Quarterly Holdings Report
for
Fidelity Advisor® Multi-Asset Income Fund
March 31, 2026
AMAI-NPRT1-0526
1.9865901.110
Alternative Funds - 1.6%
 
  
Shares
Value ($)
 
Fidelity Private Credit Company LLC (l)(m)
 (Cost $56,947,234)
  
5,783,274
54,117,567
 
  
  
  
Asset-Backed Securities - 0.3%
 
  
Principal
Amount (a)
 
Value ($)
 
BAILIWICK OF JERSEY - 0.0%
 
  
  
Brant Point Clo Ltd Series 2024-5A Class E, CME Term SOFR 3 month Index + 6.7%, 10.3676% 10/20/2037 (f)(g)(j)
  
250,000
248,243
Goldentree Loan Management US CLO 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.3676% 7/20/2037 (f)(g)(j)
  
747,000
742,544
TOTAL BAILIWICK OF JERSEY
  
  
990,787
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%, 10.1722% 4/15/2037 (f)(g)(j)
  
258,000
251,636
Apidos CLO LIII Series 2025-53A Class E, CME Term SOFR 3 month Index + 6.43%, 10.0976% 7/20/2038 (f)(g)(j)
  
402,000
399,032
Balboa Bay Loan Funding Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (f)(g)(j)
  
1,000,000
1,004,012
Bbam US CLO I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.6722% 3/30/2038 (f)(g)(j)
  
246,000
243,554
Bbam US CLO III Ltd Series 2025-3A Class DR, CME Term SOFR 3 month Index + 5.2%, 8.8722% 10/15/2038 (f)(g)(j)
  
500,000
469,816
Bbam US CLO IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 9.9222% 7/15/2039 (f)(g)(j)
  
500,000
496,514
Benefit Street Partners CLO XXXIX Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.3222% 4/15/2038 (f)(g)(j)
  
337,000
331,977
Birch Grove CLO 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.4192% 4/22/2038 (f)(g)(j)
  
360,000
356,322
Birch Grove CLO 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.4176% 10/20/2037 (f)(g)(j)
  
190,000
184,570
Carlyle US CLO Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.418% 10/25/2037 (f)(g)(j)
  
227,000
220,332
Carval CLO Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.0176% 10/20/2037 (f)(g)(j)
  
323,000
318,259
CIFC Funding Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 10.9197% 7/21/2038 (f)(g)(j)
  
493,000
493,259
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.4176% 1/17/2038 (f)(g)(j)
  
206,000
196,085
Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 7.7722% 4/15/2038 (f)(g)(j)
  
223,000
223,015
Flatiron RR CLO 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 8.9222% 4/15/2038 (f)(g)(j)
  
342,000
331,406
Madison Park Funding LXXII Ltd Series 2025-72A Class D2, 8.345% 7/23/2038 (j)
  
1,000,000
1,004,191
Magnetite XXIX Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.6722% 7/15/2037 (f)(g)(j)
  
189,000
187,345
Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9176% 10/20/2037 (f)(g)(j)
  
225,000
223,401
OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.2176% 7/20/2037 (f)(g)(j)
  
261,000
257,243
OHA Credit Partners Ltd Series 2024-18A Class D2, CME Term SOFR 3 month Index + 4.75%, 8.4176% 4/20/2037 (f)(g)(j)
  
341,000
338,624
OHA Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.1556% 2/20/2038 (f)(g)(j)
  
1,000,000
983,647
Palmer Square CLO Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 7.8122% 2/15/2038 (f)(g)(j)
  
154,000
149,465
Palmer Square CLO Series 2024-2A Class E, CME Term SOFR 3 month Index + 5.7%, 9.3676% 7/20/2037 (f)(g)(j)
  
1,000,000
970,924
Pikes Peak CLO 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.4676% 4/20/2038 (f)(g)(j)
  
138,000
131,116
RR 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.6722% 10/15/2039 (f)(g)(j)
  
395,000
391,676
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
  
  
10,157,421
UNITED STATES - 0.0%
 
  
  
Diameter Capital CLO 1 Ltd Series 2024-1A Class DR, CME Term SOFR 3 month Index + 6.15%, 9.8222% 10/15/2037 (f)(g)(j)
  
250,000
248,237
Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.4176% 1/20/2038 (f)(g)(j)
  
181,000
179,719
TOTAL UNITED STATES
  
  
427,956
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $11,744,711)
  
  
  
11,576,164
 
  
  
  
Bank Loan Obligations - 2.4%
 
  
Principal
Amount (a)
 
Value ($)
 
LUXEMBOURG - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9496% 10/1/2032 (f)(g)(h)
  
2,593,500
2,369,810
UNITED STATES - 2.4%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6677% 10/6/2032 (f)(g)(h)
  
4,488,750
4,485,967
Media - 0.2%
  
  
  
Sinclair Television Group Inc Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3.3%, 7.0822% 12/31/2029 (f)(g)(h)
  
5,810,327
5,189,378
Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 7.8677% 12/31/2030 (f)(g)(h)
  
1,685,743
1,500,311
 
  
  
6,689,689
TOTAL COMMUNICATION SERVICES
  
  
11,175,656
Consumer Discretionary - 1.1%
  
  
  
Broadline Retail - 1.1%
  
  
  
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 1/23/2032 (f)(g)(h)
  
35,296,385
35,190,497
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6996% 9/20/2030 (f)(g)(h)
  
720,689
703,270
Health Care - 0.6%
  
  
  
Pharmaceuticals - 0.6%
  
  
  
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9177% 10/8/2030 (f)(g)(h)
  
19,542,325
18,831,180
Industrials - 0.3%
  
  
  
Commercial Services & Supplies - 0.3%
  
  
  
CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9326% 9/4/2030 (f)(g)(h)
  
10,266,216
8,033,314
CSC ServiceWorks East LLC Tranche INITIAL FL1O 1LN, term loan CME Term SOFR 1 month Index + 5.43%, 9.101% 9/4/2030 (f)(g)(h)
  
2,441,312
2,485,060
TOTAL INDUSTRIALS
  
  
10,518,374
Utilities - 0.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1727% 3/29/2030 (f)(g)(h)
  
4,252,118
4,268,063
TOTAL UNITED STATES
  
  
80,687,040
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $83,723,285)
  
  
  
83,056,850
 
  
  
  
Common Stocks - 38.9%
 
  
Shares
Value ($)
 
BRAZIL - 0.2%
 
  
  
Utilities - 0.2%
  
  
  
Water Utilities - 0.2%
  
  
  
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
 
233,428
7,131,026
CANADA - 4.9%
 
  
  
Consumer Discretionary - 0.7%
  
  
  
Hotels, Restaurants & Leisure - 0.3%
  
  
  
Pizza Pizza Royalty Corp (c)
  
882,100
9,574,948
Restaurant Brands International Inc
 
967
71,557
 
  
  
9,646,505
Specialty Retail - 0.4%
  
  
  
Aritzia Inc Subordinate Voting Shares (b)
  
82,100
6,699,728
Groupe Dynamite Inc Subordinate Voting Shares
 
128,900
7,096,867
 
  
  
13,796,595
TOTAL CONSUMER DISCRETIONARY
  
  
23,443,100
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Alimentation Couche-Tard Inc
 
930
52,714
Metro Inc/CN
 
915
62,605
TOTAL CONSUMER STAPLES
  
  
115,319
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Canadian Natural Resources Ltd
 
1,860
90,734
Imperial Oil Ltd
 
969
126,922
TOTAL ENERGY
  
  
217,656
Industrials - 0.2%
  
  
  
Machinery - 0.2%
  
  
  
ATS Corp (b)
  
282,800
7,971,093
Materials - 2.6%
  
  
  
Chemicals - 0.2%
  
  
  
Methanex Corp
 
128,993
7,686,169
Metals & Mining - 2.4%
  
  
  
Agnico Eagle Mines Ltd/CA (United States)
 
41,000
8,322,180
Almonty Industries Inc (United States) (b)
  
4,891,180
70,824,286
 
  
  
79,146,466
TOTAL MATERIALS
  
  
86,832,635
Utilities - 1.4%
  
  
  
Independent Power and Renewable Electricity Producers - 1.4%
  
  
  
TransAlta Corp
 
3,612,309
47,494,164
TOTAL CANADA
  
  
166,073,967
FRANCE - 1.4%
 
  
  
Energy - 1.4%
  
  
  
Energy Equipment & Services - 1.4%
  
  
  
Vallourec SACA
 
1,863,721
47,177,538
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Sequans Communications SA ADR (b)(c)
  
433,116
1,095,783
TOTAL FRANCE
  
  
48,273,321
GERMANY - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Siemens AG
 
136
33,134
ISRAEL - 0.3%
 
  
  
Health Care - 0.3%
  
  
  
Pharmaceuticals - 0.3%
  
  
  
Teva Pharmaceutical Industries Ltd ADR (b)
  
286,100
8,617,332
ITALY - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Electrical Equipment - 0.0%
  
  
  
Prysmian SpA
 
538
63,533
JAPAN - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Hitachi Ltd
 
2,024
59,375
KOREA (SOUTH) - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Technology Hardware, Storage & Peripherals - 0.0%
  
  
  
Samsung Electronics Co Ltd
 
1,472
175,288
NETHERLANDS - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
NXP Semiconductors NV
 
482
94,887
TAIWAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
616
208,177
UNITED KINGDOM - 1.2%
 
  
  
Consumer Staples - 0.0%
  
  
  
Personal Care Products - 0.0%
  
  
  
Unilever PLC
 
573
31,457
Tobacco - 0.0%
  
  
  
Imperial Brands PLC
 
529
21,450
TOTAL CONSUMER STAPLES
  
  
52,907
Health Care - 0.3%
  
  
  
Pharmaceuticals - 0.3%
  
  
  
Astrazeneca PLC
 
45,301
8,858,157
Industrials - 0.9%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Rolls-Royce Holdings PLC
 
5,211
79,168
Commercial Services & Supplies - 0.9%
  
  
  
Serco Group PLC
 
8,229,300
31,181,720
TOTAL INDUSTRIALS
  
  
31,260,888
TOTAL UNITED KINGDOM
  
  
40,171,952
UNITED STATES - 30.7%
 
  
  
Communication Services - 3.1%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
AT&T Inc
 
3,210
93,058
Comcast Corp Class A
 
2,437
69,966
Verizon Communications Inc
 
2,027
101,756
 
  
  
264,780
Entertainment - 0.0%
  
  
  
Walt Disney Co/The
 
1,255
120,957
Interactive Media & Services - 3.1%
  
  
  
Alphabet Inc Class A
 
265,022
76,209,727
Meta Platforms Inc Class A
 
50,073
28,648,265
 
  
  
104,857,992
Wireless Telecommunication Services - 0.0%
  
  
  
T-Mobile US Inc
 
566
118,876
TOTAL COMMUNICATION SERVICES
  
  
105,362,605
Consumer Discretionary - 3.0%
  
  
  
Automobiles - 1.1%
  
  
  
Tesla Inc (b)
  
98,000
36,431,500
Broadline Retail - 0.5%
  
  
  
Amazon.com Inc (b)
  
83,719
17,436,156
Diversified Consumer Services - 0.0%
  
  
  
H&R Block Inc
 
779
24,725
Hotels, Restaurants & Leisure - 1.2%
  
  
  
McDonald's Corp
 
421
130,843
Monarch Casino & Resort Inc
 
33,500
3,202,600
SHARPLINK INC (b)(c)
  
5,594,571
36,084,984
Starbucks Corp
 
536
48,020
 
  
  
39,466,447
Household Durables - 0.2%
  
  
  
SharkNinja Inc (b)(d)
  
69,900
7,402,410
Specialty Retail - 0.0%
  
  
  
Burlington Stores Inc (b)
  
205
66,703
Dick's Sporting Goods Inc
 
278
55,124
Lowe's Cos Inc
 
557
131,608
Sportsman's Warehouse Holdings Inc (b)
  
1,927,598
2,717,913
TJX Cos Inc/The
 
841
134,308
 
  
  
3,105,656
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Columbia Sportswear Co
 
72
3,946
NIKE Inc Class B
 
599
31,639
Tapestry Inc
 
744
104,986
 
  
  
140,571
TOTAL CONSUMER DISCRETIONARY
  
  
104,007,465
Consumer Staples - 0.7%
  
  
  
Beverages - 0.5%
  
  
  
Coca-Cola Co/The
 
1,746
132,783
Constellation Brands Inc Class A
 
56,300
8,445,000
Keurig Dr Pepper Inc
 
2,783
73,276
PepsiCo Inc
 
55,000
8,540,951
 
  
  
17,192,010
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Albertsons Cos Inc Class A
 
908
15,472
BJ's Wholesale Club Holdings Inc (b)
  
656
64,564
Costco Wholesale Corp
 
12
11,957
Target Corp
 
767
92,960
Walmart Inc
 
1,800
223,704
 
  
  
408,657
Food Products - 0.0%
  
  
  
JM Smucker Co
 
279
26,906
Mondelez International Inc
 
751
43,288
 
  
  
70,194
Household Products - 0.2%
  
  
  
Clorox Co/The
 
69,144
7,165,393
Procter & Gamble Co/The
 
1,236
178,528
 
  
  
7,343,921
Personal Care Products - 0.0%
  
  
  
Kenvue Inc
 
1,867
32,187
TOTAL CONSUMER STAPLES
  
  
25,046,969
Energy - 9.5%
  
  
  
Oil, Gas & Consumable Fuels - 9.5%
  
  
  
Antero Resources Corp (b)
  
186,500
7,915,060
Cheniere Energy Inc (d)
  
64,200
18,217,392
Chevron Corp
 
231
47,794
DHT Holdings Inc
 
6,738,102
123,105,125
Diamondback Energy Inc
 
41,700
8,247,843
Enterprise Products Partners LP
 
1,731
65,501
Exxon Mobil Corp (d)
  
101,176
17,165,520
Hess Midstream LP Class A
 
456,428
17,741,356
International Seaways Inc
 
1,646,763
120,016,087
Kinder Morgan Inc
 
247,300
8,291,969
Phillips 66
 
232
42,266
Shell PLC
 
2,360
109,304
Valero Energy Corp
 
186
45,957
TOTAL ENERGY
  
  
321,011,174
Financials - 0.8%
  
  
  
Banks - 0.3%
  
  
  
Bank of America Corp
 
4,338
211,478
Huntington Bancshares Inc/OH
 
5,092
79,690
JPMorgan Chase & Co (d)
  
31,308
9,209,562
M&T Bank Corp
 
542
112,042
PNC Financial Services Group Inc/The
 
738
153,570
US Bancorp
 
1,645
85,556
Wells Fargo & Co
 
2,769
220,440
 
  
  
10,072,338
Capital Markets - 0.5%
  
  
  
Bank of New York Mellon Corp/The
 
73,400
8,707,442
Blackrock Inc
 
86
82,707
Charles Schwab Corp/The
 
1,125
105,728
Morgan Stanley
 
45,600
7,504,392
 
  
  
16,400,269
Consumer Finance - 0.0%
  
  
  
Capital One Financial Corp
 
429
78,262
Financial Services - 0.0%
  
  
  
Apollo Global Management Inc
 
397
44,234
Visa Inc Class A
 
166
50,172
 
  
  
94,406
Insurance - 0.0%
  
  
  
American Financial Group Inc/OH
 
529
67,558
Chubb Ltd
 
588
191,647
Hartford Insurance Group Inc/The
 
900
121,707
Marsh & McLennan Cos Inc
 
504
87,419
Travelers Companies Inc/The
 
447
130,381
 
  
  
598,712
TOTAL FINANCIALS
  
  
27,243,987
Health Care - 4.4%
  
  
  
Biotechnology - 1.3%
  
  
  
AbbVie Inc
 
41,080
8,934,489
Biogen Inc (b)
  
44,300
8,121,519
Caris Life Sciences Inc (b)
  
240,500
4,300,140
Gilead Sciences Inc
 
64,303
8,961,909
Moderna Inc (b)
  
158,100
8,031,480
Vaxcyte Inc (b)
  
85,500
4,968,405
 
  
  
43,317,942
Health Care Equipment & Supplies - 0.7%
  
  
  
Anteris Technologies Global Corp (b)
  
30,100
167,055
Bausch + Lomb Corp (United States) (b)(c)
  
38,859
617,858
Strive Inc Class A (b)(c)
  
2,422,668
24,275,133
 
  
  
25,060,046
Health Care Providers & Services - 0.2%
  
  
  
Cigna Group/The
 
173
46,148
HCA Healthcare Inc
 
17,100
8,092,404
UnitedHealth Group Inc
 
397
107,424
 
  
  
8,245,976
Life Sciences Tools & Services - 0.0%
  
  
  
Danaher Corp
 
478
90,629
Pharmaceuticals - 2.2%
  
  
  
Eli Lilly & Co
 
17,492
16,088,617
GSK PLC
 
3,422
94,261
GSK PLC ADR (d)
  
156,400
8,631,716
Johnson & Johnson (d)
  
36,108
8,826,240
Merck & Co Inc (d)
  
72,062
8,668,338
Pfizer Inc
 
498,181
13,988,922
Roche Holding AG
 
21,600
8,620,362
Royalty Pharma PLC Class A
 
181,691
8,715,717
 
  
  
73,634,173
TOTAL HEALTH CARE
  
  
150,348,766
Industrials - 2.0%
  
  
  
Aerospace & Defense - 0.6%
  
  
  
BWX Technologies Inc (d)
  
24,800
5,071,352
Byrna Technologies Inc (b)(c)
  
919,946
8,445,105
GE Aerospace
 
394
111,805
General Dynamics Corp
 
245
84,089
Huntington Ingalls Industries Inc
 
218
82,818
Northrop Grumman Corp
 
138
94,149
RTX Corp
 
30,700
5,922,031
 
  
  
19,811,349
Air Freight & Logistics - 0.0%
  
  
  
United Parcel Service Inc Class B
 
46,351
4,560,011
Building Products - 0.0%
  
  
  
Johnson Controls International plc
 
818
107,117
Commercial Services & Supplies - 0.0%
  
  
  
GFL Environmental Inc Subordinate Voting Shares
 
554
23,110
Veralto Corp
 
272
24,050
Vestis Corp (b)
  
44
346
 
  
  
47,506
Electrical Equipment - 0.3%
  
  
  
AMETEK Inc
 
347
74,383
GE Vernova Inc (d)
  
10,226
8,926,275
 
  
  
9,000,658
Ground Transportation - 0.0%
  
  
  
Norfolk Southern Corp
 
373
107,051
Machinery - 0.4%
  
  
  
Crane Co
 
410
70,110
ITT Inc
 
904
172,239
Kennametal Inc
 
326,637
11,801,395
 
  
  
12,043,744
Passenger Airlines - 0.3%
  
  
  
Delta Air Lines Inc (d)
  
134,800
8,961,504
Professional Services - 0.4%
  
  
  
Amentum Holdings Inc (b)
  
183,100
4,775,248
FTI Consulting Inc (b)
  
59,600
10,535,492
KBR Inc
 
468
17,250
 
  
  
15,327,990
Trading Companies & Distributors - 0.0%
  
  
  
Watsco Inc
 
159
57,843
TOTAL INDUSTRIALS
  
  
70,024,773
Information Technology - 5.7%
  
  
  
Communications Equipment - 0.2%
  
  
  
Cisco Systems Inc (d)
  
106,706
8,279,319
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Crane NXT Co
 
605
24,556
Insight Enterprises Inc (b)
  
2,119
141,994
 
  
  
166,550
IT Services - 0.0%
  
  
  
Accenture PLC Class A
 
270
53,538
Amdocs Ltd
 
742
48,423
GTT Communications Inc (b)(e)
  
1,508
53,911
IBM Corporation
 
442
107,137
 
  
  
263,009
Semiconductors & Semiconductor Equipment - 1.5%
  
  
  
Analog Devices Inc
 
269
85,580
Broadcom Inc
 
134
41,474
NVIDIA Corp
 
301,500
52,581,600
 
  
  
52,708,654
Software - 1.7%
  
  
  
Gen Digital Inc
 
1,218
22,935
Microsoft Corp
 
154,645
57,244,940
 
  
  
57,267,875
Technology Hardware, Storage & Peripherals - 2.3%
  
  
  
Apple Inc
 
289,953
73,587,172
TOTAL INFORMATION TECHNOLOGY
  
  
192,272,579
Materials - 0.5%
  
  
  
Chemicals - 0.5%
  
  
  
CF Industries Holdings Inc
 
61,700
8,011,128
Linde PLC
 
510
252,838
Mativ Holdings Inc
 
120,106
1,044,922
Scotts Miracle-Gro Co/The
 
151,987
9,242,330
 
  
  
18,551,218
Containers & Packaging - 0.0%
  
  
  
Ball Corp
 
939
55,504
Crown Holdings Inc
 
540
54,135
 
  
  
109,639
TOTAL MATERIALS
  
  
18,660,857
Real Estate - 0.8%
  
  
  
Retail REITs - 0.5%
  
  
  
Macerich Co/The
 
443,500
8,382,150
Tanger Inc
 
249,500
8,478,010
 
  
  
16,860,160
Specialized REITs - 0.3%
  
  
  
American Tower Corp
 
269
46,424
Extra Space Storage Inc
 
39,531
5,183,700
Iron Mountain Inc
 
51,574
5,267,769
Lamar Advertising Co Class A
 
759
96,135
Public Storage
 
297
80,451
 
  
  
10,674,479
TOTAL REAL ESTATE
  
  
27,534,639
Utilities - 0.2%
  
  
  
Electric Utilities - 0.0%
  
  
  
Constellation Energy Corp
 
301
84,054
Exelon Corp
 
848
41,569
FirstEnergy Corp
 
699
35,411
NextEra Energy Inc
 
1,756
163,097
NRG Energy Inc
 
104
15,199
PG&E Corp
 
2,412
42,379
Southern Co/The
 
953
91,984
 
  
  
473,693
Gas Utilities - 0.0%
  
  
  
Southwest Gas Holdings Inc
 
314
27,286
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
Vistra Corp
 
48,973
7,362,111
Multi-Utilities - 0.0%
  
  
  
Ameren Corp
 
386
42,429
CenterPoint Energy Inc
 
1,061
45,793
WEC Energy Group Inc
 
391
45,266
 
  
  
133,488
TOTAL UTILITIES
  
  
7,996,578
TOTAL UNITED STATES
  
  
1,049,510,392
ZAMBIA - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
First Quantum Minerals Ltd (b)
  
345,327
8,256,470
 
TOTAL COMMON STOCKS
 (Cost $998,024,506)
  
  
  
1,328,668,854
 
  
  
  
Convertible Corporate Bonds - 4.9%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 4.9%
 
  
  
Communication Services - 2.3%
  
  
  
Media - 2.3%
  
  
  
Cardlytics Inc 4.25% 4/1/2029
 
8,078,000
2,209,040
EchoStar Corp 3.875% 11/30/2030 pay-in-kind (g)
  
20,820,000
74,371,122
TOTAL COMMUNICATION SERVICES
  
  
76,580,162
Consumer Discretionary - 0.5%
  
  
  
Automobiles - 0.2%
  
  
  
Rivian Automotive Inc 4.625% 3/15/2029
 
7,995,000
8,554,650
Hotels, Restaurants & Leisure - 0.3%
  
  
  
Cracker Barrel Old Country Store Inc 1.75% 9/15/2030 (j)
  
12,930,000
10,117,725
TOTAL CONSUMER DISCRETIONARY
  
  
18,672,375
Health Care - 0.3%
  
  
  
Biotechnology - 0.3%
  
  
  
Bridgebio Pharma Inc 2.5% 3/15/2027
 
3,120,000
5,609,760
Cytokinetics Inc 3.5% 7/1/2027
 
3,430,000
5,012,088
TOTAL HEALTH CARE
  
  
10,621,848
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Rocket Lab USA Inc 4.25% 2/1/2029 (j)
  
674,000
8,436,121
Information Technology - 1.6%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
OSI Systems Inc 2.25% 8/1/2029
 
4,346,000
6,655,898
IT Services - 0.3%
  
  
  
DigitalOcean Holdings Inc 0% 8/15/2030 (j)(k)
  
3,757,000
8,601,652
Semiconductors & Semiconductor Equipment - 0.5%
  
  
  
MKS Inc 1.25% 6/1/2030
 
4,910,000
8,111,320
ON Semiconductor Corp 0% 5/1/2027 (k)
  
6,685,000
8,620,308
 
  
  
16,731,628
Software - 0.7%
  
  
  
Riot Platforms Inc 0.75% 1/15/2030
 
19,420,000
22,284,450
TOTAL INFORMATION TECHNOLOGY
  
  
54,273,628
TOTAL UNITED STATES
  
  
168,584,134
 
TOTAL CONVERTIBLE CORPORATE BONDS
 (Cost $135,997,335)
  
  
  
168,584,134
 
  
  
  
Convertible Preferred Stocks - 2.3%
 
  
Shares
Value ($)
 
UNITED STATES - 2.3%
 
  
  
Financials - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Acrisure Holdings Inc Series A-2 (e)
  
103,820
2,981,710
Industrials - 2.2%
  
  
  
Aerospace & Defense - 2.2%
  
  
  
Boeing Co Series A, 6%
 
1,153,189
74,853,498
TOTAL UNITED STATES
  
  
77,835,208
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $79,681,114)
  
  
  
77,835,208
 
  
  
  
Foreign Government and Government Agency Obligations - 2.2%
 
  
Principal
Amount (a)
 
Value ($)
 
BRAZIL - 2.2%
 
  
  
Brazilian Federative Republic 10% 1/1/2027
  (Cost $68,143,574)
BRL
393,175,000
73,960,598
 
  
  
  
Non-Convertible Corporate Bonds - 2.3%
 
  
Principal
Amount (a)
 
Value ($)
 
BRAZIL - 0.3%
 
  
  
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Ambipar Lux Sarl 9.875% (j)(p)
  
8,015,000
1,464,020
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
ERO Copper Corp 6.5% 2/15/2030 (j)
  
10,515,000
10,408,693
TOTAL BRAZIL
  
  
11,872,713
CAMEROON - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Golar LNG Ltd 7.75% 9/19/2029 (j)(o)
  
1,400,000
1,413,790
MONACO - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Scorpio Tankers Inc 7.5% 1/30/2030
 
1,500,000
1,536,705
UNITED STATES - 2.0%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
APLD ComputeCo LLC 9.25% 12/15/2030 (j)
  
4,930,000
5,079,487
Media - 0.2%
  
  
  
Versant Media Group Inc 7.25% 1/30/2031 (j)
  
5,275,000
5,398,441
TOTAL COMMUNICATION SERVICES
  
  
10,477,928
Consumer Discretionary - 0.5%
  
  
  
Automobile Components - 0.2%
  
  
  
American Axle & Manufacturing Inc 7.75% 10/15/2033 (j)
  
5,240,000
5,101,130
Broadline Retail - 0.2%
  
  
  
Wayfair LLC 7.25% 10/31/2029 (j)
  
5,010,000
5,114,128
Hotels, Restaurants & Leisure - 0.1%
  
  
  
BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc 9.5% 7/1/2032 (j)
  
5,580,000
5,060,037
TOTAL CONSUMER DISCRETIONARY
  
  
15,275,295
Consumer Staples - 0.2%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (j)
  
3,265,000
3,399,028
Food Products - 0.1%
  
  
  
Fiesta Purchaser Inc 9.625% 9/15/2032 (j)
  
3,885,000
3,956,760
TOTAL CONSUMER STAPLES
  
  
7,355,788
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 2/15/2031 (j)
  
6,555,000
6,963,743
International Seaways Inc 7.125% 9/23/2030
 
1,750,000
1,767,656
TOTAL ENERGY
  
  
8,731,399
Financials - 0.1%
  
  
  
Insurance - 0.1%
  
  
  
Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (j)
  
1,975,000
1,854,535
Health Care - 0.2%
  
  
  
Pharmaceuticals - 0.2%
  
  
  
1261229 BC Ltd 10% 4/15/2032 (j)
  
6,220,000
6,368,310
Industrials - 0.2%
  
  
  
Air Freight & Logistics - 0.2%
  
  
  
Rand Parent LLC 8.5% 2/15/2030 (j)
  
3,665,000
3,762,214
Construction & Engineering - 0.0%
  
  
  
Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (j)
  
1,615,000
1,611,900
Trading Companies & Distributors - 0.0%
  
  
  
Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (j)
  
1,535,000
1,564,661
TOTAL INDUSTRIALS
  
  
6,938,775
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (g)(j)
  
811,127
884,934
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
Mativ Holdings Inc 8% 10/1/2029 (j)
  
4,335,000
4,037,540
WR Grace Holdings LLC 5.625% 8/15/2029 (j)
  
3,470,000
3,191,426
TOTAL MATERIALS
  
  
7,228,966
TOTAL UNITED STATES
  
  
65,115,930
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $78,673,287)
  
  
  
79,939,138
 
  
  
  
Non-Convertible Preferred Stocks - 6.7%
 
  
Shares
Value ($)
 
UNITED STATES - 6.7%
 
  
  
Health Care - 0.8%
  
  
  
Health Care Equipment & Supplies - 0.8%
  
  
  
Strive Inc 12.5%
 
269,893
26,916,429
Information Technology - 5.9%
  
  
  
Software - 5.9%
  
  
  
Strategy Inc 11.5% (i)
  
754,982
75,494,425
Strategy Inc Series A, 10%
 
1,313,345
125,752,784
TOTAL INFORMATION TECHNOLOGY
  
  
201,247,209
TOTAL UNITED STATES
  
  
228,163,638
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $229,476,617)
  
  
  
228,163,638
 
  
  
  
Preferred Securities - 0.4%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.4%
 
  
  
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Energy Transfer LP 6.625% (g)(n)
  
4,558,000
4,578,545
Energy Transfer LP Series G, 7.125% (g)(n)
  
4,425,000
4,621,446
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.0241% (f)(g)(n)
  
4,525,000
4,559,842
TOTAL ENERGY
  
  
13,759,833
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
Alliant Holdings LP 10.5% (e)(g)(n)
  
1,493,079
1,450,416
TOTAL UNITED STATES
  
  
15,210,249
 
TOTAL PREFERRED SECURITIES
 (Cost $13,337,942)
  
  
  
15,210,249
 
  
  
  
U.S. Treasury Obligations - 37.3%
 
  
Yield (%) (q)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 9/3/2026
 
3.57 to 3.69
768,726,000
756,835,131
US Treasury Bonds 1.25% 5/15/2050
 
5.00 to 5.16
123,606,000
58,659,738
US Treasury Bonds 1.875% 2/15/2051
 
4.97 to 5.20
105,838,000
58,769,030
US Treasury Bonds 4.25% 2/15/2054
 
4.93 to 5.00
78,600,000
70,408,406
US Treasury Bonds 4.625% 11/15/2055
 
4.90 to 4.94
75,475,000
72,114,004
US Treasury Bonds 4.75% 2/15/2056
 
4.88 to 4.97
120,205,000
117,237,440
US Treasury Bonds 4.75% 5/15/2055
 
4.95 to 4.97
71,560,000
69,678,755
US Treasury Bonds 4.75% 8/15/2055
 
4.90
72,285,000
70,443,991
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $1,272,090,957)
  
  
  
1,274,146,495
 
  
  
  
  
Money Market Funds - 1.7%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (r)
  
3.69
10,795,162
10,797,321
Fidelity Securities Lending Cash Central Fund (r)(s)
  
3.69
46,141,896
46,146,511
 
TOTAL MONEY MARKET FUNDS
 (Cost $56,943,832)
  
  
  
56,943,832
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
 (Cost $3,084,784,394)
 
  
 
3,452,202,727
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(34,267,363)
NET ASSETS - 100.0%
3,417,935,364
 
  
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
  
  
  
  
  
  
BWX Technologies Inc
Chicago Board Options Exchange
200
4,089,800
230.00
5/2026
(135,000)
Cheniere Energy Inc
Chicago Board Options Exchange
600
17,025,600
280.00
4/2026
(714,000)
Cisco Systems Inc
Chicago Board Options Exchange
1,000
7,759,000
80.00
4/2026
(89,000)
Delta Air Lines Inc
Chicago Board Options Exchange
1,200
7,977,600
70.00
4/2026
(263,400)
Exxon Mobil Corp
Chicago Board Options Exchange
900
15,269,400
175.00
5/2026
(522,000)
GE Vernova Inc
Chicago Board Options Exchange
95
8,292,550
1,010.00
6/2026
(378,575)
GSK PLC ADR
Chicago Board Options Exchange
1,200
6,622,800
60.00
6/2026
(144,000)
JPMorgan Chase & Co
Chicago Board Options Exchange
100
2,941,600
315.00
6/2026
(77,750)
Johnson & Johnson
Chicago Board Options Exchange
100
2,444,400
260.00
6/2026
(49,250)
Merck & Co Inc
Chicago Board Options Exchange
300
3,608,700
130.00
6/2026
(96,000)
SharkNinja Inc
Chicago Board Options Exchange
600
6,354,000
125.00
6/2026
(190,500)
 
  
  
  
  
  
  
 
  
  
  
  
  
(2,659,475)
TOTAL WRITTEN OPTIONS
  
  
  
  
  
(2,659,475)
 
 
Currency Abbreviations
         BRL
-
Brazilian Real
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $82,385,450.
 
(e)
Level 3 security.
 
(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)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(h)
Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower.  Such prepayments cannot be predicted with certainty.
 
(i)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(j)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $115,366,439 or 3.4% of net assets.
 
(k)
Zero coupon bond which is issued at a discount.
 
(l)
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 $54,117,567 or 1.6% of net assets.
 
(m)
Affiliated fund.
 
(n)
Security is perpetual in nature with no stated maturity date.
 
(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 $1,413,790 or 0.0% of net assets.
 
(p)
Non-income producing - Security is in default.
 
(q)
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.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $5,514,172.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Fidelity Private Credit Company LLC
4/28/2022 - 3/9/2026
56,947,234
 
  
  
 
 
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
17,081,126
343,419,775
349,703,899
121,294
(1,105)
1,424
10,797,321
10,795,162
0.0%
Fidelity Securities Lending Cash Central Fund
131,515,990
230,162,011
315,531,490
117,243
-
-
46,146,511
46,141,896
0.1%
Total
148,597,116
573,581,786
665,235,389
238,537
(1,105)
1,424
56,943,832
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
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.
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,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity Private Credit Company LLC
52,691,188
1,014,905
-
1,014,904
-
411,474
54,117,567
5,783,274
 
52,691,188
1,014,905
-
1,014,904
-
411,474
54,117,567
  
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. 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 inputs to valuation techniques used to value investments are categorized 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 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 any 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.
 
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. U.S. Treasury Obligations, Bank Loan Obligations, Convertible Corporate Bonds, Foreign Government and Government Agency Obligations, Non-Convertible Corporate Bonds 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. 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.
 
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative 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.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or 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 Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
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. 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.  
 
Options: Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
 
The Fund used exchange-traded options to manage its exposure to the stock market.
 
Open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions." Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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