487 | 3188665 |
| Semiconductors & Semiconductor Equipment - 3.2% |  |  |
| KLA Corp  | 42500 | 51371450 |
| Marvell Technology Inc  | 273600 | 25647264 |
| Micron Technology Inc  | 170800 | 38219916 |
| MKS Inc  | 155900 | 22404389 |
| NVIDIA Corp  | 1349000 | 273159010 |
| ON Semiconductor Corp (k) | 700403 | 35076182 |
| Wolfspeed Inc  | 948540 | 24965573 |
|  |  | 470843784 |
| Software - 1.3% |  |  |
| AppLovin Corp Class A (k) | 37700 | 24027341 |
| Autodesk Inc (k) | 75700 | 22811438 |
| Microsoft Corp  | 185200 | 95898412 |
| Monday.com Ltd (k) | 206900 | 42464156 |
|  |  | 185201347 |
| TOTAL INFORMATION TECHNOLOGY |  | 740174576 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| Chemours Co/The  | 857210 | 11478042 |
| Construction Materials - 0.4% |  |  |
| Eagle Materials Inc  | 142000 | 30149440 |
| James Hardie Industries PLC (k) | 489900 | 10253607 |
| Martin Marietta Materials Inc  | 23300 | 14285230 |
|  |  | 54688277 |
| Metals & Mining - 0.0% |  |  |
| Elah Holdings Inc (k) | 906 | 13590 |
| TOTAL MATERIALS |  | 66179909 |
| Utilities - 1.3% |  |  |
| Electric Utilities - 0.4% |  |  |
| Constellation Energy Corp  | 172900 | 65183300 |
| Portland General Electric Co  | 14817 | 676841 |
|  |  | 65860141 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| PureWest Energy LLC (h)(k) | 17812 | 4004 |
| Vistra Corp  | 636300 | 119815290 |
|  |  | 119819294 |
| TOTAL UTILITIES |  | 185679435 |
| TOTAL UNITED STATES |  | 2952505481 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,780,793,191) |  | <br> **3216443050** |

---

---

| | | |
|:---|:---|:---|
| &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 - 0.7% |  |  |
| Media - 0.7% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (e) | 40925070 | 98373637 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC 5% 2/24/2027 (h) | 4570278 | 5639723 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Coinbase Global Inc 0.25% 4/1/2030  | 8566000 | 10904518 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Wolfspeed Inc 2.5% 6/15/2031 (f) | 10253000 | 22274643 |
| Wolfspeed Inc 2.5% 6/15/2031  | 9066000 | 19695885 |
|  |  | 41970528 |
| TOTAL UNITED STATES |  | 156888406 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $73,538,256) |  | <br> **156888406** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Financial Services - 0.9% |  |  |
| Acrisure Holdings Inc Series A-2 (h)<br>(Cost $119,021,589)<br>| 4942757 | **129994509** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 47.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 47.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 47.7%** |
|  | 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 | 4870332 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (f) | 9015000 | 8979003 |
| Mineral Resources Ltd 7% 4/1/2031 (f) | 7885000 | 8162986 |
| Mineral Resources Ltd 8% 11/1/2027 (f) | 10925000 | 11157965 |
| Mineral Resources Ltd 8.5% 5/1/2030 (f) | 18940000 | 19745480 |
| Mineral Resources Ltd 9.25% 10/1/2028 (f) | 20295000 | 21279429 |
| TOTAL AUSTRALIA |  | 74195195 |
| BRAZIL - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (f) | 9085000 | 9025493 |
| CANADA - 1.4%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (f) | 12115000 | 11896301 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (f) | 39005000 | 36874872 |
| 1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (f) | 10600000 | 10464219 |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (f) | 3310000 | 3265376 |
|  |  | 62500768 |
| Household Durables - 0.0% |  |  |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC 4.875% 2/15/2030 (f) | 7775000 | 7183043 |
| TOTAL CONSUMER DISCRETIONARY |  | 69683811 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (f) | 12120000 | 8990410 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Parkland Corp 4.5% 10/1/2029 (f) | 8995000 | 8682920 |
| Parkland Corp 4.625% 5/1/2030 (f) | 12175000 | 11811855 |
| Parkland Corp 6.625% 8/15/2032 (f) | 6030000 | 6156069 |
| Teine Energy Ltd 6.875% 4/15/2029 (f) | 8990000 | 8968188 |
|  |  | 35619032 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Bombardier Inc 6% 2/15/2028 (f) | 6075000 | 6089471 |
| Bombardier Inc 7.25% 7/1/2031 (f) | 6080000 | 6453434 |
| Bombardier Inc 7.875% 4/15/2027 (f) | 1314000 | 1318395 |
| Bombardier Inc 8.75% 11/15/2030 (f) | 9040000 | 9749658 |
|  |  | 23610958 |
| Machinery - 0.0% |  |  |
| ATS Corp 4.125% 12/15/2028 (f) | 7895000 | 7630573 |
| Passenger Airlines - 0.1% |  |  |
| Air Canada 3.875% 8/15/2026 (f) | 9105000 | 9034792 |
| TOTAL INDUSTRIALS |  | 40276323 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Open Text Corp 6.9% 12/1/2027 (f) | 10610000 | 11044352 |
| Open Text Holdings Inc 4.125% 12/1/2031 (f) | 5485000 | 5106514 |
| Open Text Holdings Inc 4.125% 2/15/2030 (f) | 5690000 | 5431373 |
|  |  | 21582239 |
| Materials - 0.2% |  |  |
| Chemicals - 0.1% |  |  |
| NOVA Chemicals Corp 8.5% 11/15/2028 (f) | 8160000 | 8554471 |
| Containers & Packaging - 0.1% |  |  |
| Cascades Inc/Cascades USA Inc 5.375% 1/15/2028 (f) | 5600000 | 5593962 |
| Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC 9.5% 5/15/2030 (f) | 8880000 | 8327249 |
|  |  | 13921211 |
| Metals & Mining - 0.0% |  |  |
| Hudbay Minerals Inc 4.5% 4/1/2026 (f) | 7020000 | 7001790 |
| TOTAL MATERIALS |  | 29477472 |
| TOTAL CANADA |  | 205629287 |
| COLOMBIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (f) | 7555000 | 6115168 |
| FRANCE - 1.1%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Altice France SA 6.5% 10/15/2031 (f) | 2267944 | 2162143 |
| Altice France SA 6.5% 3/15/2032 (f) | 64599838 | 61858228 |
| Altice France SA 6.875% 10/15/2030 (f) | 3650274 | 3572220 |
| Altice France SA 6.875% 7/15/2032 (f) | 85069096 | 81646382 |
|  |  | 149238973 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (f) | 11205000 | 11909503 |
| TOTAL FRANCE |  | 161148476 |
| GERMANY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Mercer International Inc 5.125% 2/1/2029  | 15060000 | 9737728 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (f) | 1725000 | 1608994 |
| HONG KONG - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Seaspan Corp 5.5% 8/1/2029 (f) | 9095000 | 8759545 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| CA Magnum Holdings 5.375% 10/31/2026 (f) | 4870000 | 4845650 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 3684000 | 3683383 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 6085000 | 6122666 |
| TOTAL ISRAEL |  | 9806049 |
| LUXEMBOURG - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| Altice Financing SA 5% 1/15/2028 (f) | 14560000 | 10851723 |
| Altice Financing SA 5.75% 8/15/2029 (f) | 25600000 | 18624513 |
|  |  | 29476236 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Algoma Steel Sca 0% 12/31/2049 (h) | 1981620 | 0 |
| TOTAL LUXEMBOURG |  | 29476236 |
| MACAU - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City Finance Ltd 5% 1/15/2029 (f) | 5700000 | 5454330 |
| MEXICO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Borr IHC Ltd / Borr Finance LLC 10% 11/15/2028 (f) | 8025549 | 8005485 |
| Borr IHC Ltd / Borr Finance LLC 10.375% 11/15/2030 (f) | 2786189 | 2758327 |
| TOTAL MEXICO |  | 10763812 |
| NETHERLANDS - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| VZ Secured Financing BV 5% 1/15/2032 (f) | 24310000 | 22086034 |
| Ziggo BV 4.875% 1/15/2030 (f) | 7990000 | 7541357 |
| TOTAL NETHERLANDS |  | 29627391 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (f) | 11920000 | 12194115 |
| SPAIN - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA 4.75% 10/15/2028 (f) | 6075000 | 5874165 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (f) | 7820000 | 7571937 |
| TOTAL SPAIN |  | 13446102 |
| SWITZERLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (f) | 9700000 | 6893790 |
| TURKEY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (f) | 13719000 | 13710769 |
| UNITED KINGDOM - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (f) | 21200000 | 19620513 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (f) | 4205000 | 4420013 |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (f) | 6430000 | 6862752 |
|  |  | 11282765 |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (f) | 98190000 | 107548587 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (f) | 6495000 | 6273994 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Rolls-Royce PLC 5.75% 10/15/2027 (f) | 10870000 | 11149808 |
| TOTAL UNITED KINGDOM |  | 155875667 |
| UNITED STATES - 42.2%  |  |  |
| Communication Services - 3.9% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Frontier Communications Holdings LLC 5% 5/1/2028 (f) | 19575000 | 19549049 |
| Frontier Communications Holdings LLC 5.875% 10/15/2027 (f) | 10375000 | 10367016 |
| Level 3 Financing Inc 7% 3/31/2034 (f) | 39540000 | 40623515 |
| WULF Compute LLC 7.75% 10/15/2030 (f) | 29235000 | 30371509 |
|  |  | 100911089 |
| Entertainment - 0.0% |  |  |
| ROBLOX Corp 3.875% 5/1/2030 (f) | 9120000 | 8726689 |
| Media - 3.2% |  |  |
| CSC Holdings LLC 3.375% 2/15/2031 (f) | 27290000 | 16512390 |
| CSC Holdings LLC 4.125% 12/1/2030 (f) | 25825000 | 15885244 |
| CSC Holdings LLC 4.5% 11/15/2031 (f) | 55760000 | 34155966 |
| CSC Holdings LLC 6.5% 2/1/2029 (f) | 14725000 | 10223344 |
| DISH Network Corp 11.75% 11/15/2027 (f) | 59780000 | 62935368 |
| EchoStar Corp 10.75% 11/30/2029  | 149905256 | 165026868 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e) | 46281132 | 47757963 |
| Scripps Escrow II Inc 3.875% 1/15/2029 (f) | 2820000 | 2549776 |
| Sirius XM Radio LLC 3.875% 9/1/2031 (f) | 12130000 | 11005431 |
| Sirius XM Radio LLC 4% 7/15/2028 (f) | 10140000 | 9855281 |
| Sirius XM Radio LLC 5% 8/1/2027 (f) | 8280000 | 8260784 |
| Univision Communications Inc 4.5% 5/1/2029 (f) | 12060000 | 11334762 |
| Univision Communications Inc 7.375% 6/30/2030 (f) | 39140000 | 39271706 |
| Univision Communications Inc 8.5% 7/31/2031 (f) | 21160000 | 21642554 |
| Univision Communications Inc 9.375% 8/1/2032 (f) | 13620000 | 14376901 |
|  |  | 470794338 |
| TOTAL COMMUNICATION SERVICES |  | 580432116 |
| Consumer Discretionary - 5.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Adient Global Holdings Ltd 7% 4/15/2028 (f) | 5935000 | 6074953 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (f) | 11885000 | 12173532 |
| Dana Inc 4.25% 9/1/2030  | 8870000 | 8747971 |
| Dana Inc 4.5% 2/15/2032  | 9135000 | 8940687 |
| Hertz Corp/The 12.625% 7/15/2029 (f) | 2915000 | 2885536 |
| Hertz Corp/The 5.5% (h)(i)(m) | 10890000 | 544500 |
| Hertz Corp/The 6% (h)(i)(m) | 10285000 | 1542750 |
| Hertz Corp/The 6.25% (h)(i)(m) | 11875000 | 712500 |
| Hertz Corp/The 7.125% (h)(i)(m) | 10285000 | 1645600 |
| Nesco Holdings II Inc 5.5% 4/15/2029 (f) | 14525000 | 14200191 |
|  |  | 57468220 |
| Automobiles - 0.1% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (f) | 3550000 | 3245674 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (f) | 4005000 | 3981181 |
| Nissan Motor Acceptance Co LLC 7.05% 9/15/2028 (f) | 1785000 | 1857027 |
|  |  | 9083882 |
| Broadline Retail - 0.1% |  |  |
| ANGI Group LLC 3.875% 8/15/2028 (f) | 5530000 | 5085534 |
| Wayfair LLC 7.25% 10/31/2029 (f) | 13000000 | 13442910 |
|  |  | 18528444 |
| Distributors - 0.0% |  |  |
| Windsor Holdings III LLC 8.5% 6/15/2030 (f) | 5960000 | 6291823 |
| Diversified Consumer Services - 0.3% |  |  |
| Adtalem Global Education Inc 5.5% 3/1/2028 (f) | 9010000 | 9017613 |
| Service Corp International/US 4% 5/15/2031  | 12070000 | 11432257 |
| TKC Holdings Inc 6.875% 5/15/2028 (f) | 20025000 | 20192510 |
|  |  | 40642380 |
| Hotels, Restaurants & Leisure - 2.7% |  |  |
| Bloomin' Brands Inc / OSI Restaurant Partners LLC 5.125% 4/15/2029 (f) | 5565000 | 4913832 |
| Boyd Gaming Corp 4.75% 6/15/2031 (f) | 15120000 | 14558897 |
| Boyne USA Inc 4.75% 5/15/2029 (f) | 6360000 | 6236709 |
| Carnival Corp 4% 8/1/2028 (f) | 56090000 | 55177712 |
| Carnival Corp 5.125% 5/1/2029 (f) | 11880000 | 12026869 |
| Carnival Corp 5.875% 6/15/2031 (f) | 8925000 | 9204354 |
| Carnival Corp 7% 8/15/2029 (f) | 6075000 | 6388385 |
| Churchill Downs Inc 5.75% 4/1/2030 (f) | 14970000 | 15016018 |
| Churchill Downs Inc 6.75% 5/1/2031 (f) | 11880000 | 12146599 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (f) | 25865000 | 24747236 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (f) | 34295000 | 31789499 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (f) | 5595000 | 5411803 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (f) | 8395000 | 7978069 |
| Hilton Domestic Operating Co Inc 4.875% 1/15/2030  | 6900000 | 6890035 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (f) | 8555000 | 8733042 |
| Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (f) | 11955000 | 12336425 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  | 8435000 | 8441124 |
| Jacobs Entertainment Inc 6.75% 2/15/2029 (f) | 8585000 | 8316719 |
| Light & Wonder International Inc 7.5% 9/1/2031 (f) | 5990000 | 6218057 |
| Lindblad Expeditions LLC 7% 9/15/2030 (f) | 8075000 | 8224165 |
| MGM Resorts International 4.75% 10/15/2028  | 11125000 | 11050243 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (f) | 17220000 | 17876657 |
| Neogen Food Safety Corp 8.625% 7/20/2030 (f) | 5205000 | 5505329 |
| Papa John's International Inc 3.875% 9/15/2029 (f) | 5560000 | 5402429 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.625% 9/1/2029 (f) | 13730000 | 8306650 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.875% 9/1/2031 (f) | 2100000 | 1165500 |
| Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (f) | 9125000 | 9196615 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (f) | 12110000 | 12497941 |
| SeaWorld Parks & Entertainment Inc 5.25% 8/15/2029 (f) | 12145000 | 11912010 |
| Station Casinos LLC 4.625% 12/1/2031 (f) | 9135000 | 8580645 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (f) | 4965000 | 4960109 |
| VOC Escrow Ltd 5% 2/15/2028 (f) | 19690000 | 19635364 |
| Yum! Brands Inc 4.625% 1/31/2032  | 11975000 | 11693828 |
|  |  | 392538869 |
| Household Durables - 0.6% |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 4/1/2030 (f) | 8940000 | 8415663 |
| LGI Homes Inc 8.75% 12/15/2028 (f) | 6060000 | 6302369 |
| Newell Brands Inc 6.375% 5/15/2030  | 5960000 | 5662000 |
| Newell Brands Inc 6.625% 9/15/2029  | 6520000 | 6376262 |
| Newell Brands Inc 8.5% 6/1/2028 (f) | 7450000 | 7643082 |
| Somnigroup International Inc 3.875% 10/15/2031 (f) | 15965000 | 14751170 |
| Somnigroup International Inc 4% 4/15/2029 (f) | 15925000 | 15336617 |
| TopBuild Corp 3.625% 3/15/2029 (f) | 5910000 | 5698907 |
| TopBuild Corp 5.625% 1/31/2034 (f) | 8920000 | 8956180 |
| Tri Pointe Homes Inc 5.7% 6/15/2028  | 14380000 | 14512785 |
|  |  | 93655035 |
| Specialty Retail - 1.1% |  |  |
| Asbury Automotive Group Inc 4.5% 3/1/2028  | 3534000 | 3504945 |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (f) | 10005000 | 9717918 |
| Asbury Automotive Group Inc 4.75% 3/1/2030  | 3523000 | 3443449 |
| Asbury Automotive Group Inc 5% 2/15/2032 (f) | 10800000 | 10399782 |
| Bath & Body Works Inc 6.625% 10/1/2030 (f) | 23165000 | 23809844 |
| Bath & Body Works Inc 6.75% 7/1/2036  | 12766000 | 13213257 |
| Bath & Body Works Inc 7.5% 6/15/2029  | 8335000 | 8550193 |
| LBM Acquisition LLC 6.25% 1/15/2029 (f) | 17805000 | 16240477 |
| LBM Acquisition LLC 9.5% 6/15/2031 (f) | 25315000 | 26485819 |
| LCM Investments Holdings II LLC 8.25% 8/1/2031 (f) | 7185000 | 7559612 |
| Park River Holdings Inc 8% 3/15/2031 (f) | 5455000 | 5615617 |
| PetSmart LLC / PetSmart Finance Corp 7.5% 9/15/2032 (f) | 14865000 | 14827094 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (f) | 12115000 | 12661798 |
|  |  | 156029805 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Crocs Inc 4.125% 8/15/2031 (f) | 6075000 | 5577759 |
| Crocs Inc 4.25% 3/15/2029 (f) | 8675000 | 8351889 |
| Kontoor Brands Inc 4.125% 11/15/2029 (f) | 5320000 | 5054600 |
|  |  | 18984248 |
| TOTAL CONSUMER DISCRETIONARY |  | 793222706 |
| Consumer Staples - 2.4% |  |  |
| Beverages - 0.0% |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (f) | 6360000 | 6363911 |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (f) | 36160000 | 34462566 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (f) | 25300000 | 25247222 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (f) | 44700000 | 44143996 |
| C&S Group Enterprises LLC 5% 12/15/2028 (f) | 8615000 | 7856286 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (f) | 33960000 | 35556421 |
| Performance Food Group Inc 4.25% 8/1/2029 (f) | 8495000 | 8284718 |
| Performance Food Group Inc 5.5% 10/15/2027 (f) | 8855000 | 8856895 |
| US Foods Inc 4.625% 6/1/2030 (f) | 7520000 | 7379574 |
| US Foods Inc 7.25% 1/15/2032 (f) | 5990000 | 6284522 |
|  |  | 178072200 |
| Food Products - 1.0% |  |  |
| Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (f) | 6285000 | 6248498 |
| Darling Ingredients Inc 6% 6/15/2030 (f) | 13885000 | 14033528 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (f) | 11455000 | 12090455 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (f) | 7330000 | 7887582 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (f) | 12150000 | 11734962 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (f) | 6075000 | 5791417 |
| Post Holdings Inc 4.5% 9/15/2031 (f) | 47500000 | 44605746 |
| Post Holdings Inc 4.625% 4/15/2030 (f) | 15630000 | 15153951 |
| Post Holdings Inc 5.5% 12/15/2029 (f) | 21040000 | 21050562 |
| Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625% 3/1/2029 (f) | 8340000 | 7991026 |
|  |  | 146587727 |
| Household Products - 0.0% |  |  |
| Spectrum Brands Inc 3.875% 3/15/2031 (f) | 1993000 | 1611839 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc 7% 3/15/2030 (f) | 14740000 | 15198606 |
| Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC 4.75% 1/15/2029 (f) | 8760000 | 8636804 |
|  |  | 23835410 |
| TOTAL CONSUMER STAPLES |  | 356471087 |
| Energy - 6.1% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Diamond Foreign Asset Co / Diamond Finance LLC 8.5% 10/1/2030 (f) | 5990000 | 6359230 |
| Nabors Industries Inc 9.125% 1/31/2030 (f) | 12085000 | 12699281 |
| Nabors Industries Ltd 7.5% 1/15/2028 (f) | 9715000 | 9760078 |
| Noble Finance II LLC 8% 4/15/2030 (f) | 5935000 | 6159598 |
| Nustar Logistics LP 6% 6/1/2026  | 12025000 | 12066005 |
| SESI LLC 7.875% 9/30/2030 (f) | 5940000 | 5829520 |
| Transocean International Ltd 7.875% 10/15/2032 (f) | 4035000 | 4155441 |
| Transocean International Ltd 8.25% 5/15/2029 (f) | 4565000 | 4591724 |
| Transocean International Ltd 8.5% 5/15/2031 (f) | 4565000 | 4532197 |
| Transocean International Ltd 8.75% 2/15/2030 (f) | 17726250 | 18600669 |
| Transocean Titan Financing Ltd 8.375% 2/1/2028 (f) | 9948238 | 10223018 |
| Valaris Ltd 8.375% 4/30/2030 (f) | 5985000 | 6241798 |
|  |  | 101218559 |
| Oil, Gas & Consumable Fuels - 5.4% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 6/15/2029 (f) | 9060000 | 9054357 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 1/15/2028 (f) | 17645000 | 17638074 |
| California Resources Corp 8.25% 6/15/2029 (f) | 6045000 | 6288384 |
| Chesapeake Energy Corp 7% (h)(i) | 6915000 | 1 |
| Chesapeake Energy Corp 8% (h)(i) | 3385000 | 0 |
| Chesapeake Energy Corp 8% (h)(i) | 2132000 | 0 |
| CITGO Petroleum Corp 6.375% 6/15/2026 (f) | 8760000 | 8770582 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (f) | 26350000 | 27401286 |
| Civitas Resources Inc 8.625% 11/1/2030 (f) | 12020000 | 12426793 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (f) | 6435000 | 6159591 |
| CNX Resources Corp 6% 1/15/2029 (f) | 5345000 | 5366476 |
| CNX Resources Corp 7.375% 1/15/2031 (f) | 5930000 | 6138149 |
| Comstock Resources Inc 5.875% 1/15/2030 (f) | 32085000 | 30535584 |
| Comstock Resources Inc 6.75% 3/1/2029 (f) | 20060000 | 19886274 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (f) | 27225000 | 26935743 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (f) | 16090000 | 17408655 |
| CVR Energy Inc 5.75% 2/15/2028 (f) | 22655000 | 22422240 |
| CVR Energy Inc 8.5% 1/15/2029 (f) | 42375000 | 43427511 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (f) | 17655000 | 17741757 |
| DT Midstream Inc 4.125% 6/15/2029 (f) | 9070000 | 8876417 |
| DT Midstream Inc 4.375% 6/15/2031 (f) | 9070000 | 8804738 |
| Energy Transfer LP 5.5% 6/1/2027  | 16735000 | 17002646 |
| Energy Transfer LP 5.625% 5/1/2027 (f) | 18015000 | 18018184 |
| Energy Transfer LP 6% 2/1/2029 (f) | 25785000 | 26107491 |
| Energy Transfer LP 7.375% 2/1/2031 (f) | 5000000 | 5208685 |
| Expand Energy Corp 5.375% 3/15/2030  | 12145000 | 12324069 |
| Expand Energy Corp 5.875% 2/1/2029 (f) | 5840000 | 5854156 |
| Expand Energy Corp 6.75% 4/15/2029 (f) | 8995000 | 9068452 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (f) | 5200000 | 5273637 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (f) | 7505000 | 7846005 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (f) | 9875000 | 9618080 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (f) | 11235000 | 11209697 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (f) | 6060000 | 6099856 |
| HF Sinclair Corp 5% 2/1/2028  | 7615000 | 7621410 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (f) | 12280000 | 12300632 |
| Kinetik Holdings LP 5.875% 6/15/2030 (f) | 9060000 | 9127714 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (f) | 6030000 | 5820416 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (f) | 5300000 | 4932209 |
| Murphy Oil USA Inc 4.75% 9/15/2029  | 6860000 | 6774534 |
| Murphy Oil USA Inc 5.625% 5/1/2027  | 6030000 | 6029586 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (f) | 10995000 | 10709159 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (f) | 11950000 | 12179318 |
| Occidental Petroleum Corp 7.2% 3/15/2029  | 3964000 | 4272636 |
| ONEOK Inc 6.5% 9/1/2030 (f) | 17745000 | 18984068 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  | 27530000 | 27330191 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (f) | 25400000 | 25515036 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (f) | 14650000 | 15530992 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (f) | 8645000 | 8645000 |
| SM Energy Co 6.625% 1/15/2027  | 21320000 | 21333773 |
| SM Energy Co 6.75% 9/15/2026  | 4550000 | 4554177 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  | 12185000 | 11803604 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  | 10170000 | 9972132 |
| Sunoco LP / Sunoco Finance Corp 7% 9/15/2028 (f) | 5990000 | 6177493 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (f) | 595000 | 591413 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (f) | 11485000 | 11291406 |
| Talos Production Inc 9% 2/1/2029 (f) | 5340000 | 5490476 |
| Talos Production Inc 9.375% 2/1/2031 (f) | 6055000 | 6192383 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.875% 2/1/2031  | 10360000 | 10383961 |
| Unit Corp 0% 12/1/2029 (Escrow) (h) | 2202000 | 0 |
| Venture Global Calcasieu 3.875% 8/15/2029 (f) | 7585000 | 7185214 |
| Venture Global Calcasieu 4.125% 8/15/2031 (f) | 7585000 | 7012585 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (f) | 29640000 | 31046507 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (f) | 29645000 | 31397346 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (f) | 13130000 | 14439048 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (f) | 13420000 | 15143302 |
|  |  | 798701291 |
| TOTAL ENERGY |  | 899919850 |
| Financials - 5.1% |  |  |
| Capital Markets - 0.5% |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (f) | 15505000 | 15449790 |
| Coinbase Global Inc 3.375% 10/1/2028 (f) | 29675000 | 28226071 |
| Coinbase Global Inc 3.625% 10/1/2031 (f) | 18050000 | 16132570 |
| Hightower Holding LLC 6.75% 4/15/2029 (f) | 5945000 | 5951296 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (f) | 8740000 | 8493230 |
| MSCI Inc 4% 11/15/2029 (f) | 3245000 | 3165514 |
|  |  | 77418471 |
| Consumer Finance - 1.6% |  |  |
| Ally Financial Inc 8% 11/1/2031  | 144500000 | 164507035 |
| Ally Financial Inc 8% 11/1/2031  | 20638000 | 23420389 |
| OneMain Finance Corp 4% 9/15/2030  | 5610000 | 5217236 |
| OneMain Finance Corp 5.375% 11/15/2029  | 9400000 | 9325560 |
| OneMain Finance Corp 6.625% 1/15/2028  | 7305000 | 7490518 |
| OneMain Finance Corp 7.125% 3/15/2026  | 17483000 | 17597042 |
| OneMain Finance Corp 7.875% 3/15/2030  | 6055000 | 6381608 |
|  |  | 233939388 |
| Financial Services - 0.9% |  |  |
| Block Inc 3.5% 6/1/2031  | 12070000 | 11238235 |
| Block Inc 5.625% 8/15/2030 (f) | 13300000 | 13500950 |
| Block Inc 6% 8/15/2033 (f) | 10515000 | 10751545 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (f) | 22675000 | 22760031 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 11165000 | 9602812 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  | 38210000 | 37548940 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  | 4817000 | 4814262 |
| James Hardie International Finance DAC 5% 1/15/2028 (f) | 4136000 | 4111601 |
| MGIC Investment Corp 5.25% 8/15/2028  | 7710000 | 7709658 |
| NCR Atleos Corp 9.5% 4/1/2029 (f) | 8995000 | 9713925 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (f) | 4945000 | 5107361 |
|  |  | 136859320 |
| Insurance - 2.1% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (f) | 9105000 | 9014070 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (f) | 6825000 | 6999447 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (f) | 6065000 | 6272896 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (f) | 28450000 | 29640377 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (f) | 11125000 | 10955924 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (f) | 9115000 | 9089735 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (f) | 49965000 | 50154517 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (f) | 35177000 | 35815674 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (f) | 10385000 | 10756243 |
| AmWINS Group Inc 4.875% 6/30/2029 (f) | 8805000 | 8503792 |
| HUB International Ltd 5.625% 12/1/2029 (f) | 36135000 | 36027195 |
| HUB International Ltd 7.25% 6/15/2030 (f) | 38895000 | 40606302 |
| HUB International Ltd 7.375% 1/31/2032 (f) | 15140000 | 15691433 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (f) | 21230000 | 21940717 |
| USI Inc/NY 7.5% 1/15/2032 (f) | 8005000 | 8288057 |
|  |  | 299756379 |
| TOTAL FINANCIALS |  | 747973558 |
| Health Care - 3.3% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (f) | 6075000 | 5769814 |
| Bausch + Lomb Corp 8.375% 10/1/2028 (f) | 11980000 | 12519100 |
|  |  | 18288914 |
| Health Care Providers & Services - 2.1% |  |  |
| CHS/Community Health Systems Inc 10.875% 1/15/2032 (f) | 19370000 | 20881441 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (f) | 21790000 | 19451962 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (f) | 18245000 | 17102451 |
| CHS/Community Health Systems Inc 6% 1/15/2029 (f) | 8490000 | 8405100 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (f) | 13855000 | 11641202 |
| DaVita Inc 3.75% 2/15/2031 (f) | 4180000 | 3837747 |
| DaVita Inc 4.625% 6/1/2030 (f) | 31515000 | 30432652 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (f) | 9035000 | 8563898 |
| HealthEquity Inc 4.5% 10/1/2029 (f) | 6410000 | 6237880 |
| Molina Healthcare Inc 3.875% 11/15/2030 (f) | 10465000 | 9653139 |
| Molina Healthcare Inc 3.875% 5/15/2032 (f) | 12160000 | 10963970 |
| Molina Healthcare Inc 4.375% 6/15/2028 (f) | 7525000 | 7329457 |
| Owens & Minor Inc 4.5% 3/31/2029 (f) | 8310000 | 6395071 |
| Tenet Healthcare Corp 4.25% 6/1/2029  | 17640000 | 17246141 |
| Tenet Healthcare Corp 4.375% 1/15/2030  | 43755000 | 42703756 |
| Tenet Healthcare Corp 5.125% 11/1/2027  | 18070000 | 18049874 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 30025000 | 30581980 |
| Tenet Healthcare Corp 6.25% 2/1/2027  | 35815000 | 35874390 |
| Tenet Healthcare Corp 6.75% 5/15/2031  | 6005000 | 6230067 |
|  |  | 311582178 |
| Health Care Technology - 0.1% |  |  |
| IQVIA Inc 5% 5/15/2027 (f) | 12070000 | 12066153 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (f) | 10515000 | 10081258 |
| Charles River Laboratories International Inc 4% 3/15/2031 (f) | 12085000 | 11393168 |
| Charles River Laboratories International Inc 4.25% 5/1/2028 (f) | 3400000 | 3361409 |
|  |  | 24835835 |
| Pharmaceuticals - 0.8% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (f) | 67915000 | 70992197 |
| Jazz Securities DAC 4.375% 1/15/2029 (f) | 12305000 | 12056391 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (f) | 21010000 | 19989273 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (f) | 18260000 | 13996962 |
|  |  | 117034823 |
| TOTAL HEALTH CARE |  | 483807903 |
| Industrials - 6.4% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| ATI Inc 4.875% 10/1/2029  | 6080000 | 6048425 |
| ATI Inc 5.125% 10/1/2031  | 5395000 | 5348962 |
| ATI Inc 7.25% 8/15/2030  | 5985000 | 6284682 |
| Moog Inc 4.25% 12/15/2027 (f) | 3455000 | 3416526 |
| TransDigm Inc 4.625% 1/15/2029  | 38080000 | 37455416 |
| TransDigm Inc 4.875% 5/1/2029  | 25000000 | 24769825 |
| TransDigm Inc 6.25% 1/31/2034 (f) | 4715000 | 4872947 |
| TransDigm Inc 6.375% 3/1/2029 (f) | 15065000 | 15403963 |
| TransDigm Inc 6.375% 5/31/2033 (f) | 35000000 | 35676620 |
| TransDigm Inc 6.625% 3/1/2032 (f) | 6065000 | 6271688 |
| TransDigm Inc 6.75% 1/31/2034 (f) | 17840000 | 18487289 |
| TransDigm Inc 6.75% 8/15/2028 (f) | 27225000 | 27769500 |
| TransDigm Inc 6.875% 12/15/2030 (f) | 47905000 | 49735594 |
| TransDigm Inc 7.125% 12/1/2031 (f) | 12085000 | 12607870 |
|  |  | 254149307 |
| Air Freight & Logistics - 0.1% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (f) | 14880000 | 15211452 |
| Building Products - 0.2% |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (f) | 2325000 | 2319294 |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (f) | 6050000 | 6163341 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (f) | 9120000 | 9361243 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (f) | 4125000 | 4002483 |
| Shea Homes LP / Shea Homes Funding Corp 4.75% 4/1/2029  | 8020000 | 7848996 |
|  |  | 29695357 |
| Commercial Services & Supplies - 2.1% |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (f) | 7690000 | 7531807 |
| Artera Services LLC 8.5% 2/15/2031 (f) | 28205000 | 24340608 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (f) | 44695000 | 43004394 |
| Brink's Co/The 4.625% 10/15/2027 (f) | 12180000 | 12097668 |
| Clean Harbors Inc 6.375% 2/1/2031 (f) | 4960000 | 5081609 |
| CoreCivic Inc 8.25% 4/15/2029  | 34400000 | 36226812 |
| GEO Group Inc/The 10.25% 4/15/2031  | 15225000 | 16672943 |
| GEO Group Inc/The 8.625% 4/15/2029  | 21310000 | 22488827 |
| GFL Environmental Inc 4% 8/1/2028 (f) | 9105000 | 8906984 |
| GFL Environmental Inc 4.75% 6/15/2029 (f) | 12095000 | 11967322 |
| GFL Environmental Inc 6.75% 1/15/2031 (f) | 8975000 | 9388981 |
| Madison IAQ LLC 4.125% 6/30/2028 (f) | 11390000 | 11152739 |
| Madison IAQ LLC 5.875% 6/30/2029 (f) | 9085000 | 8902447 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (f) | 62340000 | 61560751 |
| Reworld Holding Corp 4.875% 12/1/2029 (f) | 26475000 | 24877067 |
| Williams Scotsman Inc 7.375% 10/1/2031 (f) | 5990000 | 6269139 |
|  |  | 310470098 |
| Construction & Engineering - 0.4% |  |  |
| Arcosa Inc 4.375% 4/15/2029 (f) | 8410000 | 8182916 |
| Pike Corp 5.5% 9/1/2028 (f) | 37175000 | 37095847 |
| Pike Corp 8.625% 1/31/2031 (f) | 15130000 | 16143958 |
|  |  | 61422721 |
| Electrical Equipment - 0.1% |  |  |
| Sensata Technologies BV 4% 4/15/2029 (f) | 11970000 | 11665219 |
| Ground Transportation - 0.3% |  |  |
| Uber Technologies Inc 4.5% 8/15/2029 (f) | 27335000 | 27268595 |
| XPO Inc 6.25% 6/1/2028 (f) | 5950000 | 6067441 |
| XPO Inc 7.125% 2/1/2032 (f) | 9085000 | 9553786 |
|  |  | 42889822 |
| Machinery - 0.3% |  |  |
| Allison Transmission Inc 5.875% 6/1/2029 (f) | 7960000 | 8027023 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (e)(f) | 17785000 | 19095150 |
| Chart Industries Inc 7.5% 1/1/2030 (f) | 15680000 | 16352688 |
|  |  | 43474861 |
| Passenger Airlines - 0.8% |  |  |
| Allegiant Travel Co 7.25% 8/15/2027 (f) | 6840000 | 6916888 |
| American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (f) | 19595000 | 20049554 |
| American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (f) | 20045000 | 20912588 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 4/20/2029 (f) | 29825000 | 30091844 |
| United Airlines Inc 4.375% 4/15/2026 (f) | 30025000 | 29962999 |
| United Airlines Inc 4.625% 4/15/2029 (f) | 18025000 | 17852334 |
|  |  | 125786207 |
| Professional Services - 0.3% |  |  |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (f) | 9045000 | 8438234 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (f) | 12040000 | 11497506 |
| ION Platform Finance US Inc / ION Platform Finance SARL 9.5% 5/30/2029 (f) | 9105000 | 9303890 |
| TriNet Group Inc 3.5% 3/1/2029 (f) | 8865000 | 8324935 |
|  |  | 37564565 |
| Trading Companies & Distributors - 0.1% |  |  |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (f) | 9065000 | 9633729 |
| TOTAL INDUSTRIALS |  | 941963338 |
| Information Technology - 3.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Coherent Corp 5% 12/15/2029 (f) | 9495000 | 9393422 |
| CPI CG Inc 10% 7/15/2029 (f) | 5636000 | 5931890 |
| Lightning Power LLC 7.25% 8/15/2032 (f) | 11955000 | 12663430 |
| TTM Technologies Inc 4% 3/1/2029 (f) | 8870000 | 8566035 |
|  |  | 36554777 |
| IT Services - 1.0% |  |  |
| CoreWeave Inc 9% 2/1/2031 (f) | 24840000 | 24912657 |
| CoreWeave Inc 9.25% 6/1/2030 (f) | 44700000 | 45134752 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (f) | 11810000 | 11245437 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (f) | 9345000 | 9334375 |
| Sabre GLBL Inc 11.125% 7/15/2030 (f) | 30145000 | 28487025 |
| Twilio Inc 3.625% 3/15/2029  | 9995000 | 9600511 |
| Twilio Inc 3.875% 3/15/2031  | 10460000 | 9899902 |
|  |  | 138614659 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ON Semiconductor Corp 3.875% 9/1/2028 (f) | 11065000 | 10766194 |
| Synaptics Inc 4% 6/15/2029 (f) | 7015000 | 6733573 |
| Wolfspeed Inc 12% 6/15/2031 pay-in-kind (e) | 11459645 | 9855295 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (e)(f) | 6597709 | 7265727 |
|  |  | 34620789 |
| Software - 1.5% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (f) | 67735000 | 68246264 |
| Crowdstrike Holdings Inc 3% 2/15/2029  | 8870000 | 8451606 |
| Elastic NV 4.125% 7/15/2029 (f) | 24245000 | 23370294 |
| Fair Isaac Corp 4% 6/15/2028 (f) | 2910000 | 2851938 |
| NCR Voyix Corp 5% 10/1/2028 (f) | 5530000 | 5476352 |
| NCR Voyix Corp 5.125% 4/15/2029 (f) | 2583000 | 2556214 |
| PTC Inc 4% 2/15/2028 (f) | 6575000 | 6470838 |
| UKG Inc 6.875% 2/1/2031 (f) | 9090000 | 9356864 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 83585000 | 87782559 |
|  |  | 214562929 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (f) | 19590000 | 20813518 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (f) | 12720000 | 13538697 |
|  |  | 34352215 |
| TOTAL INFORMATION TECHNOLOGY |  | 458705369 |
| Materials - 2.5% |  |  |
| Chemicals - 0.9% |  |  |
| Ingevity Corp 3.875% 11/1/2028 (f) | 11105000 | 10700670 |
| LSB Industries Inc 6.25% 10/15/2028 (f) | 21105000 | 20806242 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (f) | 15305000 | 14661498 |
| Olympus Water US Holding Corp 7.125% 10/1/2027 (f) | 7080000 | 7206095 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (f) | 29715000 | 29577400 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (f) | 7820000 | 7734541 |
| SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (f) | 14015000 | 13990504 |
| Scotts Miracle-Gro Co/The 4% 4/1/2031  | 11945000 | 11058104 |
| Tronox Inc 4.625% 3/15/2029 (f) | 13295000 | 8173477 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (f) | 5940000 | 5951310 |
|  |  | 129859841 |
| Construction Materials - 0.2% |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (f) | 24115000 | 25393071 |
| Containers & Packaging - 0.8% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (f) | 5915000 | 5643118 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (f) | 11830000 | 11029229 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (f) | 6045000 | 6060584 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (f) | 7185000 | 7213704 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (f) | 44650000 | 44741309 |
| Crown Cork & Seal Co Inc 7.375% 12/15/2026  | 4845000 | 4981605 |
| Crown Cork & Seal Co Inc 7.5% 12/15/2096  | 12871000 | 13064065 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (f) | 6000000 | 5971805 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (f) | 7880000 | 7403429 |
| Mauser Packaging Solutions Holding Co 7.875% 4/15/2027 (f) | 5930000 | 5945578 |
| Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (f) | 5935000 | 6012167 |
| Trident TPI Holdings Inc 12.75% 12/31/2028 (f) | 5870000 | 6265538 |
|  |  | 124332131 |
| Metals & Mining - 0.6% |  |  |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 (f) | 15485000 | 15072232 |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (f) | 4970000 | 5252987 |
| Arsenal AIC Parent LLC 8% 10/1/2030 (f) | 7040000 | 7478937 |
| Cleveland-Cliffs Inc 4.625% 3/1/2029 (f) | 23720000 | 23180185 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (f) | 11440000 | 10814884 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (f) | 3000000 | 3140487 |
| Commercial Metals Co 3.875% 2/15/2031  | 6135000 | 5727832 |
| Compass Minerals International Inc 6.75% 12/1/2027 (f) | 7378000 | 7415702 |
| Kaiser Aluminum Corp 4.625% 3/1/2028 (f) | 11215000 | 11206633 |
| Roller Bearing Co of America Inc 4.375% 10/15/2029 (f) | 4375000 | 4287265 |
|  |  | 93577144 |
| TOTAL MATERIALS |  | 373162187 |
| Real Estate - 1.9% |  |  |
| Diversified REITs - 0.7% |  |  |
| Iron Mountain Information Management Services Inc 5% 7/15/2032 (f) | 9100000 | 8796258 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (f) | 7365000 | 6602708 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 4.75% 4/15/2028 (f) | 31410000 | 30699713 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (f) | 14000000 | 13102962 |
| Vici Properties LP / Vici Note Co Inc 3.875% 2/15/2029 (f) | 11195000 | 10938745 |
| Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (f) | 21450000 | 21399362 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (f) | 12240000 | 12138571 |
|  |  | 103678319 |
| Health Care REITs - 0.5% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 11190000 | 7900874 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 18080000 | 14782420 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 38043000 | 36602106 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (f) | 9100000 | 9533915 |
|  |  | 68819315 |
| Real Estate Management & Development - 0.2% |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (f) | 11860000 | 12913832 |
| Greystar Real Estate Partners LLC 7.75% 9/1/2030 (f) | 5305000 | 5609518 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (f) | 10725000 | 10710852 |
| Taylor Morrison Communities Inc 5.875% 6/15/2027 (f) | 9260000 | 9352488 |
| Weekley Homes LLC / Weekley Finance Corp 4.875% 9/15/2028 (f) | 5045000 | 4927234 |
|  |  | 43513924 |
| Specialized REITs - 0.5% |  |  |
| Iron Mountain Inc 4.5% 2/15/2031 (f) | 22025000 | 21125210 |
| Iron Mountain Inc 4.875% 9/15/2029 (f) | 24110000 | 23794143 |
| SBA Communications Corp 3.125% 2/1/2029  | 13305000 | 12577112 |
| SBA Communications Corp 3.875% 2/15/2027  | 17015000 | 16824650 |
|  |  | 74321115 |
| TOTAL REAL ESTATE |  | 290332673 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 1.6% |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (f) | 6075000 | 5501056 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (f) | 13295000 | 12311685 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (f) | 6920000 | 6881258 |
| NRG Energy Inc 3.375% 2/15/2029 (f) | 5145000 | 4892673 |
| NRG Energy Inc 3.625% 2/15/2031 (f) | 10215000 | 9535557 |
| NRG Energy Inc 3.875% 2/15/2032 (f) | 1254000 | 1163805 |
| NRG Energy Inc 5.75% 1/15/2028  | 9000000 | 9031941 |
| NRG Energy Inc 5.75% 1/15/2034 (f) | 11885000 | 11979118 |
| NRG Energy Inc 6% 1/15/2036 (f) | 23775000 | 24204077 |
| NRG Energy Inc 6% 2/1/2033 (f) | 4240000 | 4325148 |
| NRG Energy Inc 6.25% 11/1/2034 (f) | 5090000 | 5240695 |
| Pacific Gas and Electric Co 3.75% 7/1/2028  | 2867500 | 2818665 |
| Pacific Gas and Electric Co 3.95% 12/1/2047  | 10826000 | 8134240 |
| Pacific Gas and Electric Co 4% 12/1/2046  | 13774000 | 10414118 |
| Pacific Gas and Electric Co 4.3% 3/15/2045  | 5995000 | 4824429 |
| PG&E Corp 5% 7/1/2028  | 22000000 | 21846608 |
| PG&E Corp 5.25% 7/1/2030  | 8330000 | 8243411 |
| Vistra Operations Co LLC 4.375% 5/1/2029 (f) | 23230000 | 22808974 |
| Vistra Operations Co LLC 5% 7/31/2027 (f) | 22585000 | 22597218 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (f) | 28195000 | 28204164 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (f) | 11985000 | 12718889 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (f) | 6060000 | 6233721 |
|  |  | 243911450 |
| Gas Utilities - 0.4% |  |  |
| Southern Natural Gas Co LLC 7.35% 2/15/2031  | 23497000 | 26094874 |
| Southern Natural Gas Co LLC 8% 3/1/2032  | 12475000 | 14463286 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp 5% 6/1/2031 (f) | 12070000 | 11434436 |
|  |  | 51992596 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (f) | 8910000 | 9013544 |
| Sunnova Energy Corp 11.75% (f)(i) | 18140000 | 90700 |
| Sunnova Energy Corp 5.875% (f)(i) | 3020000 | 15100 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (f) | 8920000 | 9147008 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (f) | 8920000 | 9238473 |
|  |  | 27504825 |
| TOTAL UTILITIES |  | 323408871 |
| TOTAL UNITED STATES |  | 6249399658 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (f) | 7855000 | 8156729 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (f) | 21965000 | 22980881 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (f) | 14250000 | 15046433 |
| TOTAL ZAMBIA |  | 46184043 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $7,037,936,093) |  | <br> **7063897498** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Summit Midstream Corp 3 month U.S. LIBOR + 7.43%, 12.2837% (d)(e) | 2912 | 4560265 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Strategy Inc 9% (n) | 359260 | 35717629 |
| TOTAL UNITED STATES |  | 40277894 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $35,658,936) |  | <br> **40277894** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 2.2%** | &nbsp;&nbsp;**Preferred Securities - 2.2%** | &nbsp;&nbsp;**Preferred Securities - 2.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 2.2%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Energy Transfer LP 6.5% (e)(m) | 10860000 | 11231828 |
| Energy Transfer LP 6.625% (e)(m) | 37985000 | 38460100 |
| Energy Transfer LP Series G, 7.125% (e)(m) | 27290000 | 28975227 |
| Mesquite Energy Inc 7.25% (h)(i)(m) | 21977000 | 2198 |
|  |  | 78669353 |
| Financials - 1.5% |  |  |
| Banks - 1.1% |  |  |
| Bank of America Corp 5.875% (e)(m) | 102630000 | 104515313 |
| Bank of America Corp 6.25% (e)(m) | 17800000 | 18124655 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 6.7303% (d)(e)(m) | 26340000 | 26507456 |
|  |  | 149147424 |
| Consumer Finance - 0.0% |  |  |
| Ally Financial Inc 4.7% (e)(m) | 7055000 | 6632298 |
| Insurance - 0.4% |  |  |
| Alliant Holdings LP 10.5% (e)(h)(m) | 47576998 | 48238135 |
| TOTAL FINANCIALS |  | 204017857 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Edison International 5% (e)(m) | 2595000 | 2547885 |
| Edison International 5.375% (e)(m) | 33470000 | 33371464 |
|  |  | 35919349 |
| TOTAL UNITED STATES |  | 318606559 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $331,563,148) |  | <br> **318606559** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 12.0%** | &nbsp;&nbsp;**Money Market Funds - 12.0%** | &nbsp;&nbsp;**Money Market Funds - 12.0%** | &nbsp;&nbsp;**Money Market Funds - 12.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (o) | 4.18 | 1735460323 | 1735807415 |
| Fidelity Securities Lending Cash Central Fund (o)(p) | 4.18 | 35158884 | 35162400 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,770,923,499) |  |  | **1770969815** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $13,202,370,168)<br>| <br>**14712006930** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **97864862** |
| **NET ASSETS - 100.0%** | **14809871792** |

---

**Legend**

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

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $408,341,789 or 2.8% of net assets.

(c) Affiliated fund.

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

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,654,532,545 or 38.2% of net assets.

(g) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(h) Level 3 security.

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

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

(k) Non-income producing.

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Arena Brands Holding Corp | 6/18/1997 - 1/12/1999 | 21591597 |
| EchoStar Corp | 9/30/2024 | 13256891 |
| Fidelity Private Credit Company LLC | 4/15/2022 - 3/28/2025 | 378469472 |
| 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 | 1310824385 | 1003627456 | 32636184 | (968) | - | 1735807415 | 1735460323 | 3.1% |
| Fidelity Securities Lending Cash Central Fund | 7728800 | 212757393 | 185323793 | 103156 | - | - | 35162400 | 35158884 | 0.1% |
| Total | 1436340254 | 1523581778 | 1188951249 | 32739340 | (968) | - | 1770969815 |  |  |

---

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 | 363975820 | - | - | 18724862 | - | 668166 | 359141826 | 38033001 |
|  | 363975820 | - | - | 18724862 | - | 668166 | 359141826 |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 359141826 | - | 359141826 | - |
|  **Asset-Backed Securities** | 50356884 | - | 50356884 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 40244861 | - | 39818868 | 425993 |
| Consumer Discretionary | 234466075 | - | 234466075 | - |
| Consumer Staples | 18775527 | - | 18775527 | - |
| Energy | 58455040 | - | 58455040 | - |
| Financials | 191470757 | - | 191470757 | - |
| Health Care | 118914231 | - | 118914231 | - |
| Industrials | 161903872 | - | 161903872 | - |
| Information Technology | 611633608 | - | 611633608 | - |
| Materials | 169019289 | - | 168865729 | 153560 |
| Utilities | 547229 | - | 547229 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 379429954 | 362630921 | - | 16799033 |
| Consumer Discretionary | 350317088 | 328174018 | 8340514 | 13802556 |
| Consumer Staples | 36898570 | 36867487 | - | 31083 |
| Energy | 96507415 | 23240415 | 161358 | 73105642 |
| Financials | 376221950 | 376219231 | - | 2719 |
| Health Care | 21830484 | 21788291 | - | 42193 |
| Industrials | 796498070 | 796498070 | - | - |
| Information Technology | 906880174 | 903691509 | - | 3188665 |
| Materials | 66179910 | 66179909 | - | 1 |
| Utilities | 185679435 | 185675431 | - | 4004 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 98373637 | - | 98373637 | - |
| Consumer Discretionary | 5639723 | - | - | 5639723 |
| Financials | 10904518 | - | 10904518 | - |
| Information Technology | 41970528 | - | 41970528 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 129994509 | - | - | 129994509 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 810004223 | - | 810004223 | - |
| Consumer Discretionary | 879643612 | - | 875198262 | 4445350 |
| Consumer Staples | 365461497 | - | 365461497 | - |
| Energy | 1084070067 | - | 1084070066 | 1 |
| Financials | 747973558 | - | 747973558 | - |
| Health Care | 505762111 | - | 505762111 | - |
| Industrials | 1002149014 | - | 1002149014 | - |
| Information Technology | 485133258 | - | 485133258 | - |
| Materials | 562386677 | - | 562386677 | - |
| Real Estate | 290332673 | - | 290332673 | - |
| Utilities | 330980808 | - | 330980808 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | 4560265 | - | 4560265 | - |
| Information Technology | 35717629 | 35717629 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 78669353 | - | 78667155 | 2198 |
| Financials | 204017857 | - | 155779722 | 48238135 |
| Utilities | 35919349 | - | 35919349 | - |
|  **Money Market Funds** | 1770969815 | 1770969815 | - | - |
| **Total Investments in Securities:** | 14712006930 | 4907652726 | 9508478839 | 295875365 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2025 ($)** |
| **Bank Loan Obligations** | 1 | - | 13753 | 145662 | (921) | 23246 | 397812 | - | 579553 | 13753 |
| **Common Stocks** | 50127315 | (16341150) | 55899847 | 17828342 | (538458) | - | - | - | 106975896 | 39020293 |
| **Convertible Preferred Stocks** | - | - | 10972920 | 119021589 | - | - | - | - | 129994509 | 10972920 |
| **Non-Convertible Preferred Stocks** | 2871 | (9705941) | 10247164 | - | (544094) | - | - | - | - | - |
| **Convertible Corporate Bonds** | 4488074 | - | 1021935 | 110426 | - | 19288 | - | - | 5639723 | 1021935 |
| **Preferred Securities** | 46742206 | - | 1278358 | - | (1) | - | 219770 | - | 48240333 | 1278358 |
| **Non-Convertible Corporate Bonds** | 28500605 | 794206 | (1277034) | 7666095 | (31171758) | (66763) | - | - | 4445351 | 4445350 |
| <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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $35,218,848) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $11,058,479,357) | $12581895289 |  |
| Fidelity Central Funds (cost $1,770,923,499) | 1770969815 |  |
| Other affiliated issuers (cost $372,967,312) | 359141826 |  |
| Total Investment in Securities (cost $13,202,370,168) |  | $14712006930 |
| Cash |  | 1851936 |
| Receivable for investments sold |  | 10686014 |
| Receivable for fund shares sold |  | 17826891 |
| Dividends receivable |  | 324882 |
| Interest receivable |  | 141517597 |
| Distributions receivable from Fidelity Central Funds |  | 6196368 |
| Prepaid expenses |  | 15109 |
| Other receivables |  | 20897 |
| **Total assets** |  | 14890446624 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $21054697 |  |
| Payable for fund shares redeemed | 10228688 |  |
| Distributions payable | 6533028 |  |
| Accrued management fee | 7506800 |  |
| Other payables and accrued expenses | 89219 |  |
| Collateral on securities loaned | 35162400 |  |
| **Total liabilities** |  | 80574832 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $14809871792 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $13217064484 |
| Total accumulated earnings (loss) |  | 1592807308 |
| **Net Assets** |  | $14809871792 |
| **Net Asset Value**, offering price and redemption price per share ($14,809,871,792 ÷ 1,354,728,732 shares) |  | $10.93 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $22584340 |
| Affiliated issuers |  | 18724862 |
| Interest  |  | 303033913 |
| Income from Fidelity Central Funds (including $103,156 from security lending)  |  | 32739340 |
| **Total income** |  | 377082455 |
| **Expenses** |  |  |
| Management fee | $44671100 |  |
| Custodian fees and expenses | 4547 |  |
| Independent trustees' fees and expenses | 24848 |  |
| Registration fees | 99765 |  |
| Audit fees | 66451 |  |
| Legal | 15166 |  |
| Miscellaneous | 27384 |  |
| Total expenses before reductions | 44909261 |  |
| Expense reductions | (1337300) |  |
| Total expenses after reductions |  | 43571961 |
| **Net Investment income (loss)** |  | 333510494 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 55229482 |  |
| Fidelity Central Funds | (968) |  |
| Foreign currency transactions | (7076) |  |
| Total net realized gain (loss) |  | 55221438 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1268334304 |  |
| Affiliated issuers  | 668166 |  |
| Assets and liabilities in foreign currencies | (4163) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1268998307 |
| **Net gain (loss)** |  | 1324219745 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1657730239 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $333510494 | $693934064 |
| &nbsp;&nbsp;Net realized gain (loss) | 55221438<br>| 57877815<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1268998307 | 107163310<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1657730239<br>| 858975189<br>|
| Distributions to shareholders | (308570611)<br>| (657489757)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1419448077 | 2595736125 |
| Reinvestment of distributions | 267042795<br>| 573017431<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1378369953) | (2868692507) |
| **Net increase (decrease) in net assets resulting from share transactions** | 308120919<br>| 300061049<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1657280547<br>| 501546481<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13152591245 | 12651044764<br>|
| &nbsp;&nbsp;End of period | $14809871792 | $13152591245 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 134527197 | 257115262 |
| Issued in reinvestment of distributions | 25172119<br>| 56798367<br>|
| &nbsp;&nbsp;Redeemed | (130874626) | (285194546) |
| &nbsp;&nbsp;Net increase (decrease) | 28824690 | 28719083 |

---

**Financial Highlights** 

**Fidelity® Capital & Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.92 | $9.75 | $9.28 | $10.17 | $11.24 | $8.92 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .250  | .526  | .529  | .480  | .387  | .386  |
| Net realized and unrealized gain (loss)  | .991  | .143  | .456  | (.308)  | (.714)  | 2.442  |
| Total from investment operations  | 1.241  | .669  | .985  | .172  | (.327)  | 2.828  |
| Distributions from net investment income  | (.231)  | (.499)  | (.515)  | (.473)  | (.390)  | (.390)  |
| Distributions from net realized gain  | -  | -  | -  | (.589)  | (.353)  | (.118)  |
| Total distributions  | (.231)  | (.499)  | (.515)  | (1.062)  | (.743)  | (.508)  |
| Net asset value, end of period  | $10.93 | $9.92 | $9.75 | $9.28 | $10.17 | $11.24 |
| **Total Return** C,D | 12.61% <br>| 6.89%  | 10.91%  | 2.09%  | (3.27)%  | 32.35%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .63% G | .65%  | .67%  | .68%  | .67%  | .68%  |
| Expenses net of fee waivers, if any  | .61% G<br>| .63%  | .65%  | .68%  | .67%  | .68%  |
| Expenses net of all reductions, if any  | .61% G | .63%  | .65%  | .68%  | .67%  | .68%  |
| Net investment income (loss)  | 4.70% G | 5.22%  | 5.60%  | 5.16%  | 3.49%  | 3.75%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14809872 | $13152591 | $12651045 | $11457861 | $13077000 | $14674356 |
| Portfolio turnover rate H | 27% G<br>| 19%  | 36%  | 20%  | 28%  | 37%  |

---

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

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

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

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

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

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

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

For the period ended October 31, 2025

**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 LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the nine month period ended September 30, 2025 was 9.68%.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Bank Loan Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579553  | Market approach  | Transaction price  | $100.00  | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Indicative market price  | Evaluated bid  | $100.00 - $105.13 / $102.66 | Increase |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 106975896  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 4.1 - 7.9 / 5.3 | Increase |
|  |  | Market approach  | Transaction price  | $0.00 - $2.92 / $2.92 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 - $0.22 / $0.06 | Increase |
|  |  | Black scholes | Volatility  | 45.0% - 60.0% / 45.5% | Increase |
|  |  |  | Discount rate  | 3.5% - 3.7% / 3.7% | Increase |
|  |  |  | Term  | 1.3 - 3.7 / 1.4 | Increase |
|  |  | Discounted cash flow | Discount rate  | 8.5% - 12.2% / 8.5% | Decrease |
|  |  | Indicative market price  | Mid price | $16.50 - $16.79 / $16.62 | Increase |
| Convertible Corporate Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5639723  | Black scholes  | Volatility | 45.0% | Increase |
|  |  |  | Discount rate | 3.7% | Increase |
|  |  |  | Term | 1.3 | Increase |
| Convertible Preferred Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 129994509  | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 20.5 | Increase |
| Non-Convertible Corporate Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4445351  | Recovery value | Recovery value | $0.00  | Increase |
|  |  | Indicative market price | Evaluated bid | $5.00 - $16.00 / $12.70 | Increase |
| Preferred Securities | $&nbsp;&nbsp;&nbsp;&nbsp; 48240333  | Discounted cash flow | Yield | 9.9% | Decrease |
|  |  | Indicative market price | Evaluated bid | $0.01  | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

**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.

**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** | $20896 |

---

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

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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 mutual funds or exchange-traded funds (ETFs), foreign currency transactions, 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** | $1929643689 |
| **Gross unrealized depreciation** | <u>(378772110)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1550871579</u> |
| **Tax cost** | <u>$13161135351</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(24505558) |
| Long-term | <u>(63190889)</u> |
| **Total capital loss carryforward** | <u>$(87696447)</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.

**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 | - |

---

**New Accounting Pronouncement.** 

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

**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** | 1678019973 | 1747735015 |

---

**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 |

---

**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** | 3963 |

---

**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** | 21882527 | 2537019 | 366435 |

---

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Capital & Income Fund** | 8243 |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Capital & Income Fund** | 10971 | 3237 | - |

---

**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, 2026. During the period, this waiver reduced the Fund's management fee by $1,333,842.

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 $3,458.

**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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Capital & Income Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

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

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

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

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

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

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

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

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

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

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

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

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

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

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

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

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

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

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

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

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

![](img119057_4.jpg)<br>

1.538653.128 CAI-SANN-1225

**Fidelity® U.S. Low Volatility Equity Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119058_1.jpg)

![](img119058_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_USL-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® U.S. Low Volatility Equity Fund](#Sub_Sec_Fund_5029_USL-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements5029_USL-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_USL-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_USL-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_USL-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_USL-SANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity® U.S. Low Volatility Equity Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Software - 0.9% |  |  |
| SAP SE ADR  | 1157 | 300832 |
| KOREA (SOUTH) - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Coupang Inc Class A (a) | 2788 | 89132 |
| UNITED KINGDOM - 1.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Astrazeneca PLC  | 1970 | 324949 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Anglogold Ashanti Plc  | 5256 | 357408 |
| TOTAL UNITED KINGDOM |  | 682357 |
| UNITED STATES - 96.7%  |  |  |
| Communication Services - 6.0% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Verizon Communications Inc  | 6128 | 243527 |
| Entertainment - 2.7% |  |  |
| IMAX Corp (a) | 8703 | 282760 |
| Netflix Inc (a) | 288 | 322233 |
| Take-Two Interactive Software Inc (a) | 485 | 124339 |
| Walt Disney Co/The  | 1898 | 213753 |
|  |  | 943085 |
| Interactive Media & Services - 1.2% |  |  |
| Alphabet Inc Class A  | 1542 | 433595 |
| Media - 0.7% |  |  |
| New York Times Co/The Class A  | 4485 | 255600 |
| Wireless Telecommunication Services - 0.7% |  |  |
| T-Mobile US Inc  | 1168 | 245338 |
| TOTAL COMMUNICATION SERVICES |  | 2121145 |
| Consumer Discretionary - 4.0% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| Grand Canyon Education Inc (a) | 400 | 75320 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| McDonald's Corp  | 876 | 261425 |
| Yum! Brands Inc  | 1809 | 250022 |
|  |  | 511447 |
| Specialty Retail - 2.4% |  |  |
| AutoZone Inc (a) | 59 | 216791 |
| O'Reilly Automotive Inc (a) | 3635 | 343289 |
| TJX Cos Inc/The  | 1947 | 272853 |
|  |  | 832933 |
| TOTAL CONSUMER DISCRETIONARY |  | 1419700 |
| Consumer Staples - 13.5% |  |  |
| Beverages - 2.3% |  |  |
| Coca-Cola Co/The  | 4015 | 276634 |
| Keurig Dr Pepper Inc  | 6775 | 184009 |
| Monster Beverage Corp (a) | 5234 | 349788 |
|  |  | 810431 |
| Consumer Staples Distribution & Retail - 5.2% |  |  |
| Albertsons Cos Inc Class A  | 14016 | 247943 |
| BJ's Wholesale Club Holdings Inc (a) | 3168 | 279608 |
| Casey's General Stores Inc  | 493 | 253003 |
| Costco Wholesale Corp  | 321 | 292575 |
| Kroger Co/The  | 4311 | 274309 |
| Sprouts Farmers Market Inc (a) | 864 | 68221 |
| Walmart Inc  | 4079 | 412713 |
|  |  | 1828372 |
| Food Products - 4.1% |  |  |
| Archer-Daniels-Midland Co  | 3680 | 222750 |
| Bunge Global SA  | 2268 | 214553 |
| JM Smucker Co  | 1271 | 131612 |
| McCormick & Co Inc/MD  | 3284 | 210701 |
| Mondelez International Inc  | 3991 | 229323 |
| Post Holdings Inc (a) | 2273 | 236233 |
| Simply Good Foods Co/The (a) | 9626 | 188381 |
|  |  | 1433553 |
| Household Products - 0.8% |  |  |
| Procter & Gamble Co/The  | 1792 | 269463 |
| Personal Care Products - 0.2% |  |  |
| Kenvue Inc  | 5901 | 84797 |
| Tobacco - 0.9% |  |  |
| Philip Morris International Inc  | 2211 | 319114 |
| TOTAL CONSUMER STAPLES |  | 4745730 |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Chevron Corp  | 1752 | 276325 |
| Exxon Mobil Corp  | 2703 | 309116 |
|  |  | 585441 |
| Financials - 12.9% |  |  |
| Capital Markets - 2.2% |  |  |
| Cboe Global Markets Inc  | 1495 | 367232 |
| Intercontinental Exchange Inc  | 1378 | 201588 |
| MarketAxess Holdings Inc  | 1185 | 189671 |
|  |  | 758491 |
| Financial Services - 2.2% |  |  |
| Mastercard Inc Class A  | 700 | 386393 |
| Visa Inc Class A  | 1133 | 386058 |
|  |  | 772451 |
| Insurance - 8.5% |  |  |
| American Financial Group Inc/OH  | 1062 | 139844 |
| Aon PLC  | 453 | 154328 |
| Arch Capital Group Ltd  | 2751 | 237439 |
| Arthur J Gallagher & Co  | 1204 | 300386 |
| Brown & Brown Inc  | 2259 | 180133 |
| Chubb Ltd  | 1192 | 330112 |
| Hanover Insurance Group Inc/The  | 1835 | 313565 |
| Hartford Insurance Group Inc/The  | 2890 | 358880 |
| Marsh & McLennan Cos Inc  | 1738 | 309625 |
| Travelers Companies Inc/The  | 1537 | 412869 |
| Willis Towers Watson PLC  | 852 | 266761 |
|  |  | 3003942 |
| TOTAL FINANCIALS |  | 4534884 |
| Health Care - 16.3% |  |  |
| Biotechnology - 3.4% |  |  |
| AbbVie Inc  | 1543 | 336436 |
| Alnylam Pharmaceuticals Inc (a) | 926 | 422293 |
| Gilead Sciences Inc  | 3594 | 430525 |
|  |  | 1189254 |
| Health Care Equipment & Supplies - 2.7% |  |  |
| Abbott Laboratories  | 2360 | 291743 |
| Boston Scientific Corp (a) | 4116 | 414564 |
| Stryker Corp  | 656 | 233693 |
|  |  | 940000 |
| Health Care Providers & Services - 6.1% |  |  |
| Cencora Inc  | 1076 | 363485 |
| Chemed Corp  | 418 | 180283 |
| Cigna Group/The  | 835 | 204082 |
| CVS Health Corp  | 3300 | 257895 |
| Encompass Health Corp  | 2841 | 323448 |
| HCA Healthcare Inc  | 633 | 290977 |
| McKesson Corp  | 340 | 275856 |
| Quest Diagnostics Inc  | 1473 | 259174 |
|  |  | 2155200 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Danaher Corp  | 841 | 181135 |
| Pharmaceuticals - 3.6% |  |  |
| Eli Lilly & Co  | 429 | 370167 |
| Johnson & Johnson  | 1616 | 305214 |
| Merck & Co Inc  | 3452 | 296802 |
| Royalty Pharma PLC Class A  | 8164 | 306477 |
|  |  | 1278660 |
| TOTAL HEALTH CARE |  | 5744249 |
| Industrials - 5.4% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| General Dynamics Corp  | 874 | 301443 |
| Lockheed Martin Corp  | 544 | 267583 |
| Northrop Grumman Corp  | 592 | 345402 |
|  |  | 914428 |
| Commercial Services & Supplies - 1.5% |  |  |
| Republic Services Inc  | 1093 | 227606 |
| Waste Connections Inc (United States)  | 1841 | 308699 |
|  |  | 536305 |
| Electrical Equipment - 0.5% |  |  |
| AMETEK Inc  | 837 | 169166 |
| Ground Transportation - 0.2% |  |  |
| Union Pacific Corp  | 408 | 89911 |
| Professional Services - 0.6% |  |  |
| FTI Consulting Inc (a) | 677 | 111712 |
| Verisk Analytics Inc  | 385 | 84222 |
|  |  | 195934 |
| TOTAL INDUSTRIALS |  | 1905744 |
| Information Technology - 21.8% |  |  |
| Communications Equipment - 2.0% |  |  |
| Cisco Systems Inc  | 5068 | 370521 |
| Motorola Solutions Inc  | 791 | 321708 |
|  |  | 692229 |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Amphenol Corp Class A  | 2433 | 339014 |
| TD SYNNEX Corp  | 1950 | 305156 |
|  |  | 644170 |
| IT Services - 3.2% |  |  |
| Accenture PLC Class A  | 1100 | 275110 |
| Amdocs Ltd  | 2840 | 239298 |
| GoDaddy Inc Class A (a) | 1644 | 218866 |
| IBM Corporation  | 1271 | 390718 |
|  |  | 1123992 |
| Semiconductors & Semiconductor Equipment - 3.2% |  |  |
| Analog Devices Inc  | 448 | 104890 |
| Broadcom Inc  | 787 | 290899 |
| Cirrus Logic Inc (a) | 1682 | 223117 |
| NVIDIA Corp  | 1460 | 295636 |
| QUALCOMM Inc  | 1168 | 211291 |
|  |  | 1125833 |
| Software - 10.8% |  |  |
| Autodesk Inc (a) | 1008 | 303751 |
| Dynatrace Inc (a) | 5195 | 262711 |
| Gen Digital Inc  | 10100 | 266236 |
| Guidewire Software Inc (a) | 1265 | 295555 |
| Intuit Inc  | 350 | 233643 |
| Microsoft Corp  | 702 | 363503 |
| Palo Alto Networks Inc (a) | 1363 | 300187 |
| PTC Inc (a) | 1801 | 357571 |
| Salesforce Inc  | 1038 | 270306 |
| Servicenow Inc (a) | 305 | 280380 |
| Tyler Technologies Inc (a) | 467 | 222412 |
| Zoom Communications Inc Class A (a) | 3896 | 339848 |
| Zscaler Inc (a) | 888 | 294052 |
|  |  | 3790155 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Apple Inc  | 1089 | 294433 |
| TOTAL INFORMATION TECHNOLOGY |  | 7670812 |
| Materials - 3.9% |  |  |
| Chemicals - 1.7% |  |  |
| Ecolab Inc  | 1041 | 266912 |
| Linde PLC  | 802 | 335477 |
|  |  | 602389 |
| Containers & Packaging - 0.3% |  |  |
| AptarGroup Inc  | 988 | 114618 |
| Metals & Mining - 1.9% |  |  |
| Newmont Corp  | 4672 | 378292 |
| Royal Gold Inc  | 1655 | 289277 |
|  |  | 667569 |
| TOTAL MATERIALS |  | 1384576 |
| Real Estate - 1.8% |  |  |
| Health Care REITs - 1.1% |  |  |
| Welltower Inc  | 2103 | 380727 |
| Specialized REITs - 0.7% |  |  |
| American Tower Corp  | 1332 | 238401 |
| TOTAL REAL ESTATE |  | 619128 |
| Utilities - 9.5% |  |  |
| Electric Utilities - 6.9% |  |  |
| Duke Energy Corp  | 2413 | 299936 |
| Entergy Corp  | 3734 | 358801 |
| Evergy Inc  | 3425 | 263074 |
| Exelon Corp  | 6052 | 279118 |
| IDACORP Inc  | 2141 | 276232 |
| NextEra Energy Inc  | 3155 | 256817 |
| OGE Energy Corp  | 2200 | 97108 |
| PPL Corp  | 7897 | 288398 |
| Xcel Energy Inc  | 3900 | 316563 |
|  |  | 2436047 |
| Gas Utilities - 1.8% |  |  |
| National Fuel Gas Co  | 4330 | 341680 |
| Southwest Gas Holdings Inc  | 3504 | 278568 |
|  |  | 620248 |
| Multi-Utilities - 0.8% |  |  |
| Ameren Corp  | 2771 | 282697 |
| TOTAL UTILITIES |  | 3338992 |
| TOTAL UNITED STATES |  | 34070401 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $28,627,100) |  | <br> **35142722** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $55,655)<br>| 4.18 | 55644 | **55655** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $28,682,755)<br>| <br>**35198377** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **17670** |
| **NET ASSETS - 100.0%** | **35216047** |

---

**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 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 | 2764819 | 2944760 | 2722 | 5 | - | 55655 | 55644 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 658475 | 5714770 | 6373245 | 108 | - | - | - | - | 0.0% |
| Total | 894066 | 8479589 | 9318005 | 2830 | 5 | - | 55655 |  |  |

---

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

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2121145 | 2121145 | - | - |
| Consumer Discretionary | 1508832 | 1508832 | - | - |
| Consumer Staples | 4745730 | 4745730 | - | - |
| Energy | 585441 | 585441 | - | - |
| Financials | 4534884 | 4534884 | - | - |
| Health Care | 6069198 | 5744249 | 324949 | - |
| Industrials | 1905744 | 1905744 | - | - |
| Information Technology | 7971644 | 7971644 | - | - |
| Materials | 1741984 | 1741984 | - | - |
| Real Estate | 619128 | 619128 | - | - |
| Utilities | 3338992 | 3338992 | - | - |
|  **Money Market Funds** | 55655 | 55655 | - | - |
| **Total Investments in Securities:** | 35198377 | 34873428 | 324949 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $28,627,100) | $35142722 |  |
| Fidelity Central Funds (cost $55,655) | 55655 |  |
| Total Investment in Securities (cost $28,682,755) |  | $35198377 |
| Cash |  | 1 |
| Receivable for fund shares sold |  | 1363 |
| Dividends receivable |  | 21599 |
| Reclaims receivable |  | 52997 |
| Distributions receivable from Fidelity Central Funds |  | 683 |
| Prepaid expenses |  | 40 |
| Receivable from investment adviser for expense reductions |  | 4434 |
| **Total assets** |  | 35279494 |
| **Liabilities** |  |  |
| Payable to custodian bank | $2 |  |
| Payable for fund shares redeemed | 19977 |  |
| Accrued management fee | 17189 |  |
| Audit fee payable | 25949 |  |
| Other payables and accrued expenses | 330 |  |
| **Total liabilities** |  | 63447 |
| **Net Assets**  |  | $35216047 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $28331653 |
| Total accumulated earnings (loss) |  | 6884394 |
| **Net Assets** |  | $35216047 |
| **Net Asset Value**, offering price and redemption price per share ($35,216,047 ÷ 2,985,371 shares) |  | $11.80 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $280347 |
| Income from Fidelity Central Funds (including $108 from security lending)  |  | 2830 |
| **Total income** |  | 283177 |
| **Expenses** |  |  |
| Management fee | $105169 |  |
| Custodian fees and expenses | 1212 |  |
| Independent trustees' fees and expenses | 67 |  |
| Registration fees | 24882 |  |
| Audit fees | 21731 |  |
| Legal | 12 |  |
| Miscellaneous | 88 |  |
| Total expenses before reductions | 153161 |  |
| Expense reductions | (23738) |  |
| Total expenses after reductions |  | 129423 |
| **Net Investment income (loss)** |  | 153754 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 257559 |  |
| Fidelity Central Funds | 5 |  |
| Foreign currency transactions | (72) |  |
| Total net realized gain (loss) |  | 257492 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 161900 |  |
| Assets and liabilities in foreign currencies | 1330 |  |
| Total change in net unrealized appreciation (depreciation) |  | 163230 |
| **Net gain (loss)** |  | 420722 |
| **Net increase (decrease) in net assets resulting from operations** |  | $574476 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $153754 | $283178 |
| &nbsp;&nbsp;Net realized gain (loss) | 257492<br>| 2830501<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 163230 | 1275391<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 574476<br>| 4389070<br>|
| Distributions to shareholders | (1740455)<br>| (951208)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4254796 | 20424193 |
| Reinvestment of distributions | 1599367<br>| 885488<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (6893388) | (18289403) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1039225)<br>| 3020278<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (2205204)<br>| 6458140<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 37421251 | 30963111<br>|
| &nbsp;&nbsp;End of period | $35216047 | $37421251 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 354657 | 1715480 |
| Issued in reinvestment of distributions | 136348<br>| 74162<br>|
| &nbsp;&nbsp;Redeemed | (574589) | (1485982) |
| &nbsp;&nbsp;Net increase (decrease) | (83584) | 303660 |

---

**Financial Highlights** 

**Fidelity® U.S. Low Volatility Equity Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $11.20 | $10.35 | $10.90 | $11.49 | $9.23 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .09  | .12  | .13  | .08  | .08  |
| Net realized and unrealized gain (loss)  | .13  | 1.24  | .91  | (.17)  | (.03)  | 2.25  |
| Total from investment operations  | .18  | 1.33  | 1.03  | (.04)  | .05  | 2.33  |
| Distributions from net investment income  | (.04)  | (.07)  | (.12)  | (.13)  | (.08)  | (.07)  |
| Distributions from net realized gain  | (.54)  | (.27)  | (.06)  | (.38)  | (.56)  | -  |
| Total distributions  | (.57) C | (.34)  | (.18)  | (.51)  | (.64)  | (.07)  |
| Net asset value, end of period  | $11.80 | $12.19 | $11.20 | $10.35 | $10.90 | $11.49 |
| **Total Return** D,E | 1.53% <br>| 11.96%  | 10.05%  | (.22)%  | .12%  | 25.27%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .83% H | .82%  | .68%  | .66%  | .73%  | .77%  |
| Expenses net of fee waivers, if any  | .70% H<br>| .70%  | .67%  | .66%  | .72%  | .77%  |
| Expenses net of all reductions, if any  | .70% H | .70%  | .67%  | .66%  | .72%  | .77%  |
| Net investment income (loss)  | .83% H | .78%  | 1.11%  | 1.28%  | .71%  | .79%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $35216 | $37421 | $30963 | $206893 | $356831 | $361699 |
| Portfolio turnover rate I | 60% H<br>| 84%  | 47% J | 69%  | 46%  | 39%  |

---

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 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.*

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** **(Unaudited)**

For the period ended October 31, 2025

**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.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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** | $7497143 |
| **Gross unrealized depreciation** | <u>(955474)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$6541669</u> |
| **Tax cost** | <u>$28656708</u> |

---

**New Accounting Pronouncement.** 

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

**4. 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** | 11032452 | 13432813 |

---

**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** | .57 |

---

**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** | 73 |

---

**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** | 1197895 | 214839 | (3394) |

---

**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 plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity U.S. Low Volatility Equity Fund** | 22 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity U.S. Low Volatility Equity Fund** | 9 | - | - |

---

**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 $23,738.

**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. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Low Volatility Factor ETF. The Agreement provides 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 is effective.

A meeting of shareholders of the Fund is expected to be held during the first quarter of 2026 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during May 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 shareholders.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity U.S. Low Volatility Equity Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

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

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

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

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

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

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark for the one-, three- and five-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

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

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

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

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

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

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.70% through August 31, 2026.

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

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

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

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

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

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

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

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

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

![](img119058_4.jpg)<br>

1.9896229.105 USL-SANN-1225

**Fidelity® SAI High Income Fund**

**Semi-Annual Report**

**October 31, 2025**

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.

![](img119059_1.jpg)

![](img119059_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SAH-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI High Income Fund](#Sub_Sec_Fund_6345_SAH-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6345_SAH-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SAH-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SAH-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SAH-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SAH-SANN)** |

---

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

You may also call 1-800-544-3455 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.© 2025 FMR LLC. All rights reserved.

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

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

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

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

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

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

**Fidelity® SAI High Income Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 1.3%** | &nbsp;&nbsp;**Alternative Funds - 1.3%** | &nbsp;&nbsp;**Alternative Funds - 1.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (b)(c)<br>(Cost $41,204,920)<br>| 4217513 | **39825549** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (d)(e)(f) | 175000 | 176168 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1074% 10/22/2037 (d)(e)(f) | 141000 | 143185 |
| Arini US Clo II Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 5.65%, 9.9371% 3/31/2038 (d)(e)(f) | 150000 | 150904 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (d)(e)(f) | 209000 | 212131 |
| Balboa Bay Loan Funding 2025-1 Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0302% 7/20/2038 (d)(e)(f) | 150000 | 150347 |
| Bbam US Clo III Ltd Series 2025-3A Class DR, 9.1416% 10/15/2038 (d)(e) | 179000 | 178028 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.6074% 4/22/2038 (d)(e)(f) | 225000 | 225897 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.6344% 10/20/2037 (d)(e)(f) | 108000 | 108890 |
| Carlyle US Clo 2025-2 Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 11.046% 7/25/2038 (d)(e)(f) | 250000 | 255395 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (d)(e)(f) | 150000 | 150998 |
| Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2344% 10/20/2037 (d)(e)(f) | 150000 | 152965 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (d)(e)(f) | 125000 | 124909 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.4545% 10/15/2036 (d)(e)(f) | 285000 | 286816 |
| Diameter Cap Clo 7 Ltd / Diameter Cap Clo 7 LLC Series 2024-7A Class D, CME Term SOFR 3 month Index + 6.1%, 9.9844% 7/20/2037 (d)(e)(f) | 285000 | 286814 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (d)(e)(f) | 228000 | 229363 |
| Galaxy XXV CLO Ltd Series 2025-25A Class ERR, CME Term SOFR 3 month Index + 5.75%, 9.608% 4/25/2036 (d)(e)(f) | 100000 | 99743 |
| Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5202% 7/20/2037 (d)(e)(f) | 100000 | 101500 |
| Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (d) | 150000 | 153241 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.9045% 7/15/2037 (d)(e)(f) | 112000 | 112721 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 7/20/2036 (d)(e)(f) | 203000 | 204677 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 10/20/2037 (d)(e)(f) | 127000 | 127992 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.4844% 10/20/2037 (d)(e)(f) | 248000 | 250268 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (d)(e)(f) | 103000 | 103824 |
| Palmer Square Loan Funding 2025-2 Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 8.7877% 7/15/2033 (d)(e)(f) | 250000 | 248515 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (d)(e)(f) | 285000 | 283064 |
| Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.6844% 4/20/2038 (d)(e)(f) | 100000 | 99790 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (d)(e)(f) | 150000 | 151471 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 4593448 |
| UNITED STATES - 0.0%  |  |  |
| Diameter Capital Clo 1 Ltd Series 2024-1A Class DR, CME Term SOFR 3 month Index + 6.15%, 10.0545% 10/15/2037 (d)(e)(f) | 250000 | 253984 |
| Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.6344% 1/20/2038 (d)(e)(f) | 150000 | 152700 |
| TOTAL UNITED STATES |  | 406684 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $5,139,412) |  | <br> **5176300** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 7.9%** | &nbsp;&nbsp;**Bank Loan Obligations - 7.9%** | &nbsp;&nbsp;**Bank Loan Obligations - 7.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| 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%, 8.5131% 5/23/2030 (e)(f)(g) | 4150598 | 4167449 |
| 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%, 9.3603% 5/14/2029 (e)(f)(g) | 291891 | 287878 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (e)(f)(g) | 3904113 | 3892947 |
| TOTAL FRANCE |  | 4180825 |
| 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%, 8.9045% 10/31/2027 (e)(f)(g) | 244372 | 192240 |
| 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%, 9.2631% 8/30/2028 (e)(f)(g) | 5364619 | 2548194 |
| SWITZERLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (e)(f)(g) | 2978843 | 2491058 |
| UNITED STATES - 7.5%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Connect Holding II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.781% 10/3/2031 (e)(f)(g) | 513408 | 351170 |
| Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2326% 4/3/2031 (e)(f)(g) | 5369000 | 4920313 |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.4291% 4/16/2029 (e)(f)(g) | 273602 | 271837 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.4291% 4/15/2030 (e)(f)(g) | 4678064 | 4648873 |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 10/6/2032 (e)(f)(g) | 5155000 | 5090563 |
|  |  | 15282756 |
| Media - 0.1% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.6015% 6/18/2029 (e)(f)(g) | 3449668 | 3172625 |
| CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5322% 1/18/2028 (e)(f)(g) | 1146592 | 1134564 |
|  |  | 4307189 |
| TOTAL COMMUNICATION SERVICES |  | 19589945 |
| Consumer Discretionary - 2.6% |  |  |
| Automobile Components - 0.0% |  |  |
| American Axle & Manufacturing Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 2/24/2032 (e)(f)(g)(h) | 1295000 | 1285288 |
| Diversified Consumer Services - 0.6% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3928% 3/4/2028 (e)(f)(g) | 18355316 | 15280800 |
| TKC Holdings Inc 1LN, term loan 13.5% 2/15/2027 (e)(g) | 3272277 | 3288638 |
|  |  | 18569438 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Eagle Parent Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.2515% 4/2/2029 (e)(f)(g) | 3571304 | 3567411 |
| Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 10/31/2031 (e)(f)(g) | 4928154 | 4657105 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2631% 6/1/2028 (e)(f)(g) | 3176247 | 3076481 |
| Sizzling Platter LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.9646% 7/2/2032 (e)(f)(g) | 4359406 | 4259968 |
| Sizzling Platter LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 2.5% 7/2/2032 (e)(f)(g)(i) | 820594 | 801876 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (e)(f)(g) | 13264453 | 12778046 |
| United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.602% 12/30/2026 (e)(f)(g) | 455208 | 439845 |
|  |  | 29580732 |
| Household Durables - 0.5% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3146% 6/29/2028 (e)(f)(g) | 7111913 | 6631859 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (e)(f)(g) | 9747000 | 9714542 |
|  |  | 16346401 |
| Specialty Retail - 0.4% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.881% 6/6/2031 (e)(f)(g) | 5123834 | 4939171 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.031% 6/6/2031 (e)(f)(g) | 3074830 | 3050109 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (e)(f)(g) | 300000 | 300792 |
| Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0462% 9/4/2029 (e)(f)(g) | 2786776 | 2603462 |
|  |  | 10893534 |
| TOTAL CONSUMER DISCRETIONARY |  | 76675393 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.0033% 9/20/2030 (e)(f)(g) | 3310000 | 3252075 |
| Food Products - 0.1% |  |  |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (e)(f)(g)(j) | 46174 | 21379 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (e)(f)(g)(j) | 13352 | 6182 |
| Del Monte Foods Corp II Inc Tranche TLA DIP, term loan CME Term SOFR 3 month Index + 0.1%, 13.6477% 3/30/2026 (e)(f)(g) | 113503 | 108395 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 0.1%, 13.6382% 3/30/2026 (e)(f)(g) | 148633 | 116677 |
| Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5477% 7/12/2032 (e)(f)(g) | 3625000 | 3625000 |
|  |  | 3877633 |
| TOTAL CONSUMER STAPLES |  | 7129708 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Mesquite Energy Inc 1LN, term loan 0% (e)(g)(j)(k) | 1620000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (e)(f)(g)(j)(k) | 3800000 | 1 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (e)(f)(g) | 21534405 | 9617480 |
|  |  | 9617481 |
| Financials - 0.3% |  |  |
| Financial Services - 0.1% |  |  |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7035% 2/20/2032 (e)(f)(g) | 3431400 | 3431949 |
| Insurance - 0.2% |  |  |
| Asurion LLC Tranche B3 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.3291% 1/31/2028 (e)(f)(g) | 4943000 | 4835638 |
| TOTAL FINANCIALS |  | 8267587 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0015% 8/23/2032 (e)(f)(g) | 2300000 | 2283463 |
| Health Care Providers & Services - 0.2% |  |  |
| Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.0015% 6/28/2029 (e)(f)(g)(k) | 1015696 | 792243 |
| HAH Group Holding Co LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.9646% 9/24/2031 (e)(f)(g) | 2480145 | 2221937 |
| ModivCare Inc 1LN, term loan CME Term SOFR 1 month Index + 7%, 11.1059% 2/22/2026 (e)(f)(g)(k) | 165834 | 160859 |
| ModivCare Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.75%, 12.7515% 7/1/2031 (e)(f)(g) | 1466435 | 601238 |
| Radiology Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.5015% 6/30/2032 (e)(f)(g) | 905000 | 903308 |
| Team Health Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.3404% 6/30/2028 (e)(f)(g) | 1356600 | 1357726 |
|  |  | 6037311 |
| Pharmaceuticals - 0.4% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.2146% 10/8/2030 (e)(f)(g) | 13028875 | 12926338 |
| TOTAL HEALTH CARE |  | 21247112 |
| Industrials - 0.7% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.0015% 3/18/2030 (e)(f)(g) | 3092211 | 3026069 |
| Building Products - 0.1% |  |  |
| Cornerstone Building Brands Inc 1LN, term loan CME Term SOFR 1 month Index + 5.625%, 9.6572% 8/1/2028 (e)(f)(g) | 907667 | 831268 |
| Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.3822% 4/12/2028 (e)(f)(g) | 2353838 | 2149502 |
|  |  | 2980770 |
| Commercial Services & Supplies - 0.4% |  |  |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.5015% 2/15/2031 (e)(f)(g) | 1397281 | 1184517 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7962% 8/1/2030 (e)(f)(g) | 6479188 | 5712505 |
| Neptune Bidco US Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.7615% 10/11/2028 (e)(f)(g) | 1257534 | 1213520 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.0115% 4/11/2029 (e)(f)(g) | 4595641 | 4433645 |
|  |  | 12544187 |
| Professional Services - 0.1% |  |  |
| Dawn Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 10/7/2032 (e)(f)(g)(h) | 2620000 | 2610175 |
| TOTAL INDUSTRIALS |  | 21161201 |
| Information Technology - 0.9% |  |  |
| IT Services - 0.5% |  |  |
| Constant Contact Inc 2LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.6662% 2/12/2029 (e)(f)(g) | 351000 | 292383 |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.1662% 2/10/2028 (e)(f)(g) | 4824387 | 4495749 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (g) | 5089000 | 5100908 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (e)(f)(g) | 6152024 | 5992749 |
|  |  | 15881789 |
| Software - 0.4% |  |  |
| Finastra USA Inc 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.2878% 9/13/2029 (e)(f)(g)(k) | 822282 | 822282 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 6/2/2028 (e)(f)(g) | 3060508 | 2922785 |
| Polaris Newco LLC Tranche PIK TERM 2LN, term loan CME Term SOFR 1 month Index + 9%, 13.2989% 6/4/2029 (e)(f)(g) | 1740000 | 1645936 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (g) | 987525 | 1030729 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.1219% 6/28/2030 (e)(f)(g) | 6088055 | 5924956 |
|  |  | 12346688 |
| TOTAL INFORMATION TECHNOLOGY |  | 28228477 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| American Rock Salt Co LLC 1LN, term loan 2% 6/12/2028 (e)(g)(i) | 70890 | 70122 |
| American Rock Salt Co LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.4605% 6/9/2028 (e)(f)(g) | 559769 | 416328 |
| American Rock Salt Co LLC 1LN, term loan CME Term SOFR 3 month Index + 7%, 11.4633% 6/12/2028 (e)(f)(g) | 270332 | 267404 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.0265% 7/3/2028 (e)(f)(g) | 7143066 | 6333257 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.031% 3/15/2029 (e)(f)(g) | 5519991 | 5403685 |
| Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.5021% 3/15/2030 (e)(f)(g) | 1620118 | 1581640 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.3146% 4/2/2029 (e)(f)(g) | 5749494 | 4776852 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (e)(f)(g) | 5787168 | 5705164 |
| TPC Group Inc 1LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.7733% 12/16/2031 (e)(f)(g) | 4223684 | 3991382 |
|  |  | 28545834 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.5015% 3/29/2030 (e)(f)(g) | 6413454 | 6434811 |
| Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 10/11/2032 (e)(f)(g)(h) | 245000 | 244796 |
|  |  | 6679607 |
| TOTAL UNITED STATES |  | 227142345 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $250,198,718) |  | <br> **240722111** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 2.3%** | &nbsp;&nbsp;**Common Stocks - 2.3%** | &nbsp;&nbsp;**Common Stocks - 2.3%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Canacol Energy Ltd (l) | 201200 | 324203 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (k) | 207120 | 3443034 |
| Altice France Holding SA rights (d)(k)(l) | 5563 | 81755 |
| TOTAL FRANCE |  | 3524789 |
| TANZANIA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Helios Towers PLC (l) | 2737962 | 5380904 |
| UNITED STATES - 2.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Warner Bros Discovery Inc (l) | 162600 | 3650370 |
| Media - 0.0% |  |  |
| Main Street Sports Group (k) | 5736 | 41947 |
| TOTAL COMMUNICATION SERVICES |  | 3692317 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Southeastern Grocers Inc rights (k)(l) | 1184833 | 46422 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Hess Midstream LP Class A (m) | 98600 | 3347470 |
| Mesquite Energy Inc (k)(l) | 204784 | 41814845 |
|  |  | 45162315 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Cano Health LLC (k)(l) | 153538 | 2040520 |
| Cano Health LLC warrants (k)(l) | 8312 | 32500 |
| Surgery Partners Inc (l) | 137700 | 3019761 |
|  |  | 5092781 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| GTT Communications Inc (k)(l) | 89354 | 3332904 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ON Semiconductor Corp (l) | 46500 | 2328720 |
| TOTAL INFORMATION TECHNOLOGY |  | 5661624 |
| TOTAL UNITED STATES |  | 59655459 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $32,871,127) |  | <br> **68885355** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| CAMEROON - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Golar LNG Ltd 2.75% 12/15/2030 (d) | 3068000 | 3101748 |
| UNITED STATES - 1.8%  |  |  |
| Communication Services - 0.9% |  |  |
| Media - 0.9% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (e) | 11047054 | 26554356 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 9129000 | 8485406 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| MKS Inc 1.25% 6/1/2030  | 2548000 | 3057600 |
| ON Semiconductor Corp 0% 5/1/2027 (n) | 1290000 | 1493175 |
| Wolfspeed Inc 2.5% 6/15/2031  | 1043000 | 2265918 |
| Wolfspeed Inc 2.5% 6/15/2031 (d) | 601000 | 1305672 |
|  |  | 8122365 |
| Software - 0.2% |  |  |
| Riot Platforms Inc 0.75% 1/15/2030 (d) | 4229000 | 6580324 |
| Terawulf Inc 0% 5/1/2032 (d) | 1479000 | 1529286 |
|  |  | 8109610 |
| TOTAL INFORMATION TECHNOLOGY |  | 16231975 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| PG&E Corp 4.25% 12/1/2027  | 3468000 | 3559555 |
| TOTAL UNITED STATES |  | 54831292 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $38,897,138) |  | <br> **57933040** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Acrisure Holdings Inc Series A-2 (k) | 165801 | 4360566 |
| Apollo Global Management Inc Series A, 6.75%  | 19800 | 1296219 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $5,421,523) |  | <br> **5656785** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.3%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.3%** |
|  |  | 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 (d) |  | 409000 | 395859 |
| Mineral Resources Ltd 7% 4/1/2031 (d) |  | 1585000 | 1640879 |
| Mineral Resources Ltd 8% 11/1/2027 (d) |  | 3855000 | 3937204 |
| Mineral Resources Ltd 8.5% 5/1/2030 (d) |  | 4695000 | 4894670 |
| Mineral Resources Ltd 9.25% 10/1/2028 (d) |  | 1900000 | 1992161 |
| TOTAL AUSTRALIA |  |  | 12860773 |
| BAILIWICK OF JERSEY - 0.1%  |  |  |  |
| Consumer Discretionary - 0.1% |  |  |  |
| Automobiles - 0.1% |  |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (d) |  | 4588000 | 4080360 |
| BRAZIL - 0.4%  |  |  |  |
| Industrials - 0.1% |  |  |  |
| Commercial Services & Supplies - 0.1% |  |  |  |
| Ambipar Lux Sarl 9.875% 2/6/2031 (d)(j) |  | 11896000 | 2649358 |
| Materials - 0.3% |  |  |  |
| Metals & Mining - 0.3% |  |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (d) |  | 4500000 | 4470525 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (d)(e) |  | 6121669 | 6100712 |
|  |  |  | 10571237 |
| TOTAL BRAZIL |  |  | 13220595 |
| CAMEROON - 0.3%  |  |  |  |
| Energy - 0.3% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |  |
| Golar LNG Ltd 7.5% 10/2/2030 (d) |  | 6440000 | 6352094 |
| Golar LNG Ltd 7.75% 9/19/2029 (d)(o) |  | 4200000 | 4197690 |
| TOTAL CAMEROON |  |  | 10549784 |
| CANADA - 2.8%  |  |  |  |
| Communication Services - 0.3% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| TELUS Corp 6.625% 10/15/2055 (e) |  | 2587000 | 2668871 |
| TELUS Corp 7% 10/15/2055 (e) |  | 1294000 | 1380303 |
|  |  |  | 4049174 |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| Rogers Communications Inc 7% 4/15/2055 (e) |  | 2349000 | 2456017 |
| Rogers Communications Inc 7.125% 4/15/2055 (e) |  | 1849000 | 1979013 |
|  |  |  | 4435030 |
| TOTAL COMMUNICATION SERVICES |  |  | 8484204 |
| Consumer Discretionary - 0.4% |  |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (d) |  | 3995000 | 3776826 |
| 1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (d) |  | 4045000 | 4116884 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (d) |  | 2685000 | 2759090 |
|  |  |  | 10652800 |
| Consumer Staples - 0.0% |  |  |  |
| Household Products - 0.0% |  |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (d) |  | 4302000 | 3191150 |
| Energy - 0.5% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |  |
| Baytex Energy Corp 7.375% 3/15/2032 (d) |  | 2968000 | 2922545 |
| Parkland Corp 4.5% 10/1/2029 (d) |  | 1430000 | 1380386 |
| Parkland Corp 4.625% 5/1/2030 (d) |  | 5680000 | 5510582 |
| Parkland Corp 6.625% 8/15/2032 (d) |  | 710000 | 724844 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (e) |  | 2600000 | 2781379 |
| South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (e) |  | 336000 | 349792 |
|  |  |  | 13669528 |
| Industrials - 0.6% |  |  |  |
| Aerospace & Defense - 0.5% |  |  |  |
| Bombardier Inc 6.75% 6/15/2033 (d) |  | 4990000 | 5238243 |
| Bombardier Inc 7% 6/1/2032 (d) |  | 1350000 | 1417353 |
| Bombardier Inc 7.25% 7/1/2031 (d) |  | 3130000 | 3322245 |
| Bombardier Inc 7.875% 4/15/2027 (d) |  | 266000 | 266890 |
| Bombardier Inc 8.75% 11/15/2030 (d) |  | 1720000 | 1855023 |
|  |  |  | 12099754 |
| Commercial Services & Supplies - 0.1% |  |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (d) |  | 3750000 | 3914891 |
| Machinery - 0.0% |  |  |  |
| New Flyer Holdings Inc 9.25% 7/1/2030 (d) |  | 1310000 | 1394792 |
| TOTAL INDUSTRIALS |  |  | 17409437 |
| Information Technology - 0.4% |  |  |  |
| Software - 0.4% |  |  |  |
| Open Text Corp 3.875% 12/1/2029 (d) |  | 1205000 | 1140373 |
| Open Text Corp 3.875% 2/15/2028 (d) |  | 2891000 | 2809962 |
| Open Text Holdings Inc 4.125% 12/1/2031 (d)(m) |  | 3535000 | 3291071 |
| Open Text Holdings Inc 4.125% 2/15/2030 (d) |  | 3560000 | 3398188 |
|  |  |  | 10639594 |
| Materials - 0.6% |  |  |  |
| Chemicals - 0.4% |  |  |  |
| Methanex Corp 5.125% 10/15/2027  |  | 6450000 | 6465409 |
| Methanex Corp 5.25% 12/15/2029  |  | 1925000 | 1919397 |
| Methanex Corp 5.65% 12/1/2044  |  | 4115000 | 3580362 |
|  |  |  | 11965168 |
| Metals & Mining - 0.2% |  |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (d) |  | 3060000 | 3166351 |
| Champion Iron Canada Inc 7.875% 7/15/2032 (d) |  | 1040000 | 1090362 |
| Hudbay Minerals Inc 4.5% 4/1/2026 (d) |  | 1840000 | 1835227 |
|  |  |  | 6091940 |
| TOTAL MATERIALS |  |  | 18057108 |
| TOTAL CANADA |  |  | 82103821 |
| CHILE - 0.3%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Media - 0.2% |  |  |  |
| VTR Finance NV 6.375% 7/15/2028 (d) |  | 7570000 | 7418600 |
| Industrials - 0.1% |  |  |  |
| Construction & Engineering - 0.1% |  |  |  |
| ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C 7.875% 2/3/2030 (d) |  | 2575000 | 2643199 |
| TOTAL CHILE |  |  | 10061799 |
| COLOMBIA - 0.4%  |  |  |  |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| Canacol Energy Ltd 5.75% 11/24/2028 (d) |  | 12631000 | 2715665 |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (d) |  | 4556000 | 3687718 |
|  |  |  | 6403383 |
| 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) |  | 5441000 | 5034013 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (d) |  | 1340000 | 1401278 |
|  |  |  | 6435291 |
| TOTAL COLOMBIA |  |  | 12838674 |
| FINLAND - 0.2%  |  |  |  |
| Consumer Discretionary - 0.1% |  |  |  |
| Leisure Products - 0.1% |  |  |  |
| Amer Sports Co 6.75% 2/16/2031 (d) |  | 3595000 | 3742222 |
| Materials - 0.1% |  |  |  |
| Paper & Forest Products - 0.1% |  |  |  |
| Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (d) |  | 3705000 | 3602474 |
| TOTAL FINLAND |  |  | 7344696 |
| FRANCE - 1.3%  |  |  |  |
| Communication Services - 0.7% |  |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |  |
| Altice France SA 6.5% 10/15/2031 (d) |  | 4274055 | 4074668 |
| Altice France SA 6.5% 3/15/2032 (d) |  | 10993947 | 10527365 |
| Altice France SA 6.875% 10/15/2030 (d) |  | 2483572 | 2430466 |
| Altice France SA 6.875% 7/15/2032 (d) |  | 3346084 | 3211456 |
|  |  |  | 20243955 |
| Consumer Discretionary - 0.1% |  |  |  |
| Automobile Components - 0.1% |  |  |  |
| Forvia SE 6.75% 9/15/2033 (d) |  | 2915000 | 2956894 |
| Energy - 0.3% |  |  |  |
| Energy Equipment & Services - 0.3% |  |  |  |
| Vallourec SACA 7.5% 4/15/2032 (d) |  | 5484000 | 5828801 |
| Viridien 10% 10/15/2030 (d) |  | 2883000 | 3020804 |
|  |  |  | 8849605 |
| Financials - 0.2% |  |  |  |
| Financial Services - 0.2% |  |  |  |
| Iliad Holding SAS 7% 4/15/2032 (d) |  | 2715000 | 2778314 |
| Iliad Holding SAS 8.5% 4/15/2031 (d) |  | 3385000 | 3636844 |
|  |  |  | 6415158 |
| TOTAL FRANCE |  |  | 38465612 |
| GERMANY - 0.5%  |  |  |  |
| Consumer Discretionary - 0.3% |  |  |  |
| Automobile Components - 0.3% |  |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (d) |  | 3525000 | 3355515 |
| ZF North America Capital Inc 6.875% 4/14/2028 (d) |  | 810000 | 814982 |
| ZF North America Capital Inc 6.875% 4/23/2032 (d) |  | 1570000 | 1433002 |
| ZF North America Capital Inc 7.125% 4/14/2030 (d) |  | 810000 | 788512 |
| ZF North America Capital Inc 7.5% 3/24/2031 (d) |  | 2040000 | 1961644 |
|  |  |  | 8353655 |
| Industrials - 0.2% |  |  |  |
| Machinery - 0.2% |  |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (d)(m) |  | 5330000 | 5323856 |
| TOTAL GERMANY |  |  | 13677511 |
| GHANA - 0.4%  |  |  |  |
| Energy - 0.4% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |  |
| Kosmos Energy Ltd 7.125% 4/4/2026 (d) |  | 2410000 | 2385900 |
| Kosmos Energy Ltd 7.5% 3/1/2028 (d) |  | 915000 | 723765 |
| Kosmos Energy Ltd 7.75% 5/1/2027 (d) |  | 1715000 | 1601956 |
| Kosmos Energy Ltd 8.75% 10/1/2031 (d) |  | 1244000 | 834960 |
| Tullow Oil PLC 10.25% 5/15/2026 (d) |  | 7672000 | 6463660 |
| TOTAL GHANA |  |  | 12010241 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |  |
| Financials - 0.3% |  |  |  |
| Financial Services - 0.3% |  |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (d) |  | 8188000 | 8429874 |
| GREECE - 0.1%  |  |  |  |
| Industrials - 0.1% |  |  |  |
| Marine Transportation - 0.1% |  |  |  |
| Danaos Corp 6.875% 10/15/2032 (d) |  | 2995000 | 2949359 |
| GUATEMALA - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (d) |  | 1850000 | 1725588 |
| Millicom International Cellular SA 5.125% 1/15/2028 (d) |  | 1750500 | 1740662 |
| Millicom International Cellular SA 7.375% 4/2/2032 (d) |  | 1015000 | 1056615 |
| TOTAL GUATEMALA |  |  | 4522865 |
| IRELAND - 1.0%  |  |  |  |
| Consumer Discretionary - 0.4% |  |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |  |
| Flutter Treasury DAC 5.875% 6/4/2031 (d) |  | 11905000 | 12053813 |
| Financials - 0.6% |  |  |  |
| Consumer Finance - 0.1% |  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (e) |  | 2508000 | 2591057 |
| Financial Services - 0.5% |  |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (d) |  | 4835000 | 4889394 |
| GGAM Finance Ltd 6.875% 4/15/2029 (d) |  | 1745000 | 1810324 |
| GGAM Finance Ltd 7.75% 5/15/2026 (d) |  | 1229000 | 1231121 |
| GGAM Finance Ltd 8% 6/15/2028 (d) |  | 5080000 | 5388047 |
| TrueNoord Capital DAC 8.75% 3/1/2030 (d) |  | 1410000 | 1485460 |
|  |  |  | 14804346 |
| TOTAL FINANCIALS |  |  | 17395403 |
| TOTAL IRELAND |  |  | 29449216 |
| ISRAEL - 0.4%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| Energean PLC 6.5% 4/30/2027 (d) |  | 3875000 | 3865312 |
| Health Care - 0.3% |  |  |  |
| Pharmaceuticals - 0.3% |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  |  | 697000 | 686283 |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  |  | 3710000 | 3871805 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  |  | 2825000 | 2921050 |
|  |  |  | 7479138 |
| TOTAL ISRAEL |  |  | 11344450 |
| LUXEMBOURG - 0.7%  |  |  |  |
| Communication Services - 0.4% |  |  |  |
| Media - 0.4% |  |  |  |
| Altice Financing SA 5.75% 8/15/2029 (d) |  | 11234000 | 8172960 |
| Altice Financing SA 9.625% 7/15/2027 (d) |  | 1757000 | 1500782 |
|  |  |  | 9673742 |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| Altice France Lux 3 / Altice Holdings 1 10% 1/15/2033 (d) |  | 1330400 | 1249965 |
| TOTAL COMMUNICATION SERVICES |  |  | 10923707 |
| Industrials - 0.1% |  |  |  |
| Electrical Equipment - 0.1% |  |  |  |
| Albion Financing 1 SARL / Aggreko Holdings Inc 7% 5/21/2030 (d) |  | 4230000 | 4365706 |
| Materials - 0.2% |  |  |  |
| Chemicals - 0.2% |  |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (d) |  | 5631000 | 4753415 |
| TOTAL LUXEMBOURG |  |  | 20042828 |
| MAURITIUS - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (d) |  | 2870000 | 2895830 |
| NETHERLANDS - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Media - 0.0% |  |  |  |
| Ziggo BV 4.875% 1/15/2030 (d) |  | 1415000 | 1335547 |
| NIGERIA - 0.3%  |  |  |  |
| Communication Services - 0.3% |  |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |  |
| IHS Holding Ltd 5.625% 11/29/2026 (d) |  | 3143000 | 3103713 |
| IHS Holding Ltd 6.25% 11/29/2028 (d) |  | 1083000 | 1081483 |
| IHS Holding Ltd 7.875% 5/29/2030 (d) |  | 1450000 | 1473168 |
| IHS Holding Ltd 8.25% 11/29/2031 (d) |  | 2695000 | 2801453 |
| TOTAL NIGERIA |  |  | 8459817 |
| NORWAY - 0.1%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Energy Equipment & Services - 0.1% |  |  |  |
| TGS ASA 8.5% 1/15/2030 (d) |  | 2255000 | 2335053 |
| PANAMA - 0.4%  |  |  |  |
| Communication Services - 0.4% |  |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (d) |  | 3555000 | 3555000 |
| Wireless Telecommunication Services - 0.3% |  |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (d) |  | 9323000 | 9501871 |
| TOTAL PANAMA |  |  | 13056871 |
| PERU - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Metals & Mining - 0.1% |  |  |  |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (d) |  | 3575000 | 3631843 |
| SOUTH AFRICA - 0.2%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |  |
| Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (d) |  | 8344000 | 7282894 |
| SWITZERLAND - 0.7%  |  |  |  |
| Industrials - 0.4% |  |  |  |
| Aerospace & Defense - 0.4% |  |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (d) |  | 8032000 | 7757318 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (d) |  | 3617000 | 3670414 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (d) |  | 1405000 | 1461213 |
|  |  |  | 12888945 |
| Materials - 0.3% |  |  |  |
| Chemicals - 0.3% |  |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (d) |  | 4645000 | 3301202 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 (d) |  | 1038000 | 704885 |
| Consolidated Energy Finance SA 6.5% 5/15/2026 (d) |  | 5668000 | 5429629 |
|  |  |  | 9435716 |
| TOTAL SWITZERLAND |  |  | 22324661 |
| TANZANIA - 0.1%  |  |  |  |
| Information Technology - 0.1% |  |  |  |
| Communications Equipment - 0.1% |  |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (d) |  | 2815000 | 2920563 |
| UNITED KINGDOM - 1.1%  |  |  |  |
| Communication Services - 0.4% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Virgin Media Finance PLC 5% 7/15/2030 (d) |  | 950000 | 847945 |
| Media - 0.2% |  |  |  |
| Virgin Media Secured Finance PLC 4.5% 8/15/2030 (d) |  | 5965000 | 5543786 |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (d) |  | 4740000 | 4327610 |
| Vmed O2 UK Financing I PLC 6.75% 1/15/2033 (d) |  | 1490000 | 1494324 |
|  |  |  | 5821934 |
| TOTAL COMMUNICATION SERVICES |  |  | 12213665 |
| Consumer Discretionary - 0.2% |  |  |  |
| Automobile Components - 0.1% |  |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (d) |  | 2090000 | 2196868 |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (d) |  | 1840000 | 1963836 |
|  |  |  | 4160704 |
| Specialty Retail - 0.1% |  |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (d) |  | 2580000 | 2613844 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 6774548 |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| EG Global Finance PLC 12% 11/30/2028 (d) |  | 6120000 | 6703303 |
| Utilities - 0.3% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (d) |  | 5698000 | 5757054 |
| ContourGlobal Power Holdings SA 6.75% 2/28/2030 (d) |  | 2125000 | 2184447 |
|  |  |  | 7941501 |
| TOTAL UNITED KINGDOM |  |  | 33633017 |
| UNITED STATES - 64.2%  |  |  |  |
| Communication Services - 6.7% |  |  |  |
| Diversified Telecommunication Services - 1.6% |  |  |  |
| Cablevision Lightpath LLC 3.875% 9/15/2027 (d) |  | 1233000 | 1207913 |
| Cablevision Lightpath LLC 5.625% 9/15/2028 (d) |  | 2780000 | 2751602 |
| Connect Holding II LLC 10.5% 4/3/2031 (d)(m) |  | 3945000 | 3858710 |
| Level 3 Financing Inc 3.625% 1/15/2029 (d) |  | 1390000 | 1249263 |
| Level 3 Financing Inc 3.75% 7/15/2029 (d) |  | 2265000 | 1998863 |
| Level 3 Financing Inc 3.875% 10/15/2030 (d)(m) |  | 6062000 | 5431173 |
| Level 3 Financing Inc 4% 4/15/2031 (d) |  | 175000 | 156188 |
| Level 3 Financing Inc 4.25% 7/1/2028 (d) |  | 430000 | 406350 |
| Level 3 Financing Inc 4.5% 4/1/2030 (d) |  | 2885000 | 2665019 |
| Level 3 Financing Inc 4.875% 6/15/2029 (d)(m) |  | 1445000 | 1381781 |
| Level 3 Financing Inc 6.875% 6/30/2033 (d) |  | 7725000 | 7912617 |
| Level 3 Financing Inc 7% 3/31/2034 (d) |  | 7660000 | 7869907 |
| Lumen Technologies Inc 4.125% 4/15/2030 (d) |  | 755000 | 745075 |
| Lumen Technologies Inc 4.5% 1/15/2029 (d) |  | 450000 | 416250 |
| Windstream Services LLC 7.5% 10/15/2033 (d)(m) |  | 5185000 | 5175615 |
| WULF Compute LLC 7.75% 10/15/2030 (d) |  | 5925000 | 6155334 |
|  |  |  | 49381660 |
| Interactive Media & Services - 0.2% |  |  |  |
| Snap Inc 6.875% 3/1/2033 (d) |  | 1980000 | 2024837 |
| Snap Inc 6.875% 3/15/2034 (d) |  | 4145000 | 4219179 |
|  |  |  | 6244016 |
| Media - 4.9% |  |  |  |
| Advantage Sales & Marketing Inc 6.5% 11/15/2028 (d) |  | 4093000 | 3517560 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (d)(m) |  | 6740000 | 5659737 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (d) |  | 6920000 | 6263420 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032 (m) |  | 9219000 | 8199468 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 6/1/2033 (d) |  | 8320000 | 7213408 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (d) |  | 3230000 | 3027848 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (d)(m) |  | 3180000 | 2878915 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (d) |  | 5430000 | 5599732 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (d) |  | 4885000 | 5108069 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (d) |  | 3510000 | 3444180 |
| Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (d)(m) |  | 3395000 | 3559206 |
| CMG Media Corp 8.875% 6/18/2029 (d) |  | 905000 | 791502 |
| CSC Holdings LLC 3.375% 2/15/2031 (d) |  | 9010000 | 5451691 |
| CSC Holdings LLC 4.125% 12/1/2030 (d) |  | 8071000 | 4964562 |
| CSC Holdings LLC 4.5% 11/15/2031 (d) |  | 5762000 | 3529531 |
| CSC Holdings LLC 4.625% 12/1/2030 (d) |  | 9601000 | 3469398 |
| CSC Holdings LLC 5.375% 2/1/2028 (d) |  | 2800000 | 2321963 |
| Discovery Communications LLC 5% 9/20/2037  |  | 1370000 | 1159020 |
| Discovery Communications LLC 6.35% 6/1/2040  |  | 1625000 | 1457788 |
| DISH DBS Corp 5.125% 6/1/2029  |  | 7787000 | 6722336 |
| DISH DBS Corp 5.25% 12/1/2026 (d) |  | 882000 | 867812 |
| DISH DBS Corp 7.375% 7/1/2028  |  | 1896000 | 1771660 |
| DISH DBS Corp 7.75% 7/1/2026  |  | 7536000 | 7458843 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e) |  | 18117107 | 18695224 |
| EW Scripps Co/The 9.875% 8/15/2030 (d) |  | 3153000 | 2990105 |
| Lamar Media Corp 5.375% 11/1/2033 (d) |  | 4390000 | 4346141 |
| Outfront Media Capital LLC / Outfront Media Capital Corp 7.375% 2/15/2031 (d) |  | 1685000 | 1779975 |
| Univision Communications Inc 7.375% 6/30/2030 (d)(m) |  | 3750000 | 3762619 |
| Univision Communications Inc 8.5% 7/31/2031 (d) |  | 11429000 | 11689638 |
| Univision Communications Inc 9.375% 8/1/2032 (d) |  | 5415000 | 5715926 |
| Warnermedia Holdings Inc 4.279% 3/15/2032  |  | 630000 | 577040 |
| Warnermedia Holdings Inc 5.05% 3/15/2042 (m) |  | 3250000 | 2608873 |
| Warnermedia Holdings Inc 5.141% 3/15/2052  |  | 1180000 | 896800 |
|  |  |  | 147499990 |
| TOTAL COMMUNICATION SERVICES |  |  | 203125666 |
| Consumer Discretionary - 9.7% |  |  |  |
| Automobile Components - 0.6% |  |  |  |
| Adient Global Holdings Ltd 7.5% 2/15/2033 (d) |  | 1825000 | 1886486 |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (d) |  | 2230000 | 2236631 |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (d) |  | 4210000 | 4215929 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (d) |  | 5715000 | 5847486 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (d) |  | 3825000 | 3965301 |
| Patrick Industries Inc 6.375% 11/1/2032 (d) |  | 970000 | 989009 |
|  |  |  | 19140842 |
| Automobiles - 0.1% |  |  |  |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (d) |  | 2407000 | 2143836 |
| Broadline Retail - 0.7% |  |  |  |
| GrubHub Holdings Inc 13% 7/31/2030 pay-in-kind (d) |  | 802698 | 676345 |
| Nordstrom Inc 4.25% 8/1/2031 (m) |  | 685000 | 623719 |
| Nordstrom Inc 4.375% 4/1/2030  |  | 435000 | 411385 |
| Saks Global Enterprises LLC 11% 12/15/2029 (d) |  | 6175098 | 2701482 |
| Wayfair LLC 7.25% 10/31/2029 (d)(m) |  | 7813000 | 8079189 |
| Wayfair LLC 7.75% 9/15/2030 (d)(m) |  | 9098000 | 9597317 |
|  |  |  | 22089437 |
| Diversified Consumer Services - 0.7% |  |  |  |
| Service Corp International/US 5.75% 10/15/2032  |  | 635000 | 644241 |
| Sotheby's 7.375% 10/15/2027 (d) |  | 6980000 | 6953101 |
| StoneMor Inc 8.5% 5/15/2029 (d) |  | 7029000 | 6956939 |
| TKC Holdings Inc 10.5% 5/15/2029 (d) |  | 4038000 | 4152578 |
| TKC Holdings Inc 6.875% 5/15/2028 (d) |  | 3455000 | 3483901 |
|  |  |  | 22190760 |
| Hotels, Restaurants & Leisure - 4.5% |  |  |  |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc 9.5% 7/1/2032 (d) |  | 1645000 | 1655265 |
| Caesars Entertainment Inc 6% 10/15/2032 (d)(m) |  | 3390000 | 3233970 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (d) |  | 3760000 | 3791310 |
| Caesars Entertainment Inc 7% 2/15/2030 (d) |  | 745000 | 766544 |
| Carnival Corp 5.75% 3/15/2030 (d) |  | 5190000 | 5345830 |
| Carnival Corp 5.75% 8/1/2032 (d) |  | 2685000 | 2758254 |
| Carnival Corp 5.875% 6/15/2031 (d) |  | 4835000 | 4986336 |
| Carnival Corp 6% 5/1/2029 (d) |  | 4165000 | 4227475 |
| Carnival Corp 6.125% 2/15/2033 (d) |  | 9590000 | 9888919 |
| Carnival Corp 6.65% 1/15/2028  |  | 670000 | 693446 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d) |  | 10197000 | 9452034 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (d)(m) |  | 4420000 | 4072007 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (d) |  | 2905000 | 2760726 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (d)(m) |  | 2670000 | 2720063 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (d) |  | 1125000 | 1153156 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (d) |  | 1900000 | 1939542 |
| Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (d)(m) |  | 3600000 | 3714858 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (d) |  | 3305000 | 3353845 |
| Life Time Inc 6% 11/15/2031 (d) |  | 5530000 | 5607697 |
| Light & Wonder International Inc 6.25% 10/1/2033 (d) |  | 4665000 | 4644381 |
| Lindblad Expeditions LLC 7% 9/15/2030 (d) |  | 1585000 | 1614279 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (d) |  | 4035000 | 3151942 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 11.875% 4/15/2031 (d) |  | 2275000 | 2373803 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (d) |  | 3085000 | 3202642 |
| NCL Corp Ltd 5.875% 1/15/2031 (d) |  | 5800000 | 5797254 |
| NCL Corp Ltd 6.25% 9/15/2033 (d) |  | 5800000 | 5866721 |
| NCL Corp Ltd 6.75% 2/1/2032 (d) |  | 1780000 | 1829059 |
| Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (d) |  | 2830000 | 2883302 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (d) |  | 5865000 | 6021653 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (d) |  | 3715000 | 3834009 |
| Viking Cruises Ltd 5.875% 10/15/2033 (d) |  | 13250000 | 13469507 |
| Viking Cruises Ltd 9.125% 7/15/2031 (d) |  | 535000 | 573172 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (d) |  | 1545000 | 1543477 |
| Yum! Brands Inc 4.625% 1/31/2032  |  | 3255000 | 3178573 |
| Yum! Brands Inc 5.375% 4/1/2032 (m) |  | 585000 | 591419 |
|  |  |  | 132696470 |
| Household Durables - 1.9% |  |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 8/1/2029 (d) |  | 2060000 | 1947425 |
| Ashton Woods USA LLC / Ashton Woods Finance Co 6.875% 8/1/2033 (d) |  | 1630000 | 1631428 |
| Beazer Homes USA Inc 7.5% 3/15/2031 (d)(m) |  | 1255000 | 1270229 |
| Century Communities Inc 6.625% 9/15/2033 (d) |  | 7140000 | 7118833 |
| Dream Finders Homes Inc 6.875% 9/15/2030 (d) |  | 4275000 | 4255036 |
| LGI Homes Inc 4% 7/15/2029 (d)(m) |  | 1030000 | 925049 |
| LGI Homes Inc 7% 11/15/2032 (d)(m) |  | 8516000 | 8172294 |
| LGI Homes Inc 8.75% 12/15/2028 (d) |  | 1245000 | 1294794 |
| New Home Co Inc/The 8.5% 11/1/2030 (d) |  | 1400000 | 1448745 |
| Newell Brands Inc 6.375% 5/15/2030 (m) |  | 2265000 | 2151750 |
| Newell Brands Inc 6.625% 5/15/2032 (m) |  | 830000 | 780200 |
| Newell Brands Inc 6.625% 9/15/2029  |  | 595000 | 581883 |
| Newell Brands Inc 6.875% 4/1/2036 (m)(p) |  | 66000 | 62206 |
| Newell Brands Inc 7% 4/1/2046 (p) |  | 1284000 | 1059540 |
| Newell Brands Inc 8.5% 6/1/2028 (d) |  | 2240000 | 2298054 |
| TopBuild Corp 4.125% 2/15/2032 (d) |  | 1320000 | 1243219 |
| TopBuild Corp 5.625% 1/31/2034 (d) |  | 4370000 | 4387725 |
| Whirlpool Corp 5.75% 3/1/2034  |  | 274000 | 261896 |
| Whirlpool Corp 6.125% 6/15/2030  |  | 6447000 | 6383669 |
| Whirlpool Corp 6.5% 6/15/2033 (m) |  | 7847000 | 7655821 |
|  |  |  | 54929796 |
| Specialty Retail - 1.2% |  |  |  |
| Carvana Co 4.875% 9/1/2029 (d) |  | 1322000 | 1222850 |
| Carvana Co 5.5% 4/15/2027 (d) |  | 1312000 | 1292320 |
| Carvana Co 5.875% 10/1/2028 (d) |  | 764000 | 746810 |
| Carvana Co 9% 6/1/2030 pay-in-kind (d)(e) |  | 1805450 | 1885559 |
| Carvana Co 9% 6/1/2031 pay-in-kind (d)(e) |  | 4817275 | 5360370 |
| Champions Financing Inc 8.75% 2/15/2029 (d)(m) |  | 3202000 | 3103946 |
| LBM Acquisition LLC 6.25% 1/15/2029 (d) |  | 2463000 | 2246577 |
| LBM Acquisition LLC 9.5% 6/15/2031 (d) |  | 4940000 | 5168475 |
| Park River Holdings Inc 8% 3/15/2031 (d) |  | 1100000 | 1132388 |
| SGUS LLC 11% 12/15/2029 (d) |  | 3488902 | 3009213 |
| Staples Inc 10.75% 9/1/2029 (d) |  | 5004000 | 4849270 |
| Staples Inc 12.75% 1/15/2030 (d) |  | 3101712 | 2388318 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (d)(m) |  | 2270000 | 2372454 |
| White Cap Supply Holdings LLC 7.375% 11/15/2030 (d) |  | 2585000 | 2614863 |
|  |  |  | 37393413 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 290584554 |
| Consumer Staples - 1.8% |  |  |  |
| Consumer Staples Distribution & Retail - 1.1% |  |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d) |  | 4270000 | 4069556 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (d) |  | 5500000 | 5431589 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (d)(q) |  | 2645000 | 2665907 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.75% 3/31/2034 (d)(q) |  | 2975000 | 2988108 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (d) |  | 2520000 | 2590396 |
| C&S Group Enterprises LLC 5% 12/15/2028 (d) |  | 3203000 | 2920915 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (d) |  | 5340000 | 5591027 |
| Performance Food Group Inc 6.125% 9/15/2032 (d) |  | 2600000 | 2669415 |
| US Foods Inc 4.75% 2/15/2029 (d) |  | 2305000 | 2279500 |
| US Foods Inc 5.75% 4/15/2033 (d)(m) |  | 1885000 | 1909818 |
| US Foods Inc 6.875% 9/15/2028 (d) |  | 885000 | 912725 |
| US Foods Inc 7.25% 1/15/2032 (d) |  | 360000 | 377701 |
|  |  |  | 34406657 |
| Food Products - 0.7% |  |  |  |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (d) |  | 1375000 | 1451277 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (d) |  | 1340000 | 1441931 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (d)(m) |  | 5925000 | 5722605 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (d) |  | 850000 | 810322 |
| Post Holdings Inc 4.625% 4/15/2030 (d)(m) |  | 2595000 | 2515963 |
| Post Holdings Inc 5.5% 12/15/2029 (d) |  | 2615000 | 2616313 |
| Post Holdings Inc 6.25% 10/15/2034 (d)(m) |  | 945000 | 956069 |
| Post Holdings Inc 6.25% 2/15/2032 (d) |  | 2440000 | 2508053 |
| Post Holdings Inc 6.375% 3/1/2033 (d)(m) |  | 1990000 | 2015460 |
|  |  |  | 20037993 |
| Household Products - 0.0% |  |  |  |
| Resideo Funding Inc 6.5% 7/15/2032 (d) |  | 1100000 | 1125946 |
| TOTAL CONSUMER STAPLES |  |  | 55570596 |
| Energy - 7.6% |  |  |  |
| Energy Equipment & Services - 1.0% |  |  |  |
| Kodiak Gas Services LLC 6.5% 10/1/2033 (d) |  | 2275000 | 2331279 |
| Kodiak Gas Services LLC 6.75% 10/1/2035 (d) |  | 2280000 | 2347978 |
| Nabors Industries Inc 7.375% 5/15/2027 (d) |  | 1920000 | 1946817 |
| Nabors Industries Inc 8.875% 8/15/2031 (d) |  | 1695000 | 1610732 |
| Nabors Industries Inc 9.125% 1/31/2030 (d) |  | 380000 | 399315 |
| Nabors Industries Ltd 7.5% 1/15/2028 (d) |  | 3682000 | 3699084 |
| Star Holding LLC 8.75% 8/1/2031 (d) |  | 1657000 | 1601561 |
| Transocean Aquila Ltd 8% 9/30/2028 (d) |  | 245846 | 252183 |
| Transocean International Ltd 7.875% 10/15/2032 (d) |  | 820000 | 844476 |
| Transocean International Ltd 8.25% 5/15/2029 (d) |  | 2860000 | 2876743 |
| Transocean International Ltd 8.5% 5/15/2031 (d) |  | 3145000 | 3122402 |
| Transocean International Ltd 8.75% 2/15/2030 (d) |  | 1080000 | 1133275 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (d) |  | 3280000 | 3292592 |
| WBI Operating LLC 6.25% 10/15/2030 (d) |  | 2365000 | 2362753 |
| WBI Operating LLC 6.5% 10/15/2033 (d) |  | 2365000 | 2364693 |
|  |  |  | 30185883 |
| Oil, Gas & Consumable Fuels - 6.6% |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 10/15/2033 (d) |  | 2900000 | 2895837 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.625% 7/15/2033 (d) |  | 2930000 | 2982380 |
| California Resources Corp 7% 1/15/2034 (d) |  | 1460000 | 1453501 |
| California Resources Corp 8.25% 6/15/2029 (d) |  | 6714000 | 6984319 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 8.125% 1/15/2027 (d) |  | 3905000 | 3896539 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 7/15/2028 (d) |  | 6236000 | 6112091 |
| CITGO Petroleum Corp 6.375% 6/15/2026 (d) |  | 6440000 | 6447780 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (d) |  | 1910000 | 1986203 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (d) |  | 4430000 | 4240403 |
| CNX Resources Corp 7.25% 3/1/2032 (d)(m) |  | 3265000 | 3404236 |
| CNX Resources Corp 7.375% 1/15/2031 (d)(m) |  | 985000 | 1019574 |
| Comstock Resources Inc 5.875% 1/15/2030 (d) |  | 5040000 | 4796613 |
| Comstock Resources Inc 6.75% 3/1/2029 (d) |  | 2920000 | 2894712 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (d) |  | 4192000 | 4535555 |
| CVR Energy Inc 8.5% 1/15/2029 (d) |  | 4218000 | 4322767 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (d) |  | 5700000 | 5728010 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (d) |  | 2595000 | 2632661 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (d) |  | 3715000 | 3877450 |
| Energy Transfer LP 6.5% 2/15/2056 (e) |  | 2805000 | 2779594 |
| Energy Transfer LP 6.75% 2/15/2056 (e) |  | 2805000 | 2813690 |
| Energy Transfer LP 7.375% 2/1/2031 (d) |  | 1355000 | 1411554 |
| Genesis Energy LP / Genesis Energy Finance Corp 8% 5/15/2033  |  | 5255000 | 5427417 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  |  | 4738000 | 4795917 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (d) |  | 975000 | 988807 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (d)(m) |  | 515000 | 538400 |
| Harvest Midstream I LP 7.5% 5/15/2032 (d) |  | 1410000 | 1461224 |
| Harvest Midstream I LP 7.5% 9/1/2028 (d) |  | 4225000 | 4271285 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (d) |  | 690000 | 672048 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (d) |  | 3040000 | 3033153 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (d) |  | 885000 | 890821 |
| Hess Midstream Operations LP 5.875% 3/1/2028 (d) |  | 4155000 | 4240552 |
| Hess Midstream Operations LP 6.5% 6/1/2029 (d) |  | 685000 | 709799 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (d) |  | 3120000 | 3215207 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (d) |  | 1385000 | 1451290 |
| Kinetik Holdings LP 5.875% 6/15/2030 (d) |  | 2845000 | 2866264 |
| Kinetik Holdings LP 6.625% 12/15/2028 (d) |  | 4315000 | 4431820 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (d) |  | 4647000 | 4485485 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028 (m) |  | 1039000 | 1031458 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d) |  | 6867000 | 6898101 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d) |  | 3845000 | 4076223 |
| Prairie Acquiror LP 9% 8/1/2029 (d) |  | 610000 | 626089 |
| Rockies Express Pipeline LLC 4.8% 5/15/2030 (d) |  | 2860000 | 2798843 |
| Rockies Express Pipeline LLC 4.95% 7/15/2029 (d) |  | 4220000 | 4183729 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (d) |  | 3395000 | 3553350 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (d) |  | 365000 | 376332 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029 (m) |  | 1585000 | 1554162 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028  |  | 3530000 | 3535867 |
| Sunoco LP 5.625% 3/15/2031 (d) |  | 4295000 | 4297770 |
| Sunoco LP 5.875% 3/15/2034 (d) |  | 4295000 | 4294296 |
| Sunoco LP 6.25% 7/1/2033 (d) |  | 3600000 | 3676018 |
| Sunoco LP 7% 5/1/2029 (d) |  | 1070000 | 1112245 |
| Sunoco LP 7.25% 5/1/2032 (d) |  | 1285000 | 1354728 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (d) |  | 3665000 | 3642907 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (d) |  | 6770000 | 6718301 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (d) |  | 6611000 | 6499563 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6.75% 3/15/2034 (d) |  | 4285000 | 4252049 |
| Talos Production Inc 9% 2/1/2029 (d) |  | 753000 | 774218 |
| Talos Production Inc 9.375% 2/1/2031 (d) |  | 950000 | 971555 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (d) |  | 5220000 | 5467705 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (d) |  | 4060000 | 4299991 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d) |  | 2015000 | 2215893 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (d) |  | 2060000 | 2324531 |
|  |  |  | 201230882 |
| TOTAL ENERGY |  |  | 231416765 |
| Financials - 7.3% |  |  |  |
| Banks - 0.1% |  |  |  |
| Western Alliance Bancorp 3% 6/15/2031 (e) |  | 4000000 | 3836080 |
| Capital Markets - 0.8% |  |  |  |
| Hightower Holding LLC 6.75% 4/15/2029 (d) |  | 995000 | 996054 |
| Hightower Holding LLC 9.125% 1/31/2030 (d) |  | 4060000 | 4351715 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (d) |  | 3365000 | 3424143 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (d) |  | 5795000 | 6045169 |
| Jane Street Group / JSG Finance Inc 7.125% 4/30/2031 (d) |  | 2840000 | 2980205 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (d) |  | 520000 | 492376 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (d) |  | 2910000 | 2867131 |
| Stonex Escrow Issuer LLC 6.875% 7/15/2032 (d) |  | 1415000 | 1463964 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (d) |  | 1400000 | 1465050 |
|  |  |  | 24085807 |
| Consumer Finance - 2.0% |  |  |  |
| Ally Financial Inc 6.646% 1/17/2040 (e) |  | 4117000 | 4126538 |
| Ally Financial Inc 6.7% 2/14/2033 (m) |  | 3925000 | 4092116 |
| Encore Capital Group Inc 6.625% 4/15/2031 (d) |  | 1465000 | 1453852 |
| Encore Capital Group Inc 8.5% 5/15/2030 (d) |  | 4490000 | 4728150 |
| Ford Motor Credit Co LLC 5.73% 9/5/2030  |  | 2865000 | 2905578 |
| LFS Topco LLC 8.75% 7/15/2030 (d) |  | 6078000 | 5949637 |
| Navient Corp 4.875% 3/15/2028  |  | 375000 | 366769 |
| Navient Corp 5% 3/15/2027  |  | 1345000 | 1337065 |
| Navient Corp 5.5% 3/15/2029 (m) |  | 1283000 | 1259947 |
| Navient Corp 5.625% 8/1/2033 (m) |  | 1120000 | 1013972 |
| Navient Corp 7.875% 6/15/2032 (m) |  | 3705000 | 3828106 |
| OneMain Finance Corp 3.875% 9/15/2028  |  | 3078000 | 2970048 |
| OneMain Finance Corp 5.375% 11/15/2029  |  | 2420000 | 2400836 |
| OneMain Finance Corp 6.125% 5/15/2030  |  | 5500000 | 5564681 |
| OneMain Finance Corp 6.5% 3/15/2033  |  | 4285000 | 4276370 |
| OneMain Finance Corp 6.625% 5/15/2029  |  | 405000 | 416485 |
| OneMain Finance Corp 6.75% 3/15/2032  |  | 2090000 | 2120972 |
| OneMain Finance Corp 7.125% 11/15/2031  |  | 1094000 | 1133629 |
| OneMain Finance Corp 7.125% 3/15/2026  |  | 754000 | 758918 |
| OneMain Finance Corp 7.125% 9/15/2032 (m) |  | 3710000 | 3829161 |
| OneMain Finance Corp 7.5% 5/15/2031  |  | 875000 | 913966 |
| PRA Group Inc 8.875% 1/31/2030 (d)(m) |  | 2020000 | 2049700 |
| SLM Corp 6.5% 1/31/2030  |  | 1857000 | 1925380 |
|  |  |  | 59421876 |
| Financial Services - 3.4% |  |  |  |
| Block Inc 3.5% 6/1/2031 (m) |  | 5230000 | 4869591 |
| Block Inc 5.625% 8/15/2030 (d) |  | 2635000 | 2674812 |
| Block Inc 6% 8/15/2033 (d) |  | 2085000 | 2131904 |
| Block Inc 6.5% 5/15/2032  |  | 6527000 | 6772116 |
| Boost Newco Borrower LLC 7.5% 1/15/2031 (d) |  | 3255000 | 3458014 |
| Burford Capital Global Finance LLC 7.5% 7/15/2033 (d)(m) |  | 2635000 | 2601491 |
| Clue Opco LLC 9.5% 10/15/2031 (d)(m) |  | 1205000 | 1228353 |
| CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (d) |  | 2940000 | 2967119 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d) |  | 4515000 | 4531931 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  |  | 4145000 | 3565039 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027 (m) |  | 8661000 | 8511159 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  |  | 1560000 | 1559113 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  |  | 485000 | 466815 |
| ION Platform Finance US Inc 7.875% 9/30/2032 (d) |  | 5140000 | 5015535 |
| Jefferson Capital Holdin 8.25% 5/15/2030 (d) |  | 2285000 | 2368976 |
| NFE Financing LLC 12% 11/15/2029 (d) |  | 6912612 | 1684629 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (d) |  | 5525000 | 5663043 |
| PennyMac Financial Services Inc 6.875% 2/15/2033 (d)(m) |  | 1884000 | 1948880 |
| PennyMac Financial Services Inc 6.875% 5/15/2032 (d) |  | 3105000 | 3238791 |
| Rocket Cos Inc 6.125% 8/1/2030 (d) |  | 5070000 | 5229720 |
| Rocket Cos Inc 6.375% 8/1/2033 (d) |  | 7605000 | 7922357 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (d) |  | 1923000 | 1986139 |
| UWM Holdings LLC 6.25% 3/15/2031 (d) |  | 2905000 | 2899774 |
| UWM Holdings LLC 6.625% 2/1/2030 (d) |  | 4990000 | 5083737 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (d) |  | 1430000 | 1463395 |
| WEX Inc 6.5% 3/15/2033 (d) |  | 3150000 | 3221401 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (d) |  | 7270000 | 7423731 |
|  |  |  | 100487565 |
| Insurance - 0.3% |  |  |  |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (d) |  | 1265000 | 1297333 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (d) |  | 780000 | 806737 |
| Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (d) |  | 780000 | 818808 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (d) |  | 355000 | 364048 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d) |  | 835000 | 850160 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7.375% 10/1/2032 (d) |  | 1400000 | 1444522 |
| AmWINS Group Inc 4.875% 6/30/2029 (d) |  | 505000 | 487725 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (d) |  | 4137000 | 4261110 |
|  |  |  | 10330443 |
| 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 (d) |  | 2975000 | 2982764 |
| Rithm Capital Corp 8% 4/1/2029 (d) |  | 760000 | 775414 |
| Rithm Capital Corp 8% 7/15/2030 (d) |  | 2950000 | 2990347 |
| Starwood Property Trust Inc 3.625% 7/15/2026 (d) |  | 358000 | 355159 |
| Starwood Property Trust Inc 5.25% 10/15/2028 (d) |  | 1465000 | 1470308 |
| Starwood Property Trust Inc 5.75% 1/15/2031 (d) |  | 4415000 | 4477304 |
| Starwood Property Trust Inc 6% 4/15/2030 (d) |  | 1580000 | 1613665 |
| Starwood Property Trust Inc 6.5% 10/15/2030 (d) |  | 1260000 | 1310938 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (d) |  | 4275000 | 4446231 |
| Starwood Property Trust Inc 7.25% 4/1/2029 (d) |  | 1405000 | 1479766 |
|  |  |  | 21901896 |
| TOTAL FINANCIALS |  |  | 220063667 |
| Health Care - 5.7% |  |  |  |
| Biotechnology - 0.1% |  |  |  |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (d) |  | 4944000 | 4375763 |
| Health Care Equipment & Supplies - 0.4% |  |  |  |
| AdaptHealth LLC 5.125% 3/1/2030 (d) |  | 2461000 | 2354303 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d) |  | 9390000 | 9659991 |
| Sotera Health Holdings LLC 7.375% 6/1/2031 (d) |  | 1215000 | 1276845 |
|  |  |  | 13291139 |
| Health Care Providers & Services - 3.7% |  |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (d)(m) |  | 1440000 | 1488620 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (d) |  | 10699000 | 9551011 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (d) |  | 14795000 | 13868499 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (d) |  | 6709000 | 5637014 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (d) |  | 2750000 | 2911664 |
| CVS Health Corp 6.75% 12/10/2054 (e) |  | 3233000 | 3359824 |
| CVS Health Corp 7% 3/10/2055 (e) |  | 8244000 | 8661814 |
| DaVita Inc 4.625% 6/1/2030 (d) |  | 7385000 | 7131371 |
| DaVita Inc 6.75% 7/15/2033 (d) |  | 4950000 | 5132343 |
| DaVita Inc 6.875% 9/1/2032 (d) |  | 3325000 | 3444467 |
| Global Medical Response Inc 7.375% 10/1/2032 (d) |  | 1440000 | 1506737 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (d) |  | 1557000 | 1475815 |
| LifePoint Health Inc 10% 6/1/2032 (d) |  | 1360000 | 1446548 |
| ModivCare Inc 5% 10/1/2029 (d)(j) |  | 626000 | 3130 |
| Molina Healthcare Inc 6.25% 1/15/2033 (d)(m) |  | 9210000 | 9270187 |
| Owens & Minor Inc 4.5% 3/31/2029 (d)(m) |  | 1498000 | 1152806 |
| Owens & Minor Inc 6.625% 4/1/2030 (d)(m) |  | 3808000 | 2898483 |
| Pediatrix Medical Group Inc 5.375% 2/15/2030 (d) |  | 1753000 | 1742271 |
| Prime Healthcare Services Inc 9.375% 9/1/2029 (d) |  | 2474000 | 2602747 |
| Radiology Partners Inc 8.5% 7/15/2032 (d) |  | 1560000 | 1622342 |
| Radiology Partners Inc 9.781% 2/15/2030 pay-in-kind (d)(e) |  | 255982 | 249518 |
| Select Medical Corp 6.25% 12/1/2032 (d)(m) |  | 2440000 | 2475131 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (d) |  | 1475000 | 1517645 |
| Tenet Healthcare Corp 4.25% 6/1/2029  |  | 2320000 | 2268200 |
| Tenet Healthcare Corp 4.375% 1/15/2030  |  | 4045000 | 3947816 |
| Tenet Healthcare Corp 6.125% 10/1/2028 (m) |  | 3960000 | 3965104 |
| Tenet Healthcare Corp 6.125% 6/15/2030  |  | 4310000 | 4389953 |
| Tenet Healthcare Corp 6.75% 5/15/2031 (m) |  | 525000 | 544677 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (d) |  | 6934000 | 7060962 |
|  |  |  | 111326699 |
| Health Care Technology - 0.3% |  |  |  |
| IQVIA Inc 6.25% 6/1/2032 (d) |  | 6200000 | 6462049 |
| IQVIA Inc 6.5% 5/15/2030 (d) |  | 1525000 | 1583786 |
|  |  |  | 8045835 |
| Life Sciences Tools & Services - 0.1% |  |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (d) |  | 1230000 | 1179262 |
| Charles River Laboratories International Inc 4% 3/15/2031 (d)(m) |  | 1255000 | 1183155 |
|  |  |  | 2362417 |
| Pharmaceuticals - 1.1% |  |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (d) |  | 11995000 | 12538488 |
| Bausch Health Americas Inc 8.5% 1/31/2027 (d) |  | 1974000 | 1965374 |
| Bausch Health Cos Inc 11% 9/30/2028 (d) |  | 1465000 | 1535672 |
| Bausch Health Cos Inc 4.875% 6/1/2028 (d) |  | 2225000 | 2024750 |
| Bausch Health Cos Inc 5.25% 1/30/2030 (d) |  | 831000 | 598440 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d) |  | 4369000 | 4156741 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (d)(m) |  | 5373000 | 4118602 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 5/15/2034 (d)(m) |  | 1673000 | 1498883 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 7.875% 5/15/2034 (d) |  | 5565000 | 4330580 |
|  |  |  | 32767530 |
| TOTAL HEALTH CARE |  |  | 172169383 |
| Industrials - 9.7% |  |  |  |
| Aerospace & Defense - 1.3% |  |  |  |
| Axon Enterprise Inc 6.125% 3/15/2030 (d) |  | 3585000 | 3681931 |
| Axon Enterprise Inc 6.25% 3/15/2033 (d) |  | 3160000 | 3266191 |
| BWX Technologies Inc 4.125% 6/30/2028 (d) |  | 4380000 | 4278593 |
| OneSky Flight LLC 8.875% 12/15/2029 (d) |  | 2225000 | 2361101 |
| TransDigm Inc 6% 1/15/2033 (d) |  | 1185000 | 1203821 |
| TransDigm Inc 6.25% 1/31/2034 (d)(m) |  | 935000 | 966322 |
| TransDigm Inc 6.375% 3/1/2029 (d) |  | 3185000 | 3256663 |
| TransDigm Inc 6.375% 5/31/2033 (d) |  | 8615000 | 8781545 |
| TransDigm Inc 6.75% 1/31/2034 (d) |  | 4820000 | 4994884 |
| TransDigm Inc 6.75% 8/15/2028 (d) |  | 2125000 | 2167500 |
| TransDigm Inc 6.875% 12/15/2030 (d) |  | 4515000 | 4687532 |
| TransDigm Inc 7.125% 12/1/2031 (d) |  | 1140000 | 1189323 |
|  |  |  | 40835406 |
| Air Freight & Logistics - 0.5% |  |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (d)(m) |  | 10884000 | 11126441 |
| Stonepeak Nile Parent LLC 7.25% 3/15/2032 (d) |  | 2780000 | 2940077 |
|  |  |  | 14066518 |
| Building Products - 1.9% |  |  |  |
| AmeriTex HoldCo Intermediate LLC 7.625% 8/15/2033 (d) |  | 4070000 | 4257532 |
| Builders FirstSource Inc 4.25% 2/1/2032 (d)(m) |  | 4720000 | 4465802 |
| Builders FirstSource Inc 6.375% 3/1/2034 (d) |  | 1205000 | 1247925 |
| Builders FirstSource Inc 6.75% 5/15/2035 (d) |  | 5760000 | 6047724 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (d)(m) |  | 2330000 | 2153890 |
| Cornerstone Building Brands Inc 6.125% 1/15/2029 (d) |  | 1950000 | 1482221 |
| Cornerstone Building Brands Inc 9.5% 8/15/2029 (d) |  | 1814000 | 1673819 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (d) |  | 6360000 | 6538277 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.75% 7/15/2031 (d) |  | 1645000 | 1708275 |
| JELD-WEN Inc 4.875% 12/15/2027 (d) |  | 2153000 | 2094082 |
| JH North America Holdings Inc 6.125% 7/31/2032 (d) |  | 6225000 | 6384329 |
| Masterbrand Inc 7% 7/15/2032 (d) |  | 835000 | 866140 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (d) |  | 798000 | 819109 |
| Standard Building Solutions Inc 6.25% 8/1/2033 (d) |  | 10880000 | 11094859 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (d) |  | 6175000 | 6347911 |
|  |  |  | 57181895 |
| Commercial Services & Supplies - 2.4% |  |  |  |
| ADT Security Corp/The 5.875% 10/15/2033 (d) |  | 2955000 | 2997691 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6% 6/1/2029 (d) |  | 6140000 | 6002567 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (d) |  | 3585000 | 3677840 |
| Allied Universal Holdco LLC 7.875% 2/15/2031 (d) |  | 4080000 | 4248161 |
| Artera Services LLC 8.5% 2/15/2031 (d)(m) |  | 16370000 | 14127132 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (d) |  | 8190000 | 7880210 |
| Clean Harbors Inc 6.375% 2/1/2031 (d)(m) |  | 2570000 | 2633011 |
| CoreCivic Inc 4.75% 10/15/2027  |  | 3985000 | 3951269 |
| CoreCivic Inc 8.25% 4/15/2029  |  | 1420000 | 1495409 |
| GEO Group Inc/The 10.25% 4/15/2031  |  | 3260000 | 3570036 |
| GEO Group Inc/The 8.625% 4/15/2029  |  | 3135000 | 3308422 |
| GFL Environmental Inc 3.5% 9/1/2028 (d) |  | 1055000 | 1031685 |
| GFL Environmental Inc 6.75% 1/15/2031 (d) |  | 325000 | 339990 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (d) |  | 7269000 | 7178138 |
| OT Midco Inc 10% 2/15/2030 (d) |  | 4101000 | 2399190 |
| Reworld Holding Corp 4.875% 12/1/2029 (d) |  | 1580000 | 1484637 |
| Waste Pro USA Inc 7% 2/1/2033 (d) |  | 1630000 | 1694261 |
| Williams Scotsman Inc 6.625% 4/15/2030 (d) |  | 1330000 | 1375365 |
| Williams Scotsman Inc 6.625% 6/15/2029 (d) |  | 1770000 | 1822341 |
|  |  |  | 71217355 |
| Construction & Engineering - 0.7% |  |  |  |
| AECOM 6% 8/1/2033 (d) |  | 6765000 | 6942649 |
| Amsted Industries Inc 6.375% 3/15/2033 (d) |  | 2835000 | 2934041 |
| Pike Corp 5.5% 9/1/2028 (d) |  | 927000 | 925026 |
| Pike Corp 8.625% 1/31/2031 (d) |  | 3847000 | 4104812 |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (d) |  | 5595000 | 5601768 |
|  |  |  | 20508296 |
| Electrical Equipment - 0.2% |  |  |  |
| Sensata Technologies BV 4% 4/15/2029 (d) |  | 2795000 | 2723833 |
| WESCO Distribution Inc 6.375% 3/15/2033 (d)(m) |  | 2885000 | 3013752 |
|  |  |  | 5737585 |
| Ground Transportation - 0.4% |  |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.375% 6/15/2032 (d)(m) |  | 2470000 | 2530266 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (d) |  | 4515000 | 4606144 |
| XPO Inc 7.125% 2/1/2032 (d) |  | 3315000 | 3486054 |
| XPO Inc 7.125% 6/1/2031 (d)(m) |  | 1165000 | 1216394 |
|  |  |  | 11838858 |
| Industrial Conglomerates - 0.2% |  |  |  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.75% 6/15/2029 (d) |  | 3240000 | 3176753 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 7% 7/15/2031 (d) |  | 1985000 | 2084917 |
|  |  |  | 5261670 |
| Machinery - 0.3% |  |  |  |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (d)(e) |  | 4845000 | 5201912 |
| Enpro Inc 6.125% 6/1/2033 (d) |  | 2825000 | 2889879 |
|  |  |  | 8091791 |
| Passenger Airlines - 0.1% |  |  |  |
| JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (d) |  | 4057000 | 3987603 |
| Professional Services - 0.9% |  |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (d) |  | 2570000 | 2674612 |
| CACI International Inc 6.375% 6/15/2033 (d) |  | 4370000 | 4543576 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (d) |  | 4520000 | 4216785 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (d) |  | 4062000 | 3878976 |
| ION Platform Finance US Inc / ION Platform Finance SARL 8.75% 5/1/2029 (d) |  | 1256000 | 1278072 |
| ION Platform Finance US Inc / ION Platform Finance SARL 9% 8/1/2029 (d) |  | 1262000 | 1277559 |
| Science Applications International Corp 5.875% 11/1/2033 (d) |  | 5270000 | 5254506 |
| TriNet Group Inc 3.5% 3/1/2029 (d) |  | 5310000 | 4986509 |
| TriNet Group Inc 7.125% 8/15/2031 (d) |  | 295000 | 306077 |
|  |  |  | 28416672 |
| Trading Companies & Distributors - 0.8% |  |  |  |
| FTAI Aviation Investors LLC 7% 6/15/2032 (d) |  | 935000 | 979289 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (d)(m) |  | 1910000 | 2029831 |
| Herc Holdings Inc 7% 6/15/2030 (d) |  | 4875000 | 5102560 |
| Herc Holdings Inc 7.25% 6/15/2033 (d)(m) |  | 3500000 | 3690061 |
| QXO Building Products Inc 6.75% 4/30/2032 (d) |  | 7465000 | 7728164 |
| United Rentals North America Inc 6.125% 3/15/2034 (d) |  | 3160000 | 3297419 |
|  |  |  | 22827324 |
| Transportation Infrastructure - 0.0% |  |  |  |
| Beacon Mobility Corp 7.25% 8/1/2030 (d) |  | 1400000 | 1457692 |
| TOTAL INDUSTRIALS |  |  | 291428665 |
| Information Technology - 3.3% |  |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |  |
| Coherent Corp 5% 12/15/2029 (d)(m) |  | 2960000 | 2928334 |
| Insight Enterprises Inc 6.625% 5/15/2032 (d) |  | 1280000 | 1310031 |
| Lightning Power LLC 7.25% 8/15/2032 (d) |  | 2050000 | 2171479 |
| Sensata Technologies Inc 3.75% 2/15/2031 (d) |  | 860000 | 799351 |
| Sensata Technologies Inc 6.625% 7/15/2032 (d)(m) |  | 2060000 | 2144495 |
| TTM Technologies Inc 4% 3/1/2029 (d) |  | 1425000 | 1376167 |
|  |  |  | 10729857 |
| IT Services - 0.9% |  |  |  |
| ASGN Inc 4.625% 5/15/2028 (d) |  | 1395000 | 1370069 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d) |  | 7163000 | 7140132 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d)(m) |  | 1713000 | 1709143 |
| CoreWeave Inc 9% 2/1/2031 (d) |  | 6840000 | 6860007 |
| CoreWeave Inc 9.25% 6/1/2030 (d) |  | 5195000 | 5245527 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (d) |  | 5410000 | 5151381 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (d) |  | 985000 | 983880 |
|  |  |  | 28460139 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |  |
| Amkor Technology Inc 5.875% 10/1/2033 (d) |  | 1440000 | 1464885 |
| Entegris Inc 3.625% 5/1/2029 (d)(m) |  | 2140000 | 2034665 |
| Entegris Inc 4.75% 4/15/2029 (d) |  | 1255000 | 1247238 |
| Entegris Inc 5.95% 6/15/2030 (d)(m) |  | 14575000 | 14797123 |
| ON Semiconductor Corp 3.875% 9/1/2028 (d) |  | 335000 | 325953 |
| Wolfspeed Inc 12% 6/15/2031 pay-in-kind (e) |  | 1381846 | 1188388 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (d)(e) |  | 790101 | 870098 |
|  |  |  | 21928350 |
| Software - 1.1% |  |  |  |
| Cloud Software Group Inc 8.25% 6/30/2032 (d) |  | 4655000 | 4891539 |
| Cloud Software Group Inc 9% 9/30/2029 (d) |  | 10651000 | 11016756 |
| Fair Isaac Corp 6% 5/15/2033 (d) |  | 5876000 | 5981157 |
| Gen Digital Inc 6.25% 4/1/2033 (d) |  | 1420000 | 1461809 |
| Rackspace Finance LLC 3.5% 5/15/2028 (d) |  | 2033225 | 792958 |
| UKG Inc 6.875% 2/1/2031 (d) |  | 1955000 | 2012395 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  |  | 7615000 | 7997418 |
|  |  |  | 34154032 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |  |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (d) |  | 1955000 | 1998329 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (d) |  | 2150000 | 2202783 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (d) |  | 715000 | 759655 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (d) |  | 875000 | 931318 |
|  |  |  | 5892085 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 101164463 |
| Materials - 6.3% |  |  |  |
| Chemicals - 3.2% |  |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (d)(e) |  | 5349890 | 4734653 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (d) |  | 730000 | 765377 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (m) |  | 1945000 | 1928759 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (m) |  | 5016000 | 4939331 |
| Chemours Co/The 4.625% 11/15/2029 (d) |  | 4930000 | 4326129 |
| Chemours Co/The 5.75% 11/15/2028 (d)(m) |  | 6130000 | 5873971 |
| Chemours Co/The 8% 1/15/2033 (d)(m) |  | 3560000 | 3440883 |
| GPD Cos Inc 12.5% 12/31/2029 pay-in-kind (d) |  | 3105245 | 1737280 |
| Inversion Escrow Issuer LLC 6.75% 8/1/2032 (d) |  | 5605000 | 5472772 |
| Mativ Holdings Inc 8% 10/1/2029 (d)(m) |  | 3145000 | 3047624 |
| Methanex US Operations Inc 6.25% 3/15/2032 (d)(m) |  | 1965000 | 1998947 |
| Olin Corp 5% 2/1/2030 (m) |  | 6555000 | 6374767 |
| Olin Corp 6.625% 4/1/2033 (d) |  | 7458000 | 7385482 |
| Olympus Water US Holding Corp 6.25% 10/1/2029 (d)(m) |  | 4350000 | 4240132 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (d) |  | 11715000 | 11660752 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (d)(m) |  | 980000 | 980588 |
| SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (d) |  | 1776000 | 1772896 |
| Solstice Advanced Materials Inc 5.625% 9/30/2033 (d) |  | 4355000 | 4358484 |
| Tronox Inc 4.625% 3/15/2029 (d) |  | 9648000 | 5931380 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (d) |  | 6435000 | 5888280 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (d) |  | 6905000 | 6669333 |
|  |  |  | 93527820 |
| Construction Materials - 0.6% |  |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (d) |  | 10470000 | 10859610 |
| Quikrete Holdings Inc 6.75% 3/1/2033 (d)(m) |  | 3240000 | 3371408 |
| Smyrna Ready Mix Concrete LLC 6% 11/1/2028 (d) |  | 3921000 | 3908315 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d) |  | 575000 | 605474 |
|  |  |  | 18744807 |
| Containers & Packaging - 0.9% |  |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (d) |  | 3830000 | 3570748 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (d) |  | 3215000 | 3223288 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (d) |  | 1790000 | 1797151 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (d) |  | 3895000 | 3908236 |
| Clydesdale Acquisition Holdings Inc 6.875% 1/15/2030 (d) |  | 2310000 | 2333070 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)(m) |  | 3077000 | 3083292 |
| Crown Americas LLC 5.875% 6/1/2033 (d) |  | 3510000 | 3557304 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (d) |  | 742000 | 738513 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (d) |  | 960000 | 901941 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (d)(m) |  | 1550000 | 1570345 |
| Sealed Air Corp 5% 4/15/2029 (d) |  | 875000 | 868810 |
| Sealed Air Corp 6.5% 7/15/2032 (d) |  | 1065000 | 1102062 |
| Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (d)(m) |  | 1675000 | 1758286 |
|  |  |  | 28413046 |
| Metals & Mining - 1.6% |  |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (d) |  | 7994000 | 8449170 |
| Alumina Pty Ltd 6.125% 3/15/2030 (d) |  | 3565000 | 3654613 |
| Alumina Pty Ltd 6.375% 9/15/2032 (d) |  | 5605000 | 5800368 |
| Century Aluminum Co 6.875% 8/1/2032 (d) |  | 2815000 | 2894037 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (d)(m) |  | 2390000 | 2443758 |
| Cleveland-Cliffs Inc 7.375% 5/1/2033 (d)(m) |  | 930000 | 962159 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (d) |  | 2425000 | 2538560 |
| Cleveland-Cliffs Inc 7.625% 1/15/2034 (d) |  | 4290000 | 4460150 |
| Commercial Metals Co 3.875% 2/15/2031  |  | 880000 | 821596 |
| Commercial Metals Co 4.125% 1/15/2030 (m) |  | 1505000 | 1450183 |
| Kaiser Aluminum Corp 5.875% 3/1/2034 (d) |  | 2990000 | 2979069 |
| Novelis Corp 3.875% 8/15/2031 (d)(m) |  | 855000 | 783453 |
| Novelis Corp 6.375% 8/15/2033 (d) |  | 5610000 | 5683912 |
| Novelis Corp 6.875% 1/30/2030 (d)(m) |  | 5695000 | 5911650 |
|  |  |  | 48832678 |
| TOTAL MATERIALS |  |  | 189518351 |
| Real Estate - 2.3% |  |  |  |
| Diversified REITs - 0.7% |  |  |  |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (d) |  | 6347000 | 5690073 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (d) |  | 10482000 | 9810375 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (d) |  | 4600000 | 4308008 |
|  |  |  | 19808456 |
| Health Care REITs - 0.9% |  |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (d) |  | 2525000 | 2475487 |
| MPT Operating Partnership LP / MPT Finance Corp 0.993% 10/15/2026  | EUR | 1250000 | 1363986 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  |  | 4280000 | 3021961 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  |  | 2775000 | 2268872 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  |  | 12541000 | 12066005 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (d) |  | 1995000 | 2090128 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  |  | 4698000 | 4146865 |
|  |  |  | 27433304 |
| Hotel & Resort REITs - 0.0% |  |  |  |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (d)(m) |  | 2690000 | 2776394 |
| Real Estate Management & Development - 0.4% |  |  |  |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (d) |  | 1399400 | 1409532 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.25% 4/15/2030 (d) |  | 429000 | 394914 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.75% 1/15/2029 (d) |  | 1060000 | 1017262 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (d) |  | 1600000 | 1742170 |
| Forestar Group Inc 6.5% 3/15/2033 (d) |  | 3510000 | 3595714 |
| Howard Hughes Corp/The 4.125% 2/1/2029 (d) |  | 1515000 | 1456109 |
| Howard Hughes Corp/The 4.375% 2/1/2031 (d) |  | 840000 | 791957 |
| Kennedy-Wilson Inc 4.75% 2/1/2030 (m) |  | 2080000 | 1921045 |
|  |  |  | 12328703 |
| Specialized REITs - 0.3% |  |  |  |
| Millrose Properties Inc 6.25% 9/15/2032 (d) |  | 2900000 | 2913862 |
| Millrose Properties Inc 6.375% 8/1/2030 (d) |  | 5505000 | 5576789 |
|  |  |  | 8490651 |
| TOTAL REAL ESTATE |  |  | 70837508 |
| Utilities - 3.8% |  |  |  |
| Electric Utilities - 3.0% |  |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (d) |  | 470000 | 425596 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (d) |  | 4970000 | 4602413 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (d) |  | 955000 | 949653 |
| Edison International 6.25% 3/15/2030  |  | 2058000 | 2137225 |
| Edison International 7.875% 6/15/2054 (e) |  | 1930000 | 1986383 |
| Edison International 8.125% 6/15/2053 (e)(m) |  | 3204000 | 3306746 |
| Hawaiian Electric Co Inc 6% 10/1/2033 (d) |  | 2115000 | 2138287 |
| NRG Energy Inc 3.375% 2/15/2029 (d) |  | 3060000 | 2909928 |
| NRG Energy Inc 3.625% 2/15/2031 (d) |  | 1205000 | 1124850 |
| NRG Energy Inc 5.25% 6/15/2029 (d) |  | 3140000 | 3153605 |
| NRG Energy Inc 5.75% 1/15/2034 (d) |  | 7320000 | 7377969 |
| NRG Energy Inc 5.75% 7/15/2029 (d) |  | 4495000 | 4512006 |
| NRG Energy Inc 6% 1/15/2036 (d) |  | 5855000 | 5960667 |
| NRG Energy Inc 6% 2/1/2033 (d) |  | 2535000 | 2585908 |
| NRG Energy Inc 6.25% 11/1/2034 (d) |  | 3205000 | 3299887 |
| PacifiCorp 7.375% 9/15/2055 (e) |  | 5457000 | 5732726 |
| PG&E Corp 5% 7/1/2028  |  | 585000 | 580921 |
| PG&E Corp 5.25% 7/1/2030  |  | 10190000 | 10084077 |
| PG&E Corp 7.375% 3/15/2055 (e) |  | 5024000 | 5167310 |
| Vistra Operations Co LLC 5% 7/31/2027 (d) |  | 2920000 | 2921580 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (d) |  | 3155000 | 3156025 |
| Vistra Operations Co LLC 6.875% 4/15/2032 (d) |  | 2850000 | 2993472 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (d) |  | 6405000 | 6797204 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(m) |  | 853000 | 877453 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(m) |  | 3880000 | 4059555 |
| XPLR Infrastructure Operating Partners LP 8.625% 3/15/2033 (d)(m) |  | 3005000 | 3152900 |
|  |  |  | 91994346 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |  |
| AES Corp/The 6.95% 7/15/2055 (e) |  | 3168000 | 3065005 |
| Alpha Generation LLC 6.25% 1/15/2034 (d) |  | 7395000 | 7480939 |
| Alpha Generation LLC 6.75% 10/15/2032 (d) |  | 917000 | 942297 |
| Calpine Corp 4.625% 2/1/2029 (d) |  | 1100000 | 1093252 |
| Calpine Corp 5.125% 3/15/2028 (d) |  | 1285000 | 1284859 |
| Sunnova Energy Corp 5.875% (d)(j) |  | 4873000 | 24364 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (d) |  | 4460000 | 4573503 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (d) |  | 4460000 | 4619237 |
|  |  |  | 23083456 |
| TOTAL UTILITIES |  |  | 115077802 |
| TOTAL UNITED STATES |  |  | 1940957420 |
| ZAMBIA - 0.3%  |  |  |  |
| Materials - 0.3% |  |  |  |
| Metals & Mining - 0.3% |  |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (d) |  | 1540000 | 1599155 |
| First Quantum Minerals Ltd 8% 3/1/2033 (d) |  | 2100000 | 2231844 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (d) |  | 2045000 | 2139581 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (d) |  | 3488000 | 3682945 |
| TOTAL ZAMBIA |  |  | 9653525 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $2,324,279,600) |  |  | <br> **2342439499** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Strategy Inc 10%  | 71100 | 5501007 |
| Strategy Inc 9% (p) | 23900 | 2376138 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $8,018,388) |  | <br> **7877145** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 2.2%** | &nbsp;&nbsp;**Preferred Securities - 2.2%** | &nbsp;&nbsp;**Preferred Securities - 2.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BNP Paribas SA 7.45% (d)(e)(r) | 3440000 | 3665964 |
| UNITED STATES - 2.1%  |  |  |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Energy Transfer LP 6.625% (e)(r) | 2320000 | 2349017 |
| Energy Transfer LP Series G, 7.125% (e)(r) | 11110000 | 11796071 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.583% (e)(f)(r) | 7555000 | 7704117 |
| Sunoco LP 7.875% (d)(e)(r) | 5725000 | 5868536 |
|  |  | 27717741 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| Bank of America Corp 6.25% (e)(r) | 4370000 | 4449705 |
| BW Real Estate Inc 9.5% (d)(e)(r) | 3329000 | 3444092 |
|  |  | 7893797 |
| Consumer Finance - 0.3% |  |  |
| Ally Financial Inc 4.7% (e)(r) | 3850000 | 3619326 |
| Ally Financial Inc 4.7% (e)(m)(r) | 6413000 | 6343305 |
|  |  | 9962631 |
| Insurance - 0.0% |  |  |
| Alliant Holdings LP 10.5% (e)(k)(r) | 860680 | 872640 |
| TOTAL FINANCIALS |  | 18729068 |
| Industrials - 0.4% |  |  |
| Trading Companies & Distributors - 0.4% |  |  |
| Air Lease Corp 4.125% (e)(m)(r) | 9291000 | 8995288 |
| Aircastle Ltd 5.25% (d)(e)(r) | 3660000 | 3662124 |
|  |  | 12657412 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Edison International 5% (e)(r) | 3135000 | 3078080 |
| TOTAL UNITED STATES |  | 62182301 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $61,052,818) |  | <br> **65848265** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (s) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Notes 3.75% 5/31/2030  | 3.66 to 4.47 | 24264000 | 24318973 |
| US Treasury Notes 4% 2/15/2034  | 3.84 to 4.74 | 49723000 | 49756019 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $72,518,664) |  |  | **74074992** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 9.6%** | &nbsp;&nbsp;**Money Market Funds - 9.6%** | &nbsp;&nbsp;**Money Market Funds - 9.6%** | &nbsp;&nbsp;**Money Market Funds - 9.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (t) | 4.18 | 113264522 | 113287174 |
| Fidelity Securities Lending Cash Central Fund (t)(u) | 4.18 | 177452587 | 177470333 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $290,757,507) |  |  | **290757507** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.6%**<br> (Cost $3,130,359,815)<br>| <br>**3199196548** |
| **NET OTHER ASSETS (LIABILITIES) - (5.6)%**  | **(169798608)** |
| **NET ASSETS - 100.0%** | **3029397940** |

---

**Currency Abbreviations**

EUR - European Monetary Unit (Euro)

**Legend**

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

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $39,825,549 or 1.3% of net assets.

(c) Affiliated fund.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,050,807,114 or 67.7% of net assets.

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

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

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

(i) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $1,012,672 and $990,422, respectively.

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

(k) Level 3 security.

(l) Non-income producing.

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

(n) Zero coupon bond which is issued at a discount.

(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 $4,197,690 or 0.1% of net assets.

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

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

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

(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 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 - 10/6/2025 | 41549328 |

---

**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 | 683659470 | 628256791 | 1563444 | 1064 | - | 113287174 | 113264522 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 175510260 | 510968846 | 509008773 | 470040 | - | - | 177470333 | 177452587 | 0.7% |
| Total | 233393691 | 1194628316 | 1137265564 | 2033484 | 1064 | - | 290757507 |  |  |

---

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 | 2584120 | - | 2239712 | - | (171112) | 39825549 | 4217513 |
|  | 37756949 | 2584120 | - | 2239712 | - | (171112) | 39825549 |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 39825549 | - | 39825549 | - |
|  **Asset-Backed Securities** | 5176300 | - | 5176300 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 23963010 | - | 23963010 | - |
| Consumer Discretionary | 76675393 | - | 76675393 | - |
| Consumer Staples | 7129708 | - | 7129708 | - |
| Energy | 9617481 | - | 9617480 | 1 |
| Financials | 8267587 | - | 8267587 | - |
| Health Care | 21247112 | - | 20294010 | 953102 |
| Industrials | 21161201 | - | 21161201 | - |
| Information Technology | 28228477 | - | 27406195 | 822282 |
| Materials | 35204341 | - | 35204341 | - |
| Utilities | 9227801 | - | 9227801 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 12598010 | 9031274 | - | 3566736 |
| Consumer Staples | 46422 | - | - | 46422 |
| Energy | 45486518 | 3671673 | - | 41814845 |
| Health Care | 5092781 | 3019761 | - | 2073020 |
| Information Technology | 5661624 | 2328720 | - | 3332904 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 26554356 | - | 26554356 | - |
| Energy | 3101748 | - | 3101748 | - |
| Financials | 8485406 | - | 8485406 | - |
| Information Technology | 16231975 | - | 16231975 | - |
| Utilities | 3559555 | - | 3559555 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 5656785 | - | 1296219 | 4360566 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 299963621 | - | 299963621 | - |
| Consumer Discretionary | 339198846 | - | 339198846 | - |
| Consumer Staples | 58761746 | - | 58761746 | - |
| Energy | 295802974 | - | 295802974 | - |
| Financials | 252304102 | - | 252304102 | - |
| Health Care | 179648521 | - | 179648521 | - |
| Industrials | 339658525 | - | 339658525 | - |
| Information Technology | 114724620 | - | 114724620 | - |
| Materials | 262084442 | - | 262084442 | - |
| Real Estate | 70837508 | - | 70837508 | - |
| Utilities | 129454594 | - | 129454594 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 7877145 | 7877145 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 27717741 | - | 27717741 | - |
| Financials | 22395032 | - | 21522392 | 872640 |
| Industrials | 12657412 | - | 12657412 | - |
| Utilities | 3078080 | - | 3078080 | - |
|  **U.S. Treasury Obligations** | 74074992 | - | 74074992 | - |
|  **Money Market Funds** | 290757507 | 290757507 | - | - |
| **Total Investments in Securities:** | 3199196548 | 316686080 | 2824667950 | 57842518 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2025 ($)** |
| **Bank Loan Obligations** | 4878521 | 52904 | (257619) | 1178213 | (2149048) | 3684 | - | (1931270) | 1775385 | (256609) |
| **Common Stocks** | 23781660 | - | 23341175 | 3711092 | - | - | - | - | 50833927 | 23341175 |
| **Convertible Preferred Stocks** | - | - | 368078 | 3992488 | - | - | - | - | 4360566 | 368078 |
| **Preferred Securities** | 845578 | - | 27062 | - | - | - | - | - | 872640 | 27062 |
| **Non-Convertible Corporate Bonds** | 2726731 | 95109 | 1054 | 14045 | (2828944) | (7995) | - | - | - | - |
| <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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $170,716,045) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,798,397,388) | $2868613492 |  |
| Fidelity Central Funds (cost $290,757,507) | 290757507 |  |
| Other affiliated issuers (cost $41,204,920) | 39825549 |  |
| Total Investment in Securities (cost $3,130,359,815) |  | $3199196548 |
| Cash |  | 60361 |
| Foreign currency held at value (cost $1) |  | 1 |
| Receivable for investments sold |  | 16363951 |
| Receivable for fund shares sold |  | 2756596 |
| Interest receivable |  | 43763415 |
| Distributions receivable from Fidelity Central Funds |  | 436362 |
| Receivable for daily variation margin on futures contracts |  | 50 |
| Prepaid expenses |  | 2916 |
| **Total assets** |  | 3262580200 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $45210894 |  |
| Delayed delivery | 5620000 |  |
| Payable for fund shares redeemed | 1748402 |  |
| Distributions payable | 1749826 |  |
| Accrued management fee | 1304117 |  |
| Other payables and accrued expenses | 78688 |  |
| Collateral on securities loaned | 177470333 |  |
| **Total liabilities** |  | 233182260 |
| Commitments and contingent liabilities (see Significant Accounting Policies and Litigation notes) |  |  |
| **Net Assets**  |  | $3029397940 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3235830534 |
| Total accumulated earnings (loss) |  | (206432594) |
| **Net Assets** |  | $3029397940 |
| **Net Asset Value**, offering price and redemption price per share ($3,029,397,940 ÷ 319,342,773 shares) |  | $9.49 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends (including $2,239,712 earned from affiliated issuers) |  | $4710821 |
| Interest  |  | 96199343 |
| Income from Fidelity Central Funds (including $470,040 from security lending)  |  | 2033484 |
| **Total income** |  | 102943648 |
| **Expenses** |  |  |
| Management fee | $7273841 |  |
| Custodian fees and expenses | 21686 |  |
| Independent trustees' fees and expenses | 4438 |  |
| Registration fees | 28512 |  |
| Audit fees | 51007 |  |
| Legal | 9102 |  |
| Miscellaneous | 4483 |  |
| Total expenses before reductions | 7393069 |  |
| Expense reductions | (119025) |  |
| Total expenses after reductions |  | 7274044 |
| **Net Investment income (loss)** |  | 95669604 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 13720829 |  |
| Fidelity Central Funds | 1064 |  |
| Foreign currency transactions | (528) |  |
| Total net realized gain (loss) |  | 13721365 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 96281422 |  |
| Affiliated issuers  | (171112) |  |
| Assets and liabilities in foreign currencies | 744 |  |
| Total change in net unrealized appreciation (depreciation) |  | 96111054 |
| **Net gain (loss)** |  | 109832419 |
| **Net increase (decrease) in net assets resulting from operations** |  | $205502023 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $95669604 | $116438243 |
| &nbsp;&nbsp;Net realized gain (loss) | 13721365<br>| (12543160)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 96111054 | 36840995<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 205502023<br>| 140736078<br>|
| Distributions to shareholders | (83981914)<br>| (107231543)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 858419006 | 1095780590 |
| Reinvestment of distributions | 74122082<br>| 101663173<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (256539243) | (563970109) |
| **Net increase (decrease) in net assets resulting from share transactions** | 676001845<br>| 633473654<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 797521954<br>| 666978189<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2231875986 | 1564897797<br>|
| &nbsp;&nbsp;End of period | $3029397940 | $2231875986 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 92321129 | 120329496 |
| Issued in reinvestment of distributions | 7887588<br>| 11123143<br>|
| &nbsp;&nbsp;Redeemed | (27441963) | (61864239) |
| &nbsp;&nbsp;Net increase (decrease) | 72766754 | 69588400 |

---

**Financial Highlights** 

**Fidelity® SAI High Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 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 | .327  | .624  | .557  | .491  | .388  |
| Net realized and unrealized gain (loss)  | .400  | .161  | .118  | (.510)  | (.879)  |
| Total from investment operations  | .727  | .785  | .675  | (.019)  | (.491)  |
| Distributions from net investment income  | (.287)  | (.575)  | (.505)  | (.461)  | (.345)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.014)  |
| Total distributions  | (.287)  | (.575)  | (.505)  | (.461)  | (.359)  |
| Net asset value, end of period  | $9.49 | $9.05 | $8.84 | $8.67 | $9.15 |
| **Total Return** D,E | 8.11% <br>| 9.00%  | 8.05%  | (.07)%  | (5.10)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .54% H | .56%  | .56%  | .60%  | .60% H |
| Expenses net of fee waivers, if any  | .53% H<br>| .55%  | .55%  | .60%  | .60% H |
| Expenses net of all reductions, if any  | .53% H | .55%  | .55%  | .60%  | .60% H |
| Net investment income (loss)  | 6.94% H | 6.85%  | 6.43%  | 5.65%  | 4.06% H |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3029398 | $2231876 | $1564898 | $1640305 | $2481365 |
| Portfolio turnover rate I | 68% H<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** **(Unaudited)**

For the period ended October 31, 2025

**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 nine month period ended September 30, 2025 was 9.68%.

**4. Significant Accounting Policies.**

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Bank Loan Obligations | $1775385 | Recovery value | Recovery value  | $0.00  | Increase |
|  |  | Discounted cash flow | Yield  | 10.5% | Decrease |
|  |  | Indicative market price | Evaluated bid  | $78.00 - $97.00 / $81.21 | Increase |
| Common Stocks | $50833927 | Market comparable | Enterprise value/Revenue multiple (EV/R)  | 0.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 7.9 | Increase |
|  |  | Market approach | Transaction price  | $7.31  | Increase |
|  |  | Recovery value | Recovery value  | $0.04  | Increase |
|  |  | Black scholes | Volatility  | 60.0% | Increase |
|  |  |  | Discount rate  | 3.5% | Increase |
|  |  |  | Term  | 3.7 | Increase |
|  |  | Discounted cash flow | Discount rate | 8.5% | Decrease |
|  |  | Indicative market price | Mid price | $14.70 - $16.79 / $16.61 | Increase |
| Convertible Preferred Stocks | $4360566 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 20.5 | Increase |
| Preferred Securities | $872640 | Discounted cash flow | Yield | 9.9% | 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 October 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

**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. 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, futures contracts, swaps, foreign currency transactions, passive foreign investment companies (PFIC), 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** | $153717053 |
| **Gross unrealized depreciation** | <u>(63465450)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$90251603</u> |
| **Tax cost** | <u>$3108944945</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(148076230) |
| Long-term | <u>(172323573)</u> |
| **Total capital loss carryforward** | <u>$(320399803)</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**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 | - |

---

**New Accounting Pronouncement.** 

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

**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** | 1464936530 | 895634915 |

---

**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** | 999 |

---

**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** | 191798 | 1226570 | 399652 |

---

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI High Income Fund** | 1515 |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI High Income Fund** | 48034 | - | - |

---

**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, 2026. During the period, this waiver reduced the Fund's management fee by $103,171.

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 $15,854.

**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 | 17% |

---

**11. Litigation.**

The Fund and other entities managed by FMR or its affiliates have been involved with proceedings arising out of disputes in the United States Bankruptcy Court for the Southern District of Texas ("Bankruptcy Court"), relating to the In re Sanchez Energy Corporation chapter 11 bankruptcy case (Case No. 19-34508). A Bankruptcy Court-appointed representative of unsecured creditors asserted that eight million shares of Mesquite Energy, Inc. (formerly known as Sanchez Energy Corporation) (the "Company"), held in escrow pursuant to the terms of the Company's confirmed chapter 11 plan, should be awarded to the unsecured creditors instead of the Company's current equity holders, including the Fund, which were providers of debtor-in-possession financing to the Company during its chapter 11 case and holders of secured notes issued by the Company in 2018. The unsecured creditors also asserted that certain additional equity issued by the Company in 2020 in connection with two post-bankruptcy financings, also held by the Fund, is invalid. In August 2023, the Bankruptcy Court issued an opinion awarding a portion of the eight million shares to the unsecured creditors, diluting the value of the Fund's holdings in Mesquite. The Fund appealed this decision to the U.S. Court of Appeals for the Fifth Circuit. On May 30, 2025, the Fifth Circuit vacated the Bankruptcy Court's decision and ruled in favor of the providers of debtor-in-possession financing, including the Fund. The Fund has incurred legal costs in defending the disputes and has recovered a portion of these legal costs through an insurance claim.

**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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity SAI High Income Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

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

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a flat management fee. In its review of the fund's management fee and total expense ratio, the Board considered the fund's effective fee rate from March 2024 to September 2024, as well as other fund expenses. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

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

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

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

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

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

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

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

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

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

![](img119059_4.jpg)<br>

1.9901442.104 SAH-SANN-1225

**Fidelity® Healthy Future Fund**

**Semi-Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img119060_1.jpg)

![](img119060_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_HWF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Healthy Future Fund](#Sub_Sec_Fund_6553_HWF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6553_HWF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_HWF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_HWF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_HWF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_HWF-SANN)** |

---

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

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

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

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

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

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

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

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

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

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

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

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

**Fidelity® Healthy Future Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.9%  |  |  |
| Health Care - 1.9% |  |  |
| Pharmaceuticals - 1.9% |  |  |
| UCB SA  | 1053 | 270057 |
| CANADA - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Celestica Inc (United States) (a) | 368 | 126769 |
| CHINA - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Consun Pharmaceutical Group Ltd  | 32268 | 62414 |
| DENMARK - 0.9%  |  |  |
| Financials - 0.5% |  |  |
| Insurance - 0.5% |  |  |
| Tryg A/S  | 2702 | 66602 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Novonesis Novozymes B Series B  | 966 | 57731 |
| TOTAL DENMARK |  | 124333 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (a) | 1288 | 40224 |
| FRANCE - 5.9%  |  |  |
| Consumer Staples - 3.9% |  |  |
| Food Products - 3.5% |  |  |
| Danone SA  | 5666 | 500402 |
| Personal Care Products - 0.4% |  |  |
| L'Oreal SA  | 138 | 57589 |
| TOTAL CONSUMER STAPLES |  | 557991 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Amundi SA (b)(c) | 862 | 63887 |
| Health Care - 1.6% |  |  |
| Biotechnology - 0.7% |  |  |
| Abivax SA ADR (a) | 1015 | 103956 |
| Health Care Equipment & Supplies - 0.9% |  |  |
| EssilorLuxottica SA  | 339 | 123985 |
| TOTAL HEALTH CARE |  | 227941 |
| TOTAL FRANCE |  | 849819 |
| GERMANY - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Health Care Providers & Services - 1.1% |  |  |
| Fresenius SE & Co KGaA  | 2857 | 164722 |
| HONG KONG - 4.7%  |  |  |
| Financials - 4.7% |  |  |
| Insurance - 4.7% |  |  |
| AIA Group Ltd  | 70513 | 686143 |
| ITALY - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 1410 | 83700 |
| JAPAN - 4.1%  |  |  |
| Consumer Staples - 1.1% |  |  |
| Food Products - 1.1% |  |  |
| Ajinomoto Co Inc  | 5497 | 155981 |
| Industrials - 3.0% |  |  |
| Industrial Conglomerates - 3.0% |  |  |
| Hitachi Ltd  | 12661 | 436904 |
| TOTAL JAPAN |  | 592885 |
| NETHERLANDS - 2.4%  |  |  |
| Health Care - 2.4% |  |  |
| Biotechnology - 2.4% |  |  |
| Argenx SE (a) | 305 | 249633 |
| uniQure NV (a) | 1419 | 96052 |
| TOTAL NETHERLANDS |  | 345685 |
| SWEDEN - 1.2%  |  |  |
| Health Care - 0.8% |  |  |
| Life Sciences Tools & Services - 0.8% |  |  |
| AddLife AB B Shares  | 5475 | 118372 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Boliden AB (a) | 1340 | 60510 |
| TOTAL SWEDEN |  | 178882 |
| SWITZERLAND - 1.7%  |  |  |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Galderma Group AG  | 814 | 150207 |
| Industrials - 0.6% |  |  |
| Building Products - 0.6% |  |  |
| Belimo Holding AG  | 87 | 93622 |
| TOTAL SWITZERLAND |  | 243829 |
| TAIWAN - 2.6%  |  |  |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1242 | 373134 |
| UNITED KINGDOM - 10.3%  |  |  |
| Communication Services - 2.3% |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |
| Zegona Communications plc (a) | 15281 | 246918 |
| Interactive Media & Services - 0.6% |  |  |
| Rightmove PLC  | 9544 | 83754 |
| TOTAL COMMUNICATION SERVICES |  | 330672 |
| Consumer Discretionary - 0.5% |  |  |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 329 | 68850 |
| Consumer Staples - 4.4% |  |  |
| Household Products - 0.9% |  |  |
| Reckitt Benckiser Group PLC  | 1693 | 129496 |
| Personal Care Products - 3.5% |  |  |
| Unilever PLC  | 8355 | 501337 |
| TOTAL CONSUMER STAPLES |  | 630833 |
| Financials - 2.3% |  |  |
| Insurance - 2.3% |  |  |
| Aviva PLC  | 25804 | 226647 |
| Hiscox Ltd  | 6246 | 112824 |
|  |  | 339471 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Halma PLC  | 2569 | 119673 |
| TOTAL UNITED KINGDOM |  | 1489499 |
| UNITED STATES - 60.9%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Walt Disney Co/The  | 1062 | 119602 |
| Consumer Discretionary - 6.0% |  |  |
| Automobiles - 4.1% |  |  |
| Tesla Inc (a) | 1307 | 596724 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Hilton Worldwide Holdings Inc  | 128 | 32891 |
| Household Durables - 0.9% |  |  |
| SharkNinja Inc (a) | 1484 | 126882 |
| Specialty Retail - 0.8% |  |  |
| TJX Cos Inc/The  | 806 | 112953 |
| TOTAL CONSUMER DISCRETIONARY |  | 869450 |
| Consumer Staples - 3.2% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Sprouts Farmers Market Inc (a) | 769 | 60720 |
| Household Products - 2.8% |  |  |
| Procter & Gamble Co/The  | 2712 | 407804 |
| TOTAL CONSUMER STAPLES |  | 468524 |
| Financials - 7.0% |  |  |
| Capital Markets - 0.4% |  |  |
| Blackrock Inc  | 57 | 61720 |
| Financial Services - 1.6% |  |  |
| Apollo Global Management Inc  | 1914 | 237929 |
| Insurance - 5.0% |  |  |
| Chubb Ltd  | 987 | 273340 |
| Hartford Insurance Group Inc/The  | 1194 | 148271 |
| Marsh & McLennan Cos Inc  | 305 | 54335 |
| MetLife Inc  | 1486 | 118613 |
| Reinsurance Group of America Inc  | 615 | 112213 |
|  |  | 706772 |
| TOTAL FINANCIALS |  | 1006421 |
| Health Care - 27.0% |  |  |
| Biotechnology - 6.3% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 779 | 355256 |
| Exact Sciences Corp (a) | 2028 | 131191 |
| Gilead Sciences Inc  | 2404 | 287975 |
| Vertex Pharmaceuticals Inc (a) | 246 | 104690 |
| Viridian Therapeutics Inc (a) | 1500 | 35445 |
|  |  | 914557 |
| Health Care Equipment & Supplies - 7.4% |  |  |
| Abbott Laboratories  | 2265 | 280000 |
| Alcon AG  | 778 | 57812 |
| Boston Scientific Corp (a) | 2541 | 255930 |
| Insulet Corp (a) | 308 | 96407 |
| Masimo Corp (a) | 395 | 55557 |
| Penumbra Inc (a) | 445 | 101180 |
| Stryker Corp  | 384 | 136796 |
| TransMedics Group Inc (a) | 633 | 83265 |
|  |  | 1066947 |
| Health Care Providers & Services - 5.8% |  |  |
| BrightSpring Health Services Inc (a) | 2902 | 95911 |
| CVS Health Corp  | 2768 | 216319 |
| LifeStance Health Group Inc (a) | 17587 | 86176 |
| UnitedHealth Group Inc  | 1285 | 438905 |
|  |  | 837311 |
| Health Care Technology - 1.2% |  |  |
| Veeva Systems Inc Class A (a) | 604 | 175885 |
| Life Sciences Tools & Services - 4.2% |  |  |
| Danaher Corp  | 1307 | 281501 |
| Thermo Fisher Scientific Inc  | 563 | 319441 |
|  |  | 600942 |
| Pharmaceuticals - 2.1% |  |  |
| Johnson & Johnson  | 1146 | 216445 |
| Royalty Pharma PLC Class A  | 2428 | 91147 |
|  |  | 307592 |
| TOTAL HEALTH CARE |  | 3903234 |
| Industrials - 3.3% |  |  |
| Ground Transportation - 3.3% |  |  |
| Uber Technologies Inc (a) | 4963 | 478930 |
| Information Technology - 10.1% |  |  |
| Semiconductors & Semiconductor Equipment - 10.1% |  |  |
| NVIDIA Corp  | 7217 | 1461370 |
| Real Estate - 2.7% |  |  |
| Health Care REITs - 2.7% |  |  |
| Welltower Inc  | 2137 | 386882 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| NextEra Energy Inc  | 1356 | 110378 |
| TOTAL UNITED STATES |  | 8804791 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $11,257,649) |  | <br> **14436886** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (d)<br>(Cost $40,580)<br>| 4.18 | 40572 | **40580** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $11,298,229)<br>| <br>**14477466** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(12085)** |
| **NET ASSETS - 100.0%** | **14465381** |

---

**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 $63,887 or 0.4% 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 $63,887 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 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 | 3347033 | 3522493 | 4467 | 7 | 1 | 40580 | 40572 | 0.0% |
| Total | 216032 | 3347033 | 3522493 | 4467 | 7 | 1 | 40580 |  |  |

---

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

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

**Investment Valuation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 450274 | 450274 | - | - |
| Consumer Discretionary | 978524 | 978524 | - | - |
| Consumer Staples | 1813329 | 624505 | 1188824 | - |
| Financials | 2162524 | 1476381 | 686143 | - |
| Health Care | 5326332 | 5076699 | 249633 | - |
| Industrials | 1009456 | 1009456 | - | - |
| Information Technology | 2080946 | 2080946 | - | - |
| Materials | 118241 | 118241 | - | - |
| Real Estate | 386882 | 386882 | - | - |
| Utilities | 110378 | 110378 | - | - |
|  **Money Market Funds** | 40580 | 40580 | - | - |
| **Total Investments in Securities:** | 14477466 | 12352866 | 2124600 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $11,257,649) | $14436886 |  |
| Fidelity Central Funds (cost $40,580) | 40580 |  |
| Total Investment in Securities (cost $11,298,229) |  | $14477466 |
| Foreign currency held at value (cost $1,211) |  | 1170 |
| Receivable for fund shares sold |  | 3502 |
| Dividends receivable |  | 9289 |
| Reclaims receivable |  | 13279 |
| Distributions receivable from Fidelity Central Funds |  | 464 |
| Prepaid expenses |  | 15 |
| Receivable from investment adviser for expense reductions |  | 165 |
| **Total assets** |  | 14505350 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1732 |  |
| Accrued management fee | 10021 |  |
| Distribution and service plan fees payable | 2661 |  |
| Audit fee payable | 25143 |  |
| Other payables and accrued expenses | 412 |  |
| **Total liabilities** |  | 39969 |
| **Net Assets**  |  | $14465381 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11522377 |
| Total accumulated earnings (loss) |  | 2943004 |
| **Net Assets** |  | $14465381 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($2,005,245 ÷ 143,360 shares)(a) |  | $13.99 |
| Maximum offering price per share (100/94.25 of $13.99) |  | $14.84 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($3,875,058 ÷ 279,413 shares)(a) |  | $13.87 |
| Maximum offering price per share (100/96.50 of $13.87) |  | $14.37 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($793,890 ÷ 58,252 shares)(a) |  | $13.63 |
| **Fidelity Healthy Future Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,432,914 ÷ 527,756 shares) |  | $14.08 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($186,396 ÷ 13,230 shares) |  | $14.09 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($171,878 ÷ 12,150 shares) |  | $14.15 |
| *(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** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $107036 |
| Income from Fidelity Central Funds  |  | 4467 |
| **Total income** |  | 111503 |
| **Expenses** |  |  |
| Management fee | $59238 |  |
| Distribution and service plan fees | 15561 |  |
| Custodian fees and expenses | 1133 |  |
| Independent trustees' fees and expenses | 25 |  |
| Registration fees | 38122 |  |
| Audit fees | 22342 |  |
| Legal | 5 |  |
| Miscellaneous | 218 |  |
| Total expenses before reductions | 136644 |  |
| Expense reductions | (46976) |  |
| Total expenses after reductions |  | 89668 |
| **Net Investment income (loss)** |  | 21835 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (231199) |  |
| Fidelity Central Funds | 7 |  |
| Foreign currency transactions | 2151 |  |
| Total net realized gain (loss) |  | (229041) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1937672 |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | (1097) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1936576 |
| **Net gain (loss)** |  | 1707535 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1729370 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $21835 | $(7600) |
| &nbsp;&nbsp;Net realized gain (loss) | (229041)<br>| 302560<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1936576 | 7757<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1729370<br>| 302717<br>|
| Distributions to shareholders | (119469)<br>| (7430)<br>|
| Share transactions - net increase (decrease) | (206021)<br>| 3495855<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1403880<br>| 3791142<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13061501 | 9270359<br>|
| &nbsp;&nbsp;End of period | $14465381 | $13061501 |

---

**Financial Highlights** 

**Fidelity Advisor® Healthy Future Fund Class A**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 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 | .02  | (.02)  | (.01)  | (.01)  |
| Net realized and unrealized gain (loss)  | 1.59  | .59  | 1.36  | .58  |
| Total from investment operations  | 1.61  | .57  | 1.35  | .57  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.11)  | -  | -  | -  |
| Net asset value, end of period  | $13.99 | $12.49 | $11.92 | $10.57 |
| **Total Return** D,E,F | 12.97% <br>| 4.78%  | 12.77%  | 5.70%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 2.00% I | 2.19%  | 3.08%  | 9.78% I,J |
| Expenses net of fee waivers, if any  | 1.30% I<br>| 1.30%  | 1.29%  | 1.29% I |
| Expenses net of all reductions, if any  | 1.30% I | 1.30%  | 1.29%  | 1.29% I |
| Net investment income (loss)  | .28% I | (.12)%  | (.05)%  | (.09)% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $2005 | $1288 | $854 | $205 |
| Portfolio turnover rate K | 80% I<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*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*Total returns do not include the effect of the sales charges.*

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

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

I*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 M**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 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 | - D | (.05)  | (.03)  | (.03)  |
| Net realized and unrealized gain (loss)  | 1.58  | .59  | 1.35  | .57  |
| Total from investment operations  | 1.58  | .54  | 1.32  | .54  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.11)  | -  | -  | -  |
| Net asset value, end of period  | $13.87 | $12.40 | $11.86 | $10.54 |
| **Total Return** E,F,G | 12.82% <br>| 4.55%  | 12.52%  | 5.40%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |
| Expenses before reductions  | 2.23% J | 2.39%  | 3.46%  | 10.17% J,K |
| Expenses net of fee waivers, if any  | 1.55% J<br>| 1.55%  | 1.54%  | 1.54% J |
| Expenses net of all reductions, if any  | 1.55% J | 1.55%  | 1.53%  | 1.54% J |
| Net investment income (loss)  | .03% J | (.37)%  | (.29)%  | (.34)% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $3875 | $3563 | $1565 | $136 |
| Portfolio turnover rate L | 80% J<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*Amount represents less than $.005 per share.*

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>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 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 | (.03)  | (.11)  | (.09)  | (.08)  |
| Net realized and unrealized gain (loss)  | 1.56  | .57  | 1.35  | .57  |
| Total from investment operations  | 1.53  | .46  | 1.26  | .49  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.11)  | -  | -  | -  |
| Net asset value, end of period  | $13.63 | $12.21 | $11.75 | $10.49 |
| **Total Return** D,E,F | 12.61% <br>| 3.91%  | 12.01%  | 4.90%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |
| Expenses before reductions  | 2.72% I | 2.93%  | 3.94%  | 10.48% I,J |
| Expenses net of fee waivers, if any  | 2.05% I<br>| 2.05%  | 2.04%  | 2.04% I |
| Expenses net of all reductions, if any  | 2.05% I | 2.05%  | 2.03%  | 2.04% I |
| Net investment income (loss)  | (.47)% I | (.87)%  | (.80)%  | (.84)% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $794 | $701 | $262 | $130 |
| Portfolio turnover rate K | 80% I<br>| 48%  | 37%  | 68% I |

---

A*For the period May 24, 2022 (commencement of operations) through April 30, 2023.*

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

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

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® Healthy Future Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 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 | .03  | .02  | .02  | .02  |
| Net realized and unrealized gain (loss)  | 1.60  | .58  | 1.37  | .57  |
| Total from investment operations  | 1.63  | .60  | 1.39  | .59  |
| Distributions from net investment income  | -  | (.01)  | (.01)  | -  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.11)  | (.01)  | (.01)  | -  |
| Net asset value, end of period  | $14.08 | $12.56 | $11.97 | $10.59 |
| **Total Return** D,E | 13.06% <br>| 5.03%  | 13.12%  | 5.90%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 1.69% H | 1.82%  | 2.79%  | 9.38% H,I |
| Expenses net of fee waivers, if any  | 1.05% H<br>| 1.06%  | 1.04%  | 1.04% H |
| Expenses net of all reductions, if any  | 1.05% H | 1.05%  | 1.04%  | 1.04% H |
| Net investment income (loss)  | .53% H | .13%  | .20%  | .16% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $7433 | $7136 | $6309 | $3376 |
| Portfolio turnover rate J | 80% H<br>| 48%  | 37%  | 68% H |

---

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*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.*

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*Audit fees are not annualized.*

J*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>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 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 | .03  | .02  | .02  | .02  |
| Net realized and unrealized gain (loss)  | 1.61  | .58  | 1.37  | .57  |
| Total from investment operations  | 1.64  | .60  | 1.39  | .59  |
| Distributions from net investment income  | -  | (.01)  | (.01)  | -  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.11)  | (.01)  | (.01)  | -  |
| Net asset value, end of period  | $14.09 | $12.56 | $11.97 | $10.59 |
| **Total Return** D,E | 13.14% <br>| 5.00%  | 13.12%  | 5.90%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 1.75% H | 1.93%  | 2.82%  | 9.48% H,I |
| Expenses net of fee waivers, if any  | 1.05% H<br>| 1.06%  | 1.04%  | 1.05% H |
| Expenses net of all reductions, if any  | 1.05% H | 1.05%  | 1.04%  | 1.04% H |
| Net investment income (loss)  | .53% H | .13%  | .20%  | .16% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $186 | $207 | $159 | $115 |
| Portfolio turnover rate J | 80% H<br>| 48%  | 37%  | 68% H |

---

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*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.*

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*Audit fees are not annualized.*

J*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>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 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 | .05  | .04  | .04  | .03  |
| Net realized and unrealized gain (loss)  | 1.61  | .58  | 1.36  | .58  |
| Total from investment operations  | 1.66  | .62  | 1.40  | .61  |
| Distributions from net investment income  | -  | (.02)  | (.01)  | -  |
| Distributions from net realized gain  | (.11)  | -  | -  | -  |
| Total distributions  | (.11)  | (.02)  | (.01)  | -  |
| Net asset value, end of period  | $14.15 | $12.60 | $12.00 | $10.61 |
| **Total Return** D,E | 13.25% <br>| 5.17%  | 13.19%  | 6.10%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 1.58% H | 1.75%  | 2.60%  | 9.34% H,I |
| Expenses net of fee waivers, if any  | .90% H<br>| .90%  | .89%  | .90% H |
| Expenses net of all reductions, if any  | .90% H | .90%  | .89%  | .89% H |
| Net investment income (loss)  | .68% H | .28%  | .35%  | .31% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $172 | $168 | $122 | $107 |
| Portfolio turnover rate J | 80% H<br>| 48%  | 37%  | 68% H |

---

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*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.*

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*Audit fees are not annualized.*

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

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

For the period ended October 31, 2025

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

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

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

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

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

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), net operating losses, 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** | $3528890 |
| **Gross unrealized depreciation** | <u>(380857)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3148033</u> |
| **Tax cost** | <u>$11329433</u> |

---

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

**New Accounting Pronouncement.** 

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

**4. 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** | 5571061 | 5577572 |

---

**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** | .82 |
| **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% | 2480 | 739 |
| **Class M** | .25% | .25% | 9352 | 80 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3729</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>630</u> |
|  |  |  | <u>15561</u> | <u>1449</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** | 1067 |
| **Class M** | &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>35</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1102</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** | 43 |

---

**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** | 91932 | 173827 | 6922 |

---

**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 plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Healthy Future Fund** | 8 |

---

**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, 2026. 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% | 6901 |
| **Class M** | 1.55% | 12774 |
| **Class C** | 2.05% | 2504 |
| **Fidelity Healthy Future Fund** | 1.05% | 23376 |
| **Class I** | 1.05% | 726 |
| **Class Z** | .90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>596</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>46877</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 $99.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **October 31, 2025** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Healthy Future Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $17122 | $- |
| Class M | 31845 | - |
| Class C | 6267 | - |
| Fidelity Healthy Future Fund | 60946 | 7004 |
| Class I | 1836 | 95 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1453</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>331</u> |
| Total  | <u>$119469</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** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Healthy Future Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 57181 | 59979 | $719612 | $791790 |
| Reinvestment of distributions | 1346 | - | 17122 | - |
| Shares redeemed | <u>(18300)</u> | <u>(28480)</u> | <u>(247002)</u> | <u>(377327)</u> |
| Net increase (decrease) | <u>40227</u> | <u>31499</u> | <u>$489732</u> | <u>$414463</u> |
| **Class M** |  |  |  |  |
| Shares sold | 13361 | 271594 | $177445 | $3493791 |
| Reinvestment of distributions | 2491 | - | 31433 | - |
| Shares redeemed | <u>(23874)</u> | <u>(116139)</u> | <u>(315748)</u> | <u>(1471021)</u> |
| Net increase (decrease) | <u>(8022)</u> | <u>155455</u> | <u>$(106870)</u> | <u>$2022770</u> |
| **Class C** |  |  |  |  |
| Shares sold | 706 | 45543 | $9067 | $570668 |
| Reinvestment of distributions | 504 | - | 6267 | - |
| Shares redeemed | <u>(313)</u> | <u>(10460)</u> | <u>(4067)</u> | <u>(135860)</u> |
| Net increase (decrease) | <u>897</u> | <u>35083</u> | <u>$11267</u> | <u>$434808</u> |
| **Fidelity Healthy Future Fund** |  |  |  |  |
| Shares sold | 76370 | 280823 | $1009530 | $3681706 |
| Reinvestment of distributions | 4225 | 482 | 54084 | 6247 |
| Shares redeemed | <u>(121149)</u> | <u>(240206)</u> | <u>(1603554)</u> | <u>(3145561)</u> |
| Net increase (decrease) | <u>(40554)</u> | <u>41099</u> | <u>$(539940)</u> | <u>$542392</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1504 | 8811 | $19216 | $114776 |
| Reinvestment of distributions | 143 | 7 | 1836 | 95 |
| Shares redeemed | <u>(4879)</u> | <u>(5683)</u> | <u>(65376)</u> | <u>(72106)</u> |
| Net increase (decrease) | <u>(3232)</u> | <u>3135</u> | <u>$(44324)</u> | <u>$42765</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 588 | 8588 | $7932 | $109197 |
| Reinvestment of distributions | 91 | 17 | 1168 | 224 |
| Shares redeemed | <u>(1832)</u> | <u>(5431)</u> | <u>(24986)</u> | <u>(70764)</u> |
| Net increase (decrease) | <u>(1153)</u> | <u>3174</u> | <u>$(15886)</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.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Healthy Future Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

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

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

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

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

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

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

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

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

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

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

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

The information provided to the Board indicated that the management fee rate for the retail class ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. In information provided to the Board, Fidelity noted that the fund recently launched and has not yet achieved scale. The Board considered that Fidelity anticipates the total expense ratio of the retail class will decrease as assets grow. The Board noted that, although total expenses ranked above median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.

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

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.30%, 1.55%, 2.05%, 1.05%, 0.90%, and 1.05% through August 31, 2026.

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

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

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

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

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

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

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

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

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

![](img119060_4.jpg)<br>

1.9904958.103 HWF-SANN-1225

Item 8.

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

See Item 7.

Item 9.

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

See Item 7.

Item 10.

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

See Item 7.

Item 11.

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

See Item 7.

Item 12.

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

Not applicable.

Item 13.

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

Not applicable.

Item 14.

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

Not applicable.

Item 15.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Summer Street 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 Fidelity Summer Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 17.

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

Not applicable.

Item 18.

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

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

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

(a) (3) Not applicable.

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

SIGNATURES

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

Fidelity 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; December 22, 2025 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

---

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

---

## Ex-99.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:

December 22, 2025

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

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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:

December 22, 2025

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

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## Exhibit 99.906

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

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

In connection with the attached Report of Fidelity 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: December 22, 2025

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

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Dated: December 22, 2025

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

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>