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Schedule of Investments October 31, 2023 (Unaudited)

Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
TransDigm, Inc.	3.5
Ford Motor Credit Co. LLC	2.2
Community Health Systems, Inc.	1.6
Royal Caribbean Cruises Ltd.	1.5
SBA Communications Corp.	1.2
NOVA Chemicals Corp	1.1
Univision Communications, Inc.	1.1
DISH Network Corp.	1.1
Centennial Resource Production LLC	1.0
WASH Multifamily Acquisition Inc.	1.0
	15.3

Market Sectors (% of Fund's net assets)

Energy	15.4
Services	8.1
Healthcare	6.0
Chemicals	5.9
Telecommunications	5.9

Quality Diversification (% of Fund's net assets)

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.

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Showing Percentage of Net Assets

Corporate Bonds - 85.6%
	Principal Amount (a)	Value ($)
Convertible Bonds - 0.8%
Broadcasting - 0.8%
DISH Network Corp. 3.375% 8/15/26	4,710,000	2,413,875
Nonconvertible Bonds - 84.8%
Aerospace - 5.8%
Bombardier, Inc.:
6% 2/15/28 (b)	125,000	110,610
7.125% 6/15/26 (b)	2,000,000	1,924,831
7.875% 4/15/27 (b)	1,000,000	962,134
Howmet Aerospace, Inc.:
5.9% 2/1/27	1,255,000	1,237,396
6.875% 5/1/25	1,248,000	1,252,420
Rolls-Royce PLC 5.75% 10/15/27 (b)	1,300,000	1,231,930
Spirit Aerosystems, Inc. 7.5% 4/15/25 (b)	650,000	648,397
TransDigm, Inc.:
5.5% 11/15/27	1,235,000	1,147,006
6.25% 3/15/26 (b)	7,365,000	7,191,611
6.75% 8/15/28 (b)	2,935,000	2,849,836
7.5% 3/15/27	25,000	24,969
		18,581,140
Air Transportation - 1.8%
American Airlines, Inc. 7.25% 2/15/28 (b)	380,000	353,333
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b)	2,333,333	2,269,047
Forward Air Corp. 9.5% 10/15/31 (b)	410,000	399,750
Rand Parent LLC 8.5% 2/15/30 (b)	1,570,000	1,433,718
United Airlines, Inc. 4.375% 4/15/26 (b)	1,325,000	1,229,089
Western Global Airlines LLC 10.375% (b)(c)	250,000	1,875
		5,686,812
Automotive & Auto Parts - 2.6%
Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (b)	180,000	175,475
Ford Motor Credit Co. LLC:
2.3% 2/10/25	540,000	509,739
3.375% 11/13/25	4,700,000	4,386,052
4.687% 6/9/25	455,000	440,298
5.125% 6/16/25	250,000	243,253
7.35% 11/4/27	1,420,000	1,437,286
Macquarie AirFinance Holdings:
8.125% 3/30/29 (b)	485,000	477,749
8.375% 5/1/28 (b)	600,000	598,050
Real Hero Merger Sub 2 6.25% 2/1/29 (b)	30,000	23,864
		8,291,766
Banks & Thrifts - 0.6%
Ally Financial, Inc. 3.875% 5/21/24	970,000	953,819
VistaJet Malta Finance PLC / XO Management Holding, Inc. 7.875% 5/1/27 (b)	1,035,000	796,950
Western Alliance Bancorp. 3% 6/15/31 (d)	315,000	240,660
		1,991,429
Broadcasting - 2.2%
Clear Channel Outdoor Holdings, Inc.:
5.125% 8/15/27 (b)	1,000,000	888,796
9% 9/15/28 (b)	1,025,000	998,330
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(c)	410,000	4,223
DISH Network Corp. 11.75% 11/15/27 (b)	1,130,000	1,119,333
iHeartCommunications, Inc. 4.75% 1/15/28 (b)	1,400,000	989,774
Sirius XM Radio, Inc. 3.125% 9/1/26 (b)	1,995,000	1,789,056
Univision Communications, Inc. 6.625% 6/1/27 (b)	1,375,000	1,255,920
		7,045,432
Building Materials - 0.4%
Advanced Drain Systems, Inc. 5% 9/30/27 (b)	245,000	228,463
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b)	355,000	335,653
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b)	545,000	520,392
Global Infrastructure Solutions, Inc. 5.625% 6/1/29 (b)	185,000	148,000
SRS Distribution, Inc. 4.625% 7/1/28 (b)	95,000	82,873
		1,315,381
Cable/Satellite TV - 1.9%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/1/27 (b)	2,425,000	2,232,690
CSC Holdings LLC 5.25% 6/1/24	1,450,000	1,355,740
DISH DBS Corp.:
5.25% 12/1/26 (b)	800,000	645,321
5.875% 11/15/24	1,000,000	920,261
7.75% 7/1/26	650,000	435,546
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b)	600,000	535,500
		6,125,058
Capital Goods - 0.4%
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (b)	1,300,000	1,183,581
Chemicals - 4.7%
Compass Minerals International, Inc. 6.75% 12/1/27 (b)	205,000	193,100
INEOS Finance PLC 6.75% 5/15/28 (b)	1,485,000	1,386,592
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(d)	270,000	195,750
LSB Industries, Inc. 6.25% 10/15/28 (b)	1,990,000	1,765,352
Methanex Corp. 5.125% 10/15/27	2,400,000	2,188,819
NOVA Chemicals Corp.:
4.875% 6/1/24 (b)	300,000	294,817
5% 5/1/25 (b)	3,205,000	3,027,000
5.25% 6/1/27 (b)	400,000	337,866
Rhodia Acetow Management GmbH 10.5% 2/15/27 (b)	130,000	127,799
SCIH Salt Holdings, Inc.:
4.875% 5/1/28 (b)	1,995,000	1,722,437
6.625% 5/1/29 (b)	300,000	251,468
SPCM SA 3.125% 3/15/27 (b)	395,000	349,530
The Chemours Co. LLC 5.375% 5/15/27	2,900,000	2,619,905
Tronox, Inc. 4.625% 3/15/29 (b)	530,000	417,498
W.R. Grace Holding LLC 7.375% 3/1/31 (b)	180,000	166,729
		15,044,662
Consumer Products - 1.0%
Coty, Inc. 5% 4/15/26 (b)	1,100,000	1,050,907
Gannett Holdings LLC 6% 11/1/26 (b)	75,000	63,000
Kohl's Corp. 4.25% 7/17/25	70,000	65,379
Mattel, Inc. 5.875% 12/15/27 (b)	460,000	441,009
Newell Brands, Inc. 4.7% 4/1/26	675,000	637,303
Tempur Sealy International, Inc. 4% 4/15/29 (b)	865,000	709,641
TKC Holdings, Inc. 10.5% 5/15/29 (b)	335,000	267,918
		3,235,157
Containers - 2.9%
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:
4.125% 8/15/26 (b)	610,000	536,127
5.25% 8/15/27 (b)	400,000	290,644
5.25% 8/15/27 (b)	500,000	363,305
Ball Corp.:
4% 11/15/23	400,000	399,005
5.25% 7/1/25	1,900,000	1,870,354
Berry Global, Inc. 4.875% 7/15/26 (b)	1,175,000	1,121,173
BWAY Holding Co.:
7.875% 8/15/26 (b)	525,000	491,725
9.25% 4/15/27 (b)	550,000	458,045
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b)	750,000	686,250
Sealed Air Corp. 5% 4/15/29 (b)	1,500,000	1,330,252
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (b)	515,000	490,187
Trivium Packaging Finance BV 8.5% 8/15/27 (b)	1,250,000	1,042,865
		9,079,932
Diversified Financial Services - 3.1%
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (b)	225,000	198,000
Freedom Mortgage Corp. 6.625% 1/15/27 (b)	250,000	216,373
GGAM Finance Ltd. 7.75% 5/15/26 (b)	1,240,000	1,230,105
Hightower Holding LLC 6.75% 4/15/29 (b)	150,000	127,942
HTA Group Ltd. 7% 12/18/25 (b)	1,700,000	1,637,389
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.75% 9/15/24	690,000	661,776
5.25% 5/15/27	1,310,000	1,121,688
6.25% 5/15/26	750,000	685,526
Navient Corp.:
6.125% 3/25/24	2,000,000	1,989,968
6.75% 6/15/26	250,000	236,875
OneMain Finance Corp.:
3.5% 1/15/27	235,000	198,575
6.125% 3/15/24	375,000	374,029
6.875% 3/15/25	1,090,000	1,075,388
		9,753,634
Diversified Media - 0.1%
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b)	425,000	346,375
Energy - 15.1%
Berry Petroleum Co. LLC 7% 2/15/26 (b)	100,000	96,000
Buckeye Partners LP:
4.125% 3/1/25 (b)	525,000	499,958
4.125% 12/1/27	1,400,000	1,216,320
California Resources Corp. 7.125% 2/1/26 (b)	250,000	250,938
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
9.75% 7/15/28 (b)	315,000	294,012
11% 4/15/25 (b)	5,000	5,009
Centennial Resource Production LLC 5.875% 7/1/29 (b)	3,570,000	3,320,100
Cheniere Energy, Inc. 4.625% 10/15/28	625,000	571,059
Chesapeake Energy Corp. 5.5% 2/1/26 (b)	180,000	174,740
Chord Energy Corp. 6.375% 6/1/26 (b)	100,000	98,174
Citgo Petroleum Corp. 6.375% 6/15/26 (b)	525,000	515,790
Comstock Resources, Inc. 6.75% 3/1/29 (b)	120,000	109,203
Continental Resources, Inc. 2.268% 11/15/26 (b)	100,000	88,614
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6% 2/1/29 (b)	560,000	541,800
7.375% 2/1/31 (b)	525,000	529,205
CrownRock LP/CrownRock Finance, Inc. 5.625% 10/15/25 (b)	2,300,000	2,262,217
CVR Energy, Inc. 5.25% 2/15/25 (b)	1,615,000	1,584,267
DCP Midstream Operating LP 5.375% 7/15/25	525,000	518,693
Delek Logistics Partners LP 7.125% 6/1/28 (b)	80,000	72,800
Energy Ventures GoM LLC / EnVen Finance Corp. 11.75% 4/15/26 (b)	58,500	60,548
EnLink Midstream Partners LP 4.85% 7/15/26	1,400,000	1,316,023
EQM Midstream Partners LP:
6% 7/1/25 (b)	147,000	143,756
7.5% 6/1/27 (b)	2,550,000	2,525,468
EQT Corp. 3.125% 5/15/26 (b)	175,000	162,073
Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27	1,145,000	1,099,488
Gulfport Energy Corp. 8% 5/17/26	100,000	99,828
Hess Midstream Partners LP 5.625% 2/15/26 (b)	2,450,000	2,372,676
Holly Energy Partners LP/Holly Energy Finance Corp. 6.375% 4/15/27 (b)	105,000	101,649
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (b)	475,000	456,000
Mesquite Energy, Inc. 7.25% (b)(c)(e)	135,000	0
Nabors Industries, Inc. 5.75% 2/1/25	2,550,000	2,473,500
New Fortress Energy, Inc.:
6.5% 9/30/26 (b)	615,000	550,854
6.75% 9/15/25 (b)	1,290,000	1,196,777
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (b)	1,450,000	1,415,462
Northern Oil & Gas, Inc. 8.75% 6/15/31 (b)	285,000	283,560
NuStar Logistics LP 6% 6/1/26	150,000	144,729
Occidental Petroleum Corp.:
5.875% 9/1/25	1,650,000	1,644,275
6.95% 7/1/24	424,000	425,781
8.5% 7/15/27	750,000	799,103
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b)	1,580,000	1,531,510
PDC Energy, Inc. 5.75% 5/15/26	1,750,000	1,742,563
Precision Drilling Corp. 7.125% 1/15/26 (b)	1,660,000	1,635,548
Range Resources Corp. 4.875% 5/15/25	1,250,000	1,215,625
Seadrill Finance Ltd. 8.375% 8/1/30 (b)	430,000	430,138
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b)	1,002,000	988,373
SM Energy Co. 6.625% 1/15/27	1,156,000	1,123,324
Southwestern Energy Co. 5.7% 1/23/25 (f)	1,128,000	1,112,016
Sunnova Energy Corp. 5.875% 9/1/26 (b)	2,210,000	1,790,166
Sunoco LP/Sunoco Finance Corp. 6% 4/15/27	1,010,000	972,521
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 3/1/27 (b)	2,000,000	1,829,791
Transocean Aquila Ltd. 8% 9/30/28 (b)	540,000	531,220
Transocean, Inc. 8.75% 2/15/30 (b)	617,500	615,678
U.S.A. Compression Partners LP 6.875% 4/1/26	550,000	534,107
Valaris Ltd. 8.375% 4/30/30 (b)	305,000	299,281
Venture Global Calcasieu Pass LLC 6.25% 1/15/30 (b)	265,000	249,990
Western Gas Partners LP 4.65% 7/1/26	1,300,000	1,242,935
		47,865,235
Entertainment/Film - 0.4%
Live Nation Entertainment, Inc. 4.75% 10/15/27 (b)	1,450,000	1,325,025
Environmental - 0.6%
Clean Harbors, Inc. 6.375% 2/1/31 (b)	210,000	199,597
Madison IAQ LLC 4.125% 6/30/28 (b)	1,900,000	1,587,413
		1,787,010
Food & Drug Retail - 0.6%
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:
3.25% 3/15/26 (b)	1,100,000	1,016,059
6.5% 2/15/28 (b)	985,000	967,066
		1,983,125
Food/Beverage/Tobacco - 0.8%
C&S Group Enterprises LLC 5% 12/15/28 (b)	1,005,000	777,619
Performance Food Group, Inc. 5.5% 10/15/27 (b)	1,100,000	1,028,582
Post Holdings, Inc.:
5.625% 1/15/28 (b)	125,000	116,171
5.75% 3/1/27 (b)	596,000	568,171
Turning Point Brands, Inc. 5.625% 2/15/26 (b)	100,000	91,750
United Natural Foods, Inc. 6.75% 10/15/28 (b)	95,000	74,754
		2,657,047
Gaming - 4.6%
Affinity Gaming LLC 6.875% 12/15/27 (b)	1,030,000	839,539
Boyd Gaming Corp. 4.75% 12/1/27	1,300,000	1,182,994
Caesars Entertainment, Inc.:
6.25% 7/1/25 (b)	1,350,000	1,328,248
8.125% 7/1/27 (b)	900,000	891,787
Caesars Resort Collection LLC 5.75% 7/1/25 (b)	495,000	487,089
Carnival Corp. 10.5% 6/1/30 (b)	245,000	248,583
Churchill Downs, Inc.:
4.75% 1/15/28 (b)	300,000	268,658
6.75% 5/1/31 (b)	495,000	456,638
Golden Entertainment, Inc. 7.625% 4/15/26 (b)	500,000	500,001
International Game Technology PLC 4.125% 4/15/26 (b)	2,200,000	2,070,151
Las Vegas Sands Corp. 3.5% 8/18/26	1,100,000	1,006,985
Melco Resorts Finance Ltd. 5.25% 4/26/26 (b)	200,000	182,994
Ontario Gaming GTA LP 8% 8/1/30 (b)	275,000	268,823
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (b)	95,000	88,398
Scientific Games Corp. 7% 5/15/28 (b)	1,000,000	974,788
Studio City Finance Ltd. 5% 1/15/29 (b)	225,000	160,521
VICI Properties LP / VICI Note Co.:
3.5% 2/15/25 (b)	715,000	681,947
4.625% 6/15/25 (b)	300,000	288,144
5.625% 5/1/24 (b)	1,000,000	993,144
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.25% 5/15/27 (b)	900,000	831,392
5.5% 3/1/25 (b)	1,025,000	1,006,329
		14,757,153
Healthcare - 5.0%
1375209 BC Ltd. 9% 1/30/28 (b)	562,000	544,795
Bausch Health Companies, Inc.:
5.5% 11/1/25 (b)	1,085,000	935,813
11% 9/30/28 (b)	850,000	518,500
14% 10/15/30 (b)	197,000	106,096
Centene Corp. 3% 10/15/30	210,000	166,147
Community Health Systems, Inc.:
5.625% 3/15/27 (b)	6,050,000	4,915,224
6.875% 4/15/29 (b)	750,000	309,683
HCA Holdings, Inc. 5.875% 2/15/26	650,000	644,281
IQVIA, Inc. 5% 5/15/27 (b)	1,675,000	1,575,813
Modivcare, Inc. 5.875% 11/15/25 (b)	650,000	614,250
Molina Healthcare, Inc. 3.875% 5/15/32 (b)	235,000	184,653
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (b)	1,500,000	1,295,640
Owens & Minor, Inc. 4.5% 3/31/29 (b)	65,000	52,152
RegionalCare Hospital Partners Holdings, Inc. 11% 10/15/30 (b)	790,000	743,451
RP Escrow Issuer LLC 5.25% 12/15/25 (b)	200,000	142,500
Surgery Center Holdings, Inc. 6.75% 7/1/25 (b)	877,000	858,364
Tenet Healthcare Corp. 5.125% 11/1/27	2,300,000	2,123,170
		15,730,532
Homebuilders/Real Estate - 3.0%
Brookfield Property REIT, Inc./BPR Nimbus LLC/BPR Cumulus LLC/GGSI Sellco LLC 5.75% 5/15/26 (b)	1,050,000	961,434
Greystar Real Estate Partners 7.75% 9/1/30 (b)	230,000	225,975
MPT Operating Partnership LP/MPT Finance Corp.:
5% 10/15/27	1,700,000	1,312,625
5.25% 8/1/26	1,285,000	1,106,402
Railworks Holdings LP 8.25% 11/15/28 (b)	230,000	218,737
Service Properties Trust:
4.35% 10/1/24	400,000	383,055
7.5% 9/15/25	800,000	777,257
Starwood Property Trust, Inc. 4.75% 3/15/25	1,500,000	1,435,345
Uniti Group LP / Uniti Group Finance, Inc.:
4.75% 4/15/28 (b)	2,700,000	2,182,066
6.5% 2/15/29 (b)	1,400,000	909,171
		9,512,067
Insurance - 0.3%
Acrisure LLC / Acrisure Finance, Inc. 7% 11/15/25 (b)	720,000	698,065
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (b)	30,000	27,398
Enact Holdings, Inc. 6.5% 8/15/25 (b)	200,000	196,452
		921,915
Leisure - 3.3%
Carnival Corp. 7.625% 3/1/26 (b)	2,430,000	2,362,914
NCL Corp. Ltd.:
5.875% 3/15/26 (b)	400,000	359,000
5.875% 2/15/27 (b)	525,000	483,241
Royal Caribbean Cruises Ltd.:
5.375% 7/15/27 (b)	120,000	110,589
5.5% 8/31/26 (b)	1,435,000	1,354,181
5.5% 4/1/28 (b)	1,600,000	1,459,225
7.25% 1/15/30 (b)	445,000	438,981
11.625% 8/15/27 (b)	1,500,000	1,627,133
Six Flags Entertainment Corp. 5.5% 4/15/27 (b)	1,500,000	1,365,555
Viking Cruises Ltd. 9.125% 7/15/31 (b)	1,000,000	982,500
		10,543,319
Metals/Mining - 2.0%
Arsenal AIC Parent LLC 8% 10/1/30 (b)	110,000	108,625
Cleveland-Cliffs, Inc. 6.75% 4/15/30 (b)	195,000	180,802
ERO Copper Corp. 6.5% 2/15/30 (b)	340,000	288,419
First Quantum Minerals Ltd. 6.875% 3/1/26 (b)	960,000	842,160
Howmet Aerospace, Inc. 5.125% 10/1/24	166,000	164,008
HudBay Minerals, Inc. 4.5% 4/1/26 (b)	2,355,000	2,191,832
Mineral Resources Ltd. 9.25% 10/1/28 (b)	185,000	185,000
Novelis Corp. 3.25% 11/15/26 (b)	2,550,000	2,269,862
		6,230,708
Paper - 0.7%
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b)	2,500,000	2,362,490
Restaurants - 0.9%
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:
3.875% 1/15/28 (b)	675,000	602,638
5.75% 4/15/25 (b)	1,000,000	991,830
Garden SpinCo Corp. 8.625% 7/20/30 (b)	55,000	56,747
Yum! Brands, Inc. 3.875% 11/1/23	1,225,000	1,225,000
		2,876,215
Services - 6.6%
AECOM 5.125% 3/15/27	2,505,000	2,364,973
APX Group, Inc. 6.75% 2/15/27 (b)	1,505,000	1,452,942
Aramark Services, Inc. 5% 4/1/25 (b)	1,025,000	1,001,951
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b)	2,065,000	2,049,513
CoreCivic, Inc.:
4.75% 10/15/27	35,000	30,406
8.25% 4/15/26	1,465,000	1,483,208
CoreLogic, Inc. 4.5% 5/1/28 (b)	590,000	467,575
Iron Mountain, Inc. 4.875% 9/15/27 (b)	1,300,000	1,188,366
Life Time, Inc. 5.75% 1/15/26 (b)	1,125,000	1,089,437
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b)	360,000	317,718
PowerTeam Services LLC 9.033% 12/4/25 (b)	365,000	328,500
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b)	875,000	848,844
Sabre GLBL, Inc. 7.375% 9/1/25 (b)	2,200,000	1,972,950
Sotheby's 7.375% 10/15/27 (b)	465,000	415,285
TriNet Group, Inc. 7.125% 8/15/31 (b)	510,000	493,078
Uber Technologies, Inc. 7.5% 9/15/27 (b)	925,000	927,324
United Rentals North America, Inc. 3.875% 11/15/27	1,500,000	1,376,833
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b)	3,440,000	3,182,000
		20,990,903
Super Retail - 1.3%
At Home Group, Inc. 4.875% 7/15/28 (b)	60,000	20,400
Carvana Co.:
4.875% 9/1/29 (b)	80,000	45,032
5.5% 4/15/27 (b)	200,000	132,608
5.875% 10/1/28 (b)	115,000	66,671
EG Global Finance PLC:
6.75% 2/7/25 (b)	817,000	808,340
8.5% 10/30/25 (b)	741,000	728,959
Hanesbrands, Inc. 4.875% 5/15/26 (b)	900,000	826,933
Staples, Inc. 7.5% 4/15/26 (b)	1,900,000	1,549,818
Upbound Group, Inc. 6.375% 2/15/29 (b)	30,000	25,800
		4,204,561
Technology - 4.3%
Acuris Finance U.S. 5% 5/1/28 (b)	1,280,000	1,008,000
Camelot Finance SA 4.5% 11/1/26 (b)	2,600,000	2,403,412
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b)	1,005,000	992,671
CommScope, Inc. 6% 3/1/26 (b)	775,000	650,985
Elastic NV 4.125% 7/15/29 (b)	225,000	189,622
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b)	175,000	156,710
MicroStrategy, Inc. 6.125% 6/15/28 (b)	85,000	76,925
Open Text Corp. 3.875% 2/15/28 (b)	1,700,000	1,477,427
Qorvo, Inc. 4.375% 10/15/29	1,350,000	1,172,169
Seagate HDD Cayman 8.25% 12/15/29 (b)	165,000	167,677
Sensata Technologies BV 5% 10/1/25 (b)	2,300,000	2,236,217
SS&C Technologies, Inc. 5.5% 9/30/27 (b)	2,000,000	1,876,544
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b)	625,000	511,609
Virtusa Corp. 7.125% 12/15/28 (b)	50,000	39,565
VM Consolidated, Inc. 5.5% 4/15/29 (b)	875,000	774,874
		13,734,407
Telecommunications - 5.5%
Altice Financing SA 5% 1/15/28 (b)	1,400,000	1,138,573
Altice France SA 8.125% 2/1/27 (b)	410,000	345,629
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b)	25,000	21,370
Cogent Communications Group, Inc. 7% 6/15/27 (b)	1,800,000	1,701,000
Consolidated Communications, Inc. 5% 10/1/28 (b)	1,060,000	798,509
Hughes Satellite Systems Corp. 5.25% 8/1/26	1,400,000	1,258,978
Level 3 Financing, Inc. 10.5% 5/15/30 (b)	260,000	260,204
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (b)	95,000	84,788
Sable International Finance Ltd. 5.75% 9/7/27 (b)	2,402,000	2,150,126
Sabre GLBL, Inc. 9.25% 4/15/25 (b)	25,000	23,732
SBA Communications Corp. 3.875% 2/15/27	4,200,000	3,824,919
T-Mobile U.S.A., Inc.:
2.25% 2/15/26	1,210,000	1,112,935
2.625% 4/15/26	320,000	295,731
Telecom Italia SpA 5.303% 5/30/24 (b)	2,150,000	2,108,359
ViaSat, Inc. 5.625% 9/15/25 (b)	1,500,000	1,393,485
Zayo Group Holdings, Inc. 4% 3/1/27 (b)	1,200,000	903,171
		17,421,509
Transportation Ex Air/Rail - 0.4%
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b)	70,000	57,225
Seaspan Corp. 5.5% 8/1/29 (b)	790,000	606,056
XPO, Inc. 6.25% 6/1/28 (b)	470,000	450,288
		1,113,569
Utilities - 1.9%
Calpine Corp. 5.125% 3/15/28 (b)	750,000	671,199
Global Partners LP/GLP Finance Corp. 7% 8/1/27	2,157,000	2,033,102
NextEra Energy Partners LP:
4.25% 7/15/24 (b)	500,000	490,383
4.25% 9/15/24 (b)	41,000	38,745
PG&E Corp. 5% 7/1/28	1,210,000	1,096,194
Solaris Midstream Holdings LLC 7.625% 4/1/26 (b)	120,000	114,474
Vistra Operations Co. LLC:
5% 7/31/27 (b)	825,000	754,699
5.625% 2/15/27 (b)	805,000	757,516
7.75% 10/15/31 (b)	30,000	28,957
		5,985,269
TOTAL NONCONVERTIBLE BONDS		269,682,418
TOTAL CORPORATE BONDS (Cost $281,485,653)		272,096,293

Common Stocks - 0.1%
	Shares	Value ($)
Diversified Financial Services - 0.0%
Lime Tree Bay Ltd. (e)(g)	80	4,095
Energy - 0.1%
California Resources Corp. warrants 10/27/24 (g)	2	36
Forbes Energy Services Ltd. (e)(g)	6,468	0
Mesquite Energy, Inc. (e)(g)	1,922	152,615
TOTAL ENERGY		152,651
TOTAL COMMON STOCKS (Cost $364,526)		156,746

Bank Loan Obligations - 12.7%
	Principal Amount (a)	Value ($)
Automotive & Auto Parts - 0.3%
CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9485% 6/3/28 (d)(h)(i)	1,190,840	1,095,573
Broadcasting - 0.7%
Diamond Sports Group LLC 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 10.6625% (c)(d)(h)(i)	196,992	2,094
Univision Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 1/31/29 (d)(h)(i)	2,335,984	2,294,381
TOTAL BROADCASTING		2,296,475
Building Materials - 0.6%
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.9017% 5/17/28 (d)(h)(i)	615,648	487,390
Oscar AcquisitionCo LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.9901% 4/29/29 (d)(h)(i)	495,000	481,595
SRS Distribution, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/4/28 (d)(h)(i)	857,248	835,816
TOTAL BUILDING MATERIALS		1,804,801
Chemicals - 1.2%
ARC Falcon I, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 9/30/28 (d)(h)(i)	397,212	381,736
Aruba Investment Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4241% 11/24/27 (d)(h)(i)	367,405	360,975
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7651% 10/4/29 (d)(h)(i)	367,500	340,658
Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 10.0332% 3/15/29 (d)(h)(i)	397,222	366,239
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.4017% 11/9/28 (d)(h)(i)	714,702	695,941
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.6307% 3/16/27 (d)(h)(i)	32,076	31,615
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9.4017% 9/22/28 (d)(h)(i)	1,509,449	1,478,007
TOTAL CHEMICALS		3,655,171
Consumer Products - 0.0%
Conair Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9.4017% 5/17/28 (d)(h)(i)	24,500	22,650
TKC Holdings, Inc. 1LN, term loan 13.5% 2/14/27 (d)(i)	227,378	102,320
TOTAL CONSUMER PRODUCTS		124,970
Diversified Financial Services - 0.8%
Broadstreet Partners, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 1/27/27 (d)(h)(i)	341,162	337,293
Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.3796% 4/21/28 (d)(h)(i)	2,286,568	2,234,160
TOTAL DIVERSIFIED FINANCIAL SERVICES		2,571,453
Energy - 0.0%
Forbes Energy Services LLC Tranche B, term loan 0% (c)(e)(i)	60,604	0
Mesquite Energy, Inc.:
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(h)(i)	35,876	0
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(e)(h)(i)	15,000	0
TOTAL ENERGY		0
Environmental - 0.2%
LRS Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.6886% 6/28/28 (d)(h)(i)	687,750	672,276
Food/Beverage/Tobacco - 0.3%
Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6769% 5/16/29 (d)(h)(i)	990,000	955,350
Triton Water Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.9017% 3/31/28 (d)(h)(i)	53,763	50,855
TOTAL FOOD/BEVERAGE/TOBACCO		1,006,205
Gaming - 0.1%
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3241% 1/27/29 (d)(h)(i)	319,217	311,757
Healthcare - 1.0%
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.53% 11/23/27 (d)(h)(i)	1,756,276	1,011,106
Confluent Health LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4306% 11/30/28 (d)(h)(i)	14,790	13,921
Insulet Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 5/4/28 (d)(h)(i)	19,550	19,460
Jazz Financing Lux SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 5/5/28 (d)(h)(i)	48,440	48,413
MED ParentCo LP 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6886% 8/31/26 (d)(h)(i)	440,698	415,172
Medical Solutions Holdings, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.7725% 11/1/28 (d)(h)(i)	394,317	366,715
Mozart Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 10/23/28 (d)(h)(i)	113,275	112,497
Organon & Co. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.4505% 6/2/28 (d)(h)(i)	804,266	801,652
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 9.1517% 11/30/27 (d)(h)(i)	14,698	14,496
Phoenix Newco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 11/15/28 (d)(h)(i)	59,100	58,346
RadNet Management, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4306% 4/23/28 (d)(h)(i)	327,642	326,096
U.S. Anesthesia Partners, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6791% 10/1/28 (d)(h)(i)	29,400	25,464
TOTAL HEALTHCARE		3,213,338
Homebuilders/Real Estate - 0.5%
Breakwater Energy Partners LLC Tranche B 1LN, term loan 11.25% 9/1/26 (d)(e)(h)(i)	1,505,418	1,454,685
Hotels - 0.0%
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.1886% 8/2/28 (d)(h)(i)	49,000	48,947
Insurance - 0.7%
Alliant Holdings Intermediate LLC:
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9386% 11/5/27 (d)(h)(i)	287,748	286,618
Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8347% 11/6/27 (d)(h)(i)	179,178	178,488
AssuredPartners, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 2/13/27 (d)(h)(i)	480,856	476,317
Asurion LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4241% 8/19/28 (d)(h)(i)	367,481	350,077
USI, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1401% 11/22/29 (d)(h)(i)	992,481	988,968
TOTAL INSURANCE		2,280,468
Leisure - 0.1%
Hayward Industries, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1894% 5/28/28 (d)(h)(i)	391,000	383,528
MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.6517% 5/12/28 (d)(h)(i)	24,438	23,684
TOTAL LEISURE		407,212
Paper - 0.9%
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.5991% 4/13/29 (d)(h)(i)	3,027,844	2,924,655
Railroad - 0.1%
Genesee & Wyoming, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 2.000% 7.4901% 12/30/26 (d)(h)(i)	322,674	322,271
Services - 1.5%
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/21/28 (d)(h)(i)	563,068	561,357
Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 5/14/28 (d)(h)(i)	1,460,746	1,384,612
Ascend Learning LLC:
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1741% 12/10/29 (d)(h)(i)	20,000	16,817
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/10/28 (d)(h)(i)	884,092	820,827
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8719% 8/1/30 (d)(h)(i)	265,000	255,063
CHG Healthcare Services, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 9/30/28 (d)(h)(i)	14,700	14,533
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/2/28 (d)(h)(i)	49,000	44,485
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5067% 4/11/29 (d)(h)(i)	999,425	871,379
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.6639% 3/4/28 (d)(h)(i)	895,010	762,996
TOTAL SERVICES		4,732,069
Super Retail - 0.9%
Bass Pro Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.4017% 3/5/28 (d)(h)(i)	1,156,333	1,145,972
Empire Today LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4531% 4/1/28 (d)(h)(i)	489,975	377,075
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 12/18/27 (d)(h)(i)	1,356,528	1,288,701
TOTAL SUPER RETAIL		2,811,748
Technology - 1.2%
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5401% 2/16/28 (d)(h)(i)	10,156	9,991
Aptean, Inc. 2LN, term loan 1 month U.S. LIBOR + 7.000% 12.4241% 4/23/27 (d)(h)(i)	200,000	186,000
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5769% 2/15/29 (d)(h)(i)	2,328,348	2,252,258
Ceridian HCM Holding, Inc. Tranche B, term loan CME Term SOFR 1 Month Index + 2.500% 7.9386% 4/30/25 (d)(h)(i)	367,167	366,708
DG Investment Intermediate Holdings, Inc.:
2LN, term loan CME Term SOFR 1 Month Index + 6.750% 12.1886% 3/31/29 (d)(h)(i)	80,000	71,100
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1998% 3/31/28 (d)(h)(i)	14,663	14,171
Electro Rent Corp. 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.0023% 11/1/24 (d)(h)(i)	388,512	361,316
Maverick Bidco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.2832% 5/18/28 (d)(h)(i)	294,019	286,913
Park Place Technologies LLC 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4241% 11/10/27 (d)(h)(i)	341,250	333,429
TOTAL TECHNOLOGY		3,881,886
Telecommunications - 0.4%
Cablevision Lightpath LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.699% 11/30/27 (d)(h)(i)	480,147	474,246
Consolidated Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 10/2/27 (d)(h)(i)	250,000	224,095
Northwest Fiber LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.3898% 4/30/27 (d)(h)(i)	151,125	148,551
Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.6741% 9/21/27 (d)(h)(i)	341,049	314,475
TOTAL TELECOMMUNICATIONS		1,161,367
Textiles/Apparel - 0.5%
Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.6886% 4/16/28 (d)(h)(i)	1,604,819	1,571,391
Utilities - 0.7%
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0741% 8/1/25 (d)(h)(i)	603,800	603,969
Limetree Bay Terminals LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 10.6517% 2/15/24 (d)(h)(i)	458,407	420,446
PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 6/23/25 (d)(h)(i)	1,118,619	1,115,822
TOTAL UTILITIES		2,140,237
TOTAL BANK LOAN OBLIGATIONS (Cost $41,236,184)		40,488,955

Preferred Securities - 0.5%
	Principal Amount (a)	Value ($)
Banks & Thrifts - 0.2%
Ally Financial, Inc.:
4.7% (d)(j)	220,000	144,993
4.7% (d)(j)	230,000	136,567
Wells Fargo & Co. 7.625% (d)(j)	290,000	293,126
TOTAL BANKS & THRIFTS		574,686
Diversified Financial Services - 0.1%
Charles Schwab Corp. 5.375% (d)(j)	515,000	493,661
Energy - 0.2%
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6542% (d)(h)(j)	625,000	602,033
TOTAL PREFERRED SECURITIES (Cost $1,598,663)		1,670,380

Money Market Funds - 0.3%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (k) (Cost $810,744)	810,621	810,783

TOTAL INVESTMENT IN SECURITIES - 99.2% (Cost $325,495,770)	315,223,157
NET OTHER ASSETS (LIABILITIES) - 0.8%	2,696,556
NET ASSETS - 100.0%	317,919,713

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 $195,144,776 or 61.4% of net assets.

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

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

(e)	Level 3 security

(f)	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.

(g)	Non-income producing

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

(i)	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.

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

(k)

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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	35,169,742	88,424,340	122,783,299	827,776	-	-	810,783	0.0%
Total	35,169,742	88,424,340	122,783,299	827,776	-	-	810,783

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, 2023, 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:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Energy	152,651	36	-	152,615
Financials	4,095	-	-	4,095

Corporate Bonds	272,096,293	-	272,096,293	-

Bank Loan Obligations	40,488,955	-	39,034,270	1,454,685

Preferred Securities	1,670,380	-	1,670,380	-

Money Market Funds	810,783	810,783	-	-
Total Investments in Securities:	315,223,157	810,819	312,800,943	1,611,395

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				October 31, 2023 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $324,685,026)	$	314,412,374
Fidelity Central Funds (cost $810,744)		810,783


Total Investment in Securities (cost $325,495,770)			$	315,223,157
Cash				265,947
Receivable for investments sold				66,596,022
Receivable for fund shares sold				2,828,743
Interest receivable				5,461,877
Distributions receivable from Fidelity Central Funds				130,690
Prepaid expenses				685
Receivable from investment adviser for expense reductions				12,772
Other receivables				728
Total assets				390,520,621
Liabilities
Payable for investments purchased	$	786,014
Payable for fund shares redeemed		29,107,306
Distributions payable		209,466
Accrued management fee		237,419
Distribution and service plan fees payable		7,661
Notes payable to affiliates		42,146,000
Other affiliated payables		57,468
Other payables and accrued expenses		49,574
Total Liabilities				72,600,908
Net Assets			$	317,919,713
Net Assets consist of:
Paid in capital			$	339,792,821
Total accumulated earnings (loss)				(21,873,108)
Net Assets			$	317,919,713

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($24,238,420 ÷ 2,851,139 shares)(a)			$	8.50
Maximum offering price per share (100/96.00 of $8.50)			$	8.85
Class M :
Net Asset Value and redemption price per share ($2,006,777 ÷ 236,084 shares)(a)			$	8.50
Maximum offering price per share (100/96.00 of $8.50)			$	8.85
Class C :
Net Asset Value and offering price per share ($2,822,605 ÷ 331,971 shares)(a)			$	8.50
Short Duration High Income :
Net Asset Value, offering price and redemption price per share ($273,925,947 ÷ 32,219,564 shares)			$	8.50
Class I :
Net Asset Value, offering price and redemption price per share ($6,163,510 ÷ 724,922 shares)			$	8.50
Class Z :
Net Asset Value, offering price and redemption price per share ($8,762,454 ÷ 1,030,271 shares)			$	8.50
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Six months ended October 31, 2023 (Unaudited)
Investment Income
Dividends			$	95,971
Interest				19,230,913
Income from Fidelity Central Funds				827,776
Total Income				20,154,660
Expenses
Management fee	$	1,397,583
Transfer agent fees		231,501
Distribution and service plan fees		45,523
Accounting fees and expenses		105,480
Custodian fees and expenses		6,638
Independent trustees' fees and expenses		1,252
Registration fees		94,391
Audit		35,036
Legal		(5,949)
Interest		6,515
Miscellaneous		813
Total expenses before reductions		1,918,783
Expense reductions		(20,164)
Total expenses after reductions				1,898,619
Net Investment income (loss)				18,256,041
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(7,688,886)
Foreign currency transactions		(1)
Total net realized gain (loss)				(7,688,887)
Change in net unrealized appreciation (depreciation) on investment securities				(6,363,081)
Net gain (loss)				(14,051,968)
Net increase (decrease) in net assets resulting from operations			$	4,204,073

Statement of Changes in Net Assets

		Six months ended October 31, 2023 (Unaudited)		Year ended April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	18,256,041	$	18,111,555
Net realized gain (loss)		(7,688,887)		(2,582,867)
Change in net unrealized appreciation (depreciation)		(6,363,081)		2,108,837
Net increase (decrease) in net assets resulting from operations		4,204,073		17,637,525
Distributions to shareholders		(14,393,905)		(15,367,826)

Share transactions - net increase (decrease)		(174,398,529)		372,738,743
Total increase (decrease) in net assets		(184,588,361)		375,008,442

Net Assets
Beginning of period		502,508,074		127,499,632
End of period	$	317,919,713	$	502,508,074

Financial Highlights

Fidelity Advisor® Short Duration High Income Fund Class A

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	8.66	$	8.98	$	9.52	$	8.87	$	9.44	$	9.42
Income from Investment Operations
Net investment income (loss) A,B		.296		.502		.307		.300		.348		.409
Net realized and unrealized gain (loss)		(.224)		(.429)		(.546)		.651		(.571)		.004
Total from investment operations		.072		.073		(.239)		.951		(.223)		.413
Distributions from net investment income		(.232)		(.393)		(.301)		(.301)		(.347)		(.393)
Total distributions		(.232)		(.393)		(.301)		(.301)		(.347)		(.393)
Net asset value, end of period	$	8.50	$	8.66	$	8.98	$	9.52	$	8.87	$	9.44
Total Return C,D,E		.83%		.93%		(2.60)%		10.83%		(2.47)%		4.52%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.04% H		1.10%		1.13%		1.15%		1.15%		1.15%
Expenses net of fee waivers, if any		1.00% H		1.00%		1.01%		1.05%		1.05%		1.05%
Expenses net of all reductions		1.00% H		1.00%		1.01%		1.05%		1.05%		1.05%
Net investment income (loss)		6.86% H		5.81%		3.27%		3.21%		3.74%		4.37%
Supplemental Data
Net assets, end of period (000 omitted)	$	24,238	$	21,379	$	22,554	$	17,126	$	12,603	$	15,050
Portfolio turnover rate I		31% H		14%		42%		74%		77%		33%

ACalculated based on average shares outstanding during the period.

BNet 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.

CTotal returns for periods of less than one year are not annualized.

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

ETotal returns do not include the effect of the sales charges.

GExpense 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Short Duration High Income Fund Class M

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	8.66	$	8.98	$	9.52	$	8.86	$	9.44	$	9.42
Income from Investment Operations
Net investment income (loss) A,B		.297		.502		.307		.300		.348		.408
Net realized and unrealized gain (loss)		(.225)		(.429)		(.546)		.661		(.581)		.005
Total from investment operations		.072		.073		(.239)		.961		(.233)		.413
Distributions from net investment income		(.232)		(.393)		(.301)		(.301)		(.347)		(.393)
Total distributions		(.232)		(.393)		(.301)		(.301)		(.347)		(.393)
Net asset value, end of period	$	8.50	$	8.66	$	8.98	$	9.52	$	8.86	$	9.44
Total Return C,D,E		.83%		.93%		(2.60)%		10.96%		(2.58)%		4.52%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.05% H		1.12%		1.13%		1.17%		1.16%		1.16%
Expenses net of fee waivers, if any		1.00% H		1.00%		1.01%		1.05%		1.05%		1.05%
Expenses net of all reductions		1.00% H		1.00%		1.01%		1.05%		1.05%		1.05%
Net investment income (loss)		6.86% H		5.81%		3.27%		3.21%		3.74%		4.37%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,007	$	2,318	$	2,812	$	2,289	$	2,106	$	2,537
Portfolio turnover rate I		31% H		14%		42%		74%		77%		33%

ACalculated based on average shares outstanding during the period.

CTotal returns for periods of less than one year are not annualized.

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

ETotal returns do not include the effect of the sales charges.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Short Duration High Income Fund Class C

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	8.66	$	8.98	$	9.52	$	8.87	$	9.44	$	9.42
Income from Investment Operations
Net investment income (loss) A,B		.265		.439		.237		.230		.278		.338
Net realized and unrealized gain (loss)		(.226)		(.430)		(.546)		.651		(.571)		.005
Total from investment operations		.039		.009		(.309)		.881		(.293)		.343
Distributions from net investment income		(.199)		(.329)		(.231)		(.231)		(.277)		(.323)
Total distributions		(.199)		(.329)		(.231)		(.231)		(.277)		(.323)
Net asset value, end of period	$	8.50	$	8.66	$	8.98	$	9.52	$	8.87	$	9.44
Total Return C,D,E		.45%		.18%		(3.33)%		10.01%		(3.20)%		3.74%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.82% H		1.90%		1.91%		1.94%		1.93%		1.92%
Expenses net of fee waivers, if any		1.75% H		1.75%		1.76%		1.80%		1.80%		1.80%
Expenses net of all reductions		1.75% H		1.75%		1.76%		1.80%		1.80%		1.80%
Net investment income (loss)		6.11% H		5.06%		2.52%		2.46%		2.99%		3.61%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,823	$	2,795	$	3,884	$	4,018	$	4,017	$	4,541
Portfolio turnover rate I		31% H		14%		42%		74%		77%		33%

ACalculated based on average shares outstanding during the period.

CTotal returns for periods of less than one year are not annualized.

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

ETotal returns do not include the effect of the contingent deferred sales charge.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity® Short Duration High Income Fund

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	8.66	$	8.98	$	9.52	$	8.87	$	9.44	$	9.42
Income from Investment Operations
Net investment income (loss) A,B		.310		.523		.331		.323		.372		.431
Net realized and unrealized gain (loss)		(.226)		(.428)		(.546)		.651		(.572)		.006
Total from investment operations		.084		.095		(.215)		.974		(.200)		.437
Distributions from net investment income		(.244)		(.415)		(.325)		(.324)		(.370)		(.417)
Total distributions		(.244)		(.415)		(.325)		(.324)		(.370)		(.417)
Net asset value, end of period	$	8.50	$	8.66	$	8.98	$	9.52	$	8.87	$	9.44
Total Return C,D		.96%		1.18%		(2.35)%		11.11%		(2.23)%		4.78%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.73% G		.76%		.83%		.87%		.86%		.86%
Expenses net of fee waivers, if any		.72% G		.75%		.75%		.80%		.80%		.80%
Expenses net of all reductions		.72% G		.75%		.75%		.80%		.80%		.80%
Net investment income (loss)		7.13% G		6.06%		3.52%		3.46%		3.99%		4.61%
Supplemental Data
Net assets, end of period (000 omitted)	$	273,926	$	460,873	$	87,949	$	83,066	$	63,703	$	88,429
Portfolio turnover rate H		31% G		14%		42%		74%		77%		33%

ACalculated based on average shares outstanding during the period.

CTotal returns for periods of less than one year are not annualized.

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

FExpense 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.

GAnnualized.

HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Short Duration High Income Fund Class I

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	8.66	$	8.98	$	9.52	$	8.87	$	9.44	$	9.42
Income from Investment Operations
Net investment income (loss) A,B		.306		.524		.331		.323		.372		.430
Net realized and unrealized gain (loss)		(.223)		(.429)		(.546)		.651		(.572)		.007
Total from investment operations		.083		.095		(.215)		.974		(.200)		.437
Distributions from net investment income		(.243)		(.415)		(.325)		(.324)		(.370)		(.417)
Total distributions		(.243)		(.415)		(.325)		(.324)		(.370)		(.417)
Net asset value, end of period	$	8.50	$	8.66	$	8.98	$	9.52	$	8.87	$	9.44
Total Return C,D		.95%		1.18%		(2.35)%		11.11%		(2.23)%		4.78%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.76% G		.84%		.88%		.92%		.89%		.89%
Expenses net of fee waivers, if any		.75% G		.75%		.76%		.80%		.80%		.80%
Expenses net of all reductions		.75% G		.75%		.76%		.80%		.80%		.80%
Net investment income (loss)		7.11% G		6.06%		3.52%		3.46%		3.99%		4.60%
Supplemental Data
Net assets, end of period (000 omitted)	$	6,164	$	4,855	$	5,055	$	5,023	$	3,950	$	4,060
Portfolio turnover rate H		31% G		14%		42%		74%		77%		33%

ACalculated based on average shares outstanding during the period.

CTotal returns for periods of less than one year are not annualized.

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

GAnnualized.

HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Short Duration High Income Fund Class Z

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	8.66	$	8.98	$	9.52	$	8.87	$	9.45	$	9.46
Income from Investment Operations
Net investment income (loss) B,C		.312		.531		.339		.331		.378		.261
Net realized and unrealized gain (loss)		(.226)		(.428)		(.546)		.652		(.579)		(.016)
Total from investment operations		.086		.103		(.207)		.983		(.201)		.245
Distributions from net investment income		(.246)		(.423)		(.333)		(.333)		(.379)		(.255)
Total distributions		(.246)		(.423)		(.333)		(.333)		(.379)		(.255)
Net asset value, end of period	$	8.50	$	8.66	$	8.98	$	9.52	$	8.87	$	9.45
Total Return D,E		1.00%		1.27%		(2.27)%		11.21%		(2.24)%		2.67%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.69% H		.75%		.78%		.80%		.80%		.82% H
Expenses net of fee waivers, if any		.66% H		.66%		.66%		.71%		.71%		.71% H
Expenses net of all reductions		.66% H		.66%		.66%		.71%		.71%		.71% H
Net investment income (loss)		7.20% H		6.15%		3.61%		3.55%		4.08%		4.86% H
Supplemental Data
Net assets, end of period (000 omitted)	$	8,762	$	10,289	$	5,246	$	3,815	$	2,031	$	425
Portfolio turnover rate I		31% H		14%		42%		74%		77%		33% H

AFor the period October 2, 2018 (commencement of sale of shares) through April 30, 2019.

BCalculated based on average shares outstanding during the period.

CNet 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.

DTotal returns for periods of less than one year are not annualized.

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended October 31, 2023

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations 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. 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.

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, 2023 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. 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 (ETFs). 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 (ETF). 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 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	$4,815,465
Gross unrealized depreciation	(10,591,968)
Net unrealized appreciation (depreciation)	$(5,776,503)
Tax cost	$320,999,660

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	$(4,879,806)
Long-term	(5,807,839)
Total capital loss carryforward	$(10,687,645)

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

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Short Duration High Income Fund	69,949,658	206,544,623

5. Fees and Other Transactions with Affiliates.

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%	$28,058	$1,594
Class M	- %	.25%	2,677	-
Class C	.75%	.25%	14,788	2,204
			$45,523	$3,798

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	$4,237
Class M	54
Class C A	37
	$4,328

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

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

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

	Amount	% of Class-Level Average Net AssetsA
Class A	$16,497	.15
Class M	1,780	.17
Class C	2,712	.18
Short Duration High Income	204,930	.09
Class I	2,951	.11
Class Z	2,631	.05
	$231,501

A Annualized

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	0.1459
Class M	0.1577
Class C	0.1792
Short Duration High Income	0.1120
Class I	0.0869

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

	% of Average Net Assets
Fidelity Short Duration High Income Fund	.04

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Short Duration High Income Fund	0.0413

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

	Amount
Fidelity Short Duration High Income Fund	$5

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Short Duration High Income Fund	Borrower	$42,146,000	5.57%	$6,515

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. 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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Short Duration High Income Fund	$421

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, 2024. 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%	$4,012
Class M	1.00%	572
Class C	1.75%	974
Class I	.75%	106
Class Z	.66%	1,578
		$7,242

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 $2,691.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $10,231.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended October 31, 2023	Year ended April 30, 2023
Fidelity Short Duration High Income Fund
Distributions to shareholders
Class A	$604,374	$977,618
Class M	57,586	110,316
Class C	68,495	119,358
Short Duration High Income	13,214,376	13,395,089
Class I	148,300	233,578
Class Z	300,774	531,867
Total	$14,393,905	$15,367,826

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 October 31, 2023	Year ended April 30, 2023	Six months ended October 31, 2023	Year ended April 30, 2023
Fidelity Short Duration High Income Fund
Class A
Shares sold	595,110	610,442	$5,116,241	$5,296,397
Reinvestment of distributions	68,986	111,049	593,502	957,537
Shares redeemed	(281,547)	(764,843)	(2,428,010)	(6,627,528)
Net increase (decrease)	382,549	(43,352)	$3,281,733	$(373,594)
Class M
Shares sold	13,627	128,913	$117,620	$1,113,204
Reinvestment of distributions	6,525	12,392	56,142	106,876
Shares redeemed	(51,711)	(186,791)	(446,128)	(1,605,675)
Net increase (decrease)	(31,559)	(45,486)	$(272,366)	$(385,595)
Class C
Shares sold	80,751	110,217	$695,528	$951,412
Reinvestment of distributions	7,829	13,729	67,382	118,460
Shares redeemed	(79,299)	(233,652)	(683,316)	(2,022,594)
Net increase (decrease)	9,281	(109,706)	$79,594	$(952,722)
Short Duration High Income
Shares sold	9,897,411	51,006,236	$85,262,001	$434,795,776
Reinvestment of distributions	1,371,744	1,386,203	11,803,781	11,955,926
Shares redeemed	(32,263,340)	(8,974,356)	(274,645,744)	(77,559,285)
Net increase (decrease)	(20,994,185)	43,418,083	$(177,579,962)	$369,192,417
Class I
Shares sold	314,018	227,106	$2,707,031	$1,961,038
Reinvestment of distributions	16,124	24,795	138,675	213,807
Shares redeemed	(165,749)	(254,191)	(1,422,743)	(2,192,726)
Net increase (decrease)	164,393	(2,290)	$1,422,963	$(17,881)
Class Z
Shares sold	324,231	1,699,944	$2,791,119	$14,714,297
Reinvestment of distributions	33,334	48,777	286,920	420,604
Shares redeemed	(514,819)	(1,145,441)	(4,408,530)	(9,858,783)
Net increase (decrease)	(157,254)	603,280	$(1,330,491)	$5,276,118

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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio- A	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Short Duration High Income Fund
Class A	1.00%
Actual		$ 1,000	$ 1,008.30	$ 5.05
Hypothetical-B		$ 1,000	$ 1,020.11	$ 5.08
Class M	1.00%
Actual		$ 1,000	$ 1,008.30	$ 5.05
Hypothetical-B		$ 1,000	$ 1,020.11	$ 5.08
Class C	1.75%
Actual		$ 1,000	$ 1,004.50	$ 8.82
Hypothetical-B		$ 1,000	$ 1,016.34	$ 8.87
Fidelity® Short Duration High Income Fund	.72%
Actual		$ 1,000	$ 1,009.60	$ 3.64
Hypothetical-B		$ 1,000	$ 1,021.52	$ 3.66
Class I	.75%
Actual		$ 1,000	$ 1,009.50	$ 3.79
Hypothetical-B		$ 1,000	$ 1,021.37	$ 3.81
Class Z	.66%
Actual		$ 1,000	$ 1,010.00	$ 3.33
Hypothetical-B		$ 1,000	$ 1,021.82	$ 3.35

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

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

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 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.

Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.

At its July 2023 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.

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.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and 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 global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of 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. 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.

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.

Investment in a Large Fund Family. 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 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.

Investment Performance. 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 securities market 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 and peers for the one- and three-year periods ended February 28, 2023, 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. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board 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.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. 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 within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size 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 mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. 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 similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Other Contractual Arrangements. 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, 2024.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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 total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (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; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) 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 July 31, 2024.

1.969437.109

SDH-SANN-1223

Fidelity® Women's Leadership Fund

Semi-Annual Report

October 31, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Schedule of Investments October 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	4.4
Accenture PLC Class A	2.4
Amazon.com, Inc.	2.4
Apple, Inc.	2.2
Adobe, Inc.	1.9
NVIDIA Corp.	1.9
Salesforce, Inc.	1.9
Intuit, Inc.	1.9
MasterCard, Inc. Class A	1.8
Hologic, Inc.	1.6
	22.4

Market Sectors (% of Fund's net assets)

Information Technology	24.0
Financials	14.0
Health Care	13.3
Industrials	12.5
Consumer Discretionary	11.4
Communication Services	6.0
Energy	4.1
Consumer Staples	3.8
Materials	3.7
Utilities	2.9
Real Estate	2.1

Asset Allocation (% of Fund's net assets)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares	Value ($)
COMMUNICATION SERVICES - 6.0%
Entertainment - 2.9%
Netflix, Inc. (a)	4,619	1,901,596
The Walt Disney Co. (a)	25,155	2,052,396
		3,953,992
Interactive Media & Services - 1.8%
Alphabet, Inc. Class A (a)	14,686	1,822,239
Bumble, Inc. (a)	40,104	538,998
		2,361,237
Media - 1.3%
Interpublic Group of Companies, Inc.	61,225	1,738,790
TOTAL COMMUNICATION SERVICES		8,054,019
CONSUMER DISCRETIONARY - 11.4%
Automobiles - 0.4%
General Motors Co.	22,722	640,760
Broadline Retail - 3.7%
Amazon.com, Inc. (a)	23,984	3,192,031
Etsy, Inc. (a)	15,542	968,267
Kohl's Corp.	35,713	805,328
		4,965,626
Diversified Consumer Services - 1.0%
Adtalem Global Education, Inc. (a)	16,832	871,898
Bright Horizons Family Solutions, Inc. (a)	6,357	470,799
		1,342,697
Hotels, Restaurants & Leisure - 1.4%
Marriott International, Inc. Class A	5,380	1,014,453
Vail Resorts, Inc.	3,985	845,816
		1,860,269
Household Durables - 0.8%
Taylor Morrison Home Corp. (a)	27,980	1,072,194
Specialty Retail - 3.1%
Aritzia, Inc. (a)	25,730	400,214
Best Buy Co., Inc.	9,340	624,099
Foot Locker, Inc.	17,709	371,712
Lowe's Companies, Inc.	7,545	1,437,851
Williams-Sonoma, Inc.	8,938	1,342,845
		4,176,721
Textiles, Apparel & Luxury Goods - 1.0%
LVMH Moet Hennessy Louis Vuitton SE	1,225	877,015
Tapestry, Inc.	17,416	479,985
		1,357,000
TOTAL CONSUMER DISCRETIONARY		15,415,267
CONSUMER STAPLES - 3.8%
Consumer Staples Distribution & Retail - 0.3%
Maplebear, Inc.	15,068	371,125
Food Products - 1.7%
Bunge Ltd.	7,778	824,312
The Hershey Co.	8,087	1,515,099
		2,339,411
Household Products - 0.6%
The Clorox Co.	6,829	803,773
Personal Care Products - 1.2%
Estee Lauder Companies, Inc. Class A	9,092	1,171,686
Shiseido Co. Ltd.	13,219	419,247
		1,590,933
TOTAL CONSUMER STAPLES		5,105,242
ENERGY - 4.1%
Energy Equipment & Services - 1.0%
Baker Hughes Co. Class A	38,037	1,309,234
Oil, Gas & Consumable Fuels - 3.1%
Antero Resources Corp. (a)	30,966	911,639
EQT Corp.	15,316	649,092
Equinor ASA	25,102	841,500
Marathon Petroleum Corp.	5,456	825,220
Occidental Petroleum Corp.	15,665	968,254
		4,195,705
TOTAL ENERGY		5,504,939
FINANCIALS - 14.0%
Banks - 4.1%
Bank of America Corp.	74,229	1,955,192
Citigroup, Inc.	24,558	969,795
Huntington Bancshares, Inc.	94,389	910,854
JPMorgan Chase & Co.	11,258	1,565,537
Starling Bank Ltd. Series D (a)(b)(c)	34,700	123,998
		5,525,376
Capital Markets - 2.8%
Franklin Resources, Inc.	27,177	619,364
Macquarie Group Ltd.	10,825	1,112,701
NASDAQ, Inc.	40,548	2,011,181
		3,743,246
Financial Services - 3.4%
MasterCard, Inc. Class A	6,440	2,423,694
WEX, Inc. (a)	12,968	2,158,913
		4,582,607
Insurance - 3.7%
Hartford Financial Services Group, Inc.	28,129	2,066,075
Marsh & McLennan Companies, Inc.	6,440	1,221,346
Progressive Corp.	10,824	1,711,166
		4,998,587
TOTAL FINANCIALS		18,849,816
HEALTH CARE - 13.0%
Biotechnology - 2.2%
Alnylam Pharmaceuticals, Inc. (a)	3,919	594,904
Moderna, Inc. (a)	4,688	356,100
Sage Therapeutics, Inc. (a)	9,937	186,120
Vertex Pharmaceuticals, Inc. (a)	4,504	1,630,943
Zai Lab Ltd. ADR (a)	8,171	205,909
		2,973,976
Health Care Equipment & Supplies - 2.1%
Axonics Modulation Technologies, Inc. (a)	4,980	255,026
Hologic, Inc. (a)	32,783	2,169,251
Insulet Corp. (a)	3,502	464,260
Outset Medical, Inc. (a)	5,606	19,845
		2,908,382
Health Care Providers & Services - 4.2%
Centene Corp. (a)	21,950	1,514,111
Cigna Group	6,215	1,921,678
CVS Health Corp.	15,404	1,063,030
Elevance Health, Inc.	2,491	1,121,174
		5,619,993
Life Sciences Tools & Services - 0.9%
ICON PLC (a)	4,875	1,189,305
Pharmaceuticals - 3.6%
Eli Lilly & Co.	1,816	1,005,937
Merck KGaA	7,772	1,170,623
UCB SA	14,145	1,033,609
Zoetis, Inc. Class A	10,383	1,630,131
		4,840,300
TOTAL HEALTH CARE		17,531,956
INDUSTRIALS - 12.5%
Air Freight & Logistics - 1.0%
United Parcel Service, Inc. Class B	9,410	1,329,163
Commercial Services & Supplies - 0.3%
Veralto Corp.	5,404	372,876
Electrical Equipment - 4.0%
AMETEK, Inc.	12,024	1,692,618
Eaton Corp. PLC	5,024	1,044,540
nVent Electric PLC	20,897	1,005,773
Prysmian SpA	18,313	683,814
Regal Rexnord Corp.	6,591	780,440
Sunrun, Inc. (a)	25,085	242,070
		5,449,255
Ground Transportation - 0.4%
ArcBest Corp.	4,798	522,406
Machinery - 4.1%
Chart Industries, Inc. (a)	4,667	542,445
Deere & Co.	3,528	1,288,990
Federal Signal Corp.	18,934	1,098,929
Hillenbrand, Inc.	16,297	619,775
Otis Worldwide Corp.	15,465	1,194,053
Parker Hannifin Corp.	2,123	783,196
		5,527,388
Professional Services - 2.7%
Leidos Holdings, Inc.	14,677	1,454,784
Manpower, Inc.	9,802	685,846
Science Applications International Corp.	13,423	1,466,329
		3,606,959
TOTAL INDUSTRIALS		16,808,047
INFORMATION TECHNOLOGY - 24.0%
Communications Equipment - 0.7%
Arista Networks, Inc. (a)	5,010	1,003,854
Electronic Equipment, Instruments & Components - 1.9%
CDW Corp.	8,405	1,684,362
Insight Enterprises, Inc. (a)	5,987	857,937
		2,542,299
IT Services - 2.4%
Accenture PLC Class A	10,893	3,236,201
Semiconductors & Semiconductor Equipment - 4.9%
Advanced Micro Devices, Inc. (a)	12,498	1,231,053
Axcelis Technologies, Inc. (a)	4,179	532,823
Marvell Technology, Inc.	20,921	987,890
NVIDIA Corp.	6,298	2,568,324
NXP Semiconductors NV	7,625	1,314,779
		6,634,869
Software - 11.9%
Adobe, Inc. (a)	4,919	2,617,203
HubSpot, Inc. (a)	4,371	1,852,299
Intuit, Inc.	5,066	2,507,417
Microsoft Corp.	17,617	5,956,483
Pagerduty, Inc. (a)	25,217	508,627
Salesforce, Inc. (a)	12,556	2,521,621
		15,963,650
Technology Hardware, Storage & Peripherals - 2.2%
Apple, Inc.	17,494	2,987,450
TOTAL INFORMATION TECHNOLOGY		32,368,323
MATERIALS - 3.7%
Chemicals - 2.1%
Cabot Corp.	11,432	759,999
Celanese Corp. Class A	6,864	785,997
Eastman Chemical Co.	8,690	649,404
The Chemours Co. LLC	23,787	573,505
		2,768,905
Construction Materials - 0.6%
Summit Materials, Inc.	24,407	802,990
Metals & Mining - 1.0%
Commercial Metals Co.	21,408	905,344
Schnitzer Steel Industries, Inc. Class A	21,665	492,012
		1,397,356
TOTAL MATERIALS		4,969,251
REAL ESTATE - 2.1%
Equity Real Estate Investment Trusts (REITs) - 2.1%
Equity Lifestyle Properties, Inc.	24,271	1,597,032
Ventas, Inc.	29,918	1,270,318
		2,867,350
UTILITIES - 2.9%
Electric Utilities - 1.5%
NextEra Energy, Inc.	19,295	1,124,899
SSE PLC	46,012	913,260
		2,038,159
Independent Power and Renewable Electricity Producers - 0.5%
Clearway Energy, Inc. Class C	30,686	666,193
Water Utilities - 0.9%
American Water Works Co., Inc.	10,068	1,184,500
TOTAL UTILITIES		3,888,852
TOTAL COMMON STOCKS (Cost $122,818,449)		131,363,062

Convertible Preferred Stocks - 0.3%
	Shares	Value ($)
HEALTH CARE - 0.3%
Health Care Providers & Services - 0.3%
Somatus, Inc. Series E (a)(b)(c) (Cost $350,799)	402	411,415

Money Market Funds - 2.2%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (d) (Cost $2,945,850)	2,945,261	2,945,850

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $126,115,098)	134,720,327
NET OTHER ASSETS (LIABILITIES) - 0.0%	(21,206)
NET ASSETS - 100.0%	134,699,121

Legend

(a)	Non-income producing

(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 $535,413 or 0.4% of net assets.

(c)	Level 3 security

(d)

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Somatus, Inc. Series E	1/31/22	350,799

Starling Bank Ltd. Series D	6/18/21 - 4/05/22	68,001

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 ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	4,527,991	17,902,245	19,484,386	93,700	-	-	2,945,850	0.0%
Total	4,527,991	17,902,245	19,484,386	93,700	-	-	2,945,850

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	8,054,019	8,054,019	-	-
Consumer Discretionary	15,415,267	14,538,252	877,015	-
Consumer Staples	5,105,242	4,685,995	419,247	-
Energy	5,504,939	4,663,439	841,500	-
Financials	18,849,816	17,613,117	1,112,701	123,998
Health Care	17,943,371	17,531,956	-	411,415
Industrials	16,808,047	16,808,047	-	-
Information Technology	32,368,323	32,368,323	-	-
Materials	4,969,251	4,969,251	-	-
Real Estate	2,867,350	2,867,350	-	-
Utilities	3,888,852	3,888,852	-	-

Money Market Funds	2,945,850	2,945,850	-	-
Total Investments in Securities:	134,720,327	130,934,451	3,250,463	535,413

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				October 31, 2023 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $123,169,248)	$	131,774,477
Fidelity Central Funds (cost $2,945,850)		2,945,850


Total Investment in Securities (cost $126,115,098)			$	134,720,327
Receivable for fund shares sold				51,171
Dividends receivable				77,336
Reclaims receivable				21,666
Distributions receivable from Fidelity Central Funds				5,262
Prepaid expenses				209
Other receivables				192
Total assets				134,876,163
Liabilities
Payable for fund shares redeemed	$	61,284
Accrued management fee		49,002
Transfer agent fee payable		27,362
Distribution and service plan fees payable		3,066
Other affiliated payables		4,038
Custody fee payable		28,289
Other payables and accrued expenses		4,001
Total Liabilities				177,042
Net Assets			$	134,699,121
Net Assets consist of:
Paid in capital			$	133,932,801
Total accumulated earnings (loss)				766,320
Net Assets			$	134,699,121

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($6,228,910 ÷ 479,340 shares)(a)			$	12.99
Maximum offering price per share (100/94.25 of $12.99)			$	13.78
Class M :
Net Asset Value and redemption price per share ($1,104,472 ÷ 85,404 shares)(a)			$	12.93
Maximum offering price per share (100/96.50 of $12.93)			$	13.40
Class C :
Net Asset Value and offering price per share ($1,510,694 ÷ 118,580 shares)(a)			$	12.74
Fidelity Women's Leadership Fund :
Net Asset Value, offering price and redemption price per share ($99,878,099 ÷ 7,654,649 shares)			$	13.05
Class I :
Net Asset Value, offering price and redemption price per share ($13,394,842 ÷ 1,026,849 shares)			$	13.04
Class Z :
Net Asset Value, offering price and redemption price per share ($12,582,104 ÷ 960,596 shares)			$	13.10
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Six months ended October 31, 2023 (Unaudited)
Investment Income
Dividends			$	1,014,477
Income from Fidelity Central Funds				93,700
Total Income				1,108,177
Expenses
Management fee
Basic fee	$	390,577
Performance adjustment		(60,355)
Transfer agent fees		172,216
Distribution and service plan fees		19,214
Accounting fees and expenses		26,422
Custodian fees and expenses		4,970
Independent trustees' fees and expenses		370
Registration fees		28,051
Audit		27,528
Legal		351
Miscellaneous		278
Total expenses before reductions		609,622
Expense reductions		(5,719)
Total expenses after reductions				603,903
Net Investment income (loss)				504,274
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $466)		(2,832,776)
Foreign currency transactions		(1,937)
Total net realized gain (loss)				(2,834,713)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of decrease in deferred foreign taxes of $365)		(1,272,930)
Assets and liabilities in foreign currencies		(816)
Total change in net unrealized appreciation (depreciation)				(1,273,746)
Net gain (loss)				(4,108,459)
Net increase (decrease) in net assets resulting from operations			$	(3,604,185)

Statement of Changes in Net Assets

		Six months ended October 31, 2023 (Unaudited)		Year ended April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	504,274	$	964,545
Net realized gain (loss)		(2,834,713)		(4,429,525)
Change in net unrealized appreciation (depreciation)		(1,273,746)		6,424,381
Net increase (decrease) in net assets resulting from operations		(3,604,185)		2,959,401
Distributions to shareholders		(167,829)		(755,398)

Share transactions - net increase (decrease)		(9,026,206)		16,505,229
Total increase (decrease) in net assets		(12,798,220)		18,709,232

Net Assets
Beginning of period		147,497,341		128,788,109
End of period	$	134,699,121	$	147,497,341

Financial Highlights

Fidelity Advisor® Women's Leadership Fund Class A

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	13.39	$	13.18	$	15.28	$	9.80	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.03		.07		- D		- D		.04
Net realized and unrealized gain (loss)		(.42)		.20		(1.70)		5.49		(.22)
Total from investment operations		(.39)		.27		(1.70)		5.49		(.18)
Distributions from net investment income		(.01)		(.06)		- D		(.01)		(.02)
Distributions from net realized gain		-		-		(.40)		-		-
Total distributions		(.01)		(.06)		(.40)		(.01)		(.02)
Net asset value, end of period	$	12.99	$	13.39	$	13.18	$	15.28	$	9.80
Total Return E,F,G		(2.95)%		2.10%		(11.46)%		56.03%		(1.84)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.02% J		1.09%		1.10%		1.28%		2.50%
Expenses net of fee waivers, if any		1.01% J		1.09%		1.10%		1.25%		1.25%
Expenses net of all reductions		1.01% J		1.09%		1.10%		1.24%		1.25%
Net investment income (loss)		.48% J		.57%		(.01)%		(.03)%		.37%
Supplemental Data
Net assets, end of period (000 omitted)	$	6,229	$	6,104	$	5,171	$	2,865	$	769
Portfolio turnover rate K		21% J		22%		48%		35%		52%

AFor the period May 1, 2019 (commencement of operations) through April 30, 2020.

CCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

ETotal returns for periods of less than one year are not annualized.

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

GTotal returns do not include the effect of the sales charges.

HFees 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.

IExpense 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Women's Leadership Fund Class M

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	13.34	$	13.14	$	15.22	$	9.78	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.01		.04		(.04)		(.04)		.01
Net realized and unrealized gain (loss)		(.42)		.20		(1.69)		5.48		(.22)
Total from investment operations		(.41)		.24		(1.73)		5.44		(.21)
Distributions from net investment income		-		(.04)		-		- D		(.01)
Distributions from net realized gain		-		-		(.35)		-		-
Total distributions		-		(.04)		(.35)		- D		(.01)
Net asset value, end of period	$	12.93	$	13.34	$	13.14	$	15.22	$	9.78
Total Return E,F,G		(3.07)%		1.83%		(11.66)%		55.65%		(2.12)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.29% J		1.37%		1.35%		1.52%		2.86%
Expenses net of fee waivers, if any		1.29% J		1.37%		1.35%		1.50%		1.50%
Expenses net of all reductions		1.29% J		1.37%		1.35%		1.49%		1.50%
Net investment income (loss)		.20% J		.28%		(.27)%		(.28)%		.12%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,104	$	1,122	$	1,054	$	974	$	443
Portfolio turnover rate K		21% J		22%		48%		35%		52%

AFor the period May 1, 2019 (commencement of operations) through April 30, 2020.

CCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

ETotal returns for periods of less than one year are not annualized.

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

GTotal returns do not include the effect of the sales charges.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Women's Leadership Fund Class C

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	13.18	$	13.00	$	15.09	$	9.74	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		(.02)		(.03)		(.11)		(.10)		(.04)
Net realized and unrealized gain (loss)		(.42)		.21		(1.68)		5.45		(.22)
Total from investment operations		(.44)		.18		(1.79)		5.35		(.26)
Distributions from net realized gain		-		-		(.30)		-		-
Total distributions		-		-		(.30)		-		-
Net asset value, end of period	$	12.74	$	13.18	$	13.00	$	15.09	$	9.74
Total Return D,E,F		(3.34)%		1.38%		(12.12)%		54.93%		(2.60)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.79% I		1.86%		1.84%		1.99%		3.36%
Expenses net of fee waivers, if any		1.78% I		1.86%		1.84%		1.99%		2.00%
Expenses net of all reductions		1.78% I		1.86%		1.84%		1.98%		2.00%
Net investment income (loss)		(.29)% I		(.20)%		(.75)%		(.77)%		(.38)%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,511	$	1,603	$	1,540	$	937	$	468
Portfolio turnover rate J		21% I		22%		48%		35%		52%

AFor the period May 1, 2019 (commencement of operations) through April 30, 2020.

CCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

FTotal returns do not include the effect of the contingent deferred sales charge.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity® Women's Leadership Fund

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	13.45	$	13.22	$	15.31	$	9.81	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.05		.10		.03		.03		.06
Net realized and unrealized gain (loss)		(.43)		.21		(1.70)		5.50		(.22)
Total from investment operations		(.38)		.31		(1.67)		5.53		(.16)
Distributions from net investment income		(.02)		(.08)		(.02)		(.03)		(.03)
Distributions from net realized gain		-		-		(.40)		-		-
Total distributions		(.02)		(.08)		(.42)		(.03)		(.03)
Net asset value, end of period	$	13.05	$	13.45	$	13.22	$	15.31	$	9.81
Total Return D,E		(2.87)%		2.37%		(11.25)%		56.44%		(1.63)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.82% H		.89%		.92%		1.10%		2.19%
Expenses net of fee waivers, if any		.81% H		.89%		.90%		1.00%		1.00%
Expenses net of all reductions		.81% H		.89%		.90%		.99%		1.00%
Net investment income (loss)		.67% H		.76%		.18%		.22%		.62%
Supplemental Data
Net assets, end of period (000 omitted)	$	99,878	$	115,107	$	101,533	$	98,888	$	22,272
Portfolio turnover rate I		21% H		22%		48%		35%		52%

AFor the period May 1, 2019 (commencement of operations) through April 30, 2020.

CCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Women's Leadership Fund Class I

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	13.44	$	13.21	$	15.31	$	9.81	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.05		.11		.04		.03		.06
Net realized and unrealized gain (loss)		(.43)		.21		(1.70)		5.51		(.22)
Total from investment operations		(.38)		.32		(1.66)		5.54		(.16)
Distributions from net investment income		(.02)		(.09)		(.04)		(.04)		(.03)
Distributions from net realized gain		-		-		(.40)		-		-
Total distributions		(.02)		(.09)		(.44)		(.04)		(.03)
Net asset value, end of period	$	13.04	$	13.44	$	13.21	$	15.31	$	9.81
Total Return D,E		(2.84)%		2.46%		(11.20)%		56.52%		(1.63)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.72% H		.80%		.81%		.98%		2.22%
Expenses net of fee waivers, if any		.72% H		.79%		.81%		.98%		1.00%
Expenses net of all reductions		.72% H		.79%		.81%		.97%		1.00%
Net investment income (loss)		.77% H		.86%		.28%		.24%		.62%
Supplemental Data
Net assets, end of period (000 omitted)	$	13,395	$	13,381	$	11,273	$	3,874	$	702
Portfolio turnover rate I		21% H		22%		48%		35%		52%

AFor the period May 1, 2019 (commencement of operations) through April 30, 2020.

CCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity Advisor® Women's Leadership Fund Class Z

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020 A
Selected Per-Share Data
Net asset value, beginning of period	$	13.49	$	13.25	$	15.35	$	9.83	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.06		.13		.06		.05		.08
Net realized and unrealized gain (loss) C		(.43)		.21		(1.71)		5.51		(.22)
Total from investment operations		(.37)		.34		(1.65)		5.56		(.14)
Distributions from net investment income		(.02)		(.10)		(.05)		(.04)		(.03)
Distributions from net realized gain		-		-		(.40)		-		-
Total distributions		(.02)		(.10)		(.45)		(.04)		(.03)
Net asset value, end of period	$	13.10	$	13.49	$	13.25	$	15.35	$	9.83
Total Return D,E		(2.72)%		2.59%		(11.13)%		56.63%		(1.43)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.60% H		.68%		.69%		.87%		1.88%
Expenses net of fee waivers, if any		.60% H		.67%		.69%		.85%		.85%
Expenses net of all reductions		.60% H		.67%		.69%		.84%		.85%
Net investment income (loss) B		.89% H		.98%		.40%		.37%		.76%
Supplemental Data
Net assets, end of period (000 omitted)	$	12,582	$	10,181	$	8,216	$	9,043	$	2,376
Portfolio turnover rate I		21% H		22%		48%		35%		52%

AFor the period May 1, 2019 (commencement of operations) through April 30, 2020.

CCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended October 31, 2023

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.

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.

3. Significant Accounting Policies.

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:

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.

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.

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.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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	$23,151,709
Gross unrealized depreciation	(15,092,245)
Net unrealized appreciation (depreciation)	$8,059,464
Tax cost	$126,660,863

Short-term	$(5,078,623)
Total capital loss carryforward	$(5,078,623)

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	15,253,357	22,961,699

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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Women's Leadership Fund as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .44% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$8,040	$99
Class M	.25%	.25%	2,911	-
Class C	.75%	.25%	8,263	774
			$19,214	$873

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	$3,349
Class M	97
Class CA	2
	$3,448

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

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

	Amount	% of Class-Level Average Net Assets A
Class A	$6,638	.21
Class M	1,360	.23
Class C	1,857	.22
Fidelity Women's Leadership Fund	148,445	.26
Class I	11,411	.16
Class Z	2,505	.04
	$172,216

A Annualized

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	0.2000%
Class M	0.2000%
Class C	0.2000%
Fidelity Women's Leadership Fund	0.1597%
Class I	0.2000%

	% of Average Net Assets
Fidelity Women's Leadership Fund	.04

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Women's Leadership Fund	0.0354%

	Amount
Fidelity Women's Leadership Fund	$ 345

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Women's Leadership Fund	-	1,219,910	113,830

6. Committed Line of Credit.

	Amount
Fidelity Women's Leadership Fund	$125

7. Expense Reductions.

Through arrangements with the Fund's custodian and each class' transfer agent, 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 $116. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class A	$17
Class C	2
	$19

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,584.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended hdrPeriod	Year ended April 30, 2023
Fidelity Women's Leadership Fund
Distributions to shareholders
Class A	$2,769	$27,652
Class M	-	3,208
Fidelity Women's Leadership Fund	126,323	578,127
Class I	19,286	87,523
Class Z	19,451	58,888
Total	$167,829	$755,398

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 October 31, 2023	Year ended April 30, 2023	Six months ended October 31, 2023	Year ended April 30, 2023
Fidelity Women's Leadership Fund
Class A
Shares sold	43,320	141,008	$600,144	$1,797,187
Reinvestment of distributions	195	2,161	2,694	27,138
Shares redeemed	(19,852)	(79,981)	(278,456)	(1,015,214)
Net increase (decrease)	23,663	63,188	$324,382	$809,111
Class M
Shares sold	1,481	11,061	$20,364	$139,353
Reinvestment of distributions	-	256	-	3,208
Shares redeemed	(178)	(7,469)	(2,385)	(93,120)
Net increase (decrease)	1,303	3,848	$17,979	$49,441
Class C
Shares sold	7,804	20,115	$106,712	$255,147
Shares redeemed	(10,861)	(16,959)	(148,745)	(213,813)
Net increase (decrease)	(3,057)	3,156	$(42,033)	$41,334
Fidelity Women's Leadership Fund
Shares sold	526,600	2,347,545	$7,349,761	$30,916,025
Reinvestment of distributions	8,470	42,668	117,649	537,622
Shares redeemed	(1,441,577)	(1,511,874)	(19,987,642)	(19,406,034)
Net increase (decrease)	(906,507)	878,339	$(12,520,232)	$12,047,613
Class I
Shares sold	256,057	444,612	$3,412,120	$5,699,005
Reinvestment of distributions	1,369	6,932	18,997	87,280
Shares redeemed	(226,312)	(309,351)	(3,094,660)	(3,964,930)
Net increase (decrease)	31,114	142,193	$336,457	$1,821,355
Class Z
Shares sold	246,402	325,511	$3,421,789	$4,239,577
Reinvestment of distributions	1,224	4,454	17,046	56,255
Shares redeemed	(41,676)	(195,364)	(581,594)	(2,559,457)
Net increase (decrease)	205,950	134,601	$2,857,241	$1,736,375

10. Other.

11. Risk and Uncertainties.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Women's Leadership Fund
Class A	1.01%
Actual		$ 1,000	$ 970.50	$ 5.00
Hypothetical-B		$ 1,000	$ 1,020.06	$ 5.13
Class M	1.29%
Actual		$ 1,000	$ 969.30	$ 6.39
Hypothetical-B		$ 1,000	$ 1,018.65	$ 6.55
Class C	1.78%
Actual		$ 1,000	$ 966.60	$ 8.80
Hypothetical-B		$ 1,000	$ 1,016.19	$ 9.02
Fidelity® Women's Leadership Fund **	.81%
Actual		$ 1,000	$ 971.30	$ 4.01
Hypothetical-B		$ 1,000	$ 1,021.06	$ 4.12
Class I	.72%
Actual		$ 1,000	$ 971.60	$ 3.57
Hypothetical-B		$ 1,000	$ 1,021.52	$ 3.66
Class Z	.60%
Actual		$ 1,000	$ 972.80	$ 2.98
Hypothetical-B		$ 1,000	$ 1,022.12	$ 3.05

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

B 5% return per year before expenses

** If fees and changes to the expense contract and/or expense cap, effective December 1, 2023, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

	Annualized Expense Ratio- A	Expenses Paid
Fidelity® Women's Leadership Fund
Fidelity® Women's Leadership Fund	.75%
Actual		$ 3.72
Hypothetical- B		$ 3.81

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Women's Leadership Fund

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.

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.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. 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) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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.

Other Contractual Arrangements. 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, 2024.

Based on its review, the Board concluded that the fund's management fee, 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.

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

1.9893106.104

WLF-SANN-1223

Fidelity® High Income Fund

Semi-Annual Report

October 31, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Schedule of Investments October 31, 2023 (Unaudited)

Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
New Fortress Energy, Inc.	2.0
Ford Motor Credit Co. LLC	1.7
Community Health Systems, Inc.	1.6
Icahn Enterprises LP/Icahn Enterprises Finance Corp.	1.5
Uniti Group LP / Uniti Group Finance, Inc.	1.5
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.	1.5
DISH Network Corp.	1.4
Southeastern Grocers, Inc.	1.3
MPT Operating Partnership LP/MPT Finance Corp.	1.3
CCO Holdings LLC/CCO Holdings Corp.	1.3
	15.1

Market Sectors (% of Fund's net assets)

Energy	15.0
Healthcare	7.3
Services	7.2
Technology	6.5
Telecommunications	6.0

Quality Diversification (% of Fund's net assets)

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Showing Percentage of Net Assets

Corporate Bonds - 84.3%
	Principal Amount (a) (000s)	Value ($) (000s)
Convertible Bonds - 1.3%
Broadcasting - 1.1%
DISH Network Corp.:
2.375% 3/15/24	13,488	12,898
3.375% 8/15/26	28,589	14,652
		27,550
Homebuilders/Real Estate - 0.1%
Redfin Corp. 0.5% 4/1/27	6,174	3,396
Technology - 0.1%
Seagate HDD Cayman 3.5% 6/1/28 (b)	2,701	2,800
TOTAL CONVERTIBLE BONDS		33,746
Nonconvertible Bonds - 83.0%
Aerospace - 2.1%
ATI, Inc.:
4.875% 10/1/29	570	485
5.875% 12/1/27	3,130	2,903
7.25% 8/15/30	1,350	1,300
Bombardier, Inc. 7.875% 4/15/27 (b)	9,547	9,185
BWX Technologies, Inc. 4.125% 6/30/28 (b)	7,903	6,955
Howmet Aerospace, Inc.:
5.9% 2/1/27	1,380	1,361
6.875% 5/1/25	1,380	1,385
Kaiser Aluminum Corp.:
4.5% 6/1/31 (b)	360	266
4.625% 3/1/28 (b)	1,205	1,004
Moog, Inc. 4.25% 12/15/27 (b)	410	365
TransDigm, Inc.:
4.625% 1/15/29	5,930	5,113
5.5% 11/15/27	20,422	18,967
6.25% 3/15/26 (b)	1,225	1,196
6.75% 8/15/28 (b)	4,100	3,981
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b)	1,065	816
		55,282
Air Transportation - 1.1%
Air Canada 3.875% 8/15/26 (b)	2,030	1,847
American Airlines, Inc. 7.25% 2/15/28 (b)	1,370	1,274
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b)	7,671	7,459
Forward Air Corp. 9.5% 10/15/31 (b)	1,115	1,087
Mileage Plus Holdings LLC 6.5% 6/20/27 (b)	1,035	1,022
Rand Parent LLC 8.5% 2/15/30 (b)	12,038	10,993
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b)	5,235	4,136
		27,818
Automotive - 0.3%
Ford Motor Co.:
6.1% 8/19/32	3,105	2,875
7.4% 11/1/46	1,085	1,019
Ford Motor Credit Co. LLC 3.625% 6/17/31	3,945	3,118
		7,012
Automotive & Auto Parts - 2.5%
Adient Global Holdings Ltd. 7% 4/15/28 (b)	815	802
Dana, Inc.:
4.25% 9/1/30	1,115	883
5.375% 11/15/27	745	685
Ford Motor Co.:
3.25% 2/12/32	2,745	2,070
5.291% 12/8/46	550	400
Ford Motor Credit Co. LLC:
U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 8.2802% 3/6/26 (c)(d)	3,910	3,940
2.3% 2/10/25	12,405	11,710
2.9% 2/10/29	3,905	3,196
3.375% 11/13/25	1,380	1,288
3.815% 11/2/27	4,080	3,644
4% 11/13/30	1,415	1,166
4.389% 1/8/26	2,765	2,621
4.95% 5/28/27	5,655	5,304
5.125% 6/16/25	1,385	1,348
6.95% 3/6/26	6,030	6,043
IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (b)(c)	550	511
LCM Investments Holdings 8.25% 8/1/31 (b)	1,315	1,251
Macquarie AirFinance Holdings:
8.125% 3/30/29 (b)	4,054	3,993
8.375% 5/1/28 (b)	2,865	2,856
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (b)	4,315	2,047
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 11.4932% 10/15/26 (b)(c)(d)	1,645	1,641
ZF North America Capital, Inc.:
4.75% 4/29/25 (b)	3,320	3,201
6.875% 4/14/28 (b)	1,440	1,395
7.125% 4/14/30 (b)	1,440	1,394
		63,389
Banks & Thrifts - 0.7%
Ally Financial, Inc.:
5.75% 11/20/25	268	256
6.7% 2/14/33	5,480	4,606
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b)	2,430	2,071
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (b)	1,095	805
UniCredit SpA:
5.459% 6/30/35 (b)(c)	2,626	2,154
5.861% 6/19/32 (b)(c)	1,495	1,345
VistaJet Malta Finance PLC / XO Management Holding, Inc.:
6.375% 2/1/30 (b)	5,833	3,890
7.875% 5/1/27 (b)	1,090	839
Western Alliance Bancorp. 3% 6/15/31 (c)	2,365	1,807
		17,773
Broadcasting - 1.8%
Clear Channel Outdoor Holdings, Inc.:
5.125% 8/15/27 (b)	2,150	1,911
7.5% 6/1/29 (b)	2,809	2,045
9% 9/15/28 (b)	4,650	4,529
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(e)	22,770	235
DISH Network Corp. 11.75% 11/15/27 (b)	7,125	7,058
Sinclair Television Group, Inc. 5.5% 3/1/30 (b)	2,700	1,466
Sirius XM Radio, Inc.:
4% 7/15/28 (b)	5,800	4,933
4.125% 7/1/30 (b)	5,380	4,272
5.5% 7/1/29 (b)	8,285	7,341
TEGNA, Inc.:
4.625% 3/15/28	1,735	1,496
5% 9/15/29	1,775	1,487
Univision Communications, Inc.:
4.5% 5/1/29 (b)	5,615	4,463
6.625% 6/1/27 (b)	3,655	3,338
7.375% 6/30/30 (b)	790	696
8% 8/15/28 (b)	1,955	1,846
		47,116
Building Materials - 0.9%
Advanced Drain Systems, Inc.:
5% 9/30/27 (b)	1,486	1,386
6.375% 6/15/30 (b)	1,420	1,341
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b)	635	600
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b)	2,616	2,498
Builders FirstSource, Inc. 4.25% 2/1/32 (b)	5,595	4,453
Eco Material Technologies, Inc. 7.875% 1/31/27 (b)	4,150	3,930
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (b)	2,950	2,603
SRS Distribution, Inc.:
4.625% 7/1/28 (b)	3,455	3,014
6% 12/1/29 (b)	3,095	2,577
		22,402
Cable/Satellite TV - 2.4%
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.25% 2/1/31 (b)	8,354	6,501
4.25% 1/15/34 (b)	5,535	3,998
4.5% 8/15/30 (b)	4,140	3,320
4.5% 5/1/32	12,236	9,367
4.5% 6/1/33 (b)	11,280	8,414
4.75% 3/1/30 (b)	80	66
5.375% 6/1/29 (b)	640	560
CSC Holdings LLC:
3.375% 2/15/31 (b)	5,000	3,198
4.125% 12/1/30 (b)	2,939	1,969
4.5% 11/15/31 (b)	1,430	944
4.625% 12/1/30 (b)	7,174	3,638
5.375% 2/1/28 (b)	4,870	3,878
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b)	1,355	1,187
DISH DBS Corp. 5.75% 12/1/28 (b)	5,065	3,678
Dolya Holdco 18 DAC 5% 7/15/28 (b)	1,213	1,030
Radiate Holdco LLC/Radiate Financial Service Ltd.:
4.5% 9/15/26 (b)	3,424	2,618
6.5% 9/15/28 (b)	3,013	1,491
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b)	2,400	2,142
Ziggo BV 4.875% 1/15/30 (b)	5,005	3,998
		61,997
Capital Goods - 1.0%
Mueller Water Products, Inc. 4% 6/15/29 (b)	4,685	4,006
Regal Rexnord Corp.:
6.05% 2/15/26 (b)	2,150	2,115
6.05% 4/15/28 (b)	2,765	2,645
6.3% 2/15/30 (b)	2,765	2,602
Vertical Holdco GmbH 7.625% 7/15/28 (b)	3,980	3,590
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (b)	12,934	11,776
		26,734
Chemicals - 4.1%
CVR Partners LP 6.125% 6/15/28 (b)	1,775	1,566
Element Solutions, Inc. 3.875% 9/1/28 (b)	2,554	2,173
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c)	3,470	2,516
LSB Industries, Inc. 6.25% 10/15/28 (b)	2,215	1,965
Methanex Corp.:
5.125% 10/15/27	11,101	10,124
5.65% 12/1/44	8,249	6,062
NOVA Chemicals Corp.:
4.25% 5/15/29 (b)	5,020	3,712
4.875% 6/1/24 (b)	4,330	4,255
5% 5/1/25 (b)	2,270	2,144
5.25% 6/1/27 (b)	4,970	4,198
Nufarm Australia Ltd. 5% 1/27/30 (b)	6,520	5,656
Olin Corp. 5% 2/1/30	5,755	4,971
Olympus Water U.S. Holding Corp.:
4.25% 10/1/28 (b)	5,155	4,113
6.25% 10/1/29 (b)	5,435	4,076
9.75% 11/15/28 (b)	6,748	6,591
SCIH Salt Holdings, Inc.:
4.875% 5/1/28 (b)	1,208	1,043
6.625% 5/1/29 (b)	3,690	3,093
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b)	3,935	3,490
The Chemours Co. LLC:
4.625% 11/15/29 (b)	1,785	1,379
5.375% 5/15/27	10,144	9,164
5.75% 11/15/28 (b)	6,620	5,599
TPC Group, Inc. 13% 12/16/27 (b)	2,885	2,879
Tronox, Inc. 4.625% 3/15/29 (b)	8,400	6,617
W.R. Grace Holding LLC:
5.625% 8/15/29 (b)	9,670	7,494
7.375% 3/1/31 (b)	1,105	1,024
		105,904
Consumer Products - 0.7%
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b)	740	693
Kohl's Corp. 4.25% 7/17/25	335	313
Mattel, Inc.:
3.375% 4/1/26 (b)	3,425	3,164
5.45% 11/1/41	1,100	858
Newell Brands, Inc.:
4.7% 4/1/26	1,380	1,303
6.375% 9/15/27	1,380	1,292
6.5% 4/1/46 (f)	1,100	772
6.625% 9/15/29	1,470	1,352
The Scotts Miracle-Gro Co.:
4% 4/1/31	550	409
4.375% 2/1/32	820	601
TKC Holdings, Inc.:
6.875% 5/15/28 (b)	3,200	2,768
10.5% 5/15/29 (b)	1,710	1,368
Windsor Holdings III, LLC 8.5% 6/15/30 (b)	2,810	2,735
		17,628
Containers - 1.7%
ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(c)	7,175	4,178
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:
5.25% 8/15/27 (b)	4,935	3,586
5.25% 8/15/27 (b)	9,700	7,048
Ball Corp.:
2.875% 8/15/30	1,370	1,069
4.875% 3/15/26	4,150	3,985
6% 6/15/29	1,720	1,645
Berry Global, Inc. 4.875% 7/15/26 (b)	2,210	2,109
BWAY Holding Co. 7.875% 8/15/26 (b)	4,120	3,859
Graham Packaging Co., Inc. 7.125% 8/15/28 (b)	1,690	1,295
Graphic Packaging International, Inc. 3.75% 2/1/30 (b)	2,160	1,766
LABL, Inc.:
5.875% 11/1/28 (b)	800	677
6.75% 7/15/26 (b)	535	492
9.5% 11/1/28 (b)	535	517
10.5% 7/15/27 (b)	4,243	3,673
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b)	1,340	1,226
Sealed Air Corp. 5% 4/15/29 (b)	5,450	4,833
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (b)	1,655	1,575
Trivium Packaging Finance BV:
5.5% 8/15/26 (b)	737	668
8.5% 8/15/27 (b)	646	539
		44,740
Diversified Financial Services - 4.6%
Aercap Global Aviation Trust 6.5% 6/15/45 (b)(c)	2,540	2,492
Coinbase Global, Inc. 3.625% 10/1/31 (b)	5,180	3,522
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (b)	6,235	5,931
FLY Leasing Ltd. 7% 10/15/24 (b)	915	841
GGAM Finance Ltd.:
7.75% 5/15/26 (b)	2,635	2,614
8% 6/15/28 (b)	7,305	7,206
GTCR W-2 Merger Sub LLC 7.5% 1/15/31 (b)	6,390	6,309
Hightower Holding LLC 6.75% 4/15/29 (b)	3,880	3,309
HTA Group Ltd. 7% 12/18/25 (b)	11,385	10,966
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.375% 2/1/29	7,765	5,979
5.25% 5/15/27	30,900	26,458
6.25% 5/15/26	9,296	8,497
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b)	980	782
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (b)	3,635	2,923
LPL Holdings, Inc. 4.375% 5/15/31 (b)	1,370	1,147
MSCI, Inc. 3.625% 9/1/30 (b)	5,655	4,679
OneMain Finance Corp.:
3.5% 1/15/27	1,425	1,204
3.875% 9/15/28	8,180	6,467
6.875% 3/15/25	4,965	4,898
7.125% 3/15/26	10,330	10,032
9% 1/15/29	335	327
Scientific Games Holdings LP/Scientific Games U.S. Finco, Inc. 6.625% 3/1/30 (b)	3,118	2,681
		119,264
Diversified Media - 0.2%
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b)	5,518	4,497
Energy - 12.9%
Altus Midstream LP 5.875% 6/15/30 (b)	3,635	3,335
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
5.75% 3/1/27 (b)	1,375	1,314
7.875% 5/15/26 (b)	1,375	1,385
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b)	6,465	5,583
California Resources Corp. 7.125% 2/1/26 (b)	1,930	1,937
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75% 7/15/28 (b)	2,005	1,871
Centennial Resource Production LLC:
5.875% 7/1/29 (b)	4,725	4,394
7% 1/15/32 (b)	640	620
7.75% 2/15/26 (b)	660	659
CGG SA 8.75% 4/1/27 (b)	5,284	4,664
Citgo Petroleum Corp.:
6.375% 6/15/26 (b)	6,098	5,991
8.375% 1/15/29 (b)	1,595	1,580
CNX Resources Corp. 7.375% 1/15/31 (b)	1,580	1,510
Comstock Resources, Inc.:
5.875% 1/15/30 (b)	3,370	2,881
6.75% 3/1/29 (b)	4,280	3,895
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
5.625% 5/1/27 (b)	22,398	21,544
5.75% 4/1/25	4,057	4,006
7.375% 2/1/31 (b)	2,760	2,782
CrownRock LP/CrownRock Finance, Inc.:
5% 5/1/29 (b)	3,830	3,612
5.625% 10/15/25 (b)	560	551
CVR Energy, Inc.:
5.25% 2/15/25 (b)	9,749	9,563
5.75% 2/15/28 (b)	5,483	4,926
Delek Logistics Partners LP 7.125% 6/1/28 (b)	7,451	6,780
DT Midstream, Inc.:
4.125% 6/15/29 (b)	1,250	1,075
4.375% 6/15/31 (b)	740	615
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b)	2,520	2,417
Energean PLC 6.5% 4/30/27 (b)	1,598	1,329
EnLink Midstream LLC:
5.625% 1/15/28 (b)	1,630	1,537
6.5% 9/1/30 (b)	5,060	4,857
EnLink Midstream Partners LP 4.85% 7/15/26	2,485	2,336
EQM Midstream Partners LP:
4% 8/1/24	2,545	2,474
4.75% 1/15/31 (b)	1,120	943
6% 7/1/25 (b)	355	347
6.5% 7/1/27 (b)	1,097	1,066
6.5% 7/15/48	555	469
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29	1,785	1,575
Harvest Midstream I LP 7.5% 9/1/28 (b)	5,420	5,136
Hess Midstream Partners LP:
4.25% 2/15/30 (b)	1,880	1,609
5.125% 6/15/28 (b)	5,610	5,180
5.5% 10/15/30 (b)	1,370	1,244
5.625% 2/15/26 (b)	6,625	6,416
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (b)	4,080	3,777
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b)	5,370	5,399
Jonah Energy Parent LLC 12% 11/5/25 (g)(h)	4,708	4,832
Mesquite Energy, Inc. 7.25% (b)(e)(h)	28,768	0
New Fortress Energy, Inc.:
6.5% 9/30/26 (b)	31,990	28,653
6.75% 9/15/25 (b)	17,262	16,015
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (b)	4,350	4,246
Northern Oil & Gas, Inc.:
8.125% 3/1/28 (b)	4,220	4,167
8.75% 6/15/31 (b)	1,345	1,338
Occidental Petroleum Corp.:
4.2% 3/15/48	1,360	917
4.4% 4/15/46	4,100	2,925
4.4% 8/15/49	1,900	1,242
4.5% 7/15/44	3,365	2,338
6.125% 1/1/31	4,795	4,689
6.45% 9/15/36	3,155	3,064
7.5% 5/1/31	6,195	6,496
7.95% 6/15/39	685	732
8.875% 7/15/30	4,715	5,236
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b)	8,654	8,388
Rockies Express Pipeline LLC:
4.8% 5/15/30 (b)	1,900	1,597
4.95% 7/15/29 (b)	4,294	3,784
6.875% 4/15/40 (b)	1,598	1,330
Seadrill Finance Ltd. 8.375% 8/1/30 (b)	1,240	1,240
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b)	1,585	1,563
SM Energy Co. 5.625% 6/1/25	3,075	2,993
Southwestern Energy Co. 4.75% 2/1/32	3,580	3,079
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27	525	497
Sunnova Energy Corp.:
5.875% 9/1/26 (b)	3,530	2,859
11.75% 10/1/28 (b)	320	273
Sunoco LP/Sunoco Finance Corp.:
4.5% 5/15/29	5,094	4,413
5.875% 3/15/28	4,990	4,721
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b)	2,990	2,550
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:
5.5% 1/15/28 (b)	9,865	8,642
6% 3/1/27 (b)	5,517	5,047
6% 12/31/30 (b)	9,160	7,711
6% 9/1/31 (b)	9,425	7,931
7.5% 10/1/25 (b)	9,570	9,428
Teine Energy Ltd. 6.875% 4/15/29 (b)	745	690
Transocean Aquila Ltd. 8% 9/30/28 (b)	895	880
Transocean Poseidon Ltd. 6.875% 2/1/27 (b)	1,849	1,812
Transocean, Inc.:
7.5% 1/15/26 (b)	2,085	1,997
8% 2/1/27 (b)	6,175	5,796
8.75% 2/15/30 (b)	3,406	3,396
Valaris Ltd. 8.375% 4/30/30 (b)	4,285	4,205
Viper Energy Partners LP 7.375% 11/1/31 (b)	960	958
Western Gas Partners LP:
5.25% 2/1/50	2,720	2,010
5.3% 3/1/48	1,360	1,017
5.5% 8/15/48	815	618
		333,499
Environmental - 1.2%
Clean Harbors, Inc. 6.375% 2/1/31 (b)	1,305	1,240
Covanta Holding Corp. 4.875% 12/1/29 (b)	5,220	4,072
Darling Ingredients, Inc. 6% 6/15/30 (b)	2,155	2,022
GFL Environmental, Inc.:
3.75% 8/1/25 (b)	2,765	2,615
5.125% 12/15/26 (b)	2,765	2,624
Madison IAQ LLC:
4.125% 6/30/28 (b)	6,715	5,610
5.875% 6/30/29 (b)	6,055	4,690
Stericycle, Inc.:
3.875% 1/15/29 (b)	7,910	6,721
5.375% 7/15/24 (b)	1,385	1,367
		30,961
Food & Drug Retail - 0.9%
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:
3.25% 3/15/26 (b)	740	684
3.5% 3/15/29 (b)	6,553	5,587
4.875% 2/15/30 (b)	2,310	2,062
BellRing Brands, Inc. 7% 3/15/30 (b)	1,100	1,068
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b)	9,414	3,702
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b)	1,690	1,358
Parkland Corp.:
4.5% 10/1/29 (b)	1,673	1,439
4.625% 5/1/30 (b)	8,235	7,020
		22,920
Food/Beverage/Tobacco - 1.7%
C&S Group Enterprises LLC 5% 12/15/28 (b)	4,855	3,757
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (b)	1,100	951
Lamb Weston Holdings, Inc.:
4.125% 1/31/30 (b)	7,855	6,664
4.375% 1/31/32 (b)	1,370	1,133
Performance Food Group, Inc. 5.5% 10/15/27 (b)	542	507
Pilgrim's Pride Corp.:
3.5% 3/1/32	1,370	1,044
4.25% 4/15/31	1,615	1,330
Post Holdings, Inc.:
4.625% 4/15/30 (b)	3,666	3,070
5.5% 12/15/29 (b)	3,587	3,199
Primo Water Holdings, Inc. 4.375% 4/30/29 (b)	3,090	2,607
TreeHouse Foods, Inc. 4% 9/1/28	2,065	1,679
Triton Water Holdings, Inc. 6.25% 4/1/29 (b)	14,125	11,642
U.S. Foods, Inc.:
4.625% 6/1/30 (b)	2,045	1,746
4.75% 2/15/29 (b)	2,520	2,223
6.875% 9/15/28 (b)	1,600	1,564
United Natural Foods, Inc. 6.75% 10/15/28 (b)	550	433
		43,549
Gaming - 2.0%
Affinity Gaming LLC 6.875% 12/15/27 (b)	10,355	8,440
Caesars Entertainment, Inc.:
6.25% 7/1/25 (b)	4,530	4,457
7% 2/15/30 (b)	1,300	1,255
8.125% 7/1/27 (b)	6,319	6,261
Caesars Resort Collection LLC 5.75% 7/1/25 (b)	5,565	5,476
Carnival Corp. 10.5% 6/1/30 (b)	4,995	5,068
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (b)	5,390	4,284
Golden Entertainment, Inc. 7.625% 4/15/26 (b)	3,921	3,921
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b)	2,400	2,040
Scientific Games Corp. 7.5% 9/1/31 (b)	545	532
Station Casinos LLC 4.5% 2/15/28 (b)	4,745	4,098
Transocean, Inc. 7.25% 11/1/25 (b)	1,350	1,317
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (b)	2,740	2,260
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b)	1,365	1,271
		50,680
Healthcare - 6.9%
1375209 BC Ltd. 9% 1/30/28 (b)	3,606	3,496
180 Medical, Inc. 3.875% 10/15/29 (b)	2,575	2,139
AdaptHealth LLC 5.125% 3/1/30 (b)	4,965	3,761
AMN Healthcare 4% 4/15/29 (b)	1,674	1,386
Avantor Funding, Inc.:
3.875% 11/1/29 (b)	3,310	2,770
4.625% 7/15/28 (b)	2,215	1,972
Bausch Health Companies, Inc.:
5.5% 11/1/25 (b)	6,469	5,580
9% 12/15/25 (b)	640	555
Cano Health, Inc. 6.25% 10/1/28 (b)	2,303	921
Catalent Pharma Solutions 3.5% 4/1/30 (b)	2,900	2,273
Charles River Laboratories International, Inc.:
3.75% 3/15/29 (b)	2,975	2,511
4% 3/15/31 (b)	2,475	2,020
4.25% 5/1/28 (b)	768	682
Community Health Systems, Inc.:
4.75% 2/15/31 (b)	10,365	6,947
5.25% 5/15/30 (b)	19,665	13,965
5.625% 3/15/27 (b)	13,825	11,232
6% 1/15/29 (b)	6,140	4,651
6.125% 4/1/30 (b)	6,525	2,528
6.875% 4/15/29 (b)	8,190	3,382
8% 3/15/26 (b)	635	580
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b)	5,375	4,516
DaVita HealthCare Partners, Inc.:
3.75% 2/15/31 (b)	2,170	1,560
4.625% 6/1/30 (b)	9,260	7,257
Embecta Corp. 5% 2/15/30 (b)	2,745	2,180
Grifols SA 4.75% 10/15/28 (b)	3,442	2,883
Hologic, Inc. 3.25% 2/15/29 (b)	1,530	1,284
IQVIA, Inc. 6.5% 5/15/30 (b)	2,670	2,590
Jazz Securities DAC 4.375% 1/15/29 (b)	4,925	4,283
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b)	2,950	2,150
Modivcare, Inc. 5.875% 11/15/25 (b)	3,500	3,308
Molina Healthcare, Inc.:
3.875% 11/15/30 (b)	3,370	2,749
3.875% 5/15/32 (b)	1,465	1,151
Mozart Borrower LP 3.875% 4/1/29 (b)	1,375	1,161
Omega Healthcare Investors, Inc. 3.25% 4/15/33	6,820	4,861
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
4.125% 4/30/28 (b)	9,435	8,150
5.125% 4/30/31 (b)	1,580	1,234
Owens & Minor, Inc. 4.5% 3/31/29 (b)	2,610	2,094
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b)	7,060	6,089
Regionalcare Hospital Partners 9.75% 12/1/26 (b)	2,640	2,468
RegionalCare Hospital Partners Holdings, Inc.:
5.375% 1/15/29 (b)	2,305	1,396
9.875% 8/15/30 (b)	3,000	2,711
11% 10/15/30 (b)	320	301
RP Escrow Issuer LLC 5.25% 12/15/25 (b)	6,530	4,653
Teleflex, Inc. 4.25% 6/1/28 (b)	1,540	1,359
Tenet Healthcare Corp.:
4.25% 6/1/29	6,395	5,473
4.375% 1/15/30	4,965	4,200
4.625% 6/15/28	1,728	1,537
6.125% 10/1/28	5,720	5,305
6.125% 6/15/30	6,675	6,179
6.25% 2/1/27	3,134	3,005
6.75% 5/15/31 (b)	945	897
Teva Pharmaceutical Finance Netherlands III BV:
3.15% 10/1/26	3,265	2,875
7.875% 9/15/29	830	818
8.125% 9/15/31	830	822
		176,850
Homebuilders/Real Estate - 3.7%
Anywhere Real Estate Group LLC 7% 4/15/30 (b)	2,120	1,745
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (b)	2,515	2,035
Greystar Real Estate Partners 7.75% 9/1/30 (b)	1,240	1,218
Howard Hughes Corp.:
4.125% 2/1/29 (b)	2,350	1,886
4.375% 2/1/31 (b)	1,765	1,344
Kennedy-Wilson, Inc. 4.75% 2/1/30	3,915	2,858
MPT Operating Partnership LP/MPT Finance Corp.:
3.5% 3/15/31	10,750	6,519
4.625% 8/1/29	7,355	5,092
5% 10/15/27	23,595	18,218
5.25% 8/1/26	2,913	2,508
Railworks Holdings LP 8.25% 11/15/28 (b)	5,744	5,463
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b)	76	48
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b)	59	37
Safehold Operating Partnership LP 2.8% 6/15/31	3,525	2,598
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b)	1,005	845
TopBuild Corp. 4.125% 2/15/32 (b)	2,115	1,673
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24	70	69
TRI Pointe Homes, Inc. 5.7% 6/15/28	545	485
Uniti Group LP / Uniti Group Finance, Inc.:
4.75% 4/15/28 (b)	16,235	13,121
6.5% 2/15/29 (b)	33,830	21,969
10.5% 2/15/28 (b)	5,485	5,282
		95,013
Hotels - 0.5%
Hilton Domestic Operating Co., Inc.:
3.625% 2/15/32 (b)	11,850	9,367
3.75% 5/1/29 (b)	215	185
4% 5/1/31 (b)	3,495	2,894
Lindblad Expeditions LLC 6.75% 2/15/27 (b)	655	597
		13,043
Insurance - 0.9%
Acrisure LLC / Acrisure Finance, Inc.:
4.25% 2/15/29 (b)	1,100	902
7% 11/15/25 (b)	550	533
Alliant Holdings Intermediate LLC:
4.25% 10/15/27 (b)	8,485	7,460
6.75% 10/15/27 (b)	1,355	1,237
6.75% 4/15/28 (b)	1,370	1,302
AmWINS Group, Inc. 4.875% 6/30/29 (b)	3,390	2,902
AssuredPartners, Inc. 5.625% 1/15/29 (b)	3,295	2,795
HUB International Ltd.:
7% 5/1/26 (b)	1,900	1,849
7.25% 6/15/30 (b)	3,345	3,263
National Financial Partners Corp. 8.5% 10/1/31 (b)	1,600	1,573
		23,816
Leisure - 2.5%
Carnival Corp.:
5.75% 3/1/27 (b)	8,485	7,592
6% 5/1/29 (b)	5,195	4,389
6.65% 1/15/28	750	631
7% 8/15/29 (b)	1,425	1,397
7.625% 3/1/26 (b)	11,060	10,755
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b)	705	597
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b)	4,950	3,836
NCL Corp. Ltd.:
5.875% 3/15/26 (b)	2,175	1,952
7.75% 2/15/29 (b)	4,840	4,224
NCL Finance Ltd. 6.125% 3/15/28 (b)	1,660	1,388
Royal Caribbean Cruises Ltd.:
4.25% 7/1/26 (b)	3,620	3,330
5.375% 7/15/27 (b)	3,900	3,594
5.5% 8/31/26 (b)	10,740	10,135
5.5% 4/1/28 (b)	6,610	6,028
Viking Cruises Ltd. 9.125% 7/15/31 (b)	905	889
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b)	1,605	1,422
Voc Escrow Ltd. 5% 2/15/28 (b)	2,130	1,914
		64,073
Metals/Mining - 1.6%
Arsenal AIC Parent LLC 8% 10/1/30 (b)	1,655	1,634
Constellium NV 5.875% 2/15/26 (b)	1,255	1,203
Eldorado Gold Corp. 6.25% 9/1/29 (b)	1,505	1,285
ERO Copper Corp. 6.5% 2/15/30 (b)	7,950	6,744
First Quantum Minerals Ltd.:
6.875% 3/1/26 (b)	1,985	1,741
6.875% 10/15/27 (b)	9,420	7,936
7.5% 4/1/25 (b)	1,708	1,593
8.625% 6/1/31 (b)	285	241
FMG Resources Pty Ltd.:
4.375% 4/1/31 (b)	1,375	1,108
4.5% 9/15/27 (b)	1,595	1,436
Howmet Aerospace, Inc. 5.95% 2/1/37	1,100	1,005
HudBay Minerals, Inc. 4.5% 4/1/26 (b)	530	493
Mineral Resources Ltd.:
8% 11/1/27 (b)	3,825	3,696
8.5% 5/1/30 (b)	3,355	3,226
9.25% 10/1/28 (b)	2,425	2,425
Novelis Corp.:
3.25% 11/15/26 (b)	815	725
3.875% 8/15/31 (b)	1,360	1,062
PMHC II, Inc. 9% 2/15/30 (b)	5,155	4,103
		41,656
Paper - 0.7%
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:
4% 9/1/29 (b)	3,020	2,265
6% 6/15/27 (b)	4,690	4,432
Clydesdale Acquisition Holdings, Inc.:
6.625% 4/15/29 (b)	1,950	1,771
8.75% 4/15/30 (b)	3,995	3,184
Mercer International, Inc. 5.125% 2/1/29	1,780	1,396
SPA Holdings 3 OY 4.875% 2/4/28 (b)	5,695	4,646
		17,694
Publishing/Printing - 0.0%
Cimpress PLC 7% 6/15/26	1,120	1,036
Railroad - 0.0%
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (b)	1,470	1,183
Restaurants - 0.8%
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:
3.875% 1/15/28 (b)	2,310	2,062
4% 10/15/30 (b)	7,316	5,992
5.75% 4/15/25 (b)	1,055	1,046
Garden SpinCo Corp. 8.625% 7/20/30 (b)	1,415	1,460
Yum! Brands, Inc.:
3.625% 3/15/31	1,370	1,113
4.625% 1/31/32	8,980	7,652
5.375% 4/1/32	1,100	989
		20,314
Services - 5.5%
ADT Corp. 4.125% 8/1/29 (b)	3,320	2,847
AECOM 5.125% 3/15/27	1,845	1,742
Allied Universal Holdco LLC / Allied Universal Finance Corp.:
6% 6/1/29 (b)	4,930	3,562
9.75% 7/15/27 (b)	7,745	6,728
APX Group, Inc.:
5.75% 7/15/29 (b)	3,330	2,768
6.75% 2/15/27 (b)	2,720	2,626
ASGN, Inc. 4.625% 5/15/28 (b)	2,500	2,214
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b)	11,100	11,017
CoreCivic, Inc.:
4.75% 10/15/27	10,744	9,334
8.25% 4/15/26	6,415	6,495
CoreLogic, Inc. 4.5% 5/1/28 (b)	3,795	3,008
Fair Isaac Corp. 4% 6/15/28 (b)	5,065	4,510
Gartner, Inc. 3.625% 6/15/29 (b)	890	752
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b)	16,457	15,758
Hertz Corp. 5% 12/1/29 (b)	660	474
Iron Mountain, Inc. 4.5% 2/15/31 (b)	1,370	1,121
Korn Ferry 4.625% 12/15/27 (b)	1,015	923
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (b)	4,015	3,829
Life Time, Inc. 8% 4/15/26 (b)	5,340	5,207
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b)	3,320	2,930
PowerTeam Services LLC 9.033% 12/4/25 (b)	7,208	6,487
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b)	900	873
Service Corp. International:
4% 5/15/31	2,300	1,862
5.125% 6/1/29	1,443	1,320
Sotheby's 7.375% 10/15/27 (b)	2,745	2,452
The GEO Group, Inc.:
6% 4/15/26	835	760
9.5% 12/31/28 (b)	3,820	3,677
10.5% 6/30/28	1,425	1,421
TriNet Group, Inc.:
3.5% 3/1/29 (b)	8,560	7,068
7.125% 8/15/31 (b)	1,445	1,397
Uber Technologies, Inc.:
7.5% 5/15/25 (b)	7,195	7,204
8% 11/1/26 (b)	9,595	9,663
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b)	9,077	8,396
		140,425
Steel - 0.3%
Commercial Metals Co.:
3.875% 2/15/31	1,655	1,342
4.125% 1/15/30	4,160	3,511
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b)	3,630	3,078
		7,931
Super Retail - 1.8%
Bath & Body Works, Inc. 6.694% 1/15/27	1,315	1,271
Carvana Co.:
4.875% 9/1/29 (b)	2,513	1,415
5.5% 4/15/27 (b)	2,422	1,606
5.875% 10/1/28 (b)	1,267	735
9% 12/1/28 pay-in-kind (b)(c)	1,087	809
9% 6/1/30 pay-in-kind (b)(c)	1,633	1,208
9% 6/1/31 pay-in-kind (b)(c)	1,933	1,440
10.25% 5/1/30 (b)	357	266
EG Global Finance PLC:
6.75% 2/7/25 (b)	8,256	8,168
8.5% 10/30/25 (b)	10,371	10,202
Hanesbrands, Inc. 4.875% 5/15/26 (b)	740	680
LBM Acquisition LLC 6.25% 1/15/29 (b)	5,580	4,408
Levi Strauss & Co. 3.5% 3/1/31 (b)	1,785	1,390
Michaels Companies, Inc.:
5.25% 5/1/28 (b)	3,550	2,572
7.875% 5/1/29 (b)	2,730	1,522
Nordstrom, Inc.:
4.25% 8/1/31	1,175	861
4.375% 4/1/30	870	675
Sally Holdings LLC 5.625% 12/1/25	3,045	2,943
Wolverine World Wide, Inc. 4% 8/15/29 (b)	4,605	3,433
		45,604
Technology - 5.7%
Acuris Finance U.S. 5% 5/1/28 (b)	11,650	9,174
Athenahealth Group, Inc. 6.5% 2/15/30 (b)	2,510	2,051
Black Knight InfoServ LLC 3.625% 9/1/28 (b)	8,405	7,480
Block, Inc.:
2.75% 6/1/26	1,375	1,234
3.5% 6/1/31	8,155	6,294
Clarivate Science Holdings Corp.:
3.875% 7/1/28 (b)	1,720	1,477
4.875% 7/1/29 (b)	1,735	1,463
Cloud Software Group, Inc. 9% 9/30/29 (b)	11,880	10,117
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b)	3,270	3,230
Coherent Corp. 5% 12/15/29 (b)	6,960	5,906
CommScope, Inc. 4.75% 9/1/29 (b)	3,600	2,457
Elastic NV 4.125% 7/15/29 (b)	2,410	2,031
Entegris Escrow Corp.:
4.75% 4/15/29 (b)	2,000	1,791
5.95% 6/15/30 (b)	8,335	7,625
Entegris, Inc. 3.625% 5/1/29 (b)	2,550	2,133
Gartner, Inc. 4.5% 7/1/28 (b)	4,490	4,040
Gen Digital, Inc.:
5% 4/15/25 (b)	2,715	2,629
7.125% 9/30/30 (b)	1,360	1,323
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:
3.5% 3/1/29 (b)	5,240	4,399
5.25% 12/1/27 (b)	945	886
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b)	1,660	1,487
ION Trading Technologies Ltd. 5.75% 5/15/28 (b)	7,345	6,096
Match Group Holdings II LLC:
3.625% 10/1/31 (b)	820	629
4.125% 8/1/30 (b)	1,760	1,430
McAfee Corp. 7.375% 2/15/30 (b)	2,290	1,832
MicroStrategy, Inc. 6.125% 6/15/28 (b)	8,160	7,385
NCR Atleos Escrow Corp. 9.5% 4/1/29 (b)	2,875	2,818
ON Semiconductor Corp. 3.875% 9/1/28 (b)	3,675	3,157
Open Text Corp. 3.875% 12/1/29 (b)	4,020	3,287
Open Text Holdings, Inc.:
4.125% 2/15/30 (b)	4,620	3,828
4.125% 12/1/31 (b)	4,170	3,276
Rackspace Hosting, Inc.:
3.5% 2/15/28 (b)	7,610	3,336
5.375% 12/1/28 (b)	7,809	2,284
Roblox Corp. 3.875% 5/1/30 (b)	4,035	3,274
Seagate HDD Cayman:
5.75% 12/1/34	3,695	3,127
8.25% 12/15/29 (b)	1,310	1,331
8.5% 7/15/31 (b)	1,585	1,613
Sensata Technologies BV:
4% 4/15/29 (b)	3,440	2,926
5% 10/1/25 (b)	550	535
Sensata Technologies, Inc. 3.75% 2/15/31 (b)	1,370	1,096
SS&C Technologies, Inc. 5.5% 9/30/27 (b)	1,085	1,018
TTM Technologies, Inc. 4% 3/1/29 (b)	13,015	10,672
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b)	1,900	1,555
Virtusa Corp. 7.125% 12/15/28 (b)	1,345	1,064
VM Consolidated, Inc. 5.5% 4/15/29 (b)	640	567
		147,363
Telecommunications - 5.5%
Altice Financing SA:
5% 1/15/28 (b)	5,598	4,553
5.75% 8/15/29 (b)	15,535	12,013
Altice France Holding SA 6% 2/15/28 (b)	10,793	4,733
Altice France SA:
5.125% 1/15/29 (b)	12,809	8,842
5.125% 7/15/29 (b)	5,655	3,872
5.5% 1/15/28 (b)	5,700	4,235
5.5% 10/15/29 (b)	50	34
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b)	11,832	10,114
Cablevision Lightpath LLC:
3.875% 9/15/27 (b)	2,199	1,789
5.625% 9/15/28 (b)	1,290	965
Consolidated Communications, Inc. 5% 10/1/28 (b)	2,395	1,804
Frontier Communications Holdings LLC:
5% 5/1/28 (b)	5,510	4,757
5.875% 10/15/27 (b)	258	235
5.875% 11/1/29	3,789	2,848
8.75% 5/15/30 (b)	4,055	3,863
IHS Netherlands Holdco BV 8% 9/18/27 (b)	1,575	1,285
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b)	8,320	7,305
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b)	2,555	1,990
Level 3 Financing, Inc.:
3.625% 1/15/29 (b)	4,904	2,504
4.25% 7/1/28 (b)	2,180	1,233
10.5% 5/15/30 (b)	9,537	9,544
Millicom International Cellular SA:
4.5% 4/27/31 (b)	7,907	5,893
5.125% 1/15/28 (b)	3,560	3,053
Sable International Finance Ltd. 5.75% 9/7/27 (b)	1,577	1,412
SBA Communications Corp. 3.125% 2/1/29	1,400	1,158
Sprint Corp. 7.125% 6/15/24	11,040	11,096
Telecom Italia Capital SA:
6% 9/30/34	3,477	2,859
7.2% 7/18/36	3,069	2,654
7.721% 6/4/38	995	878
Uniti Group, Inc. 6% 1/15/30 (b)	16,540	10,028
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b)	5,830	4,807
VMED O2 UK Financing I PLC 4.25% 1/31/31 (b)	1,079	849
Windstream Escrow LLC 7.75% 8/15/28 (b)	6,160	4,885
Zayo Group Holdings, Inc.:
4% 3/1/27 (b)	2,170	1,633
6.125% 3/1/28 (b)	2,568	1,701
		141,424
Textiles/Apparel - 0.2%
Crocs, Inc. 4.125% 8/15/31 (b)	1,815	1,379
Foot Locker, Inc. 4% 10/1/29 (b)	1,740	1,279
Kontoor Brands, Inc. 4.125% 11/15/29 (b)	1,460	1,202
Victoria's Secret & Co. 4.625% 7/15/29 (b)	1,945	1,430
		5,290
Transportation Ex Air/Rail - 0.7%
Golar LNG Ltd. 7% 10/20/25 (b)	4,710	4,618
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b)	2,635	2,154
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (b)	1,380	1,345
Seaspan Corp. 5.5% 8/1/29 (b)	10,205	7,829
XPO, Inc.:
6.25% 6/1/28 (b)	800	766
7.125% 6/1/31 (b)	1,330	1,296
		18,008
Utilities - 2.9%
Clearway Energy Operating LLC:
3.75% 2/15/31 (b)	6,515	5,080
3.75% 1/15/32 (b)	670	507
4.75% 3/15/28 (b)	1,540	1,375
DPL, Inc.:
4.125% 7/1/25	3,465	3,261
4.35% 4/15/29	460	375
EnLink Midstream Partners LP 4.15% 6/1/25	1,385	1,332
FirstEnergy Corp. 3.4% 3/1/50	5,445	3,293
Global Partners LP/GLP Finance Corp. 7% 8/1/27	6,506	6,132
NRG Energy, Inc.:
3.375% 2/15/29 (b)	6,240	5,079
3.625% 2/15/31 (b)	1,990	1,502
5.25% 6/15/29 (b)	5,350	4,720
PG&E Corp.:
5% 7/1/28	9,760	8,842
5.25% 7/1/30	14,760	12,928
Pike Corp. 5.5% 9/1/28 (b)	1,762	1,507
Vistra Operations Co. LLC:
5% 7/31/27 (b)	8,646	7,909
5.5% 9/1/26 (b)	2,845	2,707
5.625% 2/15/27 (b)	6,375	5,999
7.75% 10/15/31 (b)	2,240	2,162
		74,710
TOTAL NONCONVERTIBLE BONDS		2,138,598
TOTAL CORPORATE BONDS (Cost $2,529,152)		2,172,344

Commercial Mortgage Securities - 0.4%
	Principal Amount (a) (000s)	Value ($) (000s)
BX Trust floater Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2495% 6/15/38 (b)(c)(d)	1,989	1,881
ELP Commercial Mortgage Trust floater Series 2021-ELP Class F, CME Term SOFR 1 Month Index + 2.780% 8.1165% 11/15/38 (b)(c)(d)	2,683	2,549
Extended Stay America Trust floater Series 2021-ESH Class F, CME Term SOFR 1 Month Index + 3.810% 9.1485% 7/15/38 (b)(c)(d)	1,112	1,079
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (b)(c)	1,700	1,498
Merit floater Series 2021-STOR Class F, CME Term SOFR 1 Month Index + 2.310% 7.6495% 7/15/38 (b)(c)(d)	3,994	3,784
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $10,907)		10,791

Common Stocks - 2.8%
	Shares	Value ($) (000s)
Automotive & Auto Parts - 0.1%
Aptiv PLC (i)	31,300	2,729
Capital Goods - 0.1%
Regal Rexnord Corp.	22,700	2,688
Energy - 0.8%
California Resources Corp. warrants 10/27/24 (i)	4,683	84
Forbes Energy Services Ltd. (h)(i)	47,062	0
Mesquite Energy, Inc. (h)(i)	213,506	16,950
New Fortress Energy, Inc. (j)	174,600	5,290
TOTAL ENERGY		22,324
Food & Drug Retail - 1.3%
Southeastern Grocers, Inc. (g)(h)(i)	1,235,303	33,034
Healthcare - 0.2%
Centene Corp. (i)	66,300	4,573
Technology - 0.1%
Coherent Corp. (i)	83,800	2,480
Telecommunications - 0.2%
CUI Acquisition Corp. Class E (h)(i)	1	0
GTT Communications, Inc. (h)	113,281	3,225
Helios Towers PLC (i)	1,814,300	1,335
TOTAL TELECOMMUNICATIONS		4,560
TOTAL COMMON STOCKS (Cost $40,251)		72,388

Bank Loan Obligations - 6.0%
	Principal Amount (a) (000s)	Value ($) (000s)
Automotive & Auto Parts - 0.0%
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.8943% 12/17/28 (c)(d)(k)	1,586	1,194
Broadcasting - 0.1%
Diamond Sports Group LLC:
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4146% 8/24/26 (c)(d)(k)	4,991	1,875
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 10.6625% (c)(d)(e)(k)	11,482	122
TOTAL BROADCASTING		1,997
Building Materials - 0.2%
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.9017% 5/17/28 (c)(d)(k)	6,360	5,035
Chemicals - 0.3%
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7651% 10/4/29 (c)(d)(k)	5,486	5,086
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.4017% 11/9/28 (c)(d)(k)	1,995	1,943
TOTAL CHEMICALS		7,029
Consumer Products - 0.2%
Mattress Firm, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 4.250% 9.95% 9/24/28 (c)(d)(k)	3,934	3,879
Energy - 0.4%
EG America LLC:
1LN, term loan CME Term SOFR 1 Month Index + 5.500% 9.4763% 2/7/28 (c)(d)(k)	3,566	3,392
Tranche BB 1LN, term loan:
CME Term SOFR 1 Month Index + 4.000% 9.4145% 2/5/25 (c)(d)(k)	1,686	1,682
CME Term SOFR 3 Month Index + 4.000% 9.4145% 2/5/25 (c)(d)(k)	1,050	1,046
Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 9.4145% 2/7/28 (c)(d)(h)(k)	2,445	2,335
Mesquite Energy, Inc.:
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (d)(e)(h)(k)	3,958	0
term loan 3 month U.S. LIBOR + 0.000% 0% (d)(e)(h)(k)	1,690	0
New Fortress Energy, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10/30/28 (d)(k)(l)	2,845	2,617
TOTAL ENERGY		11,072
Gaming - 0.0%
Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6401% 8/1/30 (c)(d)(k)	230	230
Healthcare - 0.2%
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.53% 11/23/27 (c)(d)(k)	6,080	3,500
Da Vinci Purchaser Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 1/8/27 (c)(d)(k)	343	338
Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4901% 10/1/27 (c)(d)(k)	2,718	2,593
TOTAL HEALTHCARE		6,431
Homebuilders/Real Estate - 0.0%
Breakwater Energy Partners LLC Tranche B 1LN, term loan 11.25% 9/1/26 (c)(d)(h)(k)	1,249	1,207
Insurance - 0.0%
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8347% 11/6/27 (c)(d)(k)	506	504
Leisure - 1.0%
City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4531% 7/21/28 (c)(d)(k)	14,685	14,524
ClubCorp Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 8.1806% 9/18/24 (c)(d)(k)	8,992	8,706
United PF Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.6448% 12/30/26 (c)(d)(k)	2,428	2,090
TOTAL LEISURE		25,320
Paper - 0.0%
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.5991% 4/13/29 (c)(d)(k)	858	829
Services - 1.5%
ABG Intermediate Holdings 2 LLC:
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4241% 12/21/28 (c)(d)(k)	2,098	2,093
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 12/21/28 (d)(k)(m)	402	401
Ascend Learning LLC:
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1741% 12/10/29 (c)(d)(k)	1,580	1,329
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/10/28 (c)(d)(k)	5,560	5,162
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8719% 8/1/30 (c)(d)(k)	2,932	2,822
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/2/28 (c)(d)(k)	6,178	5,609
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(k)	4,749	4,668
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5067% 4/11/29 (c)(d)(k)	6,151	5,363
PowerTeam Services LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8901% 3/6/25 (c)(d)(k)	2,790	2,516
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.6639% 3/4/28 (c)(d)(k)	9,980	8,508
TOTAL SERVICES		38,471
Super Retail - 0.8%
Bass Pro Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.4017% 3/5/28 (c)(d)(k)	6,614	6,555
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 12/18/27 (c)(d)(k)	13,461	12,788
TOTAL SUPER RETAIL		19,343
Technology - 0.6%
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5769% 2/15/29 (c)(d)(k)	3,889	3,762
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(k)	111	109
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1646% 3/1/29 (c)(d)(k)	635	606
Sophia LP Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9241% 10/7/27 (c)(d)(k)	1,563	1,542
Ukg, Inc.:
1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.7643% 5/4/26 (c)(d)(k)	5,777	5,742
2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.7643% 5/3/27 (c)(d)(k)	1,500	1,497
Verscend Holding Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 8/27/25 (c)(d)(k)	1,939	1,936
TOTAL TECHNOLOGY		15,194
Telecommunications - 0.3%
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4901% 6/30/28 (c)(d)(k)	4,768	2,813
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4269% 12/30/27 (c)(d)(k)	5,936	5,105
TOTAL TELECOMMUNICATIONS		7,918
Utilities - 0.4%
PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 6/23/25 (c)(d)(k)	10,223	10,197
TOTAL BANK LOAN OBLIGATIONS (Cost $175,777)		155,850

Preferred Securities - 2.4%
	Principal Amount (a) (000s)	Value ($) (000s)
Air Transportation - 0.2%
AerCap Holdings NV 5.875% 10/10/79 (c)	6,905	6,505
Banks & Thrifts - 0.9%
Ally Financial, Inc.:
4.7% (c)(n)	4,475	2,949
4.7% (c)(n)	4,365	2,592
Bank of America Corp. 5.875% (c)(n)	5,385	4,677
JPMorgan Chase & Co.:
4.6% (c)(n)	3,885	3,664
6.1% (c)(n)	5,400	5,353
Wells Fargo & Co. 5.9% (c)(n)	2,970	2,987
TOTAL BANKS & THRIFTS		22,222
Diversified Financial Services - 0.2%
Aircastle Ltd. 5.25% (b)(c)(n)	5,175	4,093
Charles Schwab Corp. 4% (c)(n)	3,465	2,388
TOTAL DIVERSIFIED FINANCIAL SERVICES		6,481
Energy - 0.9%
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6542% (c)(d)(n)	13,948	13,435
EnLink Midstream Partners LP CME Term SOFR 3 Month Index + 4.370% 9.7798% (c)(d)(n)	3,431	3,097
Plains All American Pipeline LP CME Term SOFR 3 Month Index + 4.110% 9.7362% (c)(d)(n)	6,013	5,777
TOTAL ENERGY		22,309
Services - 0.2%
Air Lease Corp. 4.125% (c)(n)	5,559	4,030
TOTAL PREFERRED SECURITIES (Cost $61,081)		61,547

Other - 1.8%
	Shares	Value ($) (000s)
Other - 1.8%
Fidelity Private Credit Central Fund LLC (g)(q) (Cost $46,253)	4,650,410	47,155

Money Market Funds - 1.0%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (o)	19,392,797	19,397
Fidelity Securities Lending Cash Central Fund 5.40% (o)(p)	5,496,200	5,497
TOTAL MONEY MARKET FUNDS (Cost $24,894)		24,894

TOTAL INVESTMENT IN SECURITIES - 98.7% (Cost $2,888,315)	2,544,969
NET OTHER ASSETS (LIABILITIES) - 1.3%	32,676
NET ASSETS - 100.0%	2,577,645

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

Legend

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

(b)

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

(f)	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.

(g)	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 $85,021,000 or 3.3% of net assets.

(h)	Level 3 security

(i)	Non-income producing

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

(k)	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.

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

(m)	Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $402,000 and $401,000, respectively.

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

(o)

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

(q)	Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments.

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
Fidelity Private Credit Central Fund LLC	6/06/22	46,253

Jonah Energy Parent LLC 12% 11/5/25	5/05/23	4,614

Southeastern Grocers, Inc.	6/01/18	8,689

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	70,215	417,159	467,977	1,385	-	-	19,397	0.0%
Fidelity Private Credit Central Fund LLC	46,120	-	-	2,546	-	1,035	47,155	7.0%
Fidelity Securities Lending Cash Central Fund 5.40%	428	11,600	6,531	1	-	-	5,497	0.0%
Total	116,763	428,759	474,508	3,932	-	1,035	72,049

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 payments received for lending certain types of securities.

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	1,335	1,335	-	-
Consumer Discretionary	2,729	2,729	-	-
Consumer Staples	33,034	-	-	33,034
Energy	22,324	5,374	-	16,950
Health Care	4,573	4,573	-	-
Industrials	2,688	2,688	-	-
Information Technology	5,705	2,480	-	3,225

Corporate Bonds	2,172,344	-	2,167,512	4,832

Commercial Mortgage Securities	10,791	-	10,791	-

Bank Loan Obligations	155,850	-	147,531	8,319

Preferred Securities	61,547	-	61,547	-

Other	47,155	-	47,155	-

Money Market Funds	24,894	24,894	-	-
Total Investments in Securities:	2,544,969	44,073	2,434,536	66,360

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)
Investments in Securities:
Consumer Staples
Beginning Balance	$	30,339
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		2,695
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	33,034
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023	$	2,693
Corporate Bonds
Beginning Balance	$	30,766
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(25,985)
Cost of Purchases		4,614
Proceeds of Sales		(4,579)
Amortization/Accretion		16
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	4,832
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023	$	202
Other Investments in Securities
Beginning Balance	$	32,046
Net Realized Gain (Loss) on Investment Securities		6,535
Net Unrealized Gain (Loss) on Investment Securities		(879)
Cost of Purchases		4,763
Proceeds of Sales		(17,724)
Amortization/Accretion		28
Transfers into Level 3		3,725
Transfers out of Level 3		-
Ending Balance	$	28,494
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023	$	5,659
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
Amounts in thousands (except per-share amounts)				October 31, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $5,287) - See accompanying schedule:
Unaffiliated issuers (cost $2,817,168)	$	2,472,920
Fidelity Central Funds (cost $71,147)		72,049


Total Investment in Securities (cost $2,888,315)			$	2,544,969
Cash				1,017
Receivable for investments sold				3,156
Receivable for fund shares sold				8,951
Interest receivable				38,996
Distributions receivable from Fidelity Central Funds				131
Prepaid expenses				4
Receivable from investment adviser for expense reductions				1,006
Total assets				2,598,230
Liabilities
Payable for investments purchased	$	9,267
Payable for fund shares redeemed		1,591
Distributions payable		2,647
Accrued management fee		1,158
Distribution and service plan fees payable		38
Other affiliated payables		335
Other payables and accrued expenses		52
Collateral on securities loaned		5,497
Total Liabilities				20,585
Commitments and contingent liabilities (see Commitments note)
Net Assets			$	2,577,645
Net Assets consist of:
Paid in capital			$	3,605,997
Total accumulated earnings (loss)				(1,028,352)
Net Assets			$	2,577,645

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($112,719 ÷ 15,777 shares)(a)			$	7.14
Maximum offering price per share (100/96.00 of $7.14)			$	7.44
Class M :
Net Asset Value and redemption price per share ($27,645 ÷ 3,870 shares)(a)			$	7.14
Maximum offering price per share (100/96.00 of $7.14)			$	7.44
Class C :
Net Asset Value and offering price per share ($10,391 ÷ 1,454 shares)(a)			$	7.15
Fidelity High Income Fund :
Net Asset Value, offering price and redemption price per share ($2,316,383 ÷ 324,208 shares)			$	7.14
Class I :
Net Asset Value, offering price and redemption price per share ($55,044 ÷ 7,701 shares)			$	7.15
Class Z :
Net Asset Value, offering price and redemption price per share ($55,463 ÷ 7,764 shares)			$	7.14
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
Amounts in thousands				Six months ended October 31, 2023 (Unaudited)
Investment Income
Dividends			$	1,501
Interest				86,974
Income from Fidelity Central Funds (including $1 from security lending)				3,932
Total Income				92,407
Expenses
Management fee	$	7,443
Transfer agent fees		1,632
Distribution and service plan fees		239
Accounting fees		439
Custodian fees and expenses		10
Independent trustees' fees and expenses		7
Registration fees		40
Audit		48
Legal		(700)
Miscellaneous		7
Total expenses before reductions		9,165
Expense reductions		(169)
Total expenses after reductions				8,996
Net Investment income (loss)				83,411
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(109,767)
Total net realized gain (loss)				(109,767)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(5,263)
Fidelity Central Funds		1,035
Total change in net unrealized appreciation (depreciation)				(4,228)
Net gain (loss)				(113,995)
Net increase (decrease) in net assets resulting from operations			$	(30,584)

Statement of Changes in Net Assets

Amount in thousands		Six months ended October 31, 2023 (Unaudited)		Year ended April 30, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	83,411	$	167,641
Net realized gain (loss)		(109,767)		(210,957)
Change in net unrealized appreciation (depreciation)		(4,228)		(9,172)
Net increase (decrease) in net assets resulting from operations		(30,584)		(52,488)
Distributions to shareholders		(75,203)		(158,804)

Share transactions - net increase (decrease)		(213,033)		(471,047)
Total increase (decrease) in net assets		(318,820)		(682,339)

Net Assets
Beginning of period		2,896,465		3,578,804
End of period	$	2,577,645	$	2,896,465

Financial Highlights

Fidelity Advisor® High Income Fund Class A

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83	$	8.56
Income from Investment Operations
Net investment income (loss) B,C		.215		.387		.345		.368		.438		.192
Net realized and unrealized gain (loss)		(.312)		(.501)		(.760)		.772		(.908)		.286
Total from investment operations		(.097)		(.114)		(.415)		1.140		(.470)		.478
Distributions from net investment income		(.193)		(.366)		(.385)		(.360)		(.430)		(.208)
Total distributions		(.193)		(.366)		(.385)		(.360)		(.430)		(.208)
Net asset value, end of period	$	7.14	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83
Total Return D,E,F		(1.35)%		(1.33)%		(5.02)%		14.56%		(5.63)%		5.68%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.94% I		1.02%		.99%		.98%		.98%		.99% I
Expenses net of fee waivers, if any		.93% I		1.02%		.99%		.98%		.98%		.99% I
Expenses net of all reductions		.93% I		1.02%		.99%		.98%		.98%		.99% I
Net investment income (loss)		5.82% I		5.19%		4.02%		4.32%		5.04%		5.60% I
Supplemental Data
Net assets, end of period (in millions)	$	113	$	119	$	132	$	148	$	144	$	170
Portfolio turnover rate J		38% I		35%		54% K		62%		44% K		62% L

AFor the period December 4, 2018 (commencement of sale of shares) through April 30, 2019.

BCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

FTotal returns do not include the effect of the sales charges.

GFees 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 Central Fund LLC, please refer to the Investment in Fidelity Private Credit Central Fund LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

LThe portfolio turnover rate does not include the assets acquired in the merger.

Fidelity Advisor® High Income Fund Class M

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83	$	8.56
Income from Investment Operations
Net investment income (loss) B,C		.215		.386		.345		.367		.438		.191
Net realized and unrealized gain (loss)		(.312)		(.500)		(.761)		.772		(.909)		.286
Total from investment operations		(.097)		(.114)		(.416)		1.139		(.471)		.477
Distributions from net investment income		(.193)		(.366)		(.384)		(.359)		(.429)		(.207)
Total distributions		(.193)		(.366)		(.384)		(.359)		(.429)		(.207)
Net asset value, end of period	$	7.14	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83
Total Return D,E,F		(1.35)%		(1.34)%		(5.03)%		14.55%		(5.64)%		5.68%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.94% I		1.03%		1.00%		.99%		.99%		1.01% I
Expenses net of fee waivers, if any		.93% I		1.02%		1.00%		.99%		.99%		1.01% I
Expenses net of all reductions		.93% I		1.02%		1.00%		.99%		.99%		1.01% I
Net investment income (loss)		5.82% I		5.18%		4.01%		4.31%		5.02%		5.59% I
Supplemental Data
Net assets, end of period (in millions)	$	28	$	29	$	30	$	36	$	40	$	50
Portfolio turnover rate J		38% I		35%		54% K		62%		44% K		62% L

AFor the period December 4, 2018 (commencement of sale of shares) through April 30, 2019.

BCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

FTotal returns do not include the effect of the sales charges.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

LThe portfolio turnover rate does not include the assets acquired in the merger.

Fidelity Advisor® High Income Fund Class C

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83	$	8.56
Income from Investment Operations
Net investment income (loss) B,C		.187		.330		.281		.302		.372		.166
Net realized and unrealized gain (loss)		(.303)		(.501)		(.763)		.772		(.909)		.285
Total from investment operations		(.116)		(.171)		(.482)		1.074		(.537)		.451
Distributions from net investment income		(.164)		(.309)		(.318)		(.294)		(.363)		(.181)
Total distributions		(.164)		(.309)		(.318)		(.294)		(.363)		(.181)
Net asset value, end of period	$	7.15	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83
Total Return D,E,F		(1.59)%		(2.09)%		(5.75)%		13.68%		(6.35)%		5.36%
Ratios to Average Net Assets C,G,H
Expenses before reductions		1.71% I		1.79%		1.76%		1.75%		1.75%		1.77% I
Expenses net of fee waivers, if any		1.70% I		1.79%		1.76%		1.75%		1.75%		1.77% I
Expenses net of all reductions		1.70% I		1.79%		1.76%		1.75%		1.75%		1.77% I
Net investment income (loss)		5.04% I		4.42%		3.25%		3.55%		4.27%		4.84% I
Supplemental Data
Net assets, end of period (in millions)	$	10	$	12	$	17	$	30	$	36	$	52
Portfolio turnover rate J		38% I		35%		54% K		62%		44% K		62% L

AFor the period December 4, 2018 (commencement of sale of shares) through April 30, 2019.

BCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

FTotal returns do not include the effect of the contingent deferred sales charge.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

KPortfolio turnover rate excludes securities received or delivered in-kind.

LThe portfolio turnover rate does not include the assets acquired in the merger.

Fidelity® High Income Fund

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83	$	8.83
Income from Investment Operations
Net investment income (loss) A,B		.226		.408		.371		.392		.464		.493
Net realized and unrealized gain (loss)		(.312)		(.500)		(.761)		.772		(.909)		-
Total from investment operations		(.086)		(.092)		(.390)		1.164		(.445)		.493
Distributions from net investment income		(.204)		(.388)		(.410)		(.384)		(.455)		(.493)
Total distributions		(.204)		(.388)		(.410)		(.384)		(.455)		(.493)
Net asset value, end of period	$	7.14	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83
Total Return C,D		(1.20)%		(1.04)%		(4.75)%		14.89%		(5.35)%		5.83%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.65% G		.73%		.70%		.69%		.69%		.70%
Expenses net of fee waivers, if any		.64% G		.73%		.70%		.69%		.69%		.70%
Expenses net of all reductions		.64% G		.73%		.70%		.69%		.69%		.70%
Net investment income (loss)		6.11% G		5.48%		4.31%		4.61%		5.33%		5.66%
Supplemental Data
Net assets, end of period (in millions)	$	2,316	$	2,567	$	3,181	$	4,139	$	3,871	$	4,392
Portfolio turnover rate H		38% G		35%		54% I		62%		44% I		62% J

ACalculated based on average shares outstanding during the period.

CTotal returns for periods of less than one year are not annualized.

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

EFees 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 Central Fund LLC, please refer to the Investment in Fidelity Private Credit Central Fund LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

GAnnualized.

HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

IPortfolio turnover rate excludes securities received or delivered in-kind.

JThe portfolio turnover rate does not include the assets acquired in the merger.

Fidelity Advisor® High Income Fund Class I

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83	$	8.56
Income from Investment Operations
Net investment income (loss) B,C		.221		.401		.390		.390		.458		.199
Net realized and unrealized gain (loss)		(.302)		(.499)		(.774)		.771		(.907)		.286
Total from investment operations		(.081)		(.098)		(.384)		1.161		(.449)		.485
Distributions from net investment income		(.199)		(.382)		(.416)		(.381)		(.451)		(.215)
Total distributions		(.199)		(.382)		(.416)		(.381)		(.451)		(.215)
Net asset value, end of period	$	7.15	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83
Total Return D,E		(1.12)%		(1.12)%		(4.68)%		14.85%		(5.40)%		5.77%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.78% H		.85%		.72%		.73%		.74%		.78% H
Expenses net of fee waivers, if any		.75% H		.80%		.71%		.73%		.74%		.78% H
Expenses net of all reductions		.75% H		.80%		.71%		.73%		.74%		.78% H
Net investment income (loss)		5.99% H		5.41%		4.29%		4.57%		5.28%		5.81% H
Supplemental Data
Net assets, end of period (in millions)	$	55	$	111	$	85	$	4,010	$	558	$	448
Portfolio turnover rate I		38% H		35%		54% J		62%		44% J		62% K

AFor the period December 4, 2018 (commencement of sale of shares) through April 30, 2019.

BCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

FFees 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 Central Fund LLC, please refer to the Investment in Fidelity Private Credit Central Fund LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JPortfolio turnover rate excludes securities received or delivered in-kind.

KThe portfolio turnover rate does not include the assets acquired in the merger.

Fidelity Advisor® High Income Fund Class Z

		Six months ended (Unaudited) October 31, 2023		Years ended April 30, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83	$	8.56
Income from Investment Operations
Net investment income (loss) B,C		.228		.415		.378		.399		.464		.201
Net realized and unrealized gain (loss)		(.312)		(.502)		(.763)		.770		(.904)		.289
Total from investment operations		(.084)		(.087)		(.385)		1.169		(.440)		.490
Distributions from net investment income		(.206)		(.393)		(.415)		(.389)		(.460)		(.220)
Total distributions		(.206)		(.393)		(.415)		(.389)		(.460)		(.220)
Net asset value, end of period	$	7.14	$	7.43	$	7.91	$	8.71	$	7.93	$	8.83
Total Return D,E		(1.17)%		(.98)%		(4.68)%		14.96%		(5.30)%		5.83%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.58% H		.66%		.64%		.63%		.63%		.64% H
Expenses net of fee waivers, if any		.57% H		.66%		.63%		.63%		.63%		.64% H
Expenses net of all reductions		.57% H		.66%		.63%		.62%		.63%		.63% H
Net investment income (loss)		6.17% H		5.54%		4.37%		4.67%		5.39%		5.85% H
Supplemental Data
Net assets, end of period (in millions)	$	55	$	58	$	133	$	250	$	61	$	13
Portfolio turnover rate I		38% H		35%		54% J		62%		44% J		62% K

AFor the period December 4, 2018 (commencement of sale of shares) through April 30, 2019.

BCalculated based on average shares outstanding during the period.

DTotal returns for periods of less than one year are not annualized.

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

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JPortfolio turnover rate excludes securities received or delivered in-kind.

KThe portfolio turnover rate does not include the assets acquired in the merger.

Notes to Financial Statements (Unaudited)

For the period ended October 31, 2023

(Amounts in thousands except percentages)

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.

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.

3. Investment in Fidelity Private Credit Central Fund LLC.

The Fund invests in Fidelity Private Credit Central Fund LLC (formerly Fidelity Direct Lending Fund, LP), which is a limited liability company available only to certain investment companies managed by the investment adviser and its affiliates. On June 1, 2023, Fidelity Private Credit Central Fund elected to be regulated as a business development company (BDC). Fidelity Private Credit Central Fund 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 Central Fund LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Central Fund 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 Central Fund LLC and thus a decline in the value of the Fund. Fidelity Private Credit Central Fund 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 Central Fund LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Central Fund LLC. Fidelity Private Credit Central Fund 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 Central Fund LLC. The annualized expense ratio for Fidelity Private Credit Central Fund LLC for the nine month period ended September 30, 2023 was 9.63%.

4. Significant Accounting Policies.

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. 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, 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 Central Fund 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
Equities	$53,209	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	4.3 - 6.8 / 4.5	Increase
		Market approach	Transaction price	$0.00 - $79.39 / $79.39	Increase
		Recovery value	Recovery value	$0.00	Increase
Corporate Bonds	$4,832	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	6.5	Increase
			Enterprise value/Proved reserves multiple (EV/PR)	0.8	Increase
			Enterprise value/PV-10 multiple (EV/PV-10)	0.3	Increase
			Daily production multiple ($/Million cubic feet per day)	$3,850.00	Increase
		Recovery value	Recovery value	$0.00	Increase
		Discounted cash flow	Yield	19.1%	Decrease
Bank Loan Obligations	$8,319	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	2.5	Increase
		Indicative market price	Evaluated bid	$95.50	Increase
		Recovery value	Recovery value	$0.00	Increase
		Discounted cash flow	Yield	13.0% - 15.0% / 13.4%	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, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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.

Book-tax differences are primarily due to prior period premium and discount on debt securities, 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	$51,475
Gross unrealized depreciation	(375,567)
Net unrealized appreciation (depreciation)	$(324,092)
Tax cost	$2,869,061

Short-term	$(130,281)
Long-term	(468,132)
Total capital loss carryforward	$(598,413)

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. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.

	Investment to be Acquired	Commitment Amount
Fidelity High Income Fund	Fidelity Private Credit Central Fund LLC	$12,276

New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to 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 High Income Fund	504,987	669,041

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$147	$-A
Class M	- %	.25%	35	-
Class C	.75%	.25%	57	4
			$239	$4

A Amount is less than five-hundred dollars.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$5
Class M	-A
Class CB	-A
	$5

A Amount is less than five-hundred dollars.

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

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

	Amount	% of Class-Level Average Net AssetsA
Class A	$92	.16
Class M	22	.16
Class C	11	.19
Fidelity High Income Fund	1,413	.11
Class I	80	.25
Class Z	14	.05
	$1,632

A Annualized

During the period, the investment adviser or its affiliates waived a portion of these fees.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	0.1544%
Class M	0.1566%
Class C	0.1856%
Fidelity High Income Fund	0.1146%
Class I	0.2000%

	% of Average Net Assets
Fidelity High Income Fund	.03

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity High Income Fund	0.0321%

	Amount
Fidelity High Income Fund	$-A

A Amount is less than five-hundred dollars.

7. Committed Line of Credit.

	Amount
Fidelity High Income Fund	$2

8. Security Lending.

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

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity High Income Fund	$-A	$-	$-

A Amount is less than five-hundred dollars.

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 Central Fund LLC until August 31, 2024. During the period, this waiver reduced the Fund's management fee by $99.

FIIOC voluntarily agreed to waive Class I transfer agent fees to the extent that they exceeded certain levels of class-level average net assets as noted in the table below. This waiver was discontinued effective July 1, 2023.

	Transfer Agent Fees Limitation	Waiver
Class I	.19%	$6

Through arrangements with the Fund's custodian and each class' transfer agent, 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 $9. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class M	-A

A Amount is less than five-hundred dollars.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $55.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended October 31, 2023	Year ended April 30, 2023
Fidelity High Income Fund
Distributions to shareholders
Class A	$3,070	$5,949
Class M	744	1,395
Class C	255	576
Fidelity High Income Fund	67,791	143,007
Class I	1,744	4,409
Class Z	1,599	3,468
Total	$75,203	$158,804

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 October 31, 2023	Year ended April 30, 2023	Six months ended October 31, 2023	Year ended April 30, 2023
Fidelity High Income Fund
Class A
Shares sold	650	1,601	$4,811	$12,031
Reinvestment of distributions	382	734	2,798	5,448
Shares redeemed	(1,337)	(2,939)	(9,822)	(21,937)
Net increase (decrease)	(305)	(604)	$(2,213)	$(4,458)
Class M
Shares sold	75	482	$557	$3,625
Reinvestment of distributions	89	165	655	1,223
Shares redeemed	(192)	(573)	(1,416)	(4,281)
Net increase (decrease)	(28)	74	$(204)	$567
Class C
Shares sold	84	199	$615	$1,483
Reinvestment of distributions	33	73	242	544
Shares redeemed	(319)	(769)	(2,342)	(5,721)
Net increase (decrease)	(202)	(497)	$(1,485)	$(3,694)
Fidelity High Income Fund
Shares sold	13,857	36,311	$101,957	$272,258
Reinvestment of distributions	7,253	15,389	53,180	114,248
Shares redeemed	(42,361)	(108,580)	(311,159)	(811,949)
Net increase (decrease)	(21,251)	(56,880)	$(156,022)	$(425,443)
Class I
Shares sold	1,334	18,269	$9,817	$137,197
Reinvestment of distributions	219	555	1,608	4,118
Shares redeemed	(8,772)	(14,626)	(64,199)	(109,771)
Net increase (decrease)	(7,219)	4,198	$(52,774)	$31,544
Class Z
Shares sold	1,054	3,793	$7,753	$27,871
Reinvestment of distributions	200	416	1,465	3,101
Shares redeemed	(1,300)	(13,283)	(9,553)	(100,535)
Net increase (decrease)	(46)	(9,074)	$(335)	$(69,563)

12. Other.

13. Litigation.

The Fund and other entities managed by FMR or its affiliates are 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. During 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 will appeal this decision. At this time, Management cannot determine any additional loss or dilution that may be realized. The Fund is also incurring legal costs in defending the disputes and has recovered a portion of these legal costs through an insurance claim.

14. Risk and Uncertainties.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® High Income Fund
Class A	.93%
Actual		$ 1,000	$ 986.50	$ 4.64
Hypothetical-B		$ 1,000	$ 1,020.46	$ 4.72
Class M	.93%
Actual		$ 1,000	$ 986.50	$ 4.64
Hypothetical-B		$ 1,000	$ 1,020.46	$ 4.72
Class C	1.70%
Actual		$ 1,000	$ 984.10	$ 8.48
Hypothetical-B		$ 1,000	$ 1,016.59	$ 8.62
Fidelity® High Income Fund	.64%
Actual		$ 1,000	$ 988.00	$ 3.20
Hypothetical-B		$ 1,000	$ 1,021.92	$ 3.25
Class I **	.75%
Actual		$ 1,000	$ 988.80	$ 3.75
Hypothetical-B		$ 1,000	$ 1,021.37	$ 3.81
Class Z	.57%
Actual		$ 1,000	$ 988.30	$ 2.85
Hypothetical-B		$ 1,000	$ 1,022.27	$ 2.90

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

B 5% return per year before expenses

	Annualized Expense Ratio- A	Expenses Paid
Fidelity® High Income Fund
Class I	.70%
Actual		$ 3.50
Hypothetical- B		$ 3.56

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity High Income Fund

Investment Performance. 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 securities market 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, 2023, 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.

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.

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 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.

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

1.538299.126

SPH-SANN-1223

Fidelity® Series High Income Fund

Semi-Annual Report

October 31, 2023

Contents

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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.