0001379491-19-005382.txt : 20191223 0001379491-19-005382.hdr.sgml : 20191223 20191223104834 ACCESSION NUMBER: 0001379491-19-005382 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20191031 FILED AS OF DATE: 20191223 DATE AS OF CHANGE: 20191223 EFFECTIVENESS DATE: 20191223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SUMMER STREET TRUST CENTRAL INDEX KEY: 0000225322 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02737 FILM NUMBER: 191303893 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY HIGH INCOME FUND DATE OF NAME CHANGE: 19890309 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY AGGRESSIVE INCOME FUND DATE OF NAME CHANGE: 19810205 0000225322 S000007495 Fidelity Capital & Income Fund C000020469 Fidelity Capital & Income Fund FAGIX 0000225322 S000017689 Fidelity Focused High Income Fund C000048885 Fidelity Focused High Income Fund FHIFX 0000225322 S000017690 Fidelity High Income Fund C000048886 Fidelity High Income Fund SPHIX C000206223 Fidelity Advisor High Income Fund: Class M FGRMX C000206224 Fidelity Advisor High Income Fund: Class C FGSMX C000206225 Fidelity Advisor High Income Fund: Class I FGTMX C000206226 Fidelity Advisor High Income Fund: Class Z FGUMX C000206227 Fidelity Advisor High Income Fund: Class A FGQMX 0000225322 S000031534 Fidelity Series High Income Fund C000098085 Fidelity Series High Income Fund FSHNX 0000225322 S000032505 Fidelity Global High Income Fund C000100277 Fidelity Global High Income Fund FGHNX C000100278 Fidelity Advisor Global High Income Fund: Class A FGHAX C000100279 Fidelity Advisor Global High Income Fund: Class C FGHCX C000100280 Fidelity Advisor Global High Income Fund: Class M FGHTX C000100281 Fidelity Advisor Global High Income Fund: Class I FGHIX 0000225322 S000042758 Fidelity Short Duration High Income Fund C000132244 Fidelity Short Duration High Income Fund FSAHX C000132245 Fidelity Advisor Short Duration High Income Fund: Class I FSFHX C000132246 Fidelity Advisor Short Duration High Income Fund: Class A FSBHX C000132247 Fidelity Advisor Short Duration High Income Fund: Class M FSEHX C000132248 Fidelity Advisor Short Duration High Income Fund: Class C FSDHX C000205018 Fidelity Advisor Short Duration High Income Fund: Class Z FIJWX 0000225322 S000065255 Fidelity Women's Leadership Fund C000211258 Fidelity Advisor Women's Leadership Fund: Class Z FWOZX C000211259 Fidelity Advisor Women's Leadership Fund: Class I FWMNX C000211260 Fidelity Women's Leadership Fund FWOMX C000211261 Fidelity Advisor Women's Leadership Fund: Class M FWOEX C000211262 Fidelity Advisor Women's Leadership Fund: Class A FWOAX C000211263 Fidelity Advisor Women's Leadership Fund: Class C FWOCX N-CSRS 1 filing1001.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-02737


Fidelity Summer Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

April 30



Date of reporting period:

October 31, 2019


Item 1.

Reports to Stockholders




Fidelity® Capital & Income Fund



Semi-Annual Report

October 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of October 31, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 3.3 
Ally Financial, Inc. 2.7 
Bank of America Corp. 2.3 
JPMorgan Chase & Co. 2.0 
Citigroup, Inc. 1.6 
 11.9 

Top Five Market Sectors as of October 31, 2019

 % of fund's net assets 
Energy 12.9 
Banks & Thrifts 11.0 
Technology 9.6 
Healthcare 7.5 
Telecommunications 7.1 

Quality Diversification (% of fund's net assets)

As of October 31, 2019 
   AAA,AA,A 0.1% 
   BBB 6.6% 
   BB 26.7% 
   25.8% 
   CCC,CC,C 8.8% 
   1.2% 
   Not Rated 0.5% 
   Equities 20.6% 
   Short-Term Investments and Net Other Assets 9.7% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of October 31, 2019* 
   Nonconvertible Bonds 55.8% 
   Convertible Bonds, Preferred Stocks 0.2% 
   Common Stocks 20.6% 
   Bank Loan Obligations 4.4% 
   Other Investments 9.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 9.7% 


 * Foreign investments – 14.8%

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 56.0%   
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.2%   
Automotive & Auto Parts - 0.0%   
Exide Technologies 7.25% 4/30/27 pay-in-kind (a)(b) $1,694 $254 
Energy - 0.2%   
Denbury Resources, Inc. 6.375% 12/31/24 (a) 37,706 20,426 
TOTAL CONVERTIBLE BONDS  20,680 
Nonconvertible Bonds - 55.8%   
Aerospace - 2.7%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 4,405 4,603 
Bombardier, Inc.:   
6.125% 1/15/23 (a) 10,790 10,547 
7.5% 12/1/24 (a) 2,990 2,898 
7.5% 3/15/25 (a) 47,010 44,953 
7.875% 4/15/27 (a) 33,840 31,979 
BWX Technologies, Inc. 5.375% 7/15/26 (a) 8,510 9,013 
DAE Funding LLC 4% 8/1/20 (a) 5,145 5,177 
TransDigm UK Holdings PLC 6.875% 5/15/26 35,725 38,136 
TransDigm, Inc.:   
5.5% 11/15/27 (a)(c) 55,655 55,471 
6.25% 3/15/26 (a) 17,925 19,202 
6.375% 6/15/26 61,985 64,852 
6.5% 5/15/25 16,505 17,145 
7.5% 3/15/27 18,012 19,453 
  323,429 
Air Transportation - 0.2%   
Air Canada 2013-1 Pass Through Trust 5.375% 11/15/22 (a) 1,989 2,047 
Continental Airlines, Inc. pass-thru certificates 6.903% 10/19/23 390 406 
Delta Air Lines, Inc. pass-thru trust certificates 8.021% 2/10/24 4,789 5,291 
Hawaiian Airlines pass-thru certificates Series 2013-1 Class B, 4.95% 7/15/23 3,478 3,542 
U.S. Airways pass-thru certificates:   
Series 2011-1 Class A, 7.125% 4/22/25 6,872 7,804 
Series 2012-2 Class B, 6.75% 6/3/21 2,521 2,657 
Series 2013-1 Class B, 5.375% 11/15/21 3,440 3,592 
  25,339 
Automotive & Auto Parts - 0.3%   
Allison Transmission, Inc.:   
5% 10/1/24 (a) 11,405 11,690 
5.875% 6/1/29 (a) 7,960 8,577 
Exide Technologies:   
10.75% 10/31/21 pay-in-kind (a)(b)(d) 839 755 
11% 10/31/24 pay-in-kind (a)(b)(d) 2,063 1,341 
11% 10/31/24 pay-in-kind (a)(b)(d) 857 386 
IAA Spinco, Inc. 5.5% 6/15/27 (a) 4,680 5,014 
LKQ Corp. 4.75% 5/15/23 2,190 2,233 
Penske Automotive Group, Inc. 5.5% 5/15/26 8,565 8,950 
  38,946 
Banks & Thrifts - 2.7%   
Ally Financial, Inc.:   
8% 11/1/31 20,638 28,371 
8% 11/1/31 206,609 288,734 
  317,105 
Broadcasting - 1.6%   
iHeartCommunications, Inc.:   
6.375% 5/1/26 671 722 
8.375% 5/1/27 1,216 1,304 
11.25% 3/1/21 (d) 11,660 
Netflix, Inc.:   
4.375% 11/15/26 5,760 5,863 
4.875% 4/15/28 28,755 29,712 
5.375% 11/15/29 (a) 11,075 11,670 
5.875% 11/15/28 64,825 71,389 
Nexstar Escrow, Inc. 5.625% 7/15/27 (a) 12,530 13,215 
Sirius XM Radio, Inc.:   
4.625% 5/15/23 (a) 4,925 5,002 
5% 8/1/27 (a) 14,525 15,269 
5.375% 4/15/25 (a) 12,000 12,480 
5.375% 7/15/26 (a) 11,315 11,937 
Tegna, Inc. 5% 9/15/29 (a) 12,060 12,226 
  190,789 
Building Materials - 0.1%   
Advanced Drain Systems, Inc. 5% 9/30/27 (a) 2,325 2,377 
Summit Materials LLC/Summit Materials Finance Corp. 5.125% 6/1/25 (a) 5,095 5,229 
U.S. Concrete, Inc. 6.375% 6/1/24 5,535 5,761 
  13,367 
Cable/Satellite TV - 5.5%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.75% 3/1/30 (a) 56,140 57,193 
5% 2/1/28 (a) 91,490 95,721 
5.125% 2/15/23 30,665 31,317 
5.125% 5/1/23 (a) 14,050 14,384 
5.125% 5/1/27 (a) 69,885 73,641 
5.375% 5/1/25 (a) 14,050 14,577 
5.375% 6/1/29 (a) 18,080 19,300 
5.5% 5/1/26 (a) 17,605 18,551 
5.75% 9/1/23 9,495 9,685 
5.75% 1/15/24 1,638 1,678 
5.75% 2/15/26 (a) 20,340 21,479 
5.875% 5/1/27 (a) 17,965 19,043 
CSC Holdings LLC:   
5.375% 2/1/28 (a) 23,655 25,015 
5.5% 5/15/26 (a) 50,968 53,708 
5.75% 1/15/30 (a) 67,025 70,544 
6.5% 2/1/29 (a) 24,795 27,693 
7.5% 4/1/28 (a) 14,375 16,172 
LCPR Senior Secured Financing DAC 6.75% 10/15/27 (a) 11,285 11,581 
Videotron Ltd. 5.125% 4/15/27 (a) 12,060 12,814 
Virgin Media Finance PLC 4.875% 2/15/22 10,880 10,989 
Ziggo B.V.:   
4.875% 1/15/30 (a) 7,990 8,132 
5.5% 1/15/27 (a) 22,875 24,133 
Ziggo Bond Co. BV 6% 1/15/27 (a) 11,435 11,950 
Ziggo Bond Finance BV 5.875% 1/15/25 (a) 1,175 1,210 
  650,510 
Capital Goods - 0.1%   
AECOM 5.125% 3/15/27 11,885 12,535 
Stevens Holding Co., Inc. 6.125% 10/1/26 (a) 3,245 3,488 
  16,023 
Chemicals - 1.7%   
CF Industries Holdings, Inc.:   
4.95% 6/1/43 46,712 46,770 
5.15% 3/15/34 21,693 22,995 
5.375% 3/15/44 30,801 31,571 
Element Solutions, Inc. 5.875% 12/1/25 (a) 18,605 19,422 
LSB Industries, Inc. 9.625% 5/1/23 (a) 6,090 6,455 
Neon Holdings, Inc. 10.125% 4/1/26 (a) 12,060 11,924 
NOVA Chemicals Corp.:   
4.875% 6/1/24 (a) 15,135 15,362 
5.25% 6/1/27 (a) 12,980 13,337 
OCI NV:   
5.25% 11/1/24 (a) 16,670 17,253 
6.625% 4/15/23 (a) 5,370 5,605 
Starfruit Finco BV / Starfruit U.S. Holdco LLC 8% 10/1/26 (a) 11,315 11,258 
Valvoline, Inc. 5.5% 7/15/24 4,170 4,328 
  206,280 
Consumer Products - 0.1%   
First Quality Finance Co., Inc. 5% 7/1/25 (a) 9,675 10,016 
Containers - 0.6%   
Crown Cork & Seal, Inc.:   
7.375% 12/15/26 4,845 5,814 
7.5% 12/15/96 12,871 14,158 
Labl Escrow Issuer LLC:   
6.75% 7/15/26 (a) 18,015 18,646 
10.5% 7/15/27 (a) 12,010 12,040 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (a) 6,930 7,259 
8.5% 8/15/27 (a) 6,950 7,410 
  65,327 
Diversified Financial Services - 3.7%   
AssuredPartners, Inc. 7% 8/15/25 (a) 4,865 4,847 
FLY Leasing Ltd. 5.25% 10/15/24 9,470 9,754 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
6.25% 5/15/26 24,085 25,530 
6.375% 12/15/25 54,810 57,551 
6.75% 2/1/24 10,075 10,503 
Intelsat Connect Finance SA 9.5% 2/15/23 (a) 18,015 16,711 
James Hardie International Finance Ltd.:   
4.75% 1/15/25 (a) 8,815 9,144 
5% 1/15/28 (a) 8,900 9,323 
MSCI, Inc.:   
5.25% 11/15/24 (a) 6,725 6,910 
5.75% 8/15/25 (a) 7,185 7,535 
Navient Corp.:   
5.5% 1/25/23 44,765 46,500 
5.875% 10/25/24 28,294 28,931 
6.125% 3/25/24 15,595 16,301 
6.5% 6/15/22 27,055 28,949 
7.25% 1/25/22 27,370 29,688 
7.25% 9/25/23 5,688 6,214 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 4,315 4,533 
5.25% 8/15/22 (a) 9,140 9,734 
5.5% 2/15/24 (a) 790 869 
Springleaf Finance Corp.:   
6.625% 1/15/28 7,305 8,090 
6.875% 3/15/25 51,610 58,448 
7.125% 3/15/26 38,380 43,753 
  439,818 
Diversified Media - 0.4%   
Block Communications, Inc. 6.875% 2/15/25 (a) 9,080 9,466 
Liberty Media Corp.:   
8.25% 2/1/30 12,298 12,513 
8.5% 7/15/29 7,900 8,157 
Quebecor Media, Inc. 5.75% 1/15/23 15,820 17,120 
  47,256 
Energy - 9.7%   
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.75% 1/15/28 (a) 14,790 10,982 
Antero Resources Corp. 5.625% 6/1/23 (Reg. S) 2,240 1,571 
Antero Resources Finance Corp. 5.375% 11/1/21 2,795 2,495 
Callon Petroleum Co. 6.125% 10/1/24 4,090 3,886 
Carrizo Oil & Gas, Inc. 6.25% 4/15/23 7,400 6,882 
Chesapeake Energy Corp.:   
8% 1/15/25 7,850 5,181 
8% 6/15/27 4,560 2,850 
Citgo Holding, Inc. 9.25% 8/1/24 (a) 27,185 28,374 
CNX Midstream Partners LP 6.5% 3/15/26 (a) 6,675 6,224 
Comstock Escrow Corp. 9.75% 8/15/26 61,450 48,546 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 5.8685% 6/15/22 (a)(b)(e) 3,025 3,002 
6.5% 5/15/26 (a) 12,170 11,714 
6.875% 6/15/25 (a) 6,050 5,869 
Covey Park Energy LLC 7.5% 5/15/25 (a) 10,865 8,040 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.625% 5/1/27 (a) 18,015 18,128 
5.75% 4/1/25 8,985 9,277 
6.25% 4/1/23 9,260 9,419 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 20,970 21,180 
DCP Midstream LLC 5.85% 5/21/43 (a)(b) 18,335 16,410 
Denbury Resources, Inc.:   
7.75% 2/15/24 (a) 43,134 31,703 
9% 5/15/21 (a) 47,050 41,169 
9.25% 3/31/22 (a) 7,030 5,765 
Diamondback Energy, Inc.:   
4.75% 11/1/24 9,930 10,265 
5.375% 5/31/25 5,155 5,387 
EG Global Finance PLC 8.5% 10/30/25 (a) 11,590 12,174 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (a) 9,698 9,989 
5.75% 1/30/28 (a) 16,811 17,694 
Energy Transfer Equity LP 5.5% 6/1/27 16,735 19,250 
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 5/15/26 (a)(f) 76,525 53,185 
EQT Corp. 3.9% 10/1/27 27,454 24,223 
Exterran Energy Solutions LP 8.125% 5/1/25 11,280 11,167 
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22 8,075 8,136 
Extraction Oil & Gas, Inc. 7.375% 5/15/24 (a) 7,165 2,938 
Forum Energy Technologies, Inc. 6.25% 10/1/21 13,870 11,235 
Genesis Energy LP/Genesis Energy Finance Corp. 6.25% 5/15/26 9,130 8,445 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 15,535 16,253 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 9,920 8,807 
5.75% 10/1/25 (a) 11,285 10,072 
6.25% 11/1/28 (a) 12,280 10,377 
Holly Energy Partners LP/Holly Finance Corp. 6% 8/1/24 (a) 7,145 7,440 
Indigo Natural Resources LLC 6.875% 2/15/26 (a) 22,135 20,143 
Jonah Energy LLC 7.25% 10/15/25 (a) 18,030 5,048 
MPLX LP 6.375% 5/1/24 (a) 4,570 4,787 
Murphy Oil U.S.A., Inc.:   
4.75% 9/15/29 6,860 7,160 
5.625% 5/1/27 6,030 6,471 
Nabors Industries, Inc.:   
5.1% 9/15/23 15,755 12,053 
5.75% 2/1/25 19,210 14,317 
NextEra Energy Partners LP 4.25% 7/15/24 (a) 12,015 12,342 
NGL Energy Partners LP/NGL Energy Finance Corp.:   
6.125% 3/1/25 11,920 11,026 
7.5% 4/15/26 (a) 12,005 11,461 
NGPL PipeCo LLC:   
4.375% 8/15/22 (a) 2,995 3,110 
4.875% 8/15/27 (a) 3,000 3,227 
Nine Energy Service, Inc. 8.75% 11/1/23 (a) 6,245 4,684 
NuStar Logistics LP 6% 6/1/26 12,025 12,851 
Parsley Energy LLC/Parsley:   
5.25% 8/15/25 (a) 5,435 5,571 
5.625% 10/15/27 (a) 3,105 3,206 
PBF Holding Co. LLC/PBF Finance Corp.:   
7% 11/15/23 32,600 33,578 
7.25% 6/15/25 22,875 23,904 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 8,455 8,666 
PDC Energy, Inc. 6.125% 9/15/24 3,555 3,451 
Range Resources Corp.:   
4.875% 5/15/25 8,965 7,194 
5% 3/15/23 33,270 28,779 
Sanchez Energy Corp.:   
6.125% 1/15/23 (f) 34,330 1,545 
7.25% 2/15/23 (a)(f) 24,505 16,663 
SemGroup Corp.:   
6.375% 3/15/25 5,990 6,207 
7.25% 3/15/26 11,220 12,118 
SESI LLC 7.75% 9/15/24 7,245 3,985 
SM Energy Co.:   
5.625% 6/1/25 7,285 6,174 
6.625% 1/15/27 36,085 30,311 
6.75% 9/15/26 4,550 3,902 
Southern Natural Gas Co.:   
7.35% 2/15/31 23,497 30,723 
8% 3/1/32 12,475 17,941 
Southern Star Central Corp. 5.125% 7/15/22 (a) 6,750 6,833 
Southwestern Energy Co.:   
4.1% 3/15/22 15,400 14,900 
6.2% 1/23/25 (b) 1,805 1,588 
7.5% 4/1/26 20,490 17,982 
7.75% 10/1/27 12,945 11,133 
SRC Energy, Inc. 6.25% 12/1/25 7,435 6,950 
Summit Midstream Holdings LLC 5.75% 4/15/25 5,390 4,177 
Sunoco LP/Sunoco Finance Corp.:   
4.875% 1/15/23 9,145 9,385 
5.5% 2/15/26 11,640 12,034 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5% 1/15/28 3,650 3,623 
Teine Energy Ltd. 6.875% 9/30/22 (a) 11,950 11,950 
Tennessee Gas Pipeline Co. 7.625% 4/1/37 5,445 7,297 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 6,270 6,458 
4.75% 1/15/30 (a) 11,110 11,485 
5% 1/31/28 (a) 6,295 6,639 
Tervita Escrow Corp. 7.625% 12/1/21 (a) 2,475 2,444 
Transocean, Inc. 7.5% 1/15/26 (a) 12,910 11,490 
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind 10,628 1,594 
Unit Corp. 6.625% 5/15/21 2,202 1,453 
Viper Energy Partners LP 5.375% 11/1/27 (a) 15,415 15,685 
W&T Offshore, Inc. 9.75% 11/1/23 (a) 41,795 39,183 
Whiting Petroleum Corp. 6.625% 1/15/26 8,380 5,196 
WPX Energy, Inc.:   
5.25% 9/15/24 8,725 8,812 
5.25% 10/15/27 15,080 14,665 
5.75% 6/1/26 9,125 9,171 
  1,160,429 
Entertainment/Film - 0.1%   
Lions Gate Entertainment Corp. 5.875% 11/1/24 (a) 3,865 3,643 
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(b)(f) 28,594 13,725 
  17,368 
Environmental - 0.4%   
ADS Waste Holdings, Inc. 5.625% 11/15/24 (a) 10,140 10,584 
Covanta Holding Corp.:   
5.875% 3/1/24 7,775 7,989 
5.875% 7/1/25 3,205 3,325 
6% 1/1/27 12,335 12,890 
Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner U.S.A. 8.375% 12/1/22 (a) 9,525 9,912 
  44,700 
Food & Drug Retail - 0.1%   
Performance Food Group, Inc. 5.5% 10/15/27 (a) 12,635 13,362 
Food/Beverage/Tobacco - 1.9%   
JBS Investments II GmbH:   
5.75% 1/15/28 (a) 10,705 11,155 
7% 1/15/26 (a) 11,630 12,607 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 24,630 25,584 
6.75% 2/15/28 (a) 18,350 20,185 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (a) 20,180 21,744 
6.5% 4/15/29 (a) 29,320 32,619 
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (a) 9,735 9,984 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (a) 7,660 8,053 
4.875% 11/1/26 (a) 7,740 8,137 
Pilgrim's Pride Corp. 5.75% 3/15/25 (a) 17,930 18,602 
Post Holdings, Inc.:   
5% 8/15/26 (a) 17,030 17,713 
5.5% 3/1/25 (a) 10,085 10,565 
5.5% 12/15/29 (a) 14,975 15,787 
5.75% 3/1/27 (a) 7,710 8,208 
  220,943 
Gaming - 0.5%   
MCE Finance Ltd.:   
4.875% 6/6/25 (a) 30,275 30,939 
5.25% 4/26/26 (a) 12,015 12,503 
Transocean, Inc. 7.25% 11/1/25 (a) 12,270 10,828 
  54,270 
Healthcare - 5.3%   
BCPE Cycle Merger Sub II, Inc. 10.625% 7/15/27 (a) 24,025 22,463 
Catalent Pharma Solutions:   
4.875% 1/15/26 (a) 4,000 4,130 
5% 7/15/27 (a) 3,765 3,934 
Centene Corp. 5.375% 6/1/26 (a) 30,420 32,200 
Charles River Laboratories International, Inc. 4.25% 5/1/28 (a) 3,400 3,464 
Community Health Systems, Inc.:   
8% 3/15/26 (a) 64,115 62,672 
8.125% 6/30/24 (a) 67,698 51,450 
8.625% 1/15/24 (a) 48,790 49,860 
9.875% 6/30/23 (a) 36,023 30,079 
Encompass Health Corp.:   
5.125% 3/15/23 6,440 6,569 
5.75% 11/1/24 20,291 20,519 
Hologic, Inc.:   
4.375% 10/15/25 (a) 6,295 6,449 
4.625% 2/1/28 (a) 4,255 4,452 
Horizon Pharma U.S.A., Inc. 5.5% 8/1/27 (a) 12,050 12,562 
IMS Health, Inc. 5% 5/15/27 (a) 12,070 12,794 
MPH Acquisition Holdings LLC 7.125% 6/1/24 (a) 6,095 5,684 
MPT Operating Partnership LP/MPT Finance Corp.:   
4.625% 8/1/29 18,080 18,860 
5% 10/15/27 25,968 27,331 
5.25% 8/1/26 7,453 7,826 
6.375% 3/1/24 3,970 4,144 
NVA Holdings, Inc. 6.875% 4/1/26 (a) 6,560 7,036 
Polaris Intermediate Corp. 8.5% 12/1/22 pay-in-kind (a)(b) 29,900 25,116 
Service Corp. International 5.125% 6/1/29 5,665 6,033 
Teleflex, Inc. 4.625% 11/15/27 4,975 5,211 
Tenet Healthcare Corp.:   
4.625% 7/15/24 6,055 6,237 
4.625% 9/1/24 (a) 12,045 12,353 
4.875% 1/1/26 (a) 30,115 31,150 
5.125% 5/1/25 6,055 6,199 
5.125% 11/1/27 (a) 18,070 18,838 
6.25% 2/1/27 (a) 17,930 18,939 
Valeant Pharmaceuticals International, Inc.:   
5.5% 11/1/25 (a) 20,817 21,754 
5.75% 8/15/27 (a) 3,120 3,388 
7% 1/15/28 (a) 24,125 26,025 
7.25% 5/30/29 (a) 12,065 13,287 
8.5% 1/31/27 (a) 21,745 24,463 
Vizient, Inc. 6.25% 5/15/27 (a) 2,760 2,976 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 9,245 9,675 
5.375% 8/15/26 (a) 7,920 8,425 
  634,547 
Homebuilders/Real Estate - 0.9%   
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (a) 5,555 5,778 
Howard Hughes Corp. 5.375% 3/15/25 (a) 12,730 13,223 
Lennar Corp. 4.75% 11/29/27 12,205 13,181 
LGI Homes, Inc. 6.875% 7/15/26 (a) 12,190 12,617 
Mattamy Group Corp. 6.875% 12/15/23 (a) 8,755 9,072 
Odebrecht Finance Ltd.:   
4.375% 4/25/25 (a)(f) 12,020 856 
5.25% 6/27/29 (a)(f) 10,987 786 
7.125% 6/26/42 (a)(f) 5,370 376 
Starwood Property Trust, Inc. 4.75% 3/15/25 11,625 12,072 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.625% 3/1/24 (a) 1,312 1,415 
5.875% 6/15/27 (a) 9,260 10,341 
TRI Pointe Homes, Inc. 5.875% 6/15/24 16,130 17,380 
William Lyon Homes, Inc.:   
5.875% 1/31/25 7,125 7,250 
6% 9/1/23 7,430 7,690 
  112,037 
Hotels - 0.8%   
Choice Hotels International, Inc. 5.75% 7/1/22 3,035 3,293 
FelCor Lodging LP 6% 6/1/25 10,935 11,413 
Hilton Domestic Operating Co., Inc.:   
4.875% 1/15/30 (a) 18,000 19,125 
5.125% 5/1/26 18,255 19,168 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.:   
4.625% 4/1/25 17,975 18,469 
4.875% 4/1/27 8,435 8,920 
Marriott Ownership Resorts, Inc. 6.5% 9/15/26 9,495 10,266 
  90,654 
Insurance - 0.5%   
Acrisure LLC / Acrisure Finance, Inc.:   
7% 11/15/25 (a) 17,915 16,392 
8.125% 2/15/24 (a) 12,845 13,688 
AmWINS Group, Inc. 7.75% 7/1/26 (a) 6,100 6,558 
HUB International Ltd. 7% 5/1/26 (a) 11,770 12,123 
USIS Merger Sub, Inc. 6.875% 5/1/25 (a) 12,080 12,291 
  61,052 
Leisure - 0.5%   
Merlin Entertainments PLC 5.75% 6/15/26 (a) 12,170 12,961 
Six Flags Entertainment Corp.:   
4.875% 7/31/24 (a) 14,040 14,496 
5.5% 4/15/27 (a) 7,460 7,814 
Studio City Co. Ltd. 7.25% 11/30/21 (a) 6,220 6,366 
Viking Cruises Ltd. 5.875% 9/15/27 (a) 11,595 12,320 
Voc Escrow Ltd. 5% 2/15/28 (a) 10,755 11,185 
  65,142 
Metals/Mining - 1.0%   
Alcoa Nederland Holding BV:   
6.125% 5/15/28 (a) 3,565 3,823 
6.75% 9/30/24 (a) 7,705 8,119 
7% 9/30/26 (a) 6,385 6,936 
Aleris International, Inc. 6% 6/1/20 (a)(d) 151 151 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (a) 2,110 2,068 
6.875% 3/1/26 (a) 18,720 18,346 
7.5% 4/1/25 (a) 1,810 1,812 
FMG Resources (August 2006) Pty Ltd.:   
4.5% 9/15/27 (a) 9,015 8,897 
4.75% 5/15/22 (a) 7,950 8,189 
5.125% 3/15/23 (a) 12,860 13,390 
5.125% 5/15/24 (a) 9,780 10,269 
Freeport-McMoRan, Inc. 5.45% 3/15/43 5,135 4,776 
Joseph T Ryerson & Son, Inc. 11% 5/15/22 (a) 6,445 6,824 
Mineral Resources Ltd. 8.125% 5/1/27 (a) 18,015 18,961 
Murray Energy Corp.:   
11.25% 4/15/21 (a)(f) 8,915 11 
12% 4/15/24 pay-in-kind (a)(b)(f) 10,343 90 
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.5% 6/15/25 (a) 9,795 8,326 
  120,988 
Paper - 0.1%   
Boise Cascade Co. 5.625% 9/1/24 (a) 4,105 4,269 
Mercer International, Inc. 7.375% 1/15/25 (a) 12,070 12,523 
NewPage Corp.:   
3 month U.S. LIBOR + 6.250% 6.7159% 5/1/12 (b)(d)(e)(f) 6,337 
11.375% 12/31/2014 (d)(f) 12,582 
  16,792 
Publishing/Printing - 0.4%   
Cengage Learning, Inc. 9.5% 6/15/24 (a) 24,130 21,596 
Getty Images, Inc. 9.75% 3/1/27 (a) 20,665 20,897 
  42,493 
Restaurants - 1.4%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
3.875% 1/15/28 (a) 9,165 9,214 
5% 10/15/25 (a) 65,605 67,573 
Golden Nugget, Inc.:   
6.75% 10/15/24 (a) 22,555 23,234 
8.75% 10/1/25 (a) 24,245 25,518 
KFC Holding Co./Pizza Hut Holding LLC:   
4.75% 6/1/27 (a) 9,215 9,630 
5% 6/1/24 (a) 8,800 9,130 
5.25% 6/1/26 (a) 8,800 9,306 
Yum! Brands, Inc. 4.75% 1/15/30 (a) 10,355 10,860 
  164,465 
Services - 1.2%   
Avantor, Inc. 6% 10/1/24 (a) 12,090 12,923 
BidFair MergeRight, Inc. 7.375% 10/15/27 (a) 25,215 25,215 
CDK Global, Inc. 5.875% 6/15/26 4,545 4,863 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (a) 8,765 9,110 
Iron Mountain, Inc. 4.875% 9/15/29 (a) 24,110 24,683 
KAR Auction Services, Inc. 5.125% 6/1/25 (a) 10,355 10,808 
Ritchie Bros. Auctioneers, Inc. 5.375% 1/15/25 (a) 3,510 3,659 
Tempo Acquisition LLC 6.75% 6/1/25 (a) 8,815 9,068 
The Brink's Co. 4.625% 10/15/27 (a) 12,180 12,332 
The GEO Group, Inc.:   
5.125% 4/1/23 5,835 5,135 
5.875% 10/15/24 5,045 4,213 
6% 4/15/26 4,130 3,273 
United Rentals North America, Inc.:   
3.875% 11/15/27 (c) 5,560 5,617 
5.5% 5/15/27 7,325 7,723 
  138,622 
Steel - 0.6%   
Algoma Steel SCA 0% 12/31/23 (d) 1,982 1,407 
Cleveland-Cliffs, Inc.:   
4.875% 1/15/24 (a) 12,165 12,500 
5.75% 3/1/25 3,141 3,102 
5.875% 6/1/27 (a) 18,030 17,196 
Commercial Metals Co. 5.75% 4/15/26 9,135 9,420 
Infrabuild Australia Pty Ltd. 12% 10/1/24 (a) 9,055 9,228 
JMC Steel Group, Inc. 9.875% 6/15/23 (a) 3,000 3,164 
United States Steel Corp. 6.25% 3/15/26 12,205 10,219 
  66,236 
Technology - 2.1%   
Ascend Learning LLC:   
6.875% 8/1/25 (a) 11,865 12,384 
6.875% 8/1/25 (a) 4,115 4,305 
Balboa Merger Sub, Inc. 11.375% 12/1/21 (a) 23,415 24,205 
Banff Merger Sub, Inc. 9.75% 9/1/26 (a) 34,618 32,238 
Camelot Finance SA 4.5% 11/1/26 (a) 10,590 10,700 
CDW LLC/CDW Finance Corp. 5% 9/1/25 6,380 6,667 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (a) 19,115 19,629 
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (a) 9,345 9,906 
j2 Cloud Services LLC/j2 Global Communications, Inc. 6% 7/15/25 (a) 8,065 8,569 
JDA Escrow LLC/JDA Bond Finance, Inc. 7.375% 10/15/24 (a) 4,060 4,211 
MTS Systems Corp. 5.75% 8/15/27 (a) 3,140 3,289 
NCR Corp.:   
5.75% 9/1/27 (a) 9,035 9,250 
6.125% 9/1/29 (a) 9,035 9,464 
Open Text Corp. 5.875% 6/1/26 (a) 8,535 9,100 
Parametric Technology Corp. 6% 5/15/24 3,490 3,708 
Qorvo, Inc. 5.5% 7/15/26 6,085 6,496 
Sensata Technologies BV 5% 10/1/25 (a) 11,210 12,081 
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (a) 11,535 12,335 
Symantec Corp. 5% 4/15/25 (a) 10,050 10,301 
Veritas U.S., Inc./Veritas Bermuda Ltd.:   
7.5% 2/1/23 (a) 16,225 15,941 
10.5% 2/1/24 (a) 29,743 28,107 
  252,886 
Telecommunications - 5.9%   
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (a) 22,740 23,934 
Connect Finco SARL / Connect U.S. Finco LLC 6.75% 10/1/26 (a) 24,135 25,070 
CyrusOne LP/CyrusOne Finance Corp.:   
5% 3/15/24 3,190 3,290 
5.375% 3/15/27 2,735 2,923 
Frontier Communications Corp. 8.5% 4/1/26 (a) 31,445 31,524 
GCI, Inc. 6.875% 4/15/25 10,905 11,464 
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc. 9.875% 5/1/24 (a) 24,025 25,286 
Intelsat Jackson Holdings SA:   
5.5% 8/1/23 15,020 14,044 
8.5% 10/15/24 (a) 46,525 46,883 
9.75% 7/15/25 (a) 56,970 59,117 
Sable International Finance Ltd. 5.75% 9/7/27 (a) 15,035 15,636 
SFR Group SA:   
5.5% 1/15/28 (a) 22,110 22,525 
7.375% 5/1/26 (a) 125,670 134,573 
8.125% 2/1/27 (a) 7,635 8,465 
Sprint Capital Corp.:   
6.875% 11/15/28 60,109 65,218 
8.75% 3/15/32 67,236 81,986 
Sprint Corp. 7.625% 3/1/26 34,025 37,640 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (a) 25,600 27,226 
Telesat Canada/Telesat LLC 6.5% 10/15/27 (a) 7,880 8,225 
U.S. West Communications 7.25% 9/15/25 1,480 1,697 
UPCB Finance IV Ltd. 5.375% 1/15/25 (a) 11,930 12,303 
Zayo Group LLC/Zayo Capital, Inc.:   
5.75% 1/15/27 (a) 31,195 31,706 
6% 4/1/23 11,035 11,350 
6.375% 5/15/25 2,440 2,508 
  704,593 
Transportation Ex Air/Rail - 0.3%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (a) 3,310 3,571 
5.25% 5/15/24 (a) 17,970 19,596 
5.5% 1/15/23 (a) 5,305 5,725 
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (a) 10,180 10,065 
  38,957 
Utilities - 2.4%   
EnLink Midstream Partners LP:   
4.15% 6/1/25 5,410 4,882 
4.4% 4/1/24 5,415 5,077 
Global Partners LP/GLP Finance Corp. 7% 6/15/23 11,295 11,670 
NextEra Energy Partners LP:   
4.25% 9/15/24 (a) 8,025 8,346 
4.5% 9/15/27 (a) 5,580 5,692 
NRG Energy, Inc.:   
5.75% 1/15/28 34,385 37,222 
6.625% 1/15/27 26,747 28,987 
Pacific Gas & Electric Co.:   
3.75% 8/15/42 (f) 7,585 6,902 
3.95% 12/1/47 (f) 53,930 48,807 
4% 12/1/46 (f) 24,380 22,186 
4.25% 3/15/46 (f) 2,400 2,208 
4.3% 3/15/45 (f) 5,995 5,515 
6.05% 3/1/34 (f) 7,690 7,709 
Pattern Energy Group, Inc. 5.875% 2/1/24 (a) 5,475 5,612 
The AES Corp. 4.5% 3/15/23 5,175 5,291 
Vertiv Group Corp. 9.25% 10/15/24 (a) 2,785 2,620 
Vistra Operations Co. LLC:   
5% 7/31/27 (a) 22,585 23,375 
5.5% 9/1/26 (a) 16,965 17,927 
5.625% 2/15/27 (a) 28,195 29,887 
  279,915 
TOTAL NONCONVERTIBLE BONDS  6,644,656 
TOTAL CORPORATE BONDS   
(Cost $6,527,631)  6,665,336 
 Shares Value (000s) 
Common Stocks - 20.6%   
Air Transportation - 1.0%   
Air Canada (g) 3,438,100 122,426 
Automotive & Auto Parts - 0.2%   
Allison Transmission Holdings, Inc. 285,200 12,438 
Chassix Holdings, Inc. warrants 7/29/20 (d)(g) 37,382 184 
Exide Technologies (d)(g) 9,824 10 
Exide Technologies (d)(g) 32,746 
Exide Technologies (d)(h) 146,110 1,302 
Motors Liquidation Co. GUC Trust (g) 11,464 113 
UC Holdings, Inc. (d)(g) 677,217 13,077 
TOTAL AUTOMOTIVE & AUTO PARTS  27,124 
Banks & Thrifts - 0.5%   
Bank of America Corp. 747,115 23,362 
JPMorgan Chase & Co. 250,380 31,277 
TOTAL BANKS & THRIFTS  54,639 
Broadcasting - 0.5%   
iHeartMedia, Inc. (g)(i) 118,490 1,699 
iHeartMedia, Inc. warrants 5/1/39 (g) 104 
Nexstar Broadcasting Group, Inc. Class A 376,429 36,623 
Sinclair Broadcast Group, Inc. Class A 402,800 16,048 
TOTAL BROADCASTING  54,371 
Cable/Satellite TV - 0.8%   
Altice U.S.A., Inc. Class A (g) 1,930,500 59,749 
Comcast Corp. Class A 806,200 36,134 
TOTAL CABLE/SATELLITE TV  95,883 
Capital Goods - 0.7%   
Fortive Corp. 268,800 18,547 
Thermo Fisher Scientific, Inc. 112,300 33,912 
Zebra Technologies Corp. Class A (g) 115,500 27,474 
TOTAL CAPITAL GOODS  79,933 
Chemicals - 0.2%   
CF Industries Holdings, Inc. 355,000 16,099 
Hexion U.S. Finance Corp. (g) 90,260 912 
The Chemours Co. LLC 781,940 12,832 
TOTAL CHEMICALS  29,843 
Consumer Products - 0.1%   
Reddy Ice Holdings, Inc. (d) 199,717 60 
Reddy Ice Holdings, Inc. (d)(g) 496,439 
Ulta Beauty, Inc. (g) 72,500 16,903 
TOTAL CONSUMER PRODUCTS  16,963 
Diversified Financial Services - 1.3%   
American Express Co. 270,700 31,748 
MasterCard, Inc. Class A 317,600 87,915 
OneMain Holdings, Inc. 764,900 30,596 
Penson Worldwide, Inc. Class A (d)(g) 10,322,034 
PJT Partners, Inc. 5,092 211 
TOTAL DIVERSIFIED FINANCIAL SERVICES  150,470 
Energy - 0.1%   
Chaparral Energy, Inc. Class A (g)(i) 146,806 138 
Forbes Energy Services Ltd. (g) 193,218 58 
Goodrich Petroleum Corp. (g) 129,527 1,247 
Harvest Oil & Gas Corp. 254,828 1,389 
MEG Energy Corp. (g) 2,376,100 9,128 
Ultra Petroleum Corp. warrants 7/14/25 (g) 211,400 
VNR Finance Corp. (d)(g) 119,961 
VNR Finance Corp. (a)(d)(g) 577,714 
TOTAL ENERGY  11,960 
Food & Drug Retail - 0.1%   
Southeastern Grocers, Inc. (d)(g) 183,263 6,445 
Food/Beverage/Tobacco - 0.9%   
Darling International, Inc. (g) 1,038,617 20,045 
JBS SA 12,222,900 86,220 
TOTAL FOOD/BEVERAGE/TOBACCO  106,265 
Gaming - 1.6%   
Boyd Gaming Corp. 1,699,600 46,314 
Eldorado Resorts, Inc. (g)(i) 1,155,536 51,733 
Melco Crown Entertainment Ltd. sponsored ADR 940,927 20,268 
MGM Mirage, Inc. 603,800 17,208 
Penn National Gaming, Inc. (g) 1,786,500 38,079 
Studio City International Holdings Ltd. ADR 695,700 13,371 
TOTAL GAMING  186,973 
Healthcare - 1.9%   
Alexion Pharmaceuticals, Inc. (g) 182,800 19,267 
Charles River Laboratories International, Inc. (g) 185,000 24,046 
Cigna Corp. 158,700 28,322 
Encompass Health Corp. 34 
Humana, Inc. 105,400 31,009 
IQVIA Holdings, Inc. (g) 393,500 56,829 
Jazz Pharmaceuticals PLC (g) 197,900 24,862 
Rotech Healthcare, Inc. (d)(g) 185,710 1,924 
UnitedHealth Group, Inc. 144,600 36,540 
TOTAL HEALTHCARE  222,801 
Homebuilders/Real Estate - 0.0%   
American Tower Corp. 11,612 2,532 
Leisure - 0.1%   
Royal Caribbean Cruises Ltd. 148,900 16,205 
Metals/Mining - 0.1%   
Aleris Corp. (d)(g) 127,520 
Elah Holdings, Inc. (g) 906 53 
First Quantum Minerals Ltd. 1,764,200 14,908 
TOTAL METALS/MINING  14,961 
Services - 1.6%   
Air Lease Corp. Class A 594,900 26,164 
HD Supply Holdings, Inc. (g) 1,062,000 41,991 
Novus Holdings Ltd. 100,408 18 
Penhall Acquisition Co.:   
Class A (d)(g) 26,163 1,717 
Class B (d)(g) 8,721 572 
United Rentals, Inc. (g) 524,794 70,097 
Visa, Inc. Class A 255,040 45,616 
TOTAL SERVICES  186,175 
Steel - 0.0%   
Algoma Steel GP (d) 198,162 
Algoma Steel SCA (d) 198,162 32 
TOTAL STEEL  36 
Super Retail - 0.4%   
Amazon.com, Inc. (g) 22,800 40,508 
Arena Brands Holding Corp. Class B (d)(g)(h) 659,302 5,301 
TOTAL SUPER RETAIL  45,809 
Technology - 6.4%   
Adobe, Inc. (g) 256,400 71,261 
Advanced Micro Devices, Inc. (g) 800,500 27,161 
Alphabet, Inc. Class A (g) 49,800 62,688 
CDW Corp. 247,000 31,594 
EPAM Systems, Inc. (g) 261,900 46,084 
Facebook, Inc. Class A (g) 257,000 49,254 
Fiserv, Inc. (g) 316,513 33,595 
Global Payments, Inc. 456,924 77,302 
GoDaddy, Inc. (g) 281,500 18,306 
Lam Research Corp. 153,700 41,659 
Microchip Technology, Inc. (i) 511,900 48,267 
Micron Technology, Inc. (g) 528,100 25,111 
Microsoft Corp. 513,800 73,664 
ON Semiconductor Corp. (g) 1,315,038 26,827 
PayPal Holdings, Inc. (g) 609,400 63,439 
Salesforce.com, Inc. (g) 153,800 24,068 
SS&C Technologies Holdings, Inc. 333,382 17,339 
Verra Mobility Corp. (g) 627,800 9,009 
VMware, Inc. Class A 113,600 17,979 
TOTAL TECHNOLOGY  764,607 
Telecommunications - 1.1%   
Crown Castle International Corp. 293,400 40,721 
Palo Alto Networks, Inc. (g) 118,300 26,900 
T-Mobile U.S., Inc. (g) 810,400 66,988 
TOTAL TELECOMMUNICATIONS  134,609 
Transportation Ex Air/Rail - 0.0%   
Tricer Holdco SCA:   
Class A1 (d)(g)(h) 598,287 
Class A2 (d)(g)(h) 598,287 
Class A3 (d)(g)(h) 598,287 
Class A4 (d)(g)(h) 598,287 
Class A5 (d)(g)(h) 598,287 
Class A6 (d)(g)(h) 598,287 
Class A7 (d)(g)(h) 598,287 
Class A8 (d)(g)(h) 598,287 
Class A9 (d)(g)(h) 598,287 
U.S. Shipping Partners Corp. (d)(g) 51,736 
U.S. Shipping Partners Corp. warrants 12/31/29 (d)(g) 484,379 
TOTAL TRANSPORTATION EX AIR/RAIL  
Utilities - 1.0%   
NRG Energy, Inc. 986,100 39,562 
Portland General Electric Co. 14,817 843 
Vistra Energy Corp. 3,126,400 84,507 
TOTAL UTILITIES  124,912 
TOTAL COMMON STOCKS   
(Cost $1,871,633)  2,455,951 
Nonconvertible Preferred Stocks - 0.0%   
Transportation Ex Air/Rail - 0.0%   
Tricer Holdco SCA (d)(g)(h)   
(Cost $10,250) 287,159,690 97 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 4.4%   
Air Transportation - 0.0%   
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.1044% 4/4/26 (b)(e) 1,197 1,198 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 4.000% 6.1044% 4/4/26 (b)(e) 643 644 
TOTAL AIR TRANSPORTATION  1,842 
Automotive & Auto Parts - 0.2%   
Wand NewCo 3, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.2859% 2/5/26 (b)(e) 17,880 17,938 
Banks & Thrifts - 0.0%   
Citadel Securities LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.2859% 2/27/26 (b)(e) 2,980 2,986 
Broadcasting - 0.1%   
iHeartMedia Capital I LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.0315% 5/1/26 (b)(e) 2,313 2,320 
Nexstar Broadcasting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.5543% 9/19/26 (b)(e) 4,445 4,459 
TOTAL BROADCASTING  6,779 
Building Materials - 0.0%   
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.8% 9/27/24 (b)(e) 2,950 2,581 
Cable/Satellite TV - 0.0%   
LCPR Loan Financing LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.8282% 10/22/26 (b)(e) 2,140 2,152 
Energy - 1.7%   
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.5359% 11/3/25 (b)(e) 6,055 5,306 
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.0359% 6/24/24 (b)(e) 8,846 7,752 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.1746% 12/31/21 (b)(e) 90,370 59,644 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.5496% 12/31/22 (b)(e) 102,975 88,095 
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8.7859% 8/1/23 (b)(e) 1,405 1,416 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.04% 3/1/26 (b)(e) 35,950 33,771 
Forbes Energy Services LLC Tranche B, term loan 16% 4/13/21 (b)(d) 1,879 1,893 
Sanchez Energy Corp. 1LN, term loan 3 month U.S. LIBOR + 8.000% 10% 5/11/20 (b)(d)(e)(j) 10,780 10,241 
TOTAL ENERGY  208,118 
Healthcare - 0.3%   
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.7859% 6/13/26 (b)(e) 37,715 34,772 
Valeant Pharmaceuticals International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9213% 6/1/25 (b)(e) 2,003 2,009 
TOTAL HEALTHCARE  36,781 
Hotels - 0.2%   
Travelport Finance Luxembourg SARL Tranche B 2LN, term loan 3 month U.S. LIBOR + 9.000% 11.1044% 5/28/27 (b)(e) 23,945 20,353 
Insurance - 0.2%   
HUB International Ltd. Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 4.9395% 4/25/25 (b)(e) 5,372 5,250 
3 month U.S. LIBOR + 4.000% 4/25/25 (e)(k) 19,275 19,236 
TOTAL INSURANCE  24,486 
Metals/Mining - 0.1%   
Murray Energy Corp.:   
term loan 3 month U.S. LIBOR + 11.000% 7.4286% 7/29/20 (b)(e) 7,607 6,998 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 10/17/22 (e)(f)(k) 22,488 7,079 
TOTAL METALS/MINING  14,077 
Services - 0.4%   
Almonde, Inc. Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.4463% 6/13/25 (b)(e) 30,761 28,697 
BidFair MergeRight, Inc. 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.4085% 1/23/27 (b)(e) 11,264 10,989 
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.3544% 8/22/25 (b)(e) 6,055 6,010 
TOTAL SERVICES  45,696 
Technology - 1.1%   
Boxer Parent Co., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.0359% 10/2/25 (b)(e) 36,737 33,943 
Camelot Finance SA Tranche B, term loan 3 month U.S. LIBOR + 3.250% 10/31/26 (e)(k) 1,150 1,153 
Curie Merger Sub LLC 1LN, term loan 3 month U.S. LIBOR + 4.250% 10/28/26 (e)(k) 600 599 
Kronos, Inc. 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.5031% 11/1/24 (b)(e) 19,695 19,772 
Landesk Group, Inc. term loan:   
3 month U.S. LIBOR + 4.250% 6.2% 1/20/24 (b)(e) 3,085 3,014 
3 month U.S. LIBOR + 9.000% 10.95% 1/20/25 (b)(e) 10,270 10,065 
McAfee LLC Tranche B, term loan:   
3 month U.S. LIBOR + 3.750% 5.5549% 9/29/24 (b)(e) 4,598 4,595 
3 month U.S. LIBOR + 8.500% 10.3049% 9/29/25 (b)(e) 24,662 24,748 
ON Semiconductor Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.7859% 9/19/26 (b)(e) 7,845 7,875 
Web.com Group, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 9.6635% 10/11/26 (b)(e) 15,014 14,404 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.6635% 10/11/25 (b)(e) 11,054 10,747 
TOTAL TECHNOLOGY  130,915 
Telecommunications - 0.1%   
Iridium Satellite LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 10/18/26 (e)(k) 2,125 2,136 
Triton Bidco Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 9/23/26 (e)(k) 9,050 8,906 
TOTAL TELECOMMUNICATIONS  11,042 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $597,077)  525,746 
Preferred Securities - 9.3%   
Banks & Thrifts - 7.8%   
Bank of America Corp.:   
5.125% (b)(l) 36,030 38,643 
5.2% (b)(l) 61,440 65,387 
5.875% (b)(l) 102,630 113,615 
6.25% (b)(l) 28,555 31,861 
Citigroup, Inc.:   
5% (b)(l) 60,300 62,825 
5.8% (b)(l) 41,925 43,069 
5.9% (b)(l) 27,015 28,906 
5.95% (b)(l) 51,015 54,778 
6.3% (b)(l) 5,610 6,197 
Goldman Sachs Group, Inc.:   
3 month U.S. LIBOR + 3.884% 6.065% (b)(e)(l) 25,687 26,099 
5% (b)(l) 84,915 86,255 
5.375% (b)(l) 31,615 32,884 
Huntington Bancshares, Inc. 5.7% (b)(l) 12,990 13,428 
JPMorgan Chase & Co.:   
3 month U.S. LIBOR + 3.320% 5.4186% (b)(e)(l) 43,545 44,016 
5% (b)(l) 30,845 32,419 
5.3% (b)(l) 16,855 17,554 
6% (b)(l) 69,385 75,513 
6.125% (b)(l) 17,585 19,174 
6.75% (b)(l) 8,330 9,471 
Wells Fargo & Co.:   
5.875% (b)(l) 50,420 56,965 
5.9% (b)(l) 63,075 69,534 
TOTAL BANKS & THRIFTS  928,593 
Diversified Financial Services - 0.3%   
AerCap Holdings NV 5.875% 10/10/79 (b) 33,325 34,859 
Energy - 1.2%   
DCP Midstream Partners LP 7.375% (b)(l) 15,260 15,115 
Energy Transfer Partners LP:   
6.25% (b)(l) 70,123 66,143 
6.625% (b)(l) 27,290 26,411 
MPLX LP 6.875% (b)(l) 30,450 31,310 
Summit Midstream Partners LP 9.5% (b)(l) 15,260 9,249 
TOTAL ENERGY  148,228 
Homebuilders/Real Estate - 0.0%   
Odebrecht Finance Ltd. 7.5% (a)(f)(l) 2,940 221 
TOTAL PREFERRED SECURITIES   
(Cost $1,066,761)  1,111,901 
 Shares Value (000s) 
Money Market Funds - 10.1%   
Fidelity Cash Central Fund 1.83% (m) 1,147,771,189 1,148,001 
Fidelity Securities Lending Cash Central Fund 1.84% (m)(n) 57,487,687 57,493 
TOTAL MONEY MARKET FUNDS   
(Cost $1,205,447)  1,205,494 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $11,278,799)  11,964,525 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (52,217) 
NET ASSETS - 100%  $11,912,308 

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

Legend

 (a) 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 $4,070,982,000 or 34.2% of net assets.

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

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

 (d) Level 3 security

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

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

 (g) Non-income producing

 (h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,706,000 or 0.1% of net assets.

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

 (j) 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 $7,700,000 and $7,315,000, respectively.

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

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Arena Brands Holding Corp. Class B 6/18/97 - 1/12/99 $21,592 
Exide Technologies 4/30/15 - 6/1/19 $2,366 
Tricer Holdco SCA 10/16/09 - 12/30/17 $10,248 
Tricer Holdco SCA Class A1 10/16/09 - 10/29/09 $1,653 
Tricer Holdco SCA Class A2 10/16/09 - 10/29/09 $1,653 
Tricer Holdco SCA Class A3 10/16/09 - 10/29/09 $1,653 
Tricer Holdco SCA Class A4 10/16/09 - 10/29/09 $1,653 
Tricer Holdco SCA Class A5 10/16/09 - 10/29/09 $1,653 
Tricer Holdco SCA Class A6 10/16/09 - 10/29/09 $1,653 
Tricer Holdco SCA Class A7 10/16/09 - 10/29/09 $1,653 
Tricer Holdco SCA Class A8 10/16/09 - 10/29/09 $1,653 
Tricer Holdco SCA Class A9 10/16/09 - 10/29/09 $1,654 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $10,780 
Fidelity Securities Lending Cash Central Fund 123 
Total $10,903 

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2019, 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $329,184 $329,183 $1 $-- 
Consumer Discretionary 280,463 260,589 -- 19,874 
Consumer Staples 112,770 106,265 -- 6,505 
Energy 11,960 11,960 -- -- 
Financials 117,307 117,307 -- -- 
Health Care 256,713 254,789 -- 1,924 
Industrials 294,076 291,681 -- 2,395 
Information Technology 840,570 840,570 -- -- 
Materials 44,840 44,804 -- 36 
Real Estate 43,253 43,253 -- -- 
Utilities 124,912 124,912 -- -- 
Corporate Bonds 6,665,336 -- 6,661,296 4,040 
Bank Loan Obligations 525,746 -- 513,612 12,134 
Preferred Securities 1,111,901 -- 1,111,901 -- 
Money Market Funds 1,205,494 1,205,494 -- -- 
Total Investments in Securities: $11,964,525 $3,630,807 $8,286,810 $46,908 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 85.2% 
Canada 4.1% 
Luxembourg 1.7% 
Cayman Islands 1.4% 
France 1.4% 
Netherlands 1.3% 
Multi-National 1.1% 
Others (Individually Less Than 1%) 3.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)  October 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $55,767) — See accompanying schedule:
Unaffiliated issuers (cost $10,073,352) 
$10,759,031  
Fidelity Central Funds (cost $1,205,447) 1,205,494  
Total Investment in Securities (cost $11,278,799)  $11,964,525 
Cash  6,812 
Receivable for investments sold  24,629 
Receivable for fund shares sold  10,545 
Dividends receivable  301 
Interest receivable  124,061 
Distributions receivable from Fidelity Central Funds  1,532 
Prepaid expenses  21 
Other receivables  566 
Total assets  12,132,992 
Liabilities   
Payable for investments purchased   
Regular delivery $79,005  
Delayed delivery 61,215  
Payable for fund shares redeemed 11,073  
Distributions payable 4,464  
Accrued management fee 5,437  
Other affiliated payables 1,197  
Other payables and accrued expenses 799  
Collateral on securities loaned 57,494  
Total liabilities  220,684 
Net Assets  $11,912,308 
Net Assets consist of:   
Paid in capital  $11,098,021 
Total accumulated earnings (loss)  814,287 
Net Assets, for 1,188,113 shares outstanding  $11,912,308 
Net Asset Value, offering price and redemption price per share ($11,912,308 ÷ 1,188,113 shares)  $10.03 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended October 31, 2019 (Unaudited) 
Investment Income   
Dividends  $43,814 
Interest  241,931 
Income from Fidelity Central Funds (including $123 from security lending)  10,903 
Total income  296,648 
Expenses   
Management fee $32,415  
Transfer agent fees 6,436  
Accounting fees 724  
Custodian fees and expenses 58  
Independent trustees' fees and expenses 33  
Registration fees 154  
Audit 61  
Legal 97  
Miscellaneous 88  
Total expenses before reductions 40,066  
Expense reductions (32)  
Total expenses after reductions  40,034 
Net investment income (loss)  256,614 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 51,020  
Fidelity Central Funds  
Total net realized gain (loss)  51,022 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (97,330)  
Assets and liabilities in foreign currencies  
Total change in net unrealized appreciation (depreciation)  (97,328) 
Net gain (loss)  (46,306) 
Net increase (decrease) in net assets resulting from operations  $210,308 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended October 31, 2019 (Unaudited) Year ended April 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $256,614 $514,624 
Net realized gain (loss) 51,022 78,620 
Change in net unrealized appreciation (depreciation) (97,328) 114,337 
Net increase (decrease) in net assets resulting from operations 210,308 707,581 
Distributions to shareholders (271,923) (807,791) 
Share transactions   
Proceeds from sales of shares 1,256,229 2,212,313 
Reinvestment of distributions 240,851 721,792 
Cost of shares redeemed (1,154,279) (3,255,515) 
Net increase (decrease) in net assets resulting from share transactions 342,801 (321,410) 
Total increase (decrease) in net assets 281,186 (421,620) 
Net Assets   
Beginning of period 11,631,122 12,052,742 
End of period $11,912,308 $11,631,122 
Other Information   
Shares   
Sold 125,725 223,038 
Issued in reinvestment of distributions 24,156 73,721 
Redeemed (115,539) (333,577) 
Net increase (decrease) 34,342 (36,818) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Capital & Income Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $10.08 $10.12 $10.09 $9.24 $9.99 $10.07 
Income from Investment Operations       
Net investment income (loss)A .219 .432 .482 .430 .404 .416 
Net realized and unrealized gain (loss) (.037) .207 .065 .824 (.710) .276 
Total from investment operations .182 .639 .547 1.254 (.306) .692 
Distributions from net investment income (.200) (.487) (.410) (.405) (.387) (.411) 
Distributions from net realized gain (.032) (.192) (.107) – (.058) (.362) 
Total distributions (.232) (.679) (.517) (.405) (.445) (.773) 
Redemption fees added to paid in capitalA – – B .001 .001 .001 
Net asset value, end of period $10.03 $10.08 $10.12 $10.09 $9.24 $9.99 
Total ReturnC,D 1.84% 6.74% 5.51% 13.85% (3.05)% 7.17% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .68%G .69% .67% .73% .75% .72% 
Expenses net of fee waivers, if any .68%G .69% .67% .73% .75% .72% 
Expenses net of all reductions .68%G .69% .67% .73% .74% .72% 
Net investment income (loss) 4.36%G 4.37% 4.71% 4.45% 4.30% 4.16% 
Supplemental Data       
Net assets, end of period (in millions) $11,912 $11,631 $12,053 $11,230 $10,188 $11,160 
Portfolio turnover rateH 51%G 43% 39% 39% 35% 41% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2019
(Amounts in thousands except percentages)

1. Organization.

Fidelity Capital & Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors 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 vendors. 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $539 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, market discount, partnerships, deferred trustees compensation 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 $1,205,021 
Gross unrealized depreciation (485,478) 
Net unrealized appreciation (depreciation) $719,543 
Tax cost $11,244,982 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which 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 the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,736,206 and $2,735,304, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .11% of average net assets.

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 an annualized rate of .01%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $25 for the period.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $14 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $4. 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, and includes $3 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $5.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $27.

9. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

10. Litigation.

The Fund and other entities managed by FMR or its affiliates were named as defendants in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs sought an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contended that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In May 2019, the parties reached a settlement that has been approved by the Bankruptcy Court. Under the terms of the settlement, the Fund will not be required to return any of the proceeds received in 2009, and will be entitled to recover a portion of the legal costs incurred in defending the case.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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, 2019 to October 31, 2019).

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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2019 
Ending
Account Value
October 31, 2019 
Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 
Actual .68% $1,000.00 $1,018.40 $3.45 
Hypothetical-C  $1,000.00 $1,021.72 $3.46 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses





Fidelity Investments

CAI-SANN-1219
1.538653.122


Fidelity® High Income Fund



Semi-Annual Report

October 31, 2019

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of October 31, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.9 
Tenet Healthcare Corp. 2.1 
Community Health Systems, Inc. 1.8 
Valeant Pharmaceuticals International, Inc. 1.5 
CSC Holdings LLC 1.6 
 9.9 

Top Five Market Sectors as of October 31, 2019

 % of fund's net assets 
Energy 14.3 
Telecommunications 10.5 
Healthcare 9.1 
Diversified Financial Services 6.8 
Cable/Satellite TV 6.6 

Quality Diversification (% of fund's net assets)

As of October 31, 2019 
   BBB 4.5% 
   BB 40.3% 
   33.7% 
   CCC,CC,C 13.3% 
   0.3% 
   Not Rated 0.7% 
   Equities 0.5% 
   Short-Term Investments and Net Other Assets 6.7% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of October 31, 2019* 
   Nonconvertible Bonds 87.8% 
   Convertible Bonds, Preferred Stocks 0.6% 
   Common Stocks 0.4% 
   Bank Loan Obligations 2.0% 
   Other Investments 2.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.7% 


 * Foreign investments - 24.1%

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 88.3%   
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.5%   
Broadcasting - 0.5%   
DISH Network Corp.:   
2.375% 3/15/24 $3,133 $2,808 
3.375% 8/15/26 26,345 24,634 
  27,442 
Nonconvertible Bonds - 87.8%   
Aerospace - 3.1%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 22,816 23,843 
Bombardier, Inc.:   
6.125% 1/15/23 (a) 4,738 4,631 
7.5% 12/1/24 (a) 17,059 16,537 
7.5% 3/15/25 (a) 26,233 25,085 
7.875% 4/15/27 (a) 14,387 13,596 
BWX Technologies, Inc. 5.375% 7/15/26 (a) 17,280 18,300 
TransDigm, Inc.:   
6% 7/15/22 1,116 1,135 
6.25% 3/15/26 (a) 21,499 23,031 
6.5% 7/15/24 31,608 32,635 
6.5% 5/15/25 3,319 3,448 
  162,241 
Air Transportation - 0.6%   
Aercap Global Aviation Trust 6.5% 6/15/45 (a)(b) 27,898 30,583 
Banks & Thrifts - 1.4%   
Ally Financial, Inc.:   
3.875% 5/21/24 7,994 8,349 
4.25% 4/15/21 3,755 3,850 
5.75% 11/20/25 47,050 52,402 
8% 11/1/31 7,348 10,269 
  74,870 
Broadcasting - 1.5%   
Sirius XM Radio, Inc.:   
3.875% 8/1/22 (a) 6,349 6,484 
4.625% 7/15/24 (a) 7,142 7,463 
5% 8/1/27 (a) 20,227 21,264 
5.375% 4/15/25 (a) 21,979 22,858 
5.375% 7/15/26 (a) 18,249 19,253 
  77,322 
Building Materials - 0.3%   
Advanced Drain Systems, Inc. 5% 9/30/27 (a) 14,301 14,623 
Cable/Satellite TV - 6.2%   
Cablevision Systems Corp. 5.875% 9/15/22 1,170 1,262 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4% 3/1/23 (a) 7,641 7,775 
5% 2/1/28 (a) 12,013 12,569 
5.125% 2/15/23 5,238 5,349 
5.125% 5/1/23 (a) 5,390 5,518 
5.125% 5/1/27 (a) 18,817 19,828 
5.5% 5/1/26 (a) 26,948 28,396 
5.75% 9/1/23 6,129 6,252 
5.75% 2/15/26 (a) 26,531 28,017 
5.875% 4/1/24 (a) 21,485 22,398 
5.875% 5/1/27 (a) 21,160 22,430 
CSC Holdings LLC:   
5.25% 6/1/24 1,517 1,635 
5.375% 7/15/23 (a) 15,336 15,719 
5.5% 5/15/26 (a) 32,797 34,560 
5.5% 4/15/27 (a) 12,869 13,641 
7.5% 4/1/28 (a) 4,650 5,231 
7.75% 7/15/25 (a) 9,015 9,669 
DISH DBS Corp.:   
5.875% 11/15/24 3,152 3,160 
7.75% 7/1/26 15,777 15,917 
Virgin Media Secured Finance PLC 5.5% 8/15/26 (a) 12,703 13,354 
Ziggo B.V. 5.5% 1/15/27 (a) 28,636 30,211 
Ziggo Bond Co. BV 6% 1/15/27 (a) 2,185 2,283 
Ziggo Bond Finance BV 5.875% 1/15/25 (a) 21,563 22,210 
  327,384 
Capital Goods - 0.8%   
AECOM:   
5.125% 3/15/27 26,360 27,802 
5.875% 10/15/24 14,724 15,884 
  43,686 
Chemicals - 2.2%   
Blue Cube Spinco, Inc.:   
9.75% 10/15/23 3,990 4,349 
10% 10/15/25 5,806 6,488 
CF Industries Holdings, Inc.:   
5.15% 3/15/34 12,380 13,123 
5.375% 3/15/44 11,479 11,766 
Element Solutions, Inc. 5.875% 12/1/25 (a) 16,697 17,430 
OCI NV 6.625% 4/15/23 (a) 18,719 19,538 
Olin Corp. 5.125% 9/15/27 2,193 2,256 
The Chemours Co. LLC:   
5.375% 5/15/27 8,302 7,377 
6.625% 5/15/23 5,481 5,452 
7% 5/15/25 14,582 14,072 
TPC Group, Inc. 10.5% 8/1/24 (a) 3,167 3,357 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375% 9/1/25 (a) 4,391 4,232 
Valvoline, Inc.:   
4.375% 8/15/25 1,483 1,509 
5.5% 7/15/24 1,850 1,920 
W. R. Grace & Co.-Conn.:   
5.125% 10/1/21 (a) 1,816 1,884 
5.625% 10/1/24 (a) 1,762 1,903 
  116,656 
Consumer Products - 0.0%   
Prestige Brands, Inc. 6.375% 3/1/24 (a) 671 700 
Containers - 2.8%   
Ard Securities Finance SARL 8.75% 1/31/23 pay-in-kind (a)(b) 5,451 5,669 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.625% 5/15/23 (a) 23,095 23,644 
6% 2/15/25 (a) 31,069 32,622 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.5% 1/15/23 1,934 2,021 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 24,662 25,741 
OI European Group BV 4% 3/15/23 (a) 3,094 3,079 
Owens-Brockway Glass Container, Inc.:   
5% 1/15/22 (a) 6,060 6,257 
5.375% 1/15/25 (a) 7,524 7,590 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
5.125% 7/15/23 (a) 9,149 9,386 
7% 7/15/24 (a) 9,359 9,687 
Silgan Holdings, Inc. 4.75% 3/15/25 1,062 1,086 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (a) 15,341 16,070 
8.5% 8/15/27 (a) 3,065 3,268 
  146,120 
Diversified Financial Services - 6.3%   
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a) 1,018 977 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 14,220 14,931 
FLY Leasing Ltd.:   
5.25% 10/15/24 27,627 28,456 
6.375% 10/15/21 9,325 9,482 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 4,171 4,207 
6.25% 2/1/22 19,908 20,381 
6.25% 5/15/26 11,621 12,318 
6.375% 12/15/25 19,248 20,210 
6.75% 2/1/24 10,182 10,615 
MSCI, Inc.:   
4.75% 8/1/26 (a) 1,552 1,626 
5.375% 5/15/27 (a) 5,150 5,498 
5.75% 8/15/25 (a) 3,216 3,373 
Navient Corp.:   
5% 10/26/20 2,120 2,159 
5.5% 1/25/23 2,834 2,944 
5.875% 10/25/24 255 261 
6.125% 3/25/24 3,593 3,756 
6.5% 6/15/22 10,436 11,167 
6.625% 7/26/21 3,671 3,877 
6.75% 6/25/25 10,471 11,044 
6.75% 6/15/26 2,590 2,707 
7.25% 1/25/22 6,603 7,162 
7.25% 9/25/23 8,735 9,542 
8% 3/25/20 8,818 9,005 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 4,621 4,854 
5.25% 8/15/22 (a) 16,501 17,573 
5.5% 2/15/24 (a) 18,619 20,470 
Quicken Loans, Inc. 5.25% 1/15/28 (a) 24,206 24,962 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (a) 18,601 18,787 
6.875% 2/15/23 (a) 19,527 19,966 
Springleaf Finance Corp.:   
6.875% 3/15/25 8,214 9,302 
7.125% 3/15/26 15,263 17,400 
  329,012 
Diversified Media - 0.9%   
MDC Partners, Inc. 6.5% 5/1/24 (a) 14,205 13,584 
Nielsen Co. SARL (Luxembourg) 5% 2/1/25 (a) 15,772 15,693 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 19,531 19,629 
  48,906 
Energy - 13.6%   
Archrock Partners LP / Archrock Partners Finance Corp. 6.875% 4/1/27 (a) 6,858 7,080 
California Resources Corp. 8% 12/15/22 (a) 41,050 11,905 
Cheniere Corpus Christi Holdings LLC:   
5.875% 3/31/25 2,027 2,248 
7% 6/30/24 34,528 39,710 
Cheniere Energy Partners LP:   
5.25% 10/1/25 53,308 55,174 
5.625% 10/1/26 6,657 7,031 
Chesapeake Energy Corp.:   
8% 1/15/25 26,130 17,246 
8% 6/15/27 16,965 10,603 
Citgo Holding, Inc. 9.25% 8/1/24 (a) 5,208 5,436 
Citgo Petroleum Corp. 6.25% 8/15/22 (a) 19,057 19,248 
Comstock Escrow Corp. 9.75% 8/15/26 19,678 15,546 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 5.8685% 6/15/22 (a)(b)(c) 8,576 8,512 
6.5% 5/15/26 (a) 9,790 9,423 
6.875% 6/15/25 (a) 2,295 2,226 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.75% 4/1/25 11,117 11,478 
6.25% 4/1/23 13,789 14,026 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 13,176 13,308 
DCP Midstream Operating LP 5.375% 7/15/25 16,932 17,821 
Denbury Resources, Inc.:   
7.75% 2/15/24 (a) 24,563 18,054 
9% 5/15/21 (a) 2,173 1,901 
9.25% 3/31/22 (a) 17,284 14,173 
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 5/15/26 (a)(d) 8,278 5,753 
EQT Corp. 3.9% 10/1/27 24,454 21,576 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 22,545 23,588 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 14,327 12,720 
5.75% 10/1/25 (a) 5,635 5,029 
Indigo Natural Resources LLC 6.875% 2/15/26 (a) 857 780 
Jonah Energy LLC 7.25% 10/15/25 (a) 23,715 6,640 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (a) 3,588 3,588 
MEG Energy Corp.:   
6.375% 1/30/23 (a) 8,880 8,392 
7% 3/31/24 (a) 14,494 13,614 
Nabors Industries, Inc.:   
5.5% 1/15/23 1,270 1,073 
5.75% 2/1/25 11,381 8,482 
Noble Holding International Ltd.:   
5.25% 3/15/42 4,122 1,566 
6.05% 3/1/41 4,073 1,426 
7.875% 2/1/26 (a) 4,880 3,221 
Parsley Energy LLC/Parsley:   
5.25% 8/15/25 (a) 12,257 12,564 
5.375% 1/15/25 (a) 6,104 6,284 
5.625% 10/15/27 (a) 2,154 2,224 
6.25% 6/1/24 (a) 906 943 
PBF Holding Co. LLC/PBF Finance Corp.:   
7% 11/15/23 16,541 17,037 
7.25% 6/15/25 959 1,002 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 4,650 4,766 
Range Resources Corp.:   
4.875% 5/15/25 10,799 8,666 
5% 3/15/23 4,861 4,205 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 12,277 12,412 
Sanchez Energy Corp. 7.25% 2/15/23 (a)(d) 32,078 21,813 
SemGroup Corp. 6.375% 3/15/25 25,410 26,331 
Semgroup Corp. / Rose Rock Finance 5.625% 11/15/23 10,020 10,245 
Southwestern Energy Co.:   
7.5% 4/1/26 9,071 7,961 
7.75% 10/1/27 6,173 5,309 
Summit Midstream Holdings LLC 5.75% 4/15/25 33,036 25,603 
Sunoco LP/Sunoco Finance Corp.:   
4.875% 1/15/23 6,398 6,566 
5.5% 2/15/26 4,592 4,747 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.25% 11/15/23 5,987 6,015 
5.125% 2/1/25 460 472 
5.25% 5/1/23 17,324 17,389 
5.375% 2/1/27 460 471 
5.875% 4/15/26 15,924 16,622 
6.75% 3/15/24 3,167 3,285 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 7,171 7,386 
5% 1/31/28 (a) 2,805 2,958 
Tervita Escrow Corp. 7.625% 12/1/21 (a) 6,210 6,132 
U.S.A. Compression Partners LP:   
6.875% 4/1/26 11,701 11,818 
6.875% 9/1/27 (a) 3,813 3,813 
Valaris PLC:   
4.5% 10/1/24 4,264 2,175 
5.2% 3/15/25 2,296 1,194 
7.75% 2/1/26 13,271 6,967 
Viper Energy Partners LP 5.375% 11/1/27 (a) 13,363 13,597 
Weatherford International Ltd.:   
5.95% 4/15/42 (d) 443 133 
6.5% 8/1/36 (d) 4,450 1,346 
7% 3/15/38 (d) 14,847 4,454 
9.875% 2/15/24 (d) 5,443 1,660 
Weatherford International, Inc.:   
6.8% 6/15/37 (d) 4,264 1,290 
9.875% 3/1/25 (d) 21,396 6,633 
  714,085 
Environmental - 0.4%   
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 21,248 21,584 
Food/Beverage/Tobacco - 3.7%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 15,147 15,185 
Cott Holdings, Inc. 5.5% 4/1/25 (a) 8,092 8,436 
ESAL GmbH 6.25% 2/5/23 (a) 5,009 5,106 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 24,735 25,693 
5.875% 7/15/24 (a) 10,985 11,328 
6.75% 2/15/28 (a) 35,558 39,114 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (a) 14,010 15,096 
6.5% 4/15/29 (a) 21,269 23,662 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (a) 6,613 6,952 
4.875% 11/1/26 (a) 1,537 1,616 
Post Holdings, Inc.:   
5% 8/15/26 (a) 8,003 8,324 
5.5% 3/1/25 (a) 5,899 6,180 
5.75% 3/1/27 (a) 5,155 5,488 
U.S. Foods, Inc. 5.875% 6/15/24 (a) 4,215 4,341 
Vector Group Ltd. 6.125% 2/1/25 (a) 19,644 18,858 
  195,379 
Gaming - 6.0%   
Boyd Gaming Corp.:   
6% 8/15/26 3,294 3,492 
6.375% 4/1/26 2,007 2,132 
Caesars Resort Collection LLC 5.25% 10/15/25 (a) 45,745 46,831 
Eldorado Resorts, Inc.:   
6% 4/1/25 12,600 13,246 
6% 9/15/26 2,330 2,554 
GLP Capital LP/GLP Financing II, Inc.:   
5.25% 6/1/25 12,203 13,381 
5.375% 4/15/26 999 1,099 
Golden Entertainment, Inc. 7.625% 4/15/26 (a) 25,220 26,513 
MCE Finance Ltd. 4.875% 6/6/25 (a) 7,170 7,327 
MGM Growth Properties Operating Partnership LP:   
4.5% 9/1/26 22,885 24,315 
4.5% 1/15/28 1,429 1,497 
5.625% 5/1/24 12,713 14,000 
5.75% 2/1/27 (a) 4,396 4,967 
MGM Mirage, Inc. 5.75% 6/15/25 7,759 8,603 
Penn National Gaming, Inc. 5.625% 1/15/27 (a) 12,629 13,008 
Scientific Games Corp.:   
5% 10/15/25 (a) 12,639 13,018 
10% 12/1/22 9,822 10,104 
Stars Group Holdings BV 7% 7/15/26 (a) 29,757 32,100 
Station Casinos LLC 5% 10/1/25 (a) 1,640 1,663 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (a) 12,732 12,605 
Twin River Worldwide Holdings, Inc. 6.75% 6/1/27 (a) 10,537 11,093 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) 13,276 13,840 
Wynn Macau Ltd.:   
4.875% 10/1/24 (a) 21,553 21,661 
5.5% 10/1/27 (a) 13,548 13,912 
  312,961 
Healthcare - 9.1%   
Catalent Pharma Solutions 4.875% 1/15/26 (a) 2,448 2,528 
Charles River Laboratories International, Inc.:   
4.25% 5/1/28 (a) 1,503 1,531 
5.5% 4/1/26 (a) 6,755 7,194 
Community Health Systems, Inc.:   
6.25% 3/31/23 29,297 28,546 
8% 3/15/26 (a) 51,306 50,152 
8.625% 1/15/24 (a) 14,103 14,412 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 8,669 9,016 
HCA Holdings, Inc.:   
4.5% 2/15/27 2,560 2,764 
5% 3/15/24 1,875 2,045 
5.25% 6/15/26 5,380 6,020 
5.375% 2/1/25 12,370 13,592 
5.375% 9/1/26 4,518 4,925 
5.875% 5/1/23 12,331 13,530 
6.25% 2/15/21 7,573 7,933 
Hologic, Inc.:   
4.375% 10/15/25 (a) 5,698 5,838 
4.625% 2/1/28 (a) 259 271 
IMS Health, Inc.:   
5% 10/15/26 (a) 3,785 3,993 
5% 5/15/27 (a) 13,648 14,467 
MPH Acquisition Holdings LLC 7.125% 6/1/24 (a) 19,781 18,446 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 4,068 4,282 
5.25% 8/1/26 8,245 8,657 
5.5% 5/1/24 9,237 9,479 
6.375% 3/1/24 4,606 4,808 
Service Corp. International 5.125% 6/1/29 7,078 7,538 
Teleflex, Inc. 4.875% 6/1/26 11,052 11,587 
Tenet Healthcare Corp.:   
4.625% 7/15/24 994 1,024 
5.125% 5/1/25 11,738 12,017 
6.25% 2/1/27 (a) 7,729 8,164 
6.75% 6/15/23 19,086 20,231 
7% 8/1/25 11,645 12,023 
8.125% 4/1/22 52,490 56,818 
Valeant Pharmaceuticals International, Inc.:   
5.5% 11/1/25 (a) 12,649 13,218 
5.875% 5/15/23 (a) 4,205 4,266 
6.125% 4/15/25 (a) 22,023 22,863 
7% 3/15/24 (a) 15,880 16,613 
8.5% 1/31/27 (a) 4,269 4,803 
9% 12/15/25 (a) 6,339 7,138 
9.25% 4/1/26 (a) 10,250 11,596 
Vizient, Inc. 6.25% 5/15/27 (a) 1,190 1,283 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 12,742 13,335 
5.375% 8/15/26 (a) 16,100 17,126 
  476,072 
Homebuilders/Real Estate - 1.0%   
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (a) 16,510 17,172 
Howard Hughes Corp. 5.375% 3/15/25 (a) 20,858 21,666 
Starwood Property Trust, Inc.:   
4.75% 3/15/25 10,069 10,456 
5% 12/15/21 4,592 4,753 
  54,047 
Hotels - 0.8%   
Hilton Domestic Operating Co., Inc. 5.125% 5/1/26 25,631 26,913 
Hilton Escrow Issuer LLC 4.25% 9/1/24 11,034 11,227 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 573 606 
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) 1,797 1,896 
  40,642 
Insurance - 0.5%   
AmWINS Group, Inc. 7.75% 7/1/26 (a) 13,153 14,139 
USIS Merger Sub, Inc. 6.875% 5/1/25 (a) 12,296 12,511 
  26,650 
Leisure - 0.3%   
Mattel, Inc. 6.75% 12/31/25 (a) 15,992 16,732 
Metals/Mining - 1.2%   
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (a) 13,569 13,298 
7.25% 5/15/22 (a) 2,784 2,805 
7.25% 4/1/23 (a) 12,815 12,883 
Freeport-McMoRan, Inc.:   
3.55% 3/1/22 5,593 5,656 
3.875% 3/15/23 10,764 10,925 
Nufarm Australia Ltd. 5.75% 4/30/26 (a) 18,583 18,676 
  64,243 
Paper - 0.7%   
Berry Global Escrow Corp. 4.875% 7/15/26 (a) 10,529 11,069 
Flex Acquisition Co., Inc.:   
6.875% 1/15/25 (a) 17,561 16,463 
7.875% 7/15/26 (a) 7,562 7,108 
NewPage Corp. 11.375% 12/31/2014 (d)(e) 30,078 
  34,640 
Restaurants - 1.1%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
4.25% 5/15/24 (a) 12,673 13,006 
5% 10/15/25 (a) 4,631 4,770 
Golden Nugget, Inc. 6.75% 10/15/24 (a) 22,557 23,236 
KFC Holding Co./Pizza Hut Holding LLC 5% 6/1/24 (a) 14,553 15,099 
  56,111 
Services - 3.4%   
ADT Corp. 4.875% 7/15/32 (a) 1,591 1,377 
APX Group, Inc.:   
7.625% 9/1/23 12,208 10,743 
7.875% 12/1/22 10,231 10,218 
8.75% 12/1/20 1,824 1,797 
Aramark Services, Inc.:   
4.75% 6/1/26 12,385 12,710 
5% 4/1/25 (a) 6,344 6,606 
5.125% 1/15/24 3,280 3,383 
Avantor, Inc. 6% 10/1/24 (a) 11,543 12,338 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) 12,463 12,089 
CDK Global, Inc.:   
4.875% 6/1/27 700 738 
5.25% 5/15/29 (a) 2,315 2,458 
5.875% 6/15/26 8,821 9,438 
Corrections Corp. of America:   
4.125% 4/1/20 5,057 5,058 
4.625% 5/1/23 2,448 2,292 
5% 10/15/22 11,751 11,648 
Frontdoor, Inc. 6.75% 8/15/26 (a) 4,078 4,465 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (a) 18,509 19,238 
Laureate Education, Inc. 8.25% 5/1/25 (a) 19,600 21,266 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (a) 919 967 
Tempo Acquisition LLC 6.75% 6/1/25 (a) 26,747 27,516 
The GEO Group, Inc.:   
5.875% 10/15/24 2,244 1,874 
6% 4/15/26 580 460 
  178,679 
Super Retail - 0.2%   
The William Carter Co. 5.625% 3/15/27 (a) 7,749 8,262 
Technology - 4.7%   
Ascend Learning LLC:   
6.875% 8/1/25 (a) 10,201 10,647 
6.875% 8/1/25 (a) 1,712 1,791 
Banff Merger Sub, Inc. 9.75% 9/1/26 (a) 17,345 16,153 
Camelot Finance SA 4.5% 11/1/26 (a) 12,670 12,802 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (a) 8,664 8,897 
Fair Isaac Corp. 5.25% 5/15/26 (a) 4,224 4,583 
Gartner, Inc. 5.125% 4/1/25 (a) 514 539 
Micron Technology, Inc. 5.5% 2/1/25 720 741 
Nuance Communications, Inc. 5.625% 12/15/26 14,955 15,872 
Open Text Corp. 5.875% 6/1/26 (a) 18,180 19,384 
Qorvo, Inc. 5.5% 7/15/26 15,067 16,084 
Rackspace Hosting, Inc. 8.625% 11/15/24 (a) 17,189 15,728 
Sensata Technologies BV 5% 10/1/25 (a) 2,966 3,196 
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (a) 465 497 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 40,042 41,894 
SS&C Technologies, Inc. 5.5% 9/30/27 (a) 17,621 18,799 
Symantec Corp.:   
4.2% 9/15/20 3,148 3,188 
5% 4/15/25 (a) 30,251 31,007 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 26,531 26,796 
  248,598 
Telecommunications - 10.0%   
Altice Financing SA:   
6.625% 2/15/23 (a) 9,360 9,615 
7.5% 5/15/26 (a) 37,330 39,663 
Altice Finco SA:   
7.625% 2/15/25 (a) 19,610 20,100 
8.125% 1/15/24 (a) 5,140 5,301 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (a) 42,092 44,302 
7.5% 10/15/26 (a) 27,637 29,675 
Citizens Utilities Co. 7.05% 10/1/46 22,473 10,113 
Cogent Communications Group, Inc. 5.375% 3/1/22 (a) 3,779 3,930 
Intelsat Jackson Holdings SA 8.5% 10/15/24 (a) 18,102 18,241 
Level 3 Communications, Inc. 5.75% 12/1/22 1,645 1,649 
Level 3 Financing, Inc.:   
5.125% 5/1/23 26,326 26,655 
5.375% 1/15/24 22,126 22,541 
5.375% 5/1/25 3,764 3,891 
Millicom International Cellular SA:   
6% 3/15/25 (a) 1,815 1,879 
6.625% 10/15/26 (a) 34,393 37,359 
Neptune Finco Corp.:   
6.625% 10/15/25 (a) 23,208 24,717 
10.875% 10/15/25 (a) 2,345 2,646 
Qwest Corp. 6.75% 12/1/21 891 962 
SFR Group SA:   
7.375% 5/1/26 (a) 30,996 33,192 
8.125% 2/1/27 (a) 16,423 18,209 
Sprint Communications, Inc. 6% 11/15/22 31,289 33,088 
Sprint Corp.:   
7.125% 6/15/24 14,710 15,960 
7.875% 9/15/23 36,405 40,182 
T-Mobile U.S.A., Inc.:   
4.5% 2/1/26 1,493 1,540 
5.125% 4/15/25 1,473 1,531 
6% 4/15/24 10,368 10,757 
6.375% 3/1/25 1,116 1,158 
Telecom Italia Capital SA:   
6% 9/30/34 4,978 5,314 
6.375% 11/15/33 2,795 3,081 
Telecom Italia SpA 5.303% 5/30/24 (a) 12,228 13,084 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (a) 15,200 16,165 
U.S. West Communications 7.25% 9/15/25 984 1,128 
Zayo Group LLC/Zayo Capital, Inc.:   
5.75% 1/15/27 (a) 7,289 7,408 
6.375% 5/15/25 17,671 18,166 
  523,202 
Transportation Ex Air/Rail - 0.8%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (a) 18,616 20,087 
5.25% 5/15/24 (a) 4,895 5,338 
5.5% 1/15/23 (a) 12,815 13,829 
  39,254 
Utilities - 4.2%   
Calpine Corp. 5.75% 1/15/25 10,471 10,746 
Clearway Energy Operating LLC 5.75% 10/15/25 1,180 1,211 
DCP Midstream Operating LP 5.125% 5/15/29 13,706 13,912 
Dynegy, Inc. 5.875% 6/1/23 1,287 1,314 
Global Partners LP/GLP Finance Corp.:   
7% 6/15/23 15,111 15,613 
7% 8/1/27 (a) 11,357 11,813 
InterGen NV 7% 6/30/23 (a) 42,782 40,664 
Nextera Energy Operating Partn:   
4.25% 9/15/24 (a) 13,775 14,326 
4.5% 9/15/27 (a) 357 364 
NRG Energy, Inc.:   
5.25% 6/15/29 (a) 10,490 11,251 
5.75% 1/15/28 4,166 4,510 
6.625% 1/15/27 1,757 1,904 
7.25% 5/15/26 979 1,072 
NRG Yield Operating LLC 5% 9/15/26 3,515 3,515 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 20,060 21,664 
Talen Energy Supply LLC 10.5% 1/15/26 (a) 18,401 15,825 
The AES Corp.:   
4.5% 3/15/23 1,018 1,041 
4.875% 5/15/23 2,181 2,216 
5.125% 9/1/27 2,599 2,794 
6% 5/15/26 9,707 10,365 
Vistra Operations Co. LLC:   
5% 7/31/27 (a) 9,776 10,118 
5.5% 9/1/26 (a) 23,678 25,021 
  221,259 
TOTAL NONCONVERTIBLE BONDS  4,604,503 
TOTAL CORPORATE BONDS   
(Cost $4,578,445)  4,631,945 
 Shares Value (000s) 
Common Stocks - 0.4%   
Automotive & Auto Parts - 0.0%   
Motors Liquidation Co. GUC Trust (f) 1,502 15 
Energy - 0.0%   
Forbes Energy Services Ltd. (f) 47,062 14 
Food & Drug Retail - 0.4%   
Southeastern Grocers, Inc. (e)(f) 559,052 19,662 
Telecommunications - 0.0%   
CUI Acquisition Corp. Class E (e)(f) 24 
TOTAL COMMON STOCKS   
(Cost $20,154)  19,715 
Convertible Preferred Stocks - 0.1%   
Telecommunications - 0.1%   
Crown Castle International Corp. Series A, 6.875%   
(Cost $2,170) 2,170 2,702 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 2.0%   
Cable/Satellite TV - 0.4%   
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.0543% 8/19/23 (b)(c) 20,280 19,437 
Energy - 0.6%   
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.1746% 12/31/21 (b)(c) 4,474 2,953 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.5496% 12/31/22 (b)(c) 6,941 5,938 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 7.7859% 3/1/24 (b)(c) 18,924 7,964 
Sanchez Energy Corp. 1LN, term loan 3 month U.S. LIBOR + 8.000% 10% 5/11/20 (b)(c)(e)(g) 14,414 13,693 
TOTAL ENERGY  30,548 
Gaming - 0.0%   
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.81% 10/20/24 (b)(c) 1,935 1,936 
Insurance - 0.2%   
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9395% 4/25/25 (b)(c) 10,817 10,572 
Publishing/Printing - 0.0%   
Springer Nature Deutschland Gm Tranche B16 1LN, term loan 3 month U.S. LIBOR + 3.500% 8/24/24 (c)(h) 632 627 
Restaurants - 0.1%   
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 2/17/24 (b)(c) 3,897 3,900 
Services - 0.3%   
Almonde, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.4463% 6/13/25 (b)(c) 85 79 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.6963% 6/13/24 (b)(c) 16,338 15,593 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.2356% 6/21/24 (b)(c) 2,165 2,100 
TOTAL SERVICES  17,772 
Telecommunications - 0.4%   
Level 3 Financing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 2/22/24 (b)(c) 1,570 1,571 
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.7859% 2/1/24 (b)(c) 20,257 20,034 
TOTAL TELECOMMUNICATIONS  21,605 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $111,529)  106,397 
Preferred Securities - 2.5%   
Banks & Thrifts - 1.9%   
Bank of America Corp.:   
5.2% (b)(i) 25,606 27,251 
5.875% (b)(i) 1,278 1,415 
6.25% (b)(i) 18,934 21,126 
6.5% (b)(i) 622 706 
Barclays PLC 7.875% (Reg. S) (b)(i) 14,724 15,850 
Royal Bank of Scotland Group PLC 7.5% (b)(i) 10,241 10,500 
Wells Fargo & Co. 5.9% (b)(i) 20,648 22,763 
TOTAL BANKS & THRIFTS  99,611 
Diversified Financial Services - 0.5%   
AerCap Holdings NV 5.875% 10/10/79 (b) 26,096 27,297 
Energy - 0.1%   
MPLX LP 6.875% (b)(i) 1,899 1,953 
Summit Midstream Partners LP 9.5% (b)(i) 5,208 3,156 
TOTAL ENERGY  5,109 
TOTAL PREFERRED SECURITIES   
(Cost $127,789)  132,017 
 Shares Value (000s) 
Money Market Funds - 6.3%   
Fidelity Cash Central Fund 1.83% (j)   
(Cost $332,824) 332,778,964 332,846 
TOTAL INVESTMENT IN SECURITIES - 99.6%   
(Cost $5,172,911)  5,225,622 
NET OTHER ASSETS (LIABILITIES) - 0.4%  18,881 
NET ASSETS - 100%  $5,244,503 

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

Legend

 (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,862,678,000 or 54.6% of net assets.

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

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

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

 (e) Level 3 security

 (f) Non-income producing

 (g) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $10,296,000 and $9,781,000, respectively.

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

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

 (j) 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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $2,499 
Total $2,499 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2019, 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $24 $-- $-- $24 
Consumer Staples 19,662 -- -- 19,662 
Energy 14 14 -- -- 
Financials 15 15 -- -- 
Real Estate 2,702 -- 2,702 -- 
Corporate Bonds 4,631,945 -- 4,631,945 -- 
Bank Loan Obligations 106,397 -- 92,704 13,693 
Preferred Securities 132,017 -- 132,017 -- 
Money Market Funds 332,846 332,846 -- -- 
Total Investments in Securities: $5,225,622 $332,875 $4,859,368 $33,379 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 75.9% 
Canada 4.6% 
Netherlands 4.3% 
Luxembourg 4.2% 
Multi-National 3.2% 
Cayman Islands 2.9% 
Ireland 1.4% 
France 1.0% 
Others (Individually Less Than 1%) 2.5% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  October 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $4,840,087) 
$4,892,776  
Fidelity Central Funds (cost $332,824) 332,846  
Total Investment in Securities (cost $5,172,911)  $5,225,622 
Cash  122 
Receivable for investments sold   
Regular delivery  300 
Delayed delivery  14 
Receivable for fund shares sold  4,572 
Dividends receivable  38 
Interest receivable  71,938 
Distributions receivable from Fidelity Central Funds  499 
Prepaid expenses  
Total assets  5,303,114 
Liabilities   
Payable for investments purchased $47,687  
Payable for fund shares redeemed 3,299  
Distributions payable 4,424  
Accrued management fee 2,448  
Distribution and service plan fees payable 85  
Other affiliated payables 604  
Other payables and accrued expenses 64  
Total liabilities  58,611 
Net Assets  $5,244,503 
Net Assets consist of:   
Paid in capital  $5,416,576 
Total accumulated earnings (loss)  (172,073) 
Net Assets  $5,244,503 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($170,346 ÷ 19,249 shares)(a)  $8.85 
Maximum offering price per share (100/96.00 of $8.85)  $9.22 
Class M:   
Net Asset Value and redemption price per share ($52,920 ÷ 5,980 shares)(a)  $8.85 
Maximum offering price per share (100/96.00 of $8.85)  $9.22 
Class C:   
Net Asset Value and offering price per share ($45,976 ÷ 5,193 shares)(a)  $8.85 
Fidelity High Income Fund:   
Net Asset Value, offering price and redemption price per share ($4,393,393 ÷ 496,405 shares)  $8.85 
Class I:   
Net Asset Value, offering price and redemption price per share ($521,033 ÷ 58,879 shares)  $8.85 
Class Z:   
Net Asset Value, offering price and redemption price per share ($60,835 ÷ 6,875 shares)  $8.85 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended October 31, 2019 (Unaudited) 
Investment Income   
Dividends  $3,943 
Interest  150,592 
Income from Fidelity Central Funds  2,499 
Total income  157,034 
Expenses   
Management fee $14,402  
Transfer agent fees 3,015  
Distribution and service plan fees 520  
Accounting fees  590  
Custodian fees and expenses 21  
Independent trustees' fees and expenses 15  
Registration fees 90  
Audit 47  
Legal 19  
Miscellaneous 23  
Total expenses before reductions 18,742  
Expense reductions (21)  
Total expenses after reductions  18,721 
Net investment income (loss)  138,313 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 12,350  
Redemptions in-kind with affiliated entities 4,389  
Total net realized gain (loss)  16,739 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (10,532)  
Fidelity Central Funds  
Total change in net unrealized appreciation (depreciation)  (10,531) 
Net gain (loss)  6,208 
Net increase (decrease) in net assets resulting from operations  $144,521 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended October 31, 2019 (Unaudited) Year ended April 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $138,313 $256,659 
Net realized gain (loss) 16,739 (105,222) 
Change in net unrealized appreciation (depreciation) (10,531) 124,490 
Net increase (decrease) in net assets resulting from operations 144,521 275,927 
Distributions to shareholders (131,171) (256,881) 
Share transactions - net increase (decrease) 107,361 780,403 
Total increase (decrease) in net assets 120,711 799,449 
Net Assets   
Beginning of period 5,123,792 4,324,343 
End of period $5,244,503 $5,123,792 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity High Income Fund Class A

 Six months ended (Unaudited) October 31, Years endedApril 30, 
 2019 2019 A 
Selected Per–Share Data   
Net asset value, beginning of period $8.83 $8.56 
Income from Investment Operations   
Net investment income (loss)B .223 .192 
Net realized and unrealized gain (loss) .008 .286 
Total from investment operations .231 .478 
Distributions from net investment income (.211) (.208) 
Distributions from net realized gain – – 
Total distributions (.211) (.208) 
Net asset value, end of period $8.85 $8.83 
Total ReturnC,D,E 2.64% 5.68% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .98%H .99%H 
Expenses net of fee waivers, if any .98%H .99%H 
Expenses net of all reductions .98%H .99%H 
Net investment income (loss) 5.02%H 5.60%H 
Supplemental Data   
Net assets, end of period (in millions) $170 $170 
Portfolio turnover rateI 26%H,J 62%K 

 A For the period December 4, 2018 (commencement of sale of shares) to April 30, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity High Income Fund Class M

 Six months ended (Unaudited) October 31, Years endedApril 30, 
 2019 2019 A 
Selected Per–Share Data   
Net asset value, beginning of period $8.83 $8.56 
Income from Investment Operations   
Net investment income (loss)B .222 .191 
Net realized and unrealized gain (loss) .008 .286 
Total from investment operations .230 .477 
Distributions from net investment income (.210) (.207) 
Distributions from net realized gain – – 
Total distributions (.210) (.207) 
Net asset value, end of period $8.85 $8.83 
Total ReturnC,D,E 2.64% 5.68% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .99%H 1.01%H 
Expenses net of fee waivers, if any .99%H 1.01%H 
Expenses net of all reductions .99%H 1.01%H 
Net investment income (loss) 5.01%H 5.59%H 
Supplemental Data   
Net assets, end of period (in millions) $53 $50 
Portfolio turnover rateI 26%H,J 62%K 

 A For the period December 4, 2018 (commencement of sale of shares) to April 30, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity High Income Fund Class C

 Six months ended (Unaudited) October 31, Years endedApril 30, 
 2019 2019 A 
Selected Per–Share Data   
Net asset value, beginning of period $8.83 $8.56 
Income from Investment Operations   
Net investment income (loss)B .189 .166 
Net realized and unrealized gain (loss) .008 .285 
Total from investment operations .197 .451 
Distributions from net investment income (.177) (.181) 
Distributions from net realized gain – – 
Total distributions (.177) (.181) 
Net asset value, end of period $8.85 $8.83 
Total ReturnC,D,E 2.25% 5.36% 
Ratios to Average Net AssetsF,G   
Expenses before reductions 1.74%H 1.77%H 
Expenses net of fee waivers, if any 1.74%H 1.77%H 
Expenses net of all reductions 1.74%H 1.77%H 
Net investment income (loss) 4.25%H 4.84%H 
Supplemental Data   
Net assets, end of period (in millions) $46 $52 
Portfolio turnover rateI 26%H,J 62%K 

 A For the period December 4, 2018 (commencement of sale of shares) to April 30, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity High Income Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $8.83 $8.83 $8.94 $8.31 $9.04 $9.45 
Income from Investment Operations       
Net investment income (loss)A .236 .493 .513 .501 .503 .495 
Net realized and unrealized gain (loss) .008 B (.137) .597 (.741) (.291) 
Total from investment operations .244 .493 .376 1.098 (.238) .204 
Distributions from net investment income (.224) (.493) (.486) (.469) (.493) (.486) 
Distributions from net realized gain – – – – – (.129) 
Total distributions (.224) (.493) (.486) (.469) (.493) (.615) 
Redemption fees added to paid in capitalA – – B .001 .001 .001 
Net asset value, end of period $8.85 $8.83 $8.83 $8.94 $8.31 $9.04 
Total ReturnC,D 2.79% 5.83% 4.27% 13.56% (2.47)% 2.29% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .69%G .70% .70% .72% .73% .72% 
Expenses net of fee waivers, if any .69%G .70% .70% .72% .73% .72% 
Expenses net of all reductions .69%G .70% .70% .72% .73% .72% 
Net investment income (loss) 5.31%G 5.66% 5.73% 5.81% 6.00% 5.38% 
Supplemental Data       
Net assets, end of period (in millions) $4,393 $4,392 $4,324 $4,492 $4,434 $5,347 
Portfolio turnover rateH 26%G,I 62%J 51% 52% 33% 37% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity High Income Fund Class I

 Six months ended (Unaudited) October 31, Years endedApril 30, 
 2019 2019 A 
Selected Per–Share Data   
Net asset value, beginning of period $8.83 $8.56 
Income from Investment Operations   
Net investment income (loss)B .233 .199 
Net realized and unrealized gain (loss) .008 .286 
Total from investment operations .241 .485 
Distributions from net investment income (.221) (.215) 
Distributions from net realized gain – – 
Total distributions (.221) (.215) 
Net asset value, end of period $8.85 $8.83 
Total ReturnC,D 2.76% 5.77% 
Ratios to Average Net AssetsE,F   
Expenses before reductions .74%G .78%G 
Expenses net of fee waivers, if any .74%G .78%G 
Expenses net of all reductions .74%G .78%G 
Net investment income (loss) 5.26%G 5.81%G 
Supplemental Data   
Net assets, end of period (in millions) $521 $448 
Portfolio turnover rateH 26%G,I 62%J 

 A For the period December 4, 2018 (commencement of sale of shares) to April 30, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity High Income Fund Class Z

 Six months ended (Unaudited) October 31, Years endedApril 30, 
 2019 2019 A 
Selected Per–Share Data   
Net asset value, beginning of period $8.83 $8.56 
Income from Investment Operations   
Net investment income (loss)B .233 .201 
Net realized and unrealized gain (loss) .013 .289 
Total from investment operations .246 .490 
Distributions from net investment income (.226) (.220) 
Distributions from net realized gain – – 
Total distributions (.226) (.220) 
Net asset value, end of period $8.85 $8.83 
Total ReturnC,D 2.82% 5.83% 
Ratios to Average Net AssetsE,F   
Expenses before reductions .63%G .64%G 
Expenses net of fee waivers, if any .63%G .64%G 
Expenses net of all reductions .63%G .63%G 
Net investment income (loss) 5.37%G 5.85%G 
Supplemental Data   
Net assets, end of period (in millions) $61 $13 
Portfolio turnover rateH 26%G,I 62%J 

 A For the period December 4, 2018 (commencement of sale of shares) to April 30, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.

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

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2019
(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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on December 4, 2018. 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. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing theFund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors 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 vendors. 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. 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 the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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.

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

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

Book-tax differences are primarily due to foreign currency transactions, market discount, equity-debt classifications, certain conversion ratio adjustments, partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $213,586 
Gross unrealized depreciation (141,772) 
Net unrealized appreciation (depreciation) $71,814 
Tax cost $5,153,808 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(61,686) 
Long-term (210,187) 
Total capital loss carryforward $(271,873) 

Approximately $30,460 of the Fund's realized capital losses and $21,009 of the Fund's unrealized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $17,403 of those capital losses per year to offset capital gains. These realized and unrealized losses were acquired from Fidelity Advisor High Income Fund when it merged into the Fund on December 7, 2018.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which 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 the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $742,074 and $632,014, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

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 Corporation (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% $211 $3 
Class M -% .25% 64 – 
Class C .75% .25% 245 11 
   $520 $14 

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 $23 
Class M 
Class C(a) 
 $30 

 (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, Inc., (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 Assets(a) 
Class A $129 .15 
Class M 43 .16 
Class C 42 .17 
Fidelity High Income Fund 2,391 .11 
Class I 402 .16 
Class Z .05 
 $3,015  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .02%.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Affiliated Redemptions In-Kind. During the period, 12,631 shares of the Fund were redeemed in-kind for investments, including accrued interest, and cash with a value of $112,257. The net realized gain of $4,389 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $6 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $9.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
October 31, 2019 
Year ended
April 30, 2019(a) 
Distributions to shareholders   
Class A $4,025 $3,743 
Class M 1,226 1,162 
Class C 981 1,257 
Fidelity High Income Fund 111,823 240,114 
Class I 12,272 10,446 
Class Z 844 159 
Total $131,171 $256,881 

 (a) Distributions for Class A, Class M, Class C, Class I and Class Z are for the period December 4, 2018 (commencement of sale of shares) to April 30, 2019.

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended October 31, 2019 Year ended April 30, 2019(a) Six months ended October 31, 2019 Year ended April 30, 2019(a) 
Class A     
Shares sold 1,503 2,457 $13,255 $21,373 
Issued in exchange for the shares of Fidelity Advisor High Income Fund – 18,670 – 159,252
 
Reinvestment of distributions 403 383 3,556 3,281 
Shares redeemed (1,895) (2,272) (16,710) (19,430) 
Net increase (decrease) 11 19,238 $101 $164,476 
Class M     
Shares sold 576 259 $5,100 $2,238 
Issued in exchange for the shares of Fidelity Advisor High Income Fund – 5,803 – 49,500
 
Reinvestment of distributions 129 126 1,139 1,076 
Shares redeemed (378) (535) (3,336) (4,599) 
Net increase (decrease) 327 5,653 $2,903 $48,215 
Class C     
Shares sold 169 275 $1,498 $2,378 
Issued in exchange for the shares of Fidelity Advisor High Income Fund – 7,719 – 65,765
 
Reinvestment of distributions 102 137 898 1,174 
Shares redeemed (951) (2,258) (8,400) (19,621) 
Net increase (decrease) (680) 5,873 $(6,004) $49,696 
Fidelity High Income Fund     
Shares sold 57,873 126,441 $510,844 $1,102,580 
Reinvestment of distributions 10,198 22,383 90,065 194,157 
Shares redeemed (69,216)(b) (140,878) (610,566)(b) (1,223,927) 
Net increase (decrease) (1,145) 7,946 $(9,657) $72,810 
Class I     
Shares sold 16,598 7,919 $146,817 $68,533 
Issued in exchange for the shares of Fidelity Advisor High Income Fund – 48,879 – 416,933
 
Reinvestment of distributions 1,162 1,170 10,263 10,028 
Shares redeemed (9,594)(b) (7,255) (84,923)(b) (62,518) 
Net increase (decrease) 8,166 50,713 $72,157 $432,976 
Class Z     
Shares sold 5,706 1,483 $50,046 $12,847 
Issued in exchange for the shares of Fidelity Advisor High Income Fund – 222 – 1,895
 
Reinvestment of distributions 71 10 626 87 
Shares redeemed (318) (299) (2,811) (2,599) 
Net increase (decrease) 5,459 1,416 $47,861 $12,230 

 (a) Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period December 4, 2018 (commencement of sale of shares) to April 30, 2019.

 (b) Amount includes in-kind redemptions (see the Affiliated Redemptions In-Kind note for additional details).

10. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

11. Prior Fiscal Year Merger Information.

On December 7, 2018, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor High Income Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on December 4, 2018. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Target Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund's net assets of $693,345, including securities of $686,303 and unrealized depreciation of $28,031, was combined with the Fund's net assets of $4,115,643 for total net assets after the acquisition of $4,808,988.

Pro forma results of operations of the combined entity for the entire period ended April 30, 2019, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss) $279,393 
Total net realized gain (loss) (107,293) 
Total change in net unrealized appreciation (depreciation) 99,966 
Net increase (decrease) in net assets resulting from operations $272,066 

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that has been included in the Fund's accompanying Statement of Operations since December 7, 2018.

12. Litigation.

The Fund and other entities managed by FMR or its affiliates were named as defendants in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs sought an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contended that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In May 2019, the parties reached a settlement that has been approved by the Bankruptcy Court. Under the terms of the settlement, the Fund will not be required to return any of the proceeds received in 2009, and will be entitled to recover a portion of the legal costs incurred in defending the case.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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, 2019 to October 31, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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, 2019 
Ending
Account Value
October 31, 2019 
Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 
Class A .98%    
Actual  $1,000.00 $1,026.40 $4.99 
Hypothetical-C  $1,000.00 $1,020.21 $4.98 
Class M .99%    
Actual  $1,000.00 $1,026.40 $5.04 
Hypothetical-C  $1,000.00 $1,020.16 $5.03 
Class C 1.74%    
Actual  $1,000.00 $1,022.50 $8.85 
Hypothetical-C  $1,000.00 $1,016.39 $8.82 
Fidelity High Income Fund .69%    
Actual  $1,000.00 $1,027.90 $3.52 
Hypothetical-C  $1,000.00 $1,021.67 $3.51 
Class I .74%    
Actual  $1,000.00 $1,027.60 $3.77 
Hypothetical-C  $1,000.00 $1,021.42 $3.76 
Class Z .63%    
Actual  $1,000.00 $1,028.20 $3.21 
Hypothetical-C  $1,000.00 $1,021.97 $3.20 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses





Fidelity Investments

SPH-SANN-1219
1.538299.122


Fidelity® Focused High Income Fund



Semi-Annual Report

October 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
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Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of October 31, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.9 
Navient Corp. 2.7 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 1.9 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 1.8 
Level 3 Financing, Inc. 1.7 
 11.0 

Top Five Market Sectors as of October 31, 2019

 % of fund's net assets 
Energy 11.7 
Telecommunications 9.3 
Diversified Financial Services 9.1 
Healthcare 8.2 
Cable/Satellite TV 7.3 

Quality Diversification (% of fund's net assets)

As of October 31, 2019 
   BBB 7.4% 
   BB 63.1% 
   20.6% 
   CCC,CC,C 0.1% 
   Short-Term Investments and Net Other Assets 8.8% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of October 31, 2019* 
   Nonconvertible Bonds 86.0% 
   Convertible Bonds, Preferred Stocks 0.6% 
   Other Investments 4.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 8.8% 


 * Foreign investments - 22.3%

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 86.6%   
 Principal Amount Value 
Convertible Bonds - 0.6%   
Broadcasting - 0.6%   
DISH Network Corp.:   
2.375% 3/15/24 $1,230,000 $1,102,575 
3.375% 8/15/26 680,000 635,842 
  1,738,417 
Nonconvertible Bonds - 86.0%   
Aerospace - 2.1%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 1,620,000 1,692,900 
BWX Technologies, Inc. 5.375% 7/15/26 (a) 2,000,000 2,118,100 
TransDigm, Inc. 6.25% 3/15/26 (a) 2,605,000 2,790,606 
  6,601,606 
Air Transportation - 0.6%   
Aercap Global Aviation Trust 6.5% 6/15/45 (a)(b) 1,750,000 1,918,438 
Banks & Thrifts - 1.6%   
Ally Financial, Inc.:   
3.875% 5/21/24 485,000 506,534 
5.125% 9/30/24 770,000 846,007 
5.75% 11/20/25 2,735,000 3,046,106 
8% 11/1/31 450,000 628,875 
  5,027,522 
Broadcasting - 1.1%   
Sirius XM Radio, Inc.:   
4.625% 7/15/24 (a) 430,000 449,350 
5% 8/1/27 (a) 2,285,000 2,402,106 
5.375% 7/15/26 (a) 800,000 844,000 
  3,695,456 
Cable/Satellite TV - 7.3%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5% 2/1/28 (a) 3,055,000 3,196,294 
5.125% 5/1/23 (a) 1,105,000 1,131,244 
5.125% 5/1/27 (a) 2,110,000 2,223,413 
5.5% 5/1/26 (a) 1,150,000 1,211,813 
5.875% 5/1/27 (a) 1,630,000 1,727,800 
CSC Holdings LLC:   
5.375% 7/15/23 (a) 3,745,000 3,838,550 
5.5% 4/15/27 (a) 1,320,000 1,399,213 
DISH DBS Corp.:   
5.875% 11/15/24 1,330,000 1,333,325 
7.75% 7/1/26 815,000 822,213 
Virgin Media Secured Finance PLC 5.5% 8/15/26 (a) 1,460,000 1,534,825 
Ziggo B.V. 5.5% 1/15/27 (a) 4,455,000 4,700,001 
Ziggo Bond Co. BV 6% 1/15/27 (a) 300,000 313,500 
  23,432,191 
Capital Goods - 1.0%   
AECOM:   
5.125% 3/15/27 2,000,000 2,109,400 
5.875% 10/15/24 1,155,000 1,245,956 
  3,355,356 
Chemicals - 2.5%   
CF Industries Holdings, Inc. 5.15% 3/15/34 80,000 84,800 
OCI NV 6.625% 4/15/23 (a) 1,270,000 1,325,563 
Olin Corp.:   
5% 2/1/30 360,000 354,600 
5.125% 9/15/27 1,695,000 1,743,901 
The Chemours Co. LLC:   
5.375% 5/15/27 1,000,000 888,590 
7% 5/15/25 1,205,000 1,162,825 
Valvoline, Inc. 4.375% 8/15/25 1,065,000 1,083,638 
W. R. Grace & Co.-Conn. 5.625% 10/1/24 (a) 1,200,000 1,296,000 
  7,939,917 
Containers - 2.3%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.625% 5/15/23 (a) 2,090,000 2,139,638 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 1,770,000 1,847,438 
OI European Group BV 4% 3/15/23 (a) 1,230,000 1,223,850 
Owens-Brockway Glass Container, Inc. 5.375% 1/15/25 (a) 460,000 464,025 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.125% 7/15/23 (a) 890,000 913,096 
Silgan Holdings, Inc. 4.75% 3/15/25 810,000 828,225 
  7,416,272 
Diversified Financial Services - 8.3%   
FLY Leasing Ltd. 5.25% 10/15/24 1,385,000 1,426,550 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.75% 9/15/24 (a) 1,000,000 1,013,750 
5.875% 2/1/22 2,185,000 2,204,119 
6.25% 2/1/22 1,970,000 2,016,788 
6.25% 5/15/26 700,000 742,000 
MSCI, Inc.:   
4.75% 8/1/26 (a) 2,350,000 2,461,508 
5.375% 5/15/27 (a) 545,000 581,788 
Navient Corp.:   
5.5% 1/25/23 1,670,000 1,734,713 
5.875% 10/25/24 110,000 112,475 
6.125% 3/25/24 1,210,000 1,264,813 
6.5% 6/15/22 460,000 492,200 
6.625% 7/26/21 2,370,000 2,503,313 
7.25% 1/25/22 605,000 656,244 
7.25% 9/25/23 1,765,000 1,928,227 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 375,000 393,938 
5.25% 8/15/22 (a) 965,000 1,027,677 
5.5% 2/15/24 (a) 1,775,000 1,951,435 
Quicken Loans, Inc. 5.25% 1/15/28 (a) 2,320,000 2,392,500 
Springleaf Finance Corp.:   
6.875% 3/15/25 1,105,000 1,251,413 
7.125% 3/15/26 500,000 570,000 
  26,725,451 
Diversified Media - 1.0%   
Nielsen Co. SARL (Luxembourg) 5% 2/1/25 (a) 945,000 940,275 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 2,300,000 2,311,546 
  3,251,821 
Energy - 11.2%   
Cheniere Corpus Christi Holdings LLC:   
5.875% 3/31/25 1,590,000 1,763,056 
7% 6/30/24 1,245,000 1,431,850 
Cheniere Energy Partners LP:   
5.25% 10/1/25 2,585,000 2,675,475 
5.625% 10/1/26 1,155,000 1,219,969 
Consolidated Energy Finance SA 3 month U.S. LIBOR + 3.750% 5.8685% 6/15/22 (a)(b)(c) 1,290,000 1,280,378 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.75% 4/1/25 2,795,000 2,885,838 
6.25% 4/1/23 845,000 859,534 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 1,130,000 1,141,300 
DCP Midstream Operating LP 5.375% 7/15/25 1,060,000 1,115,650 
Denbury Resources, Inc.:   
7.75% 2/15/24 (a) 980,000 720,300 
9.25% 3/31/22 (a) 95,000 77,900 
EQT Corp. 3.9% 10/1/27 1,000,000 882,297 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 2,090,000 2,186,663 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 2,530,000 2,246,134 
5.75% 10/1/25 (a) 964,000 860,370 
Jonah Energy LLC 7.25% 10/15/25 (a) 750,000 210,000 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (a) 230,000 230,000 
Nabors Industries, Inc. 5.5% 1/15/23 490,000 414,050 
Parsley Energy LLC/Parsley 5.25% 8/15/25 (a) 1,850,000 1,896,287 
PBF Holding Co. LLC/PBF Finance Corp. 7% 11/15/23 1,200,000 1,236,000 
Range Resources Corp.:   
4.875% 5/15/25 660,000 529,650 
5% 3/15/23 295,000 255,175 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 395,000 399,353 
SemGroup Corp. 6.375% 3/15/25 190,000 196,888 
Semgroup Corp. / Rose Rock Finance 5.625% 11/15/23 1,000,000 1,022,500 
Summit Midstream Holdings LLC 5.75% 4/15/25 1,975,000 1,530,625 
Sunoco LP/Sunoco Finance Corp. 5.5% 2/15/26 800,000 827,080 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.25% 11/15/23 1,135,000 1,140,335 
5.125% 2/1/25 780,000 799,516 
5.375% 2/1/27 390,000 399,263 
5.875% 4/15/26 1,840,000 1,920,684 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 355,000 365,650 
5% 1/31/28 (a) 385,000 406,060 
Viper Energy Partners LP 5.375% 11/1/27 (a) 800,000 814,000 
  35,939,830 
Environmental - 0.3%   
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 900,000 914,220 
Food/Beverage/Tobacco - 4.4%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 905,000 907,263 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 2,615,000 2,716,331 
5.875% 7/15/24 (a) 2,340,000 2,413,125 
6.75% 2/15/28 (a) 1,245,000 1,369,512 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (a) 825,000 888,938 
6.5% 4/15/29 (a) 2,800,000 3,115,084 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (a) 875,000 919,844 
4.875% 11/1/26 (a) 565,000 593,956 
Vector Group Ltd. 6.125% 2/1/25 (a) 1,195,000 1,147,200 
  14,071,253 
Gaming - 5.1%   
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 995,000 1,091,037 
MCE Finance Ltd. 4.875% 6/6/25 (a) 1,225,000 1,251,866 
MGM Growth Properties Operating Partnership LP:   
4.5% 9/1/26 3,300,000 3,506,250 
4.5% 1/15/28 1,525,000 1,597,438 
5.75% 2/1/27 (a) 270,000 305,100 
MGM Mirage, Inc. 5.75% 6/15/25 1,320,000 1,463,550 
Scientific Games Corp. 5% 10/15/25 (a) 790,000 813,700 
Twin River Worldwide Holdings, Inc. 6.75% 6/1/27 (a) 900,000 947,520 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:   
5.25% 5/15/27 (a) 1,930,000 2,012,025 
5.5% 3/1/25 (a) 900,000 956,250 
Wynn Macau Ltd. 4.875% 10/1/24 (a) 2,115,000 2,125,575 
Wynn Resorts Ltd. 5.125% 10/1/29 (a) 380,000 397,100 
  16,467,411 
Healthcare - 8.2%   
Charles River Laboratories International, Inc.:   
4.25% 5/1/28 (a) 90,000 91,697 
5.5% 4/1/26 (a) 825,000 878,625 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 1,195,000 1,242,800 
HCA Holdings, Inc.:   
5% 3/15/24 255,000 278,164 
5.25% 6/15/26 1,545,000 1,728,899 
5.875% 2/15/26 1,500,000 1,687,500 
Hologic, Inc.:   
4.375% 10/15/25 (a) 780,000 799,133 
4.625% 2/1/28 (a) 150,000 156,938 
IMS Health, Inc.:   
5% 10/15/26 (a) 1,500,000 1,582,500 
5% 5/15/27 (a) 820,000 869,200 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 1,710,000 1,799,775 
5.25% 8/1/26 1,455,000 1,527,750 
6.375% 3/1/24 880,000 918,500 
Service Corp. International 5.125% 6/1/29 425,000 452,625 
Teleflex, Inc.:   
4.625% 11/15/27 505,000 528,988 
4.875% 6/1/26 1,955,000 2,049,695 
Tenet Healthcare Corp.:   
4.625% 7/15/24 2,520,000 2,595,600 
5.125% 5/1/25 1,200,000 1,228,500 
6.25% 2/1/27 (a) 470,000 496,438 
Valeant Pharmaceuticals International, Inc. 7% 3/15/24 (a) 2,540,000 2,657,285 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 500,000 523,281 
5.375% 8/15/26 (a) 2,205,000 2,345,569 
  26,439,462 
Homebuilders/Real Estate - 0.6%   
Howard Hughes Corp. 5.375% 3/15/25 (a) 1,345,000 1,397,119 
Starwood Property Trust, Inc. 4.75% 3/15/25 440,000 456,913 
  1,854,032 
Hotels - 1.1%   
Hilton Escrow Issuer LLC 4.25% 9/1/24 1,345,000 1,368,538 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.:   
4.625% 4/1/25 750,000 770,625 
4.875% 4/1/27 445,000 470,579 
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) 1,020,000 1,076,100 
  3,685,842 
Leisure - 0.3%   
Mattel, Inc. 6.75% 12/31/25 (a) 895,000 936,394 
Metals/Mining - 1.0%   
Freeport-McMoRan, Inc.:   
3.55% 3/1/22 1,885,000 1,906,206 
4.55% 11/14/24 340,000 353,600 
Nufarm Australia Ltd. 5.75% 4/30/26 (a) 1,110,000 1,115,550 
  3,375,356 
Paper - 0.2%   
Berry Global Escrow Corp. 4.875% 7/15/26 (a) 635,000 667,544 
Restaurants - 0.7%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4.25% 5/15/24 (a) 825,000 846,656 
KFC Holding Co./Pizza Hut Holding LLC 5% 6/1/24 (a) 1,300,000 1,348,750 
  2,195,406 
Services - 2.6%   
ADT Corp. 4.875% 7/15/32 (a) 695,000 601,384 
Aramark Services, Inc. 4.75% 6/1/26 2,960,000 3,037,700 
CDK Global, Inc.:   
4.875% 6/1/27 2,505,000 2,639,644 
5.25% 5/15/29 (a) 140,000 148,663 
Corrections Corp. of America:   
4.125% 4/1/20 305,000 305,061 
4.625% 5/1/23 145,000 135,756 
5% 10/15/22 530,000 525,363 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (a) 775,000 805,516 
  8,199,087 
Super Retail - 0.2%   
The William Carter Co. 5.625% 3/15/27 (a) 465,000 495,806 
Technology - 5.8%   
Entegris, Inc. 4.625% 2/10/26 (a) 1,400,000 1,441,339 
Fair Isaac Corp. 5.25% 5/15/26 (a) 1,305,000 1,415,925 
Gartner, Inc. 5.125% 4/1/25 (a) 390,000 408,993 
Nuance Communications, Inc. 5.625% 12/15/26 1,495,000 1,586,644 
Open Text Corp. 5.875% 6/1/26 (a) 2,015,000 2,148,494 
Qorvo, Inc. 5.5% 7/15/26 1,330,000 1,419,748 
Sensata Technologies BV 5% 10/1/25 (a) 1,915,000 2,063,796 
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (a) 435,000 465,178 
SoftBank Corp. 5.375% 7/30/22 (Reg. S) 1,000,000 1,038,750 
Symantec Corp. 5% 4/15/25 (a) 4,385,000 4,494,625 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 2,265,000 2,287,650 
  18,771,142 
Telecommunications - 9.3%   
Altice Financing SA:   
6.625% 2/15/23 (a) 2,240,000 2,300,928 
7.5% 5/15/26 (a) 433,000 460,063 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (a) 1,255,000 1,320,888 
7.5% 10/15/26 (a) 3,470,000 3,725,913 
Equinix, Inc. 5.875% 1/15/26 1,625,000 1,726,075 
Level 3 Financing, Inc.:   
4.625% 9/15/27 (a) 1,400,000 1,422,750 
5.25% 3/15/26 1,186,000 1,237,888 
5.375% 5/1/25 900,000 930,375 
5.625% 2/1/23 2,000,000 2,020,000 
Millicom International Cellular SA:   
6% 3/15/25 (a) 110,000 113,850 
6.625% 10/15/26 (a) 2,125,000 2,308,281 
Neptune Finco Corp. 6.625% 10/15/25 (a) 1,600,000 1,704,000 
Qwest Corp. 6.75% 12/1/21 510,000 550,428 
Sable International Finance Ltd. 5.75% 9/7/27 (a) 1,090,000 1,133,600 
SBA Communications Corp. 4.875% 9/1/24 1,000,000 1,038,750 
SFR Group SA 7.375% 5/1/26 (a) 1,800,000 1,927,521 
T-Mobile U.S.A., Inc. 4.5% 2/1/26 845,000 871,406 
Telecom Italia Capital SA:   
6% 9/30/34 295,000 314,913 
6.375% 11/15/33 165,000 181,865 
Telecom Italia SpA 5.303% 5/30/24 (a) 2,540,000 2,717,800 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (a) 1,200,000 1,276,200 
U.S. West Communications 7.25% 9/15/25 560,000 642,234 
  29,925,728 
Transportation Ex Air/Rail - 1.1%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (a) 2,045,000 2,206,555 
5.25% 5/15/24 (a) 520,000 567,060 
5.5% 1/15/23 (a) 820,000 884,862 
  3,658,477 
Utilities - 6.1%   
Clearway Energy Operating LLC 5.75% 10/15/25 525,000 538,781 
DCP Midstream Operating LP 5.125% 5/15/29 1,000,000 1,015,000 
Global Partners LP/GLP Finance Corp. 7% 8/1/27 (a) 900,000 936,153 
InterGen NV 7% 6/30/23 (a) 1,635,000 1,554,068 
Nextera Energy Operating Partn:   
4.25% 9/15/24 (a) 1,760,000 1,830,400 
4.5% 9/15/27 (a) 255,000 260,100 
NRG Energy, Inc.:   
5.25% 6/15/29 (a) 625,000 670,313 
5.75% 1/15/28 515,000 557,488 
6.625% 1/15/27 2,390,000 2,590,163 
NRG Yield Operating LLC 5% 9/15/26 790,000 790,000 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 2,768,685 2,990,179 
The AES Corp. 6% 5/15/26 1,880,000 2,007,464 
Vistra Operations Co. LLC:   
5% 7/31/27 (a) 590,000 610,650 
5.5% 9/1/26 (a) 3,020,000 3,191,294 
  19,542,053 
TOTAL NONCONVERTIBLE BONDS  276,503,073 
TOTAL CORPORATE BONDS   
(Cost $267,844,233)  278,241,490 
Preferred Securities - 4.6%   
Banks & Thrifts - 3.3%   
Bank of America Corp.:   
6.1% (b)(d) 1,335,000 1,487,625 
6.25% (b)(d) 3,180,000 3,548,203 
6.5% (b)(d) 450,000 510,961 
Barclays PLC 7.875% (Reg. S) (b)(d) 890,000 958,083 
Royal Bank of Scotland Group PLC 7.5% (b)(d) 630,000 645,921 
Wells Fargo & Co. 5.9% (b)(d) 3,000,000 3,307,221 
TOTAL BANKS & THRIFTS  10,458,014 
Diversified Financial Services - 0.8%   
AerCap Holdings NV 5.875% 10/10/79 (b) 2,520,000 2,635,999 
Energy - 0.5%   
MPLX LP 6.875% (b)(d) 1,700,000 1,748,011 
TOTAL PREFERRED SECURITIES   
(Cost $14,012,755)  14,842,024 
 Shares Value 
Money Market Funds - 7.9%   
Fidelity Cash Central Fund 1.83% (e)   
(Cost $25,594,410) 25,589,292 25,594,410 
TOTAL INVESTMENT IN SECURITIES - 99.1%   
(Cost $307,451,398)  318,677,924 
NET OTHER ASSETS (LIABILITIES) - 0.9%  2,743,049 
NET ASSETS - 100%  $321,420,973 

Legend

 (a) 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 $159,173,388 or 49.5% of net assets.

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

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

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

 (e) 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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $170,600 
Total $170,600 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2019, 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:     
Corporate Bonds $278,241,490 $-- $278,241,490 $-- 
Preferred Securities 14,842,024 -- 14,842,024 -- 
Money Market Funds 25,594,410 25,594,410 -- -- 
Total Investments in Securities: $318,677,924 $25,594,410 $293,083,514 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 77.7% 
Netherlands 4.6% 
Multi-National 3.9% 
Cayman Islands 3.9% 
Luxembourg 2.8% 
Canada 1.8% 
Ireland 1.6% 
United Kingdom 1.2% 
Others (Individually Less Than 1%) 2.5% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $281,856,988) 
$293,083,514  
Fidelity Central Funds (cost $25,594,410) 25,594,410  
Total Investment in Securities (cost $307,451,398)  $318,677,924 
Receivable for fund shares sold  397,486 
Interest receivable  3,670,168 
Distributions receivable from Fidelity Central Funds  24,557 
Prepaid expenses  552 
Total assets  322,770,687 
Liabilities   
Payable for investments purchased $770,140  
Payable for fund shares redeemed 194,139  
Distributions payable 149,263  
Accrued management fee 144,837  
Other affiliated payables 49,456  
Other payables and accrued expenses 41,879  
Total liabilities  1,349,714 
Net Assets  $321,420,973 
Net Assets consist of:   
Paid in capital  $319,592,897 
Total accumulated earnings (loss)  1,828,076 
Net Assets, for 36,314,710 shares outstanding  $321,420,973 
Net Asset Value, offering price and redemption price per share ($321,420,973 ÷ 36,314,710 shares)  $8.85 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended October 31, 2019 (Unaudited) 
Investment Income   
Dividends  $354,730 
Interest  7,604,205 
Income from Fidelity Central Funds  170,600 
Total income  8,129,535 
Expenses   
Management fee $855,801  
Transfer agent fees 227,608  
Accounting fees  64,215  
Custodian fees and expenses 3,188  
Independent trustees' fees and expenses 871  
Registration fees 27,210  
Audit 39,479  
Legal 291  
Miscellaneous 921  
Total expenses before reductions 1,219,584  
Expense reductions (827)  
Total expenses after reductions  1,218,757 
Net investment income (loss)  6,910,778 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,610,528  
Total net realized gain (loss)  1,610,528 
Change in net unrealized appreciation (depreciation) on investment securities  5,209,739 
Net gain (loss)  6,820,267 
Net increase (decrease) in net assets resulting from operations  $13,731,045 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended October 31, 2019 (Unaudited) Year ended April 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,910,778 $15,002,290 
Net realized gain (loss) 1,610,528 28,481 
Change in net unrealized appreciation (depreciation) 5,209,739 5,646,422 
Net increase (decrease) in net assets resulting from operations 13,731,045 20,677,193 
Distributions to shareholders (6,658,640) (15,270,755) 
Share transactions   
Proceeds from sales of shares 60,683,655 41,191,306 
Reinvestment of distributions 5,440,866 11,912,459 
Cost of shares redeemed (54,557,215) (153,578,554) 
Net increase (decrease) in net assets resulting from share transactions 11,567,306 (100,474,789) 
Total increase (decrease) in net assets 18,639,711 (95,068,351) 
Net Assets   
Beginning of period 302,781,262 397,849,613 
End of period $321,420,973 $302,781,262 
Other Information   
Shares   
Sold 6,908,752 4,881,029 
Issued in reinvestment of distributions 621,120 1,418,128 
Redeemed (6,229,682) (18,271,518) 
Net increase (decrease) 1,300,190 (11,972,361) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Focused High Income Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $8.65 $8.47 $8.67 $8.22 $8.73 $9.12 
Income from Investment Operations       
Net investment income (loss)A .195 .399 .380 .397 .396 .390 
Net realized and unrealized gain (loss) .193 .190 (.219) .423 (.519) (.116) 
Total from investment operations .388 .589 .161 .820 (.123) .274 
Distributions from net investment income (.188) (.409) (.362) (.373) (.389) (.388) 
Distributions from net realized gain – – – – – (.278) 
Total distributions (.188) (.409) (.362) (.373) (.389) (.666) 
Redemption fees added to paid in capitalA – – .001 .003 .002 .002 
Net asset value, end of period $8.85 $8.65 $8.47 $8.67 $8.22 $8.73 
Total ReturnB,C 4.53% 7.21% 1.86% 10.22% (1.30)% 3.20% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .78%F .79% .80% .83% .85% .85% 
Expenses net of fee waivers, if any .78%F .79% .80% .83% .85% .85% 
Expenses net of all reductions .78%F .78% .79% .82% .85% .85% 
Net investment income (loss) 4.44%F 4.73% 4.38% 4.70% 4.80% 4.40% 
Supplemental Data       
Net assets, end of period (000 omitted) $321,421 $302,781 $397,850 $548,971 $769,732 $625,413 
Portfolio turnover rateG 29%F 49% 47% 51% 47% 62% 

 A Calculated based on average shares outstanding during the period.

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

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

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2019

1. Organization.

Fidelity Focused High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors 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 vendors. 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, 2019 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. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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.

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

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

Book-tax differences are primarily due to market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $13,740,981 
Gross unrealized depreciation (1,664,640) 
Net unrealized appreciation (depreciation) $12,076,341 
Tax cost $306,601,583 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(12,090,215) 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $45,035,294 and $42,867,976, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .15% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .04%.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $375 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $109.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $718.

8. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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, 2019 to October 31, 2019).

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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2019 
Ending
Account Value
October 31, 2019 
Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 
Actual .78% $1,000.00 $1,045.30 $4.01 
Hypothetical-C  $1,000.00 $1,021.22 $3.96 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses





Fidelity Investments

FFH-SANN-1219
1.801609.116


Fidelity® Series High Income Fund



Semi-Annual Report

October 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of October 31, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
Tenet Healthcare Corp. 2.7 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.5 
Cheniere Energy Partners LP 2.1 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 1.9 
Valeant Pharmaceuticals International, Inc. 1.7 
 10.9 

Top Five Market Sectors as of October 31, 2019

 % of fund's net assets 
Energy 15.1 
Telecommunications 11.4 
Healthcare 10.2 
Diversified Financial Services 6.7 
Gaming 5.7 

Quality Diversification (% of fund's net assets)

As of October 31, 2019 
   BBB 4.4% 
   BB 40.4% 
   32.9% 
   CCC,CC,C 14.6% 
   0.4% 
   Not Rated 0.8% 
   Equities 1.0% 
   Short-Term Investments and Net Other Assets 5.5% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of October 31, 2019* 
   Nonconvertible Bonds 89.5% 
   Convertible Bonds, Preferred Stocks 0.7% 
   Common Stocks 0.9% 
   Bank Loan Obligations 1.1% 
   Other Investments 2.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.5% 


 * Foreign investments - 25.1%

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 90.1%   
 Principal Amount Value 
Convertible Bonds - 0.6%   
Broadcasting - 0.6%   
DISH Network Corp.:   
2.375% 3/15/24 $757,000 $678,577 
3.375% 8/15/26 9,285,000 8,682,044 
  9,360,621 
Nonconvertible Bonds - 89.5%   
Aerospace - 3.5%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 7,334,000 7,664,030 
Bombardier, Inc.:   
6.125% 1/15/23 (a) 102,000 99,705 
7.5% 12/1/24 (a) 6,206,000 6,015,941 
7.5% 3/15/25 (a) 10,102,000 9,660,038 
7.875% 4/15/27 (a) 4,893,000 4,623,885 
BWX Technologies, Inc. 5.375% 7/15/26 (a) 5,995,000 6,349,005 
TransDigm, Inc.:   
6% 7/15/22 24,000 24,408 
6.25% 3/15/26 (a) 11,876,000 12,722,165 
6.5% 7/15/24 10,832,000 11,184,040 
6.5% 5/15/25 71,000 73,751 
  58,416,968 
Air Transportation - 0.6%   
Aercap Global Aviation Trust 6.5% 6/15/45 (a)(b) 9,328,000 10,225,820 
Banks & Thrifts - 1.4%   
Ally Financial, Inc.:   
3.875% 5/21/24 2,576,000 2,690,374 
4.25% 4/15/21 1,290,000 1,322,624 
5.75% 11/20/25 15,005,000 16,711,819 
8% 11/1/31 2,332,000 3,258,970 
  23,983,787 
Broadcasting - 1.6%   
Sirius XM Radio, Inc.:   
3.875% 8/1/22 (a) 2,746,000 2,804,353 
4.625% 7/15/24 (a) 2,298,000 2,401,410 
5% 8/1/27 (a) 7,633,000 8,024,191 
5.375% 4/15/25 (a) 6,694,960 6,962,758 
5.375% 7/15/26 (a) 6,784,000 7,157,120 
  27,349,832 
Building Materials - 0.3%   
Advanced Drain Systems, Inc. 5% 9/30/27 (a) 4,519,000 4,620,678 
Cable/Satellite TV - 5.6%   
Cablevision Systems Corp. 5.875% 9/15/22 25,000 26,969 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4% 3/1/23 (a) 164,000 166,870 
5% 2/1/28 (a) 2,162,000 2,261,993 
5.125% 2/15/23 112,000 114,380 
5.125% 5/1/23 (a) 115,000 117,731 
5.125% 5/1/27 (a) 5,123,000 5,398,361 
5.5% 5/1/26 (a) 7,602,000 8,010,608 
5.75% 9/1/23 131,000 133,620 
5.75% 2/15/26 (a) 7,889,000 8,330,784 
5.875% 4/1/24 (a) 8,265,000 8,616,263 
5.875% 5/1/27 (a) 8,528,000 9,039,680 
CSC Holdings LLC:   
5.25% 6/1/24 33,000 35,558 
5.375% 7/15/23 (a) 329,000 337,218 
5.5% 5/15/26 (a) 10,888,000 11,473,230 
5.5% 4/15/27 (a) 4,086,000 4,331,201 
7.5% 4/1/28 (a) 1,885,000 2,120,625 
7.75% 7/15/25 (a) 3,770,000 4,043,325 
DISH DBS Corp.:   
5.875% 11/15/24 68,000 68,170 
7.75% 7/1/26 6,273,000 6,328,516 
Virgin Media Secured Finance PLC 5.5% 8/15/26 (a) 2,947,000 3,098,034 
Ziggo B.V. 5.5% 1/15/27 (a) 10,404,000 10,976,220 
Ziggo Bond Finance BV 5.875% 1/15/25 (a) 7,787,000 8,020,610 
  93,049,966 
Capital Goods - 0.8%   
AECOM:   
5.125% 3/15/27 7,495,000 7,904,977 
5.875% 10/15/24 4,321,000 4,661,279 
  12,566,256 
Chemicals - 2.2%   
Blue Cube Spinco, Inc.:   
9.75% 10/15/23 85,000 92,650 
10% 10/15/25 124,000 138,570 
CF Industries Holdings, Inc.:   
5.15% 3/15/34 7,790,000 8,257,400 
5.375% 3/15/44 246,000 252,150 
Element Solutions, Inc. 5.875% 12/1/25 (a) 4,248,000 4,434,519 
OCI NV 6.625% 4/15/23 (a) 6,126,000 6,394,013 
Olin Corp. 5.125% 9/15/27 47,000 48,356 
The Chemours Co. LLC:   
5.375% 5/15/27 1,038,000 922,356 
6.625% 5/15/23 3,636,000 3,616,656 
7% 5/15/25 4,953,000 4,779,645 
TPC Group, Inc. 10.5% 8/1/24 (a) 1,008,000 1,068,480 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375% 9/1/25 (a) 1,799,000 1,733,786 
Valvoline, Inc.:   
4.375% 8/15/25 32,000 32,560 
5.5% 7/15/24 2,115,000 2,194,973 
W. R. Grace & Co.-Conn.:   
5.125% 10/1/21 (a) 1,194,000 1,238,775 
5.625% 10/1/24 (a) 1,513,000 1,634,040 
  36,838,929 
Consumer Products - 0.0%   
Prestige Brands, Inc. 6.375% 3/1/24 (a) 14,000 14,613 
Containers - 1.5%   
Ard Securities Finance SARL 8.75% 1/31/23 pay-in-kind (a)(b) 1,908,149 1,984,475 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.625% 5/15/23 (a) 495,000 506,756 
6% 2/15/25 (a) 9,378,000 9,846,900 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.5% 1/15/23 41,000 42,845 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 528,000 551,100 
OI European Group BV 4% 3/15/23 (a) 66,000 65,670 
Owens-Brockway Glass Container, Inc.:   
5% 1/15/22 (a) 130,000 134,225 
5.375% 1/15/25 (a) 161,000 162,409 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
5.125% 7/15/23 (a) 2,706,000 2,776,221 
7% 7/15/24 (a) 3,186,000 3,297,510 
Silgan Holdings, Inc. 4.75% 3/15/25 23,000 23,518 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (a) 4,854,000 5,084,565 
8.5% 8/15/27 (a) 890,000 948,963 
  25,425,157 
Diversified Financial Services - 6.2%   
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a) 22,000 21,120 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 8,984,000 9,433,200 
FLY Leasing Ltd.:   
5.25% 10/15/24 6,572,000 6,769,160 
6.375% 10/15/21 5,167,000 5,254,193 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 89,000 89,779 
6.25% 2/1/22 5,402,000 5,530,298 
6.25% 5/15/26 3,734,000 3,958,040 
6.375% 12/15/25 6,562,000 6,890,100 
6.75% 2/1/24 3,213,000 3,349,553 
MSCI, Inc.:   
4.75% 8/1/26 (a) 33,000 34,566 
5.375% 5/15/27 (a) 110,000 117,425 
5.75% 8/15/25 (a) 1,704,000 1,787,070 
Navient Corp.:   
5% 10/26/20 2,470,000 2,515,572 
5.5% 1/25/23 61,000 63,364 
5.875% 10/25/24 5,000 5,113 
6.125% 3/25/24 3,632,000 3,796,530 
6.5% 6/15/22 5,254,000 5,621,780 
6.625% 7/26/21 79,000 83,444 
6.75% 6/25/25 6,964,000 7,344,931 
6.75% 6/15/26 1,765,000 1,844,425 
7.25% 1/25/22 1,067,000 1,157,375 
7.25% 9/25/23 3,232,000 3,530,895 
8% 3/25/20 189,000 193,016 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 1,639,000 1,721,770 
5.25% 8/15/22 (a) 3,169,000 3,374,827 
5.5% 2/15/24 (a) 6,349,000 6,980,091 
Quicken Loans, Inc. 5.25% 1/15/28 (a) 5,054,000 5,211,938 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (a) 2,694,000 2,720,940 
6.875% 2/15/23 (a) 4,903,000 5,013,318 
Springleaf Finance Corp.:   
6.875% 3/15/25 1,911,000 2,164,208 
7.125% 3/15/26 5,792,000 6,602,880 
  103,180,921 
Diversified Media - 1.0%   
MDC Partners, Inc. 6.5% 5/1/24 (a) 4,207,000 4,022,944 
Nielsen Co. SARL (Luxembourg) 5% 2/1/25 (a) 4,958,000 4,933,210 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 7,364,000 7,400,967 
  16,357,121 
Energy - 14.3%   
Archrock Partners LP / Archrock Partners Finance Corp. 6.875% 4/1/27 (a) 2,257,000 2,330,127 
California Resources Corp. 8% 12/15/22 (a) 15,735,000 4,563,150 
Cheniere Corpus Christi Holdings LLC:   
5.875% 3/31/25 43,000 47,680 
7% 6/30/24 5,255,000 6,043,670 
Cheniere Energy Partners LP:   
5.25% 10/1/25 31,037,000 32,123,259 
5.625% 10/1/26 2,413,000 2,548,731 
Chesapeake Energy Corp.:   
8% 1/15/25 8,515,000 5,619,900 
8% 6/15/27 5,369,000 3,355,625 
Citgo Holding, Inc. 9.25% 8/1/24 (a) 1,657,000 1,729,494 
Citgo Petroleum Corp. 6.25% 8/15/22 (a) 6,536,000 6,601,360 
Comstock Escrow Corp. 9.75% 8/15/26 6,222,000 4,915,380 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 5.8685% 6/15/22 (a)(b)(c) 184,000 182,628 
6.5% 5/15/26 (a) 4,345,000 4,182,063 
6.875% 6/15/25 (a) 1,120,000 1,086,400 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.75% 4/1/25 238,000 245,735 
6.25% 4/1/23 7,651,000 7,782,597 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 3,182,000 3,213,820 
DCP Midstream Operating LP 5.375% 7/15/25 5,258,000 5,534,045 
Denbury Resources, Inc.:   
7.75% 2/15/24 (a) 10,746,000 7,898,310 
9% 5/15/21 (a) 47,000 41,125 
9.25% 3/31/22 (a) 4,577,000 3,753,140 
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 5/15/26 (a)(d) 4,542,000 3,156,690 
EQT Corp. 3.9% 10/1/27 7,646,000 6,746,040 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 6,070,000 6,350,738 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 3,570,000 3,169,446 
5.75% 10/1/25 (a) 1,620,000 1,445,850 
Indigo Natural Resources LLC 6.875% 2/15/26 (a) 18,000 16,380 
Jonah Energy LLC 7.25% 10/15/25 (a) 9,408,000 2,634,240 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (a) 892,000 892,000 
MEG Energy Corp.:   
6.375% 1/30/23 (a) 2,835,000 2,679,075 
7% 3/31/24 (a) 4,891,000 4,594,116 
Nabors Industries, Inc.:   
5.5% 1/15/23 27,000 22,815 
5.75% 2/1/25 4,324,000 3,222,677 
Noble Holding International Ltd.:   
5.25% 3/15/42 88,000 33,440 
6.05% 3/1/41 87,000 30,450 
7.875% 2/1/26 (a) 2,875,000 1,897,500 
Parsley Energy LLC/Parsley:   
5.25% 8/15/25 (a) 3,713,000 3,805,899 
5.375% 1/15/25 (a) 2,316,000 2,384,276 
5.625% 10/15/27 (a) 1,456,000 1,503,320 
6.25% 6/1/24 (a) 1,049,000 1,092,271 
PBF Holding Co. LLC/PBF Finance Corp.:   
7% 11/15/23 5,549,000 5,715,470 
7.25% 6/15/25 721,000 753,445 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 100,000 102,500 
Range Resources Corp.:   
4.875% 5/15/25 3,436,000 2,757,390 
5% 3/15/23 1,549,000 1,339,885 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 263,000 265,898 
Sanchez Energy Corp. 7.25% 2/15/23 (a)(d) 11,797,000 8,021,960 
SemGroup Corp. 6.375% 3/15/25 11,720,000 12,144,850 
Semgroup Corp. / Rose Rock Finance 5.625% 11/15/23 215,000 219,838 
Southwestern Energy Co.:   
7.5% 4/1/26 2,179,000 1,912,269 
7.75% 10/1/27 1,845,000 1,586,700 
Summit Midstream Holdings LLC 5.75% 4/15/25 7,183,000 5,566,825 
Sunoco LP/Sunoco Finance Corp.:   
4.875% 1/15/23 2,532,000 2,598,465 
5.5% 2/15/26 1,378,000 1,424,645 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.25% 11/15/23 4,313,000 4,333,271 
5.125% 2/1/25 10,000 10,250 
5.25% 5/1/23 371,000 372,391 
5.375% 2/1/27 10,000 10,238 
5.875% 4/15/26 9,481,000 9,896,742 
6.75% 3/15/24 1,558,000 1,615,829 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 2,904,000 2,991,120 
5% 1/31/28 (a) 1,355,000 1,429,119 
Tervita Escrow Corp. 7.625% 12/1/21 (a) 4,030,000 3,979,625 
U.S.A. Compression Partners LP:   
6.875% 4/1/26 3,811,000 3,849,110 
6.875% 9/1/27 (a) 2,097,000 2,097,000 
Valaris PLC:   
4.5% 10/1/24 91,000 46,410 
5.2% 3/15/25 2,654,000 1,380,080 
7.75% 2/1/26 3,154,000 1,655,850 
Viper Energy Partners LP 5.375% 11/1/27 (a) 4,037,000 4,107,648 
Weatherford International Ltd.:   
5.95% 4/15/42 (d) 10,000 3,000 
6.5% 8/1/36 (d) 95,000 28,738 
7% 3/15/38 (d) 318,000 95,400 
9.875% 2/15/24 (d) 2,212,000 674,660 
Weatherford International, Inc.:   
6.8% 6/15/37 (d) 1,811,000 547,828 
9.875% 3/1/25 (d) 12,589,000 3,902,590 
  236,912,501 
Environmental - 0.8%   
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 13,470,000 13,682,826 
Food/Beverage/Tobacco - 4.0%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 9,035,000 9,057,588 
Cott Holdings, Inc. 5.5% 4/1/25 (a) 3,048,000 3,177,540 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 15,105,000 15,690,319 
5.875% 7/15/24 (a) 2,890,000 2,980,313 
6.75% 2/15/28 (a) 11,672,000 12,839,317 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (a) 4,490,000 4,837,975 
6.5% 4/15/29 (a) 5,081,000 5,652,765 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (a) 142,000 149,278 
4.875% 11/1/26 (a) 1,078,000 1,133,248 
Post Holdings, Inc.:   
5% 8/15/26 (a) 2,727,000 2,836,353 
5.5% 3/1/25 (a) 126,000 131,998 
5.75% 3/1/27 (a) 2,365,000 2,517,850 
U.S. Foods, Inc. 5.875% 6/15/24 (a) 90,000 92,700 
Vector Group Ltd. 6.125% 2/1/25 (a) 6,241,000 5,991,360 
  67,088,604 
Gaming - 5.7%   
Boyd Gaming Corp.:   
6% 8/15/26 2,231,000 2,364,860 
6.375% 4/1/26 43,000 45,688 
Caesars Resort Collection LLC 5.25% 10/15/25 (a) 10,030,000 10,268,213 
Eldorado Resorts, Inc.:   
6% 4/1/25 4,020,000 4,226,025 
6% 9/15/26 1,340,000 1,468,975 
GLP Capital LP/GLP Financing II, Inc.:   
5.25% 6/1/25 3,642,000 3,993,526 
5.375% 4/15/26 1,221,000 1,342,673 
Golden Entertainment, Inc. 7.625% 4/15/26 (a) 7,980,000 8,388,975 
MCE Finance Ltd. 4.875% 6/6/25 (a) 2,855,000 2,917,614 
MGM Growth Properties Operating Partnership LP:   
4.5% 9/1/26 5,335,000 5,668,438 
4.5% 1/15/28 31,000 32,473 
5.625% 5/1/24 7,742,000 8,525,878 
5.75% 2/1/27 (a) 1,434,000 1,620,420 
MGM Mirage, Inc. 5.75% 6/15/25 3,296,000 3,654,440 
Penn National Gaming, Inc. 5.625% 1/15/27 (a) 4,071,000 4,193,130 
Scientific Games Corp.:   
5% 10/15/25 (a) 4,006,000 4,126,180 
10% 12/1/22 210,000 216,038 
Stars Group Holdings BV 7% 7/15/26 (a) 10,663,000 11,502,711 
Station Casinos LLC 5% 10/1/25 (a) 35,000 35,481 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (a) 273,000 270,270 
Twin River Worldwide Holdings, Inc. 6.75% 6/1/27 (a) 3,361,000 3,538,461 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) 4,769,000 4,971,683 
Wynn Macau Ltd.:   
4.875% 10/1/24 (a) 6,917,000 6,951,585 
5.5% 10/1/27 (a) 4,085,000 4,194,784 
  94,518,521 
Healthcare - 10.2%   
Catalent Pharma Solutions 4.875% 1/15/26 (a) 1,007,000 1,039,728 
Charles River Laboratories International, Inc.:   
4.25% 5/1/28 (a) 472,000 480,897 
5.5% 4/1/26 (a) 2,695,000 2,870,175 
Community Health Systems, Inc.:   
6.25% 3/31/23 6,523,000 6,355,848 
8% 3/15/26 (a) 15,019,000 14,681,073 
8.625% 1/15/24 (a) 8,242,000 8,422,829 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 4,651,000 4,837,040 
HCA Holdings, Inc.:   
4.5% 2/15/27 55,000 59,391 
5% 3/15/24 40,000 43,634 
5.25% 6/15/26 2,980,000 3,334,705 
5.375% 2/1/25 265,000 291,169 
5.375% 9/1/26 3,032,000 3,304,880 
5.875% 5/1/23 7,614,000 8,354,081 
6.25% 2/15/21 5,262,000 5,511,945 
Hologic, Inc.:   
4.375% 10/15/25 (a) 2,967,000 3,039,781 
4.625% 2/1/28 (a) 6,000 6,278 
IMS Health, Inc. 5% 5/15/27 (a) 4,387,000 4,650,220 
MPH Acquisition Holdings LLC 7.125% 6/1/24 (a) 6,234,000 5,813,205 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 87,000 91,568 
5.25% 8/1/26 2,072,000 2,175,600 
5.5% 5/1/24 1,713,000 1,757,966 
6.375% 3/1/24 2,694,000 2,811,863 
Service Corp. International 5.125% 6/1/29 2,272,000 2,419,680 
Teleflex, Inc. 4.875% 6/1/26 3,382,000 3,545,816 
Tenet Healthcare Corp.:   
4.625% 7/15/24 21,000 21,630 
5.125% 5/1/25 2,027,000 2,075,141 
6.25% 2/1/27 (a) 4,281,000 4,521,806 
6.75% 6/15/23 10,414,000 11,038,840 
7% 8/1/25 6,085,000 6,282,763 
8.125% 4/1/22 17,985,000 19,468,763 
Valeant Pharmaceuticals International, Inc.:   
5.5% 11/1/25 (a) 3,916,000 4,092,259 
5.875% 5/15/23 (a) 1,369,000 1,388,851 
6.125% 4/15/25 (a) 6,777,000 7,035,373 
7% 3/15/24 (a) 3,285,000 3,436,685 
8.5% 1/31/27 (a) 2,946,000 3,314,250 
9% 12/15/25 (a) 4,871,000 5,484,990 
9.25% 4/1/26 (a) 4,165,000 4,711,740 
Vizient, Inc. 6.25% 5/15/27 (a) 385,000 415,196 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 4,278,000 4,477,194 
5.375% 8/15/26 (a) 5,965,000 6,345,269 
  170,010,122 
Homebuilders/Real Estate - 0.9%   
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (a) 5,225,000 5,434,575 
Howard Hughes Corp. 5.375% 3/15/25 (a) 5,982,000 6,213,803 
Starwood Property Trust, Inc.:   
4.75% 3/15/25 3,421,000 3,552,495 
5% 12/15/21 98,000 101,430 
  15,302,303 
Hotels - 0.8%   
Hilton Domestic Operating Co., Inc. 5.125% 5/1/26 9,924,000 10,420,200 
Hilton Escrow Issuer LLC 4.25% 9/1/24 2,236,000 2,275,130 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 12,000 12,690 
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) 38,000 40,090 
  12,748,110 
Insurance - 0.6%   
AmWINS Group, Inc. 7.75% 7/1/26 (a) 4,162,000 4,474,150 
USIS Merger Sub, Inc. 6.875% 5/1/25 (a) 4,869,000 4,954,208 
  9,428,358 
Leisure - 0.2%   
Mattel, Inc. 6.75% 12/31/25 (a) 3,508,000 3,670,245 
Metals/Mining - 0.9%   
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (a) 2,641,000 2,588,180 
7.25% 4/1/23 (a) 3,410,000 3,428,209 
Freeport-McMoRan, Inc.:   
3.55% 3/1/22 120,000 121,350 
3.875% 3/15/23 2,066,000 2,096,990 
Nufarm Australia Ltd. 5.75% 4/30/26 (a) 5,812,000 5,841,060 
  14,075,789 
Paper - 0.8%   
Berry Global Escrow Corp. 4.875% 7/15/26 (a) 3,396,000 3,570,045 
Flex Acquisition Co., Inc.:   
6.875% 1/15/25 (a) 7,329,000 6,870,938 
7.875% 7/15/26 (a) 3,018,000 2,836,920 
NewPage Corp. 11.375% 12/31/2014 (d)(e) 57,102,203 
  13,277,909 
Restaurants - 0.9%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
4.25% 5/15/24 (a) 4,770,000 4,895,213 
5% 10/15/25 (a) 1,804,000 1,858,120 
Golden Nugget, Inc. 6.75% 10/15/24 (a) 6,818,000 7,023,222 
KFC Holding Co./Pizza Hut Holding LLC 5% 6/1/24 (a) 312,000 323,700 
  14,100,255 
Services - 3.5%   
ADT Corp. 4.875% 7/15/32 (a) 34,000 29,420 
APX Group, Inc.:   
7.625% 9/1/23 6,812,000 5,994,560 
7.875% 12/1/22 5,609,000 5,601,989 
8.75% 12/1/20 39,000 38,415 
Aramark Services, Inc.:   
4.75% 6/1/26 265,000 271,956 
5% 4/1/25 (a) 4,016,000 4,181,660 
5.125% 1/15/24 2,475,000 2,552,344 
Avantor, Inc. 6% 10/1/24 (a) 247,000 264,013 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) 4,052,000 3,930,440 
CDK Global, Inc.:   
4.875% 6/1/27 15,000 15,806 
5.25% 5/15/29 (a) 745,000 791,097 
5.875% 6/15/26 2,899,000 3,101,930 
Corrections Corp. of America:   
4.125% 4/1/20 1,608,000 1,608,322 
4.625% 5/1/23 1,337,000 1,251,766 
5% 10/15/22 5,682,000 5,632,283 
Frontdoor, Inc. 6.75% 8/15/26 (a) 1,942,000 2,126,490 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (a) 5,846,000 6,076,186 
Laureate Education, Inc. 8.25% 5/1/25 (a) 5,945,000 6,450,325 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (a) 20,000 21,040 
Tempo Acquisition LLC 6.75% 6/1/25 (a) 7,683,000 7,903,886 
The GEO Group, Inc.:   
5.875% 10/15/24 676,000 564,460 
6% 4/15/26 185,000 146,613 
  58,555,001 
Super Retail - 0.3%   
The William Carter Co. 5.625% 3/15/27 (a) 4,251,000 4,532,629 
Technology - 5.1%   
Ascend Learning LLC:   
6.875% 8/1/25 (a) 4,624,000 4,826,300 
6.875% 8/1/25 (a) 793,000 829,676 
Banff Merger Sub, Inc. 9.75% 9/1/26 (a) 5,500,000 5,121,875 
Camelot Finance SA 4.5% 11/1/26 (a) 3,870,000 3,910,248 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (a) 1,711,000 1,756,975 
Fair Isaac Corp. 5.25% 5/15/26 (a) 1,581,000 1,715,385 
Gartner, Inc. 5.125% 4/1/25 (a) 11,000 11,536 
Micron Technology, Inc. 5.5% 2/1/25 15,000 15,429 
Nuance Communications, Inc. 5.625% 12/15/26 4,915,000 5,216,290 
Open Text Corp. 5.875% 6/1/26 (a) 3,690,000 3,934,463 
Qorvo, Inc. 5.5% 7/15/26 4,473,000 4,774,838 
Rackspace Hosting, Inc. 8.625% 11/15/24 (a) 5,426,000 4,964,790 
Sensata Technologies BV 5% 10/1/25 (a) 64,000 68,973 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 17,168,000 17,962,020 
SS&C Technologies, Inc. 5.5% 9/30/27 (a) 7,899,000 8,427,246 
Symantec Corp.:   
4.2% 9/15/20 2,212,000 2,240,296 
5% 4/15/25 (a) 9,138,000 9,366,450 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 9,454,000 9,548,540 
  84,691,330 
Telecommunications - 11.1%   
Altice Financing SA:   
6.625% 2/15/23 (a) 2,450,000 2,516,640 
7.5% 5/15/26 (a) 12,375,000 13,148,438 
Altice Finco SA:   
7.625% 2/15/25 (a) 7,680,000 7,872,000 
8.125% 1/15/24 (a) 2,320,000 2,392,500 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (a) 11,645,000 12,256,363 
7.5% 10/15/26 (a) 11,872,000 12,747,560 
Citizens Utilities Co. 7.05% 10/1/46 12,307,000 5,538,150 
Cogent Communications Group, Inc. 5.375% 3/1/22 (a) 2,531,000 2,632,240 
Intelsat Jackson Holdings SA 8.5% 10/15/24 (a) 4,778,000 4,814,791 
Level 3 Communications, Inc. 5.75% 12/1/22 35,000 35,088 
Level 3 Financing, Inc.:   
5.125% 5/1/23 564,000 571,050 
5.375% 1/15/24 14,984,000 15,264,950 
5.375% 5/1/25 201,000 207,784 
Millicom International Cellular SA:   
6% 3/15/25 (a) 945,000 978,075 
6.625% 10/15/26 (a) 7,662,000 8,322,848 
Neptune Finco Corp. 6.625% 10/15/25 (a) 9,962,000 10,609,530 
Qwest Corp. 6.75% 12/1/21 19,000 20,506 
SFR Group SA:   
7.375% 5/1/26 (a) 13,319,000 14,262,585 
8.125% 2/1/27 (a) 5,562,000 6,166,868 
Sprint Communications, Inc. 6% 11/15/22 10,986,000 11,617,695 
Sprint Corp.:   
7.125% 6/15/24 5,180,000 5,620,300 
7.875% 9/15/23 11,155,000 12,312,331 
T-Mobile U.S.A., Inc.:   
4.5% 2/1/26 32,000 33,000 
5.125% 4/15/25 32,000 33,250 
6% 4/15/24 5,327,000 5,526,763 
6.375% 3/1/25 24,000 24,905 
Telecom Italia Capital SA:   
6% 9/30/34 2,727,000 2,911,073 
6.375% 11/15/33 1,530,000 1,686,381 
Telecom Italia SpA 5.303% 5/30/24 (a) 9,517,000 10,183,190 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (a) 5,400,000 5,742,900 
U.S. West Communications 7.25% 9/15/25 21,000 24,084 
Zayo Group LLC/Zayo Capital, Inc.:   
5.75% 1/15/27 (a) 2,071,000 2,104,923 
6.375% 5/15/25 6,419,000 6,598,732 
  184,777,493 
Transportation Ex Air/Rail - 1.0%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (a) 4,938,000 5,328,102 
5.25% 5/15/24 (a) 2,605,000 2,840,753 
5.5% 1/15/23 (a) 7,255,000 7,828,871 
  15,997,726 
Utilities - 3.7%   
Calpine Corp. 5.75% 1/15/25 224,000 229,880 
Clearway Energy Operating LLC 5.75% 10/15/25 25,000 25,656 
DCP Midstream Operating LP 5.125% 5/15/29 3,994,000 4,053,910 
Dynegy, Inc. 5.875% 6/1/23 28,000 28,595 
Global Partners LP/GLP Finance Corp.:   
7% 6/15/23 3,429,000 3,542,962 
7% 8/1/27 (a) 3,643,000 3,789,339 
InterGen NV 7% 6/30/23 (a) 15,134,000 14,384,867 
NextEra Energy Partners LP:   
4.25% 9/15/24 (a) 4,580,000 4,763,200 
4.5% 9/15/27 (a) 8,000 8,160 
NRG Energy, Inc.:   
5.25% 6/15/29 (a) 3,365,000 3,608,963 
5.75% 1/15/28 2,269,000 2,456,193 
6.625% 1/15/27 38,000 41,183 
7.25% 5/15/26 21,000 22,996 
NRG Yield Operating LLC 5% 9/15/26 1,810,000 1,810,000 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 3,079,381 3,325,732 
Talen Energy Supply LLC 10.5% 1/15/26 (a) 6,606,000 5,681,160 
The AES Corp.:   
4.5% 3/15/23 22,000 22,495 
4.875% 5/15/23 47,000 47,752 
5.125% 9/1/27 1,756,000 1,887,665 
6% 5/15/26 208,000 222,102 
Vistra Operations Co. LLC:   
5% 7/31/27 (a) 3,159,000 3,269,565 
5.5% 9/1/26 (a) 8,542,000 9,026,502 
  62,248,877 
TOTAL NONCONVERTIBLE BONDS  1,487,648,647 
TOTAL CORPORATE BONDS   
(Cost $1,476,481,902)  1,497,009,268 
 Shares Value 
Common Stocks - 0.9%   
Food & Drug Retail - 0.9%   
Southeastern Grocers, Inc. (e)(f) 436,231 15,342,244 
Metals/Mining - 0.0%   
Aleris Corp. (e)(f) 46,900 
Elah Holdings, Inc. (f)(g) 333 19,311 
TOTAL METALS/MINING  19,311 
TOTAL COMMON STOCKS   
(Cost $16,160,228)  15,361,555 
Convertible Preferred Stocks - 0.1%   
Telecommunications - 0.1%   
Crown Castle International Corp. Series A, 6.875%   
(Cost $1,463,147) 1,450 1,805,613 
 Principal Amount Value 
Bank Loan Obligations - 1.1%   
Cable/Satellite TV - 0.0%   
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.0543% 8/19/23 (b)(c) 435,000 416,921 
Energy - 0.7%   
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.1746% 12/31/21 (b)(c) 96,000 63,360 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.5496% 12/31/22 (b)(c) 4,259,000 3,643,575 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 7.7859% 3/1/24 (b)(c) 6,001,000 2,525,401 
Sanchez Energy Corp. 1LN, term loan 3 month U.S. LIBOR + 8.000% 10% 5/11/20 (b)(c)(e)(h) 4,887,466 4,643,093 
TOTAL ENERGY  10,875,429 
Insurance - 0.2%   
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9395% 4/25/25 (b)(c) 3,828,516 3,741,685 
Restaurants - 0.0%   
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 2/17/24 (b)(c) 84,000 84,063 
Services - 0.0%   
Almonde, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.6963% 6/13/24 (b)(c) 350,000 334,033 
Telecommunications - 0.2%   
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.7859% 2/1/24 (b)(c) 2,453,803 2,426,885 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $18,847,015)  17,879,016 
Preferred Securities - 2.3%   
Banks & Thrifts - 1.7%   
Bank of America Corp.:   
5.2% (b)(i) 549,000 584,267 
5.875% (b)(i) 27,000 29,890 
6.25% (b)(i) 10,521,000 11,739,196 
6.5% (b)(i) 13,000 14,761 
Barclays PLC 7.875% (Reg. S) (b)(i) 4,681,000 5,039,079 
Royal Bank of Scotland Group PLC 7.5% (b)(i) 3,239,000 3,320,855 
Wells Fargo & Co. 5.9% (b)(i) 6,392,000 7,046,586 
TOTAL BANKS & THRIFTS  27,774,634 
Diversified Financial Services - 0.5%   
AerCap Holdings NV 5.875% 10/10/79 (b) 8,354,000 8,738,546 
Energy - 0.1%   
MPLX LP 6.875% (b)(i) 41,000 42,158 
Summit Midstream Partners LP 9.5% (b)(i) 3,512,000 2,128,550 
TOTAL ENERGY  2,170,708 
TOTAL PREFERRED SECURITIES   
(Cost $38,440,374)  38,683,888 
 Shares Value 
Money Market Funds - 4.4%   
Fidelity Cash Central Fund 1.83% (j) 71,977,047 71,991,443 
Fidelity Securities Lending Cash Central Fund 1.84% (j)(k) 5,924 5,925 
TOTAL MONEY MARKET FUNDS   
(Cost $71,994,429)  71,997,368 
TOTAL INVESTMENT IN SECURITIES - 98.9%   
(Cost $1,623,387,095)  1,642,736,708 
NET OTHER ASSETS (LIABILITIES) - 1.1%  18,440,078 
NET ASSETS - 100%  $1,661,176,786 

Legend

 (a) 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 $929,838,576 or 56.0% of net assets.

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

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

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

 (e) Level 3 security

 (f) Non-income producing

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

 (h) 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 $3,491,047 and $3,316,495, respectively.

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

 (j) 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.

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $384,867 
Fidelity Securities Lending Cash Central Fund 39 
Total $384,906 

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2019, 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:     
Consumer Staples $15,342,244 $-- $-- $15,342,244 
Materials 19,311 19,311 -- -- 
Real Estate 1,805,613 -- 1,805,613 -- 
Corporate Bonds 1,497,009,268 -- 1,497,009,262 
Bank Loan Obligations 17,879,016 -- 13,235,923 4,643,093 
Preferred Securities 38,683,888 -- 38,683,888 -- 
Money Market Funds 71,997,368 71,997,368 -- -- 
Total Investments in Securities: $1,642,736,708 $72,016,679 $1,550,734,686 $19,985,343 

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

Investments in Securities:  
Beginning Balance $15,934,791 
Net Realized Gain (Loss) on Investment Securities 24,354 
Net Unrealized Gain (Loss) on Investment Securities (638,547) 
Cost of Purchases 4,643,093 
Proceeds of Sales (24,354) 
Amortization/Accretion 67,984 
Transfers into Level 3 -- 
Transfers out of Level 3 (21,978) 
Ending Balance $19,985,343 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2019 $(28,723) 

The information used in the above reconciliations 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, and includes securities received through affiliated in-kind transactions. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 74.9% 
Netherlands 4.9% 
Canada 4.3% 
Luxembourg 4.3% 
Multi-National 3.1% 
Cayman Islands 3.1% 
Ireland 1.5% 
France 1.3% 
Others (Individually Less Than 1%) 2.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,500) — See accompanying schedule:
Unaffiliated issuers (cost $1,551,392,666) 
$1,570,739,340  
Fidelity Central Funds (cost $71,994,429) 71,997,368  
Total Investment in Securities (cost $1,623,387,095)  $1,642,736,708 
Cash  1,557,967 
Receivable for investments sold   
Regular delivery  194,513 
Delayed delivery  24,354 
Receivable for fund shares sold  9,555,599 
Dividends receivable  24,063 
Interest receivable  23,460,180 
Distributions receivable from Fidelity Central Funds  79,924 
Other receivables  367 
Total assets  1,677,633,675 
Liabilities   
Payable for investments purchased $16,202,911  
Payable for fund shares redeemed 239,524  
Other payables and accrued expenses 8,529  
Collateral on securities loaned 5,925  
Total liabilities  16,456,889 
Net Assets  $1,661,176,786 
Net Assets consist of:   
Paid in capital  $1,939,806,769 
Total accumulated earnings (loss)  (278,629,983) 
Net Assets, for 175,632,411 shares outstanding  $1,661,176,786 
Net Asset Value, offering price and redemption price per share ($1,661,176,786 ÷ 175,632,411 shares)  $9.46 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended October 31, 2019 (Unaudited) 
Investment Income   
Dividends  $1,197,465 
Interest  45,964,203 
Income from Fidelity Central Funds (including $39 from security lending)  384,906 
Total income  47,546,574 
Expenses   
Custodian fees and expenses $6,790  
Independent trustees' fees and expenses 4,684  
Commitment fees 1,860  
Total expenses before reductions 13,334  
Expense reductions (7,491)  
Total expenses after reductions  5,843 
Net investment income (loss)  47,540,731 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 2,572,834  
Total net realized gain (loss)  2,572,834 
Change in net unrealized appreciation (depreciation) on investment securities  (5,674,127) 
Net gain (loss)  (3,101,293) 
Net increase (decrease) in net assets resulting from operations  $44,439,438 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended October 31, 2019 (Unaudited) Year ended April 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $47,540,731 $164,663,192 
Net realized gain (loss) 2,572,834 (76,864,585) 
Change in net unrealized appreciation (depreciation) (5,674,127) 54,057,179 
Net increase (decrease) in net assets resulting from operations 44,439,438 141,855,786 
Distributions to shareholders (51,240,667) (167,180,454) 
Share transactions   
Proceeds from sales of shares 163,291,588 156,636,382 
Reinvestment of distributions 51,240,667 167,180,454 
Cost of shares redeemed (57,295,720) (1,671,555,581) 
Net increase (decrease) in net assets resulting from share transactions 157,236,535 (1,347,738,745) 
Total increase (decrease) in net assets 150,435,306 (1,373,063,413) 
Net Assets   
Beginning of period 1,510,741,480 2,883,804,893 
End of period $1,661,176,786 $1,510,741,480 
Other Information   
Shares   
Sold 17,196,757 16,663,280 
Issued in reinvestment of distributions 5,413,151 17,863,731 
Redeemed (6,049,174) (177,266,032) 
Net increase (decrease) 16,560,734 (142,739,021) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series High Income Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.50 $9.56 $9.68 $8.96 $9.87 $10.58 
Income from Investment Operations       
Net investment income (loss)A .296 .607 .623 .557 .550 .565 
Net realized and unrealized gain (loss) (.017) (.051) (.141) .687 (.867) (.382) 
Total from investment operations .279 .556 .482 1.244 (.317) .183 
Distributions from net investment income (.315) (.616) (.602) (.524) (.546) (.552) 
Distributions from net realized gain (.004) – – – (.047) (.341) 
Total distributions (.319) (.616) (.602) (.524) (.593) (.893) 
Net asset value, end of period $9.46 $9.50 $9.56 $9.68 $8.96 $9.87 
Total ReturnB,C 2.99% 6.12% 5.08% 14.25% (3.08)% 1.86% 
Ratios to Average Net AssetsD,E       
Expenses before reductions - %F,G - %G .06% .69% .69% .69% 
Expenses net of fee waivers, if any - %F,G - %G .05% .69% .69% .69% 
Expenses net of all reductions - %F,G - %G .05% .69% .69% .69% 
Net investment income (loss) 6.23%F 6.44% 6.44% 6.00% 6.07% 5.51% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,661,177 $1,510,741 $2,883,805 $1,285,072 $2,417,317 $2,835,891 
Portfolio turnover rateH 25%F,I 69% 49% 44% 34% 31% 

 A Calculated based on average shares outstanding during the period.

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

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

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 F Annualized

 G Amount represents less than .005%.

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2019

1. Organization.

Fidelity Series High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors 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 vendors. 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $15,342,244 Market comparable Discount rate 9.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Enterprise value/EBITDA (EV/EBITDA) 5.7 Increase 
  Book value Book value multiple 0.0 Increase 
Corporate Bonds  $6 Recovery value Recovery value 0.0% Increase 
Bank Loan Obligations $4,643,093 Market approach Transaction price $95.00 Increase 

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019, 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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.

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

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

Book-tax differences are primarily due to foreign currency transactions, market discount, certain conversion ratio adjustments, equity-debt classifications, 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 $73,755,511 
Gross unrealized depreciation (46,971,171) 
Net unrealized appreciation (depreciation) $26,784,340 
Tax cost $1,615,952,368 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(18,430,279) 
Long-term (291,998,337) 
Total capital loss carryforward $(310,428,616) 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which 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 the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $192,006,277 and $186,208,456, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $5 for the period.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Affiliated Exchanges In-Kind. During the period, the Fund received investments, including accrued interest, and cash valued at $112,256,713 in exchange for 11,804,071 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,860 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $3. 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. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $7,491.

9. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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, 2019 to October 31, 2019).

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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2019 
Ending
Account Value
October 31, 2019 
Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 
Actual - %-C $1,000.00 $1,029.90 $--D 
Hypothetical-E  $1,000.00 $1,025.14 $--D 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses





Fidelity Investments

FSH-SANN-1219
1.924273.108


Fidelity® Global High Income Fund



Semi-Annual Report

October 31, 2019

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of October 31, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
NRG Energy, Inc. 1.4 
Ally Financial, Inc. 1.4 
Tenet Healthcare Corp. 1.4 
CCO Holdings LLC/CCO Holdings Capital Corp. 1.3 
Citigroup, Inc. 1.1 
 6.6 

Top Five Countries as of October 31, 2019

(excluding cash equivalents) % of fund's net assets 
United States of America 42.2 
Cayman Islands 10.0 
Netherlands 6.7 
Luxembourg 6.1 
Canada 2.6 

Top Five Market Sectors as of October 31, 2019

 % of fund's net assets 
Energy 13.4 
Banks & Thrifts 7.4 
Healthcare 7.2 
Telecommunications 6.9 
Homebuilders/Real Estate 6.6 

Quality Diversification (% of fund's net assets)

As of October 31, 2019 
   AAA,AA,A 0.6% 
   BBB 4.3% 
   BB 38.0% 
   32.9% 
   CCC,CC,C 11.7% 
   0.6% 
   Not Rated 4.3% 
   Equities 1.0% 
   Short-Term Investments and Net Other Assets 6.6% 


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)

As of October 31, 2019* 
   Corporate Bonds 79.2% 
   Government Obligations 0.8% 
   Stocks 1.0% 
   Preferred Securities 7.3% 
   Other Investments 5.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.6% 


 * Foreign investments - 51.1%

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 79.2%   
 Principal Amount(a) Value 
Convertible Bonds - 0.7%   
Broadcasting - 0.3%   
DISH Network Corp.:   
2.375% 3/15/24 $120,000 $107,568 
3.375% 8/15/26 264,000 246,856 
  354,424 
Energy - 0.0%   
Denbury Resources, Inc. 6.375% 12/31/24 (b) 89,000 48,212 
Steel - 0.0%   
Vallourec SA 4.125% 10/4/22 EUR7,847 47,096 
Utilities - 0.4%   
SolarCity Corp. 1.625% 11/1/19 407,000 406,743 
TOTAL CONVERTIBLE BONDS  856,475 
Nonconvertible Bonds - 78.5%   
Aerospace - 1.5%   
BBA U.S. Holdings, Inc.:   
4% 3/1/28 (b) 70,000 69,475 
5.375% 5/1/26 (b) 30,000 31,350 
Bombardier, Inc.:   
7.5% 12/1/24 (b) 96,000 93,060 
7.5% 3/15/25 (b) 40,000 38,250 
7.875% 4/15/27 (b) 425,000 401,625 
BWX Technologies, Inc. 5.375% 7/15/26 (b) 65,000 68,838 
DAE Funding LLC 4.5% 8/1/22 (b) 50,000 50,987 
TransDigm UK Holdings PLC 6.875% 5/15/26 200,000 213,500 
TransDigm, Inc.:   
5.5% 11/15/27 (b)(c) 455,000 453,494 
6.25% 3/15/26 (b) 80,000 85,700 
7.5% 3/15/27 285,000 307,800 
  1,814,079 
Air Transportation - 1.0%   
Aeropuertos Argentina 2000 SA 6.875% 2/1/27 (b) 421,875 390,366 
Azul Investments LLP 5.875% 10/26/24 (b) 300,000 309,750 
Leonardo SpA 1.5% 6/7/24 (Reg. S) EUR100,000 114,644 
Rumo Luxembourg Sarl 7.375% 2/9/24 (b) 300,000 321,390 
  1,136,150 
Automotive & Auto Parts - 1.2%   
Allison Transmission, Inc. 4.75% 10/1/27 (b) 300,000 306,750 
IAA Spinco, Inc. 5.5% 6/15/27 (b) 30,000 32,142 
IHO Verwaltungs GmbH:   
3.625% 5/15/25 pay-in-kind (Reg. S) (d) EUR100,000 113,900 
3.75% 9/15/26 pay-in-kind(Reg. S) (d) EUR100,000 112,924 
LKQ European Holdings BV 3.625% 4/1/26 EUR100,000 116,131 
Metalsa SA de CV 4.9% 4/24/23 (b) 350,000 361,156 
Novem Group GmbH 3 month EURIBOR + 5.250% 5.25% 5/15/24 (Reg. S) (d)(e) EUR100,000 112,740 
Samvardhana Motherson Automotive Systems Group BV 1.8% 7/6/24 (Reg. S) EUR100,000 104,281 
Volvo Car AB 2.125% 4/2/24 (Reg. S) EUR100,000 114,736 
  1,374,760 
Banks & Thrifts - 3.8%   
Access Bank PLC 10.5% 10/19/21 (b) 200,000 221,938 
Akbank TAS 7.2% 3/16/27 (b)(d) 200,000 188,688 
Ally Financial, Inc.:   
5.75% 11/20/25 335,000 373,106 
8% 11/1/31 155,000 213,079 
8% 11/1/31 738,000 1,031,355 
Banco Macro SA 6.75% 11/4/26 (b)(d) 300,000 220,594 
Bank of Ireland 10% 12/19/22 EUR100,000 142,422 
Bankia SA 3.375% 3/15/27 (Reg. S) (d) EUR300,000 352,833 
Georgia Bank Joint Stock Co. 6% 7/26/23 (b) 400,000 411,000 
Industrial Senior Trust 5.5% 11/1/22 (b) 200,000 208,531 
Intesa Sanpaolo SpA 3.928% 9/15/26 (Reg. S) EUR200,000 251,398 
Pearl Holding III Ltd. 9.5% 12/11/22 200,000 143,295 
PT Bukit Makmur Mandiri Utama 7.75% 2/13/22 (b) 200,000 205,250 
TBC Bank JSC 5.75% 6/19/24 (b) 200,000 205,250 
Turkiye Garanti Bankasi A/S 6.125% 5/24/27 (b)(d) 200,000 178,813 
Turkiye Is Bankasi A/S 5.5% 4/21/22 (b) 200,000 199,250 
  4,546,802 
Broadcasting - 1.7%   
AMC Networks, Inc.:   
4.75% 12/15/22 100,000 100,625 
4.75% 8/1/25 125,000 126,250 
Cable Onda SA 4.5% 1/30/30 (b) 200,000 202,250 
Cumulus Media New Holdings, Inc. 6.75% 7/1/26 (b) 40,000 42,400 
Entercom Media Corp. 6.5% 5/1/27 (b) 40,000 41,800 
Netflix, Inc.:   
4.875% 4/15/28 85,000 87,830 
5.875% 11/15/28 140,000 154,175 
Nexstar Escrow, Inc. 5.625% 7/15/27 (b) 75,000 79,103 
Scripps Escrow, Inc. 5.875% 7/15/27 (b) 60,000 61,482 
Sirius XM Radio, Inc.:   
4.625% 7/15/24 (b) 100,000 104,500 
5% 8/1/27 (b) 125,000 131,406 
5.375% 7/15/26 (b) 380,000 400,900 
Tegna, Inc. 5% 9/15/29 (b) 120,000 121,650 
TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) 400,000 375,625 
  2,029,996 
Building Materials - 0.7%   
Advanced Drain Systems, Inc. 5% 9/30/27 (b) 15,000 15,338 
CEMEX Finance LLC 6% 4/1/24 (Reg. S) 200,000 204,866 
Elementia S.A.B. de CV 5.5% 1/15/25 (b) 200,000 200,750 
HD Supply, Inc. 5.375% 10/15/26 (b) 120,000 126,600 
HMAN Finance Sub Corp. 6.375% 7/15/22 (b) 100,000 92,000 
Loxam SAS 3.25% 1/14/25 (Reg. S) EUR100,000 111,112 
Titan Global Finance PLC 2.375% 11/16/24 (Reg. S) EUR100,000 115,073 
  865,739 
Cable/Satellite TV - 5.6%   
Altice Luxembourg SA:   
8% 5/15/27 (Reg. S) EUR175,000 213,989 
10.5% 5/15/27 (b) 225,000 254,531 
Altice SA:   
6.25% 2/15/25 (Reg. S) EUR150,000 173,773 
7.625% 2/15/25 (b) 700,000 721,875 
Cablevision SA 6.5% 6/15/21 (b) 200,000 188,750 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.75% 3/1/30 (b) 140,000 142,625 
5.125% 2/15/23 85,000 86,806 
5.125% 5/1/23 (b) 155,000 158,681 
5.125% 5/1/27 (b) 890,000 937,838 
5.5% 5/1/26 (b) 110,000 115,913 
5.75% 1/15/24 46,000 47,136 
5.75% 2/15/26 (b) 65,000 68,640 
CSC Holdings LLC:   
5.375% 2/1/28 (b) 165,000 174,488 
5.5% 4/15/27 (b) 115,000 121,901 
5.75% 1/15/30 (b) 100,000 105,250 
6.5% 2/1/29 (b) 165,000 184,284 
7.5% 4/1/28 (b) 230,000 258,750 
7.75% 7/15/25 (b) 105,000 112,613 
Digi Communications NV 5% 10/15/23 (Reg. S) EUR130,000 148,659 
DISH DBS Corp.:   
5% 3/15/23 500,000 503,750 
5.875% 11/15/24 55,000 55,138 
7.75% 7/1/26 185,000 186,637 
LCPR Senior Secured Financing DAC 6.75% 10/15/27 (b) 200,000 205,250 
UPC Holding BV 3.875% 6/15/29 (Reg. S) EUR100,000 115,555 
Virgin Media Finance PLC 4.5% 1/15/25 (Reg. S) EUR100,000 114,575 
Virgin Media Secured Finance PLC 5.5% 5/15/29 (b) 320,000 340,000 
VTR Finance BV 6.875% 1/15/24 (b) 539,000 552,475 
Ziggo B.V.:   
4.25% 1/15/27 (Reg. S) EUR100,000 120,128 
4.875% 1/15/30 (b) 50,000 50,891 
Ziggo Bond Co. BV 6% 1/15/27 (b) 160,000 167,200 
  6,628,101 
Chemicals - 1.9%   
Bayer AG 3% 7/1/75 (Reg S.) (d) EUR100,000 112,894 
Braskem Netherlands BV 4.5% 1/31/30 (b) 200,000 198,300 
CF Industries Holdings, Inc.:   
4.95% 6/1/43 270,000 270,338 
5.15% 3/15/34 335,000 355,100 
5.375% 3/15/44 105,000 107,625 
CTC BondCo GmbH 5.25% 12/15/25 EUR200,000 230,861 
OCI NV:   
5.25% 11/1/24 (b) 110,000 113,850 
6.625% 4/15/23 (b) 110,000 114,813 
OCP SA 5.625% 4/25/24 (b) 200,000 219,250 
Petkim Petrokimya Holding A/S 5.875% 1/26/23 (b) 200,000 196,688 
Starfruit Finco BV / Starfruit U.S. Holdco LLC 8% 10/1/26 (b) 150,000 149,250 
Tronox Finance PLC 5.75% 10/1/25 (b) 45,000 42,413 
Tronox, Inc. 6.5% 4/15/26 (b) 110,000 105,600 
  2,216,982 
Consumer Products - 0.9%   
Bonitron Designated Activity Co. 8.75% 10/30/22 (b) 170,000 182,963 
EVOCA SpA 3 month EURIBOR + 4.250% 4.25% 11/1/26 (Reg. S) (d)(e) EUR100,000 111,982 
International Design Group SpA:   
3 month EURIBOR + 6.000% 6% 11/15/25 (Reg. S) (d)(e) EUR100,000 111,569 
6.5% 11/15/25 (Reg. S) EUR100,000 112,645 
Spectrum Brands Holdings, Inc. 5% 10/1/29 (b) 400,000 409,000 
The Scotts Miracle-Gro Co. 4.5% 10/15/29 (b) 90,000 90,450 
  1,018,609 
Containers - 2.1%   
ARD Finance SA 6.625% 9/15/23 pay-in-kind (d) EUR100,000 115,439 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
2.75% 3/15/24 (Reg. S) EUR200,000 227,242 
5.25% 8/15/27 (b) 200,000 205,000 
6% 2/15/25 (b) 200,000 210,000 
6.75% 5/15/24 (Reg. S) EUR100,000 117,111 
Ball Corp.:   
4.375% 12/15/23 EUR300,000 387,626 
4.875% 3/15/26 205,000 222,425 
Berry Global, Inc. 4.5% 2/15/26 (b) 200,000 201,250 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 60,000 62,625 
Crown European Holdings SA 2.875% 2/1/26 EUR100,000 119,477 
OI European Group BV 6.75% 9/15/20 (Reg. S) EUR75,000 88,199 
Plastipak Holdings, Inc. 6.25% 10/15/25 (b) 20,000 16,500 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20 276,196 277,149 
Schoeller Packaging BV 6.375% 11/1/24 (Reg. S) EUR124,000 139,601 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (b) 40,000 41,900 
8.5% 8/15/27 (b) 40,000 42,650 
  2,474,194 
Diversified Financial Services - 4.7%   
Arena Lux Finance Sarl 2.875% 11/1/24 (Reg. S) EUR100,000 115,434 
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (b) 120,000 115,200 
Comcel Trust 6.875% 2/6/24 (b) 220,000 226,531 
Credito Real S.A.B. de CV 9.5% 2/7/26 (b) 200,000 229,156 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 370,000 388,500 
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (b) 140,000 146,125 
FLY Leasing Ltd. 5.25% 10/15/24 60,000 61,800 
Fortune Star (BVI) Ltd. 6.75% 7/2/23 (Reg. S) 200,000 205,938 
Garfunkelux Holdco 3 SA 7.5% 8/1/22 (Reg. S) EUR100,000 105,383 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 270,000 272,363 
6.25% 5/15/26 260,000 275,600 
6.375% 12/15/25 215,000 225,750 
Intelsat Connect Finance SA 9.5% 2/15/23 (b) 80,000 74,208 
International Personal Finance PLC 5.75% 4/7/21 (Reg S.) EUR100,000 103,667 
James Hardie International Finance Ltd. 4.75% 1/15/25 (b) 200,000 207,468 
Lincoln Financing SARL 3.625% 4/1/24 (Reg. S) EUR225,000 255,779 
MSCI, Inc.:   
5.375% 5/15/27 (b) 500,000 533,750 
5.75% 8/15/25 (b) 50,000 52,438 
Navient Corp.:   
5.875% 10/25/24 40,000 40,900 
7.25% 9/25/23 55,000 60,086 
8% 3/25/20 190,000 194,038 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (b) 20,000 21,010 
5.25% 8/15/22 (b) 95,000 101,170 
5.5% 2/15/24 (b) 565,000 621,161 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (b) 185,000 186,850 
6.875% 2/15/23 (b) 85,000 86,913 
Springleaf Finance Corp.:   
6.875% 3/15/25 75,000 84,938 
7.125% 3/15/26 295,000 336,300 
Verisure Holding AB 3.5% 5/15/23 (Reg. S) EUR100,000 114,894 
Yihua Overseas Investment Ltd. 8.5% 10/23/20 (Reg. S) 200,000 109,500 
  5,552,850 
Diversified Media - 0.2%   
E.W. Scripps Co. 5.125% 5/15/25 (b) 30,000 30,413 
Viacom, Inc.:   
5.875% 2/28/57 (d) 75,000 77,906 
6.25% 2/28/57 (d) 90,000 98,100 
  206,419 
Energy - 12.0%   
Antero Midstream Partners LP/Antero Midstream Finance Corp.:   
5.75% 3/1/27 (b) 140,000 104,300 
5.75% 1/15/28 (b) 60,000 44,550 
Apergy Corp. 6.375% 5/1/26 30,000 29,325 
Areva SA 4.875% 9/23/24 EUR200,000 260,159 
California Resources Corp. 8% 12/15/22 (b) 705,000 204,450 
Callon Petroleum Co. 6.375% 7/1/26 35,000 32,638 
Centennial Resource Production LLC:   
5.375% 1/15/26 (b) 75,000 70,313 
6.875% 4/1/27 (b) 65,000 63,700 
Cheniere Corpus Christi Holdings LLC 5.125% 6/30/27 135,000 145,463 
Cheniere Energy Partners LP 5.625% 10/1/26 90,000 95,063 
Chesapeake Energy Corp.:   
4.875% 4/15/22 70,000 55,606 
5.75% 3/15/23 65,000 47,450 
8% 6/15/27 185,000 115,625 
Citgo Holding, Inc. 9.25% 8/1/24 (b) 185,000 193,094 
Citgo Petroleum Corp. 6.25% 8/15/22 (b) 85,000 85,850 
Comstock Escrow Corp. 9.75% 8/15/26 140,000 110,600 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 5.8685% 6/15/22 (b)(d)(e) 320,000 317,613 
6.5% 5/15/26 (b) 185,000 178,063 
6.875% 6/15/25 (b) 200,000 194,000 
Covey Park Energy LLC 7.5% 5/15/25 (b) 210,000 155,400 
DCP Midstream LLC 5.85% 5/21/43 (b)(d) 60,000 53,700 
DCP Midstream Operating LP 5.375% 7/15/25 135,000 142,088 
Denbury Resources, Inc.:   
7.75% 2/15/24 (b) 421,000 309,435 
9.25% 3/31/22 (b) 45,000 36,900 
Duke Energy Field Services 8.125% 8/16/30 5,000 6,138 
Ecopetrol SA:   
5.375% 6/26/26 100,000 112,313 
5.875% 5/28/45 100,000 115,259 
EG Global Finance PLC:   
6.75% 2/7/25 (b) 275,000 275,000 
8.5% 10/30/25 (b) 75,000 78,779 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (b) 35,000 36,051 
5.75% 1/30/28 (b) 35,000 36,838 
EnLink Midstream LLC 5.375% 6/1/29 25,000 22,188 
Envision Energy Overseas Capital Co. Ltd. 7.5% 4/26/21 200,000 159,750 
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 5/15/26 (b)(f) 725,000 503,875 
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22 200,000 201,500 
GeoPark Ltd. 6.5% 9/21/24 (b) 200,000 206,063 
Greenko Dutch BV 5.25% 7/24/24 200,000 201,875 
Hess Infrastructure Partners LP 5.625% 2/15/26 (b) 100,000 104,625 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (b) 195,000 173,121 
5.75% 10/1/25 (b) 143,000 127,628 
6.25% 11/1/28 (b) 20,000 16,900 
Indigo Natural Resources LLC 6.875% 2/15/26 (b) 45,000 40,950 
Indika Energy Capital III Pte. Ltd. 5.875% 11/9/24 (b) 200,000 190,600 
Jonah Energy LLC 7.25% 10/15/25 (b) 215,000 60,200 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (b) 95,000 83,125 
Kosmos Energy Ltd. 7.125% 4/4/26 (b) 400,000 417,125 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (b) 85,000 85,000 
Medco Oak Tree Pte Ltd. 7.375% 5/14/26 (b) 200,000 202,885 
Medco Platinum Road Pte Ltd. 6.75% 1/30/25 (Reg. S) 200,000 202,250 
MEG Energy Corp.:   
6.375% 1/30/23 (b) 305,000 288,225 
7% 3/31/24 (b) 360,000 338,148 
Mongolian Mining Corp. / Energy Resources LLC 9.25% 4/15/24 (Reg. S) 200,000 184,000 
MPLX LP 6.375% 5/1/24 (b) 45,000 47,138 
Nabors Industries, Inc.:   
5.5% 1/15/23 105,000 88,725 
5.75% 2/1/25 200,000 149,060 
Neerg Energy Ltd. 6% 2/13/22 (Reg. S) 200,000 197,750 
Noble Holding International Ltd.:   
6.05% 3/1/41 5,000 1,750 
6.2% 8/1/40 85,000 32,725 
7.75% 1/15/24 48,000 28,800 
7.875% 2/1/26 (b) 15,000 9,900 
7.95% 4/1/25 (d) 35,000 19,688 
Nostrum Oil & Gas Finance BV 8% 7/25/22 (b) 400,000 215,000 
Oasis Petroleum, Inc. 6.875% 3/15/22 43,000 38,163 
Pacific Drilling SA 12% 4/1/24 pay-in-kind (b)(d) 9,097 3,775 
Pan American Energy LLC 7.875% 5/7/21 (b) 266,667 269,000 
Parsley Energy LLC/Parsley:   
5.625% 10/15/27 (b) 435,000 449,138 
6.25% 6/1/24 (b) 10,000 10,413 
PBF Holding Co. LLC/PBF Finance Corp. 7.25% 6/15/25 70,000 73,150 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 130,000 133,250 
Peabody Energy Corp.:   
6% 3/31/22 (b) 20,000 18,500 
6.375% 3/31/25 (b) 25,000 20,688 
Petrobras Global Finance BV:   
5.093% 1/15/30 (b) 88,000 93,104 
7.375% 1/17/27 150,000 181,650 
Petroleos Mexicanos 4.875% 1/18/24 300,000 314,175 
Pride International, Inc. 7.875% 8/15/40 95,000 48,450 
Puma International Financing SA 5.125% 10/6/24 (Reg. S) 200,000 195,616 
Repsol International Finance BV 4.5% 3/25/75 (Reg. S) (d) EUR200,000 255,999 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 125,000 126,378 
Sanchez Energy Corp.:   
6.125% 1/15/23 (f) 235,000 10,575 
7.25% 2/15/23 (b)(f) 275,000 187,000 
SemGroup Corp. 7.25% 3/15/26 185,000 199,800 
SESI LLC 7.75% 9/15/24 40,000 22,000 
SM Energy Co.:   
5% 1/15/24 65,000 57,363 
5.625% 6/1/25 110,000 93,227 
6.625% 1/15/27 65,000 54,600 
6.75% 9/15/26 25,000 21,438 
Southwestern Energy Co.:   
7.5% 4/1/26 65,000 57,043 
7.75% 10/1/27 50,000 43,000 
Sunoco LP/Sunoco Finance Corp.:   
4.875% 1/15/23 90,000 92,363 
5.5% 2/15/26 75,000 77,539 
6% 4/15/27 175,000 183,750 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
5.125% 2/1/25 35,000 35,876 
5.375% 2/1/27 35,000 35,831 
5.875% 4/15/26 70,000 73,070 
6.5% 7/15/27 (b) 40,000 42,801 
6.875% 1/15/29 (b) 70,000 75,688 
Tecpetrol SA 4.875% 12/12/22 (b) 100,000 92,234 
Teine Energy Ltd. 6.875% 9/30/22 (b) 85,000 85,000 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (b) 150,000 154,500 
4.75% 1/15/30 (b) 225,000 232,594 
5% 1/31/28 (b) 50,000 52,735 
Transocean Poseidon Ltd. 6.875% 2/1/27 (b) 110,000 110,910 
Transocean Sentry Ltd. 5.375% 5/15/23 (b) 85,000 84,150 
Transportadora de Gas del Sur SA 6.75% 5/2/25 (b) 500,000 418,000 
Tullow Oil PLC 6.25% 4/15/22 (b) 200,000 201,500 
U.S.A. Compression Partners LP 6.875% 4/1/26 35,000 35,350 
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind 62,702 9,405 
Valaris PLC:   
5.2% 3/15/25 30,000 15,600 
7.75% 2/1/26 85,000 44,625 
Viper Energy Partners LP 5.375% 11/1/27 (b) 30,000 30,525 
W&T Offshore, Inc. 9.75% 11/1/23 (b) 75,000 70,313 
Weatherford International Ltd. 9.875% 2/15/24 (f) 80,000 24,400 
Weatherford International, Inc. 9.875% 3/1/25 (f) 420,000 130,200 
YPF SA:   
8.5% 3/23/21 (b) 275,000 250,938 
8.5% 7/28/25 (b) 400,000 316,800 
  14,260,524 
Entertainment/Film - 0.5%   
Live Nation Entertainment, Inc. 4.75% 10/15/27 (b) 80,000 83,408 
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (b)(d)(f) 1,068,694 512,973 
  596,381 
Environmental - 0.7%   
Covanta Holding Corp.:   
5.875% 3/1/24 110,000 113,025 
5.875% 7/1/25 15,000 15,563 
6% 1/1/27 135,000 141,075 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (b) 465,000 472,347 
Paprec Holding 3 month EURIBOR + 3.500% 3.5% 3/31/25 (d)(e) EUR100,000 100,544 
  842,554 
Food & Drug Retail - 0.3%   
Cumberland Farms, Inc. 6.75% 5/1/25 (b) 25,000 26,795 
Performance Food Group, Inc. 5.5% 10/15/27 (b) 75,000 79,313 
Sigma Holdco BV 5.75% 5/15/26 (Reg. S) EUR210,000 223,088 
Tops Markets LLC 13% 11/19/24 pay-in-kind (d) 31,655 31,655 
  360,851 
Food/Beverage/Tobacco - 2.7%   
Biostime International Holdings Ltd. 5.625% 10/24/24 (Reg. S) 200,000 203,750 
Central American Bottling Corp. 5.75% 1/31/27 (b) 200,000 210,375 
ESAL GmbH 6.25% 2/5/23 (b) 21,000 21,407 
JBS Investments II GmbH:   
5.75% 1/15/28 (b) 200,000 208,400 
7% 1/15/26 (b) 600,000 650,400 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (b) 30,000 31,163 
5.875% 7/15/24 (b) 40,000 41,250 
6.75% 2/15/28 (b) 185,000 203,502 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (b) 120,000 129,300 
6.5% 4/15/29 (b) 175,000 194,693 
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (b) 60,000 61,538 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (b) 45,000 47,306 
4.875% 11/1/26 (b) 45,000 47,306 
MHP SA 7.75% 5/10/24 (b) 300,000 318,000 
Pilgrim's Pride Corp. 5.75% 3/15/25 (b) 225,000 233,438 
Post Holdings, Inc.:   
5% 8/15/26 (b) 255,000 265,226 
5.625% 1/15/28 (b) 110,000 117,700 
5.75% 3/1/27 (b) 160,000 170,341 
Vector Group Ltd. 6.125% 2/1/25 (b) 90,000 86,400 
  3,241,495 
Gaming - 2.6%   
Caesars Resort Collection LLC 5.25% 10/15/25 (b) 300,000 307,125 
Cleopatra Finance Ltd. 4.75% 2/15/23 (Reg. S) EUR100,000 122,127 
GLP Capital LP/GLP Financing II, Inc.:   
5.25% 6/1/25 95,000 104,169 
5.375% 4/15/26 30,000 32,990 
International Game Technology PLC 6.25% 1/15/27 (b) 50,000 55,625 
LHMC Finco SARL 6.25% 12/20/23 (Reg. S) EUR100,000 118,082 
MCE Finance Ltd.:   
5.25% 4/26/26 (b) 200,000 208,119 
5.625% 7/17/27 (Reg. S) 250,000 260,742 
MGM China Holdings Ltd. 5.875% 5/15/26 (Reg. S) 200,000 212,000 
MGM Growth Properties Operating Partnership LP:   
4.5% 1/15/28 350,000 366,625 
5.75% 2/1/27 (b) 70,000 79,100 
Penn National Gaming, Inc. 5.625% 1/15/27 (b) 15,000 15,450 
Station Casinos LLC 5% 10/1/25 (b) 90,000 91,238 
Transocean, Inc. 7.25% 11/1/25 (b) 160,000 141,200 
Twin River Worldwide Holdings, Inc. 6.75% 6/1/27 (b) 40,000 42,112 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (b) 245,000 255,413 
Wynn Macau Ltd.:   
4.875% 10/1/24 (b) 200,000 201,000 
4.875% 10/1/24 (Reg. S) 200,000 201,000 
5.5% 10/1/27 (b) 200,000 205,375 
Wynn Resorts Ltd. 5.125% 10/1/29 (b) 85,000 88,825 
  3,108,317 
Healthcare - 6.6%   
BCPE Cycle Merger Sub II, Inc. 10.625% 7/15/27 (b) 110,000 102,850 
Catalent Pharma Solutions 5% 7/15/27 (b) 20,000 20,900 
Centene Corp. 5.375% 6/1/26 (b) 245,000 259,333 
Charles River Laboratories International, Inc.:   
4.25% 5/1/28 (b) 20,000 20,377 
5.5% 4/1/26 (b) 65,000 69,225 
Community Health Systems, Inc.:   
5.125% 8/1/21 100,000 99,750 
6.25% 3/31/23 490,000 477,444 
8% 3/15/26 (b) 440,000 430,100 
8.125% 6/30/24 (b) 55,000 41,800 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 100,000 104,000 
DaVita HealthCare Partners, Inc.:   
5% 5/1/25 360,000 364,500 
5.125% 7/15/24 150,000 153,116 
Encompass Health Corp. 5.75% 9/15/25 15,000 15,656 
Eurofins Scientific SA 2.125% 7/25/24 (Reg. S) EUR100,000 113,158 
HCA Holdings, Inc.:   
4.5% 2/15/27 500,000 539,914 
5.375% 9/1/26 85,000 92,650 
5.625% 9/1/28 150,000 168,563 
5.875% 2/15/26 85,000 95,625 
5.875% 2/1/29 45,000 51,019 
7.5% 2/15/22 180,000 199,710 
Hologic, Inc.:   
4.375% 10/15/25 (b) 75,000 76,840 
4.625% 2/1/28 (b) 30,000 31,388 
IMS Health, Inc.:   
3.25% 3/15/25 (Reg. S) EUR200,000 228,073 
5% 10/15/26 (b) 120,000 126,600 
InRetail Pharma SA 5.375% 5/2/23 (b) 200,000 211,000 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 330,000 347,325 
5.25% 8/1/26 100,000 105,000 
NVA Holdings, Inc. 6.875% 4/1/26 (b) 50,000 53,625 
Polaris Intermediate Corp. 8.5% 12/1/22 pay-in-kind (b)(d) 145,000 121,800 
Sabra Health Care LP/Sabra Capital Corp. 3.9% 10/15/29 72,000 71,460 
Service Corp. International 5.125% 6/1/29 35,000 37,275 
Teleflex, Inc. 4.625% 11/15/27 30,000 31,425 
Tenet Healthcare Corp.:   
4.625% 7/15/24 160,000 164,800 
5.125% 5/1/25 210,000 214,988 
6.25% 2/1/27 (b) 195,000 205,969 
6.75% 6/15/23 400,000 424,000 
8.125% 4/1/22 515,000 557,488 
Teva Pharmaceutical Finance Netherlands III BV:   
1.125% 10/15/24 EUR300,000 267,672 
2.8% 7/21/23 155,000 134,075 
Valeant Pharmaceuticals International, Inc.:   
5.5% 3/1/23 (b) 24,000 24,210 
5.5% 11/1/25 (b) 110,000 114,951 
5.75% 8/15/27 (b) 20,000 21,719 
5.875% 5/15/23 (b) 66,000 66,957 
6.125% 4/15/25 (b) 65,000 67,478 
6.5% 3/15/22 (b) 80,000 82,416 
7% 3/15/24 (b) 160,000 167,388 
8.5% 1/31/27 (b) 60,000 67,500 
9.25% 4/1/26 (b) 230,000 260,192 
Vizient, Inc. 6.25% 5/15/27 (b) 15,000 16,176 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 50,000 52,328 
5.375% 8/15/26 (b) 55,000 58,506 
  7,830,314 
Homebuilders/Real Estate - 5.7%   
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (b) 90,000 93,610 
Cementos Progreso Trust 7.125% 11/6/23 (b) 200,000 205,063 
China Aoyuan Property Group Ltd. 7.95% 2/19/23 (Reg. S) 400,000 419,194 
China SCE Property Holdings Ltd. 8.75% 1/15/21 (Reg. S) 200,000 206,500 
Easy Tactic Ltd.:   
5.875% 2/13/23 (Reg. S) 200,000 186,752 
8.125% 2/27/23 (Reg. S) 200,000 198,750 
Evergrande Real Estate Group Ltd.:   
8.25% 3/23/22 (Reg. S) 200,000 185,250 
8.75% 6/28/25 (Reg. S) 200,000 167,500 
Fantasia Holdings Group Co. Ltd. 7.375% 10/4/21 (Reg. S) 200,000 185,308 
iStar Financial, Inc. 4.75% 10/1/24 120,000 123,750 
Jababeka International BV 6.5% 10/5/23 (Reg. S) 200,000 177,250 
Jingrui Holdings Ltd.:   
7.75% 4/12/20 200,000 194,188 
9.45% 4/23/21 (Reg. S) 200,000 184,500 
Kaisa Group Holdings Ltd.:   
8.5% 6/30/22 (Reg. S) 200,000 189,563 
11.75% 2/26/21 (Reg. S) 200,000 207,938 
KWG Property Holding Ltd.:   
5.2% 9/21/22 (Reg. S) 200,000 193,250 
7.875% 9/1/23 (Reg. S) 200,000 205,282 
Lennar Corp. 5.375% 10/1/22 55,000 58,850 
Lodha Development Intrnl Mauritius Ltd. 12% 3/13/20 (Reg. S) 200,000 159,425 
Mattamy Group Corp. 6.875% 12/15/23 (b) 25,000 25,906 
Modernland Overseas Pte Ltd. 6.95% 4/13/24 200,000 175,562 
MTN (Mauritius) Investments Ltd. 6.5% 10/13/26 (b) 300,000 331,219 
Redco Group 11% 8/29/20 (Reg. S) 200,000 201,760 
Redsun Properties Group Ltd. 11.5% 3/4/21 (Reg. S) 200,000 199,125 
Ronshine China Holdings Ltd. 11.25% 8/22/21 (Reg. S) 200,000 212,422 
Scenery Journey Ltd. 11% 11/6/20 (Reg. S) 200,000 205,250 
Starwood Property Trust, Inc. 4.75% 3/15/25 75,000 77,883 
Sunac China Holdings Ltd.:   
7.5% 2/1/24 (Reg. S) 200,000 198,350 
8.375% 1/15/21 (Reg. S) 400,000 412,250 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.75% 1/15/28 (b) 80,000 88,500 
5.875% 6/15/27 (b) 55,000 61,419 
Times China Holdings Ltd. 7.85% 6/4/21 (Reg. S) 200,000 205,536 
Yango Justice International Ltd. 9.5% 4/3/21 (Reg. S) 200,000 196,625 
Yuzhou Properties Co. 8.625% 1/23/22 (Reg. S) 200,000 209,064 
Zhenro Properties Group Ltd.:   
8.7% 8/3/22 (Reg. S) 200,000 199,750 
10.5% 6/28/20 (Reg. S) 200,000 204,375 
  6,746,919 
Hotels - 0.3%   
Hilton Domestic Operating Co., Inc.:   
4.875% 1/15/30 (b) 120,000 127,500 
5.125% 5/1/26 230,000 241,500 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 40,000 42,299 
  411,299 
Insurance - 0.3%   
Acrisure LLC / Acrisure Finance, Inc.:   
7% 11/15/25 (b) 115,000 105,225 
8.125% 2/15/24 (b) 55,000 58,609 
HUB International Ltd. 7% 5/1/26 (b) 90,000 92,700 
USIS Merger Sub, Inc. 6.875% 5/1/25 (b) 75,000 76,313 
  332,847 
Leisure - 0.1%   
Cedar Fair LP/Canada's Wonderland Co. 5.375% 4/15/27 35,000 37,275 
Voc Escrow Ltd. 5% 2/15/28 (b) 70,000 72,800 
  110,075 
Metals/Mining - 2.8%   
Abja Investment Co. Pte Ltd. 5.45% 1/24/28 300,000 291,738 
Alpha Natural Resources, Inc. 9.75% 4/15/18 (f)(g) 210,000 
Celtic Resources Holdings DAC 4.125% 10/9/24 (b) 200,000 200,796 
Constellium NV 5.875% 2/15/26 (b) 250,000 260,625 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (b) 200,000 196,000 
6.875% 3/1/26 (b) 200,000 196,000 
7.25% 4/1/23 (b) 300,000 301,602 
7.5% 4/1/25 (b) 200,000 200,250 
FMG Resources (August 2006) Pty Ltd.:   
4.75% 5/15/22 (b) 45,000 46,350 
5.125% 3/15/23 (b) 95,000 98,919 
Minsur SA 6.25% 2/7/24 (Reg. S) 200,000 220,188 
Polyus Finance PLC 5.25% 2/7/23 (b) 200,000 211,500 
Stillwater Mining Co. 6.125% 6/27/22 (b) 300,000 305,625 
Vedanta Resources PLC:   
6.125% 8/9/24 200,000 183,625 
6.375% 7/30/22 (b) 400,000 396,125 
6.375% 7/30/22 (Reg. S) 200,000 198,063 
  3,307,406 
Paper - 0.2%   
Berry Global Escrow Corp.:   
4.875% 7/15/26 (b) 40,000 42,050 
5.625% 7/15/27 (b) 35,000 37,144 
Progroup AG 3% 3/31/26 (Reg. S) EUR100,000 108,841 
  188,035 
Restaurants - 0.6%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5% 10/15/25 (b) 140,000 144,200 
Golden Nugget, Inc.:   
6.75% 10/15/24 (b) 120,000 123,612 
8.75% 10/1/25 (b) 65,000 68,413 
KFC Holding Co./Pizza Hut Holding LLC:   
4.75% 6/1/27 (b) 50,000 52,250 
5% 6/1/24 (b) 195,000 202,313 
5.25% 6/1/26 (b) 100,000 105,750 
  696,538 
Services - 2.5%   
Algeco Scotsman Global Finance PLC 3 month EURIBOR + 6.250% 6.25% 2/15/23 (d)(e) EUR100,000 111,450 
BidFair MergeRight, Inc. 7.375% 10/15/27 (b) 150,000 150,000 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (b) 250,000 242,500 
CDK Global, Inc.:   
4.875% 6/1/27 105,000 110,644 
5.25% 5/15/29 (b) 35,000 37,166 
5.875% 6/15/26 35,000 37,450 
eHi Car Service Co. Ltd. 5.875% 8/14/22 200,000 185,500 
Elis SA 2.875% 2/15/26 (Reg. S) EUR100,000 122,386 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) 200,000 207,875 
Global A&T Electronics Ltd. 8.5% 1/12/23 200,000 186,788 
H&E Equipment Services, Inc. 5.625% 9/1/25 180,000 189,225 
IHS Markit Ltd.:   
4% 3/1/26 (b) 35,000 36,898 
4.75% 2/15/25 (b) 65,000 71,524 
Intrum Justitia AB:   
2.75% 7/15/22 (Reg. S) EUR50,000 56,404 
3% 9/15/27 (Reg. S) EUR233,000 251,419 
3.5% 7/15/26 (Reg. S) EUR100,000 111,987 
IPD BV 4.5% 7/15/22 (Reg. S) EUR200,000 227,566 
Laureate Education, Inc. 8.25% 5/1/25 (b) 495,000 537,075 
Tempo Acquisition LLC 6.75% 6/1/25 (b) 55,000 56,581 
  2,930,438 
Steel - 1.1%   
Big River Steel LLC/BRS Finance Corp. 7.25% 9/1/25 (b) 55,000 56,513 
Cleveland-Cliffs, Inc. 5.75% 3/1/25 55,000 54,313 
CSN Resources SA 7.625% 2/13/23 (b) 300,000 310,594 
Infrabuild Australia Pty Ltd. 12% 10/1/24 (b) 60,000 61,147 
JSW Steel Ltd. 5.375% 4/4/25 (Reg. S) 200,000 198,750 
Metinvest BV 7.75% 4/23/23 (b) 300,000 312,750 
Usiminas International SARL 5.875% 7/18/26 (b) 200,000 203,500 
Vallourec SA 2.25% 9/30/24 (Reg. S) EUR100,000 71,388 
  1,268,955 
Technology - 2.4%   
Banff Merger Sub, Inc. 9.75% 9/1/26 (b) 330,000 307,313 
Camelot Finance SA 4.5% 11/1/26 (b) 65,000 65,676 
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 80,000 82,900 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (b) 267,000 274,174 
Entegris, Inc. 4.625% 2/10/26 (b) 85,000 87,510 
Fair Isaac Corp. 5.25% 5/15/26 (b) 50,000 54,250 
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (b) 55,000 58,300 
InterXion Holding NV 4.75% 6/15/25 (Reg. S) EUR100,000 121,273 
Itron, Inc. 5% 1/15/26 (b) 30,000 31,050 
j2 Cloud Services LLC/j2 Global Communications, Inc. 6% 7/15/25 (b) 45,000 47,813 
Jain International Trading BV 7.125% 2/1/22 (Reg. S) 200,000 57,000 
Match Group, Inc.:   
5% 12/15/27 (b) 60,000 62,625 
5.625% 2/15/29 (b) 65,000 69,631 
Orano SA 3.375% 4/23/26 (Reg. S) EUR100,000 119,890 
Qorvo, Inc. 4.375% 10/15/29 (b) 45,000 45,253 
Sensata Technologies BV 4.875% 10/15/23 (b) 120,000 126,752 
Sensata Technologies, Inc. 4.375% 2/15/30 (b) 95,000 95,653 
SoftBank Corp. 4% 9/19/29 (Reg. S) EUR200,000 227,941 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (b) 410,000 428,963 
TTM Technologies, Inc. 5.625% 10/1/25 (b) 25,000 25,250 
Veritas U.S., Inc./Veritas Bermuda Ltd.:   
7.5% 2/1/23 (b) 75,000 73,688 
10.5% 2/1/24 (b) 460,000 434,700 
  2,897,605 
Telecommunications - 6.2%   
Altice Finco SA 7.625% 2/15/25 (b) 800,000 820,000 
Axtel S.A.B. de CV 6.375% 11/14/24 (b) 300,000 310,421 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (b) 340,000 357,850 
7.5% 10/15/26 (b) 100,000 107,375 
Cellnex Telecom SA 2.375% 1/16/24 (Reg. S) EUR100,000 118,224 
Colombia Telecomunicaciones SA 5.375% 9/27/22 (b) 225,000 227,039 
CyrusOne LP/CyrusOne Finance Corp.:   
5% 3/15/24 45,000 46,406 
5.375% 3/15/27 40,000 42,750 
Digicel Group Ltd. 6.75% 3/1/23 (b) 150,000 78,797 
eircom Finance Ltd. 1.75% 11/1/24 (Reg. S) EUR100,000 110,902 
Equinix, Inc. 5.375% 5/15/27 50,000 54,250 
Frontier Communications Corp.:   
8% 4/1/27 (b) 115,000 120,750 
8.5% 4/1/26 (b) 225,000 225,563 
11% 9/15/25 215,000 101,050 
Globo Comunicacao e Participacoes SA 5.125% 3/31/27 (b) 200,000 208,000 
GTH Finance BV 7.25% 4/26/23 (b) 200,000 223,344 
GTT Communications, Inc. 7.875% 12/31/24 (b) 180,000 104,850 
IHS Netherlands Holdco BV 8% 9/18/27 (b) 200,000 209,250 
Intelsat Jackson Holdings SA 8% 2/15/24 (b) 190,000 195,166 
Intelsat Luxembourg SA 8.125% 6/1/23 266,000 222,609 
Millicom International Cellular SA 5.125% 1/15/28 (b) 250,000 257,734 
Sable International Finance Ltd. 5.75% 9/7/27 (b) 125,000 130,000 
SFR Group SA:   
5.5% 1/15/28 (b) 130,000 132,438 
7.375% 5/1/26 (b) 150,000 160,627 
8.125% 2/1/27 (b) 245,000 271,644 
Sprint Capital Corp.:   
6.875% 11/15/28 190,000 206,150 
8.75% 3/15/32 290,000 353,620 
Sprint Corp.:   
7.125% 6/15/24 200,000 217,000 
7.625% 3/1/26 70,000 77,438 
TBG Global Pte. Ltd. 5.25% 2/10/22 (Reg. S) 400,000 405,692 
Telecom Argentina SA 8% 7/18/26 (b) 15,000 13,420 
Telecom Italia SpA 4% 4/11/24 (Reg. S) EUR100,000 123,387 
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b) 200,000 215,412 
Telenet Finance Luxembourg Notes SARL 3.5% 3/1/28 (Reg. S) EUR200,000 242,553 
Telesat Canada/Telesat LLC 6.5% 10/15/27 (b) 45,000 46,969 
Turk Telekomunikasyon A/S 6.875% 2/28/25 (b) 200,000 212,313 
Turkcell Iletisim Hizmet A/S 5.8% 4/11/28 (b) 200,000 194,625 
Zayo Group LLC/Zayo Capital, Inc. 5.75% 1/15/27 (b) 135,000 137,211 
  7,282,829 
Textiles/Apparel - 0.1%   
CBR Fashion Finance BV 5.125% 10/1/22 (Reg. S) EUR100,000 111,493 
Transportation Ex Air/Rail - 1.1%   
Atlantia SpA 1.625% 2/3/25 (Reg. S) EUR100,000 108,529 
Autostrade per L'italia SpA:   
1.625% 6/12/23 EUR75,000 84,019 
1.875% 9/26/29 (Reg. S) EUR100,000 105,740 
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (b) 290,000 312,910 
5.25% 5/15/24 (b) 135,000 147,218 
5.5% 1/15/23 (b) 95,000 102,515 
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (b) 235,000 191,525 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (b) 90,000 52,988 
11.25% 8/15/22 (b) 135,000 95,175 
Teekay Corp. 9.25% 11/15/22 (b) 60,000 62,100 
  1,262,719 
Utilities - 4.4%   
ContourGlobal Power Holdings SA 4.125% 8/1/25 (Reg. S) EUR225,000 264,280 
DCP Midstream Operating LP 5.125% 5/15/29 105,000 106,575 
DTEK Finance PLC 10.75% 12/31/24 pay-in-kind (d) 175,000 177,505 
Dynegy, Inc. 5.875% 6/1/23 70,000 71,488 
Energias de Portugal SA 4.496% 4/30/79 (Reg. S) (d) EUR100,000 123,783 
Greenko Investment Co. 4.875% 8/16/23 (Reg. S) 200,000 197,875 
InterGen NV 7% 6/30/23 (b) 845,000 803,173 
Nextera Energy Partners LP:   
4.25% 9/15/24 (b) 50,000 52,000 
4.5% 9/15/27 (b) 35,000 35,700 
NRG Energy, Inc.:   
5.25% 6/15/29 (b) 60,000 64,350 
5.75% 1/15/28 1,345,000 1,455,919 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (b) 272,223 294,000 
Pacific Gas & Electric Co.:   
3.75% 8/15/42 (f) 10,000 9,100 
3.95% 12/1/47 (f) 10,000 9,050 
4% 12/1/46 (f) 5,000 4,550 
6.05% 3/1/34 (f) 115,000 115,288 
Pattern Energy Group, Inc. 5.875% 2/1/24 (b) 30,000 30,750 
Petrobras Global Finance BV 8.75% 5/23/26 75,000 96,000 
Teollisuuden Voima Oyj 1.125% 3/9/26 (Reg. S) EUR107,000 118,189 
TerraForm Global, Inc. 6.125% 3/1/26 (b) 310,000 316,975 
The AES Corp.:   
4% 3/15/21 195,000 198,169 
5.125% 9/1/27 55,000 59,124 
TVO Power Co. 2.125% 2/4/25 (Reg. S) EUR100,000 117,846 
Vertiv Group Corp. 9.25% 10/15/24 (b) 60,000 56,438 
Vistra Operations Co. LLC:   
5% 7/31/27 (b) 140,000 144,900 
5.5% 9/1/26 (b) 115,000 121,523 
5.625% 2/15/27 (b) 185,000 196,100 
  5,240,650 
TOTAL NONCONVERTIBLE BONDS  92,892,925 
TOTAL CORPORATE BONDS   
(Cost $94,787,146)  93,749,400 
Government Obligations - 0.8%   
Germany - 0.6%   
German Federal Republic:   
0% 6/12/20 EUR400,000 447,788 
2% 8/15/23 EUR200,000 245,995 
TOTAL GERMANY  693,783 
Sri Lanka - 0.2%   
Democratic Socialist Republic of Sri Lanka 7.85% 3/14/29(Reg. S) 200,000 206,000 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $906,782)  899,783 
 Shares Value 
Common Stocks - 1.0%   
Automotive & Auto Parts - 0.1%   
UC Holdings, Inc. (g)(h) 3,510 67,778 
Energy - 0.2%   
Pacific Drilling SA (h) 19,106 47,765 
Tidewater, Inc.:   
warrants 11/14/42 (h) 5,448 96,430 
warrants 11/14/42 (h) 1,897 33,577 
Ultra Petroleum Corp. warrants 7/14/25 (h) 1,260 
TOTAL ENERGY  177,772 
Food & Drug Retail - 0.1%   
Southeastern Grocers, Inc. (g)(h) 1,789 62,919 
Tops Markets Corp. (g) 165 58,007 
Tops Markets Corp. (Escrow) (g)(i) 165,000 
TOTAL FOOD & DRUG RETAIL  120,928 
Gaming - 0.2%   
Boyd Gaming Corp. 4,800 130,800 
Penn National Gaming, Inc. (h) 4,600 98,049 
TOTAL GAMING  228,849 
Healthcare - 0.0%   
HCA Holdings, Inc. 400 53,416 
Metals/Mining - 0.0%   
Warrior Metropolitan Coal, Inc. 69 1,344 
Services - 0.1%   
United Rentals, Inc. (h) 1,000 133,570 
Utilities - 0.3%   
NRG Energy, Inc. 3,200 128,384 
Vistra Energy Corp. 9,795 264,759 
TOTAL UTILITIES  393,143 
TOTAL COMMON STOCKS   
(Cost $1,645,395)  1,176,800 
 Principal Amount Value 
Bank Loan Obligations - 5.1%   
Aerospace - 0.4%   
TransDigm, Inc.:   
Tranche E, term loan 3 month U.S. LIBOR + 2.500% 4.2859% 5/30/25 (d)(e) 124,170 123,153 
Tranche F, term loan 3 month U.S. LIBOR + 2.500% 4.2859% 6/9/23 (d)(e) 78,406 78,004 
Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.2859% 8/22/24 (d)(e) 216,631 214,837 
TOTAL AEROSPACE  415,994 
Cable/Satellite TV - 0.5%   
LCPR Loan Financing LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.8282% 10/22/26 (d)(e) 15,000 15,084 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.0543% 8/19/23 (d)(e) 577,565 553,561 
Zayo Group LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 1/19/24 (d)(e) 5,000 5,005 
TOTAL CABLE/SATELLITE TV  573,650 
Chemicals - 0.0%   
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.500% 5.5625% 10/11/24 (d)(e) 9,100 9,032 
PQ Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4271% 2/8/25 (d)(e) 4,173 4,167 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1903% 10/1/25 (d)(e) 43,634 42,499 
TOTAL CHEMICALS  55,698 
Diversified Financial Services - 0.1%   
BCP Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.3631% 10/31/24 (d)(e) 14,813 13,359 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.1713% 3/1/25 (d)(e) 17,735 17,702 
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.04% 4/29/26 (d)(e) 69,654 69,567 
TOTAL DIVERSIFIED FINANCIAL SERVICES  100,628 
Energy - 0.8%   
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.0359% 6/24/24 (d)(e) 48,875 42,827 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.1746% 12/31/21 (d)(e) 230,000 151,800 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.5496% 12/31/22 (d)(e) 185,000 158,268 
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8.7859% 8/1/23 (d)(e) 10,000 10,075 
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.1044% 3/28/24 (d)(e) 154,225 154,225 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.04% 3/1/26 (d)(e) 270,000 253,633 
Sanchez Energy Corp. 1LN, term loan 3 month U.S. LIBOR + 8.000% 10% 5/11/20 (d)(e)(g)(j) 120,977 114,928 
TOTAL ENERGY  885,756 
Food & Drug Retail - 0.6%   
BI-LO LLC Tranche B, term loan 3 month U.S. LIBOR + 8.000% 10.1334% 5/31/24 (d)(e) 691,250 645,455 
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 10.625% 11/19/23 (d)(e)(g) 66,535 67,616 
TOTAL FOOD & DRUG RETAIL  713,071 
Gaming - 0.0%   
Gateway Casinos & Entertainment Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.1044% 3/13/25 (d)(e) 19,750 19,256 
Healthcare - 0.4%   
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.7859% 6/13/26 (d)(e) 335,000 308,857 
Vizient, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.2859% 5/6/26 (d)(e) 9,950 9,947 
VVC Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.681% 2/11/26 (d)(e) 194,025 192,267 
TOTAL HEALTHCARE  511,071 
Hotels - 0.2%   
Travelport Finance Luxembourg SARL 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.1044% 5/29/26 (d)(e) 260,000 241,800 
Insurance - 0.2%   
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.8043% 5/10/25 (d)(e) 4,887 4,757 
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1713% 5/9/25 (d)(e) 64,838 63,670 
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4/25/25 (e)(k) 115,000 114,770 
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.1044% 5/16/24 (d)(e) 14,700 14,255 
TOTAL INSURANCE  197,452 
Leisure - 0.2%   
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.7859% 7/31/24 (d)(e) 4,913 4,917 
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 2/28/25 (d)(e) 229,484 226,226 
TOTAL LEISURE  231,143 
Restaurants - 0.2%   
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 2/17/24 (d)(e) 287,036 287,251 
Services - 0.5%   
Almonde, Inc. Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.4463% 6/13/25 (d)(e) 220,000 205,242 
BidFair MergeRight, Inc. 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.4085% 1/23/27 (d)(e) 112,028 109,298 
IRI Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.6241% 11/30/25 (d)(e) 193,313 180,425 
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.3544% 8/22/25 (d)(e) 95,000 94,288 
TOTAL SERVICES  589,253 
Technology - 0.7%   
ATS Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.5359% 2/28/25 (d)(e) 9,850 9,854 
Financial & Risk U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.5359% 10/1/25 (d)(e) 388,045 389,888 
Kronos, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.5031% 11/1/24 (d)(e) 115,000 115,452 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2531% 11/1/23 (d)(e) 90,000 89,767 
SS&C Technologies, Inc.:   
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 4/16/25 (d)(e) 114,482 114,674 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 4/16/25 (d)(e) 74,732 74,856 
Ultimate Software Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.5359% 5/4/26 (d)(e) 20,000 20,031 
Vertafore, Inc. Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.0359% 7/2/26 (d)(e) 65,000 62,102 
TOTAL TECHNOLOGY  876,624 
Telecommunications - 0.3%   
SFR Group SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.688% 5.6088% 1/31/26 (d)(e) 382,691 372,986 
Utilities - 0.0%   
Pike Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.04% 7/24/26 (d)(e) 14,662 14,650 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $6,289,089)  6,086,283 
Preferred Securities - 7.3%   
Automotive & Auto Parts - 0.2%   
Volkswagen International Finance NV 3.875% (Reg. S) (d)(l) EUR200,000 240,158 
Banks & Thrifts - 3.6%   
AIB Group PLC 5.25% (Reg. S) (d)(l) EUR200,000 231,810 
Alfa Bond Issuance PLC 8% (Reg. S) (d)(l) 200,000 208,976 
Banco de Sabadell SA 6.5% (Reg. S) (d)(l) EUR200,000 231,551 
Banco Do Brasil SA 9% (b)(d)(l) 200,000 234,489 
Banco Mercantil del Norte SA 7.625% (b)(d)(l) 360,000 379,264 
Bank of America Corp. 5.875% (d)(l) 355,000 392,998 
Bank of East Asia Ltd. 5.875% (Reg. S) (d) 300,000 312,731 
Citigroup, Inc.:   
5% (d)(l) 180,000 187,536 
5.35% (d)(l) 550,000 581,468 
5.95% (d)(l) 575,000 617,417 
Intesa Sanpaolo SpA 7% (Reg. S) (d)(l) EUR200,000 239,663 
Itau Unibanco Holding SA 6.125% (b)(d)(l) 200,000 210,409 
JPMorgan Chase & Co. 5% (d)(l) 185,000 194,438 
UniCredit SpA 9.25% (Reg. S) (d)(l) EUR200,000 265,296 
TOTAL BANKS & THRIFTS  4,288,046 
Consumer Products - 0.6%   
Cosan Overseas Ltd. 8.25% (l) 700,000 742,029 
Diversified Financial Services - 0.5%   
AerCap Holdings NV 5.875% 10/10/79 (d) 115,000 120,294 
LeasePlan Corp. NV 7.375% (Reg. S) (d)(l) EUR200,000 250,358 
Nanyang Commercial Bank Ltd. 5% (Reg. S) (d)(l) 200,000 203,785 
TOTAL DIVERSIFIED FINANCIAL SERVICES  574,437 
Energy - 0.4%   
Gas Natural Fenosa Finance BV 4.125% (Reg. S) (d)(l) EUR200,000 250,199 
SMC Global Power Holdings Corp. 5.95% (d)(l) 200,000 202,000 
TOTAL ENERGY  452,199 
Healthcare - 0.2%   
Fullerton Healthcare Corp. Ltd. 7% (Reg. S) (d)(l) 200,000 191,930 
Homebuilders/Real Estate - 0.9%   
Agile Property Holdings Ltd. 6.875% (Reg. S) (d)(l) 200,000 200,265 
CIFI Holdings Group Co. Ltd. 5.375% (Reg. S) (d)(l) 200,000 191,880 
Grand City Properties SA 3.75% (d)(l) EUR100,000 121,177 
RKI Overseas Finance 2017 (A) 7% (Reg. S) (l) 200,000 176,509 
TLG Finance SARL 3.375% (Reg. S) (d)(l) EUR200,000 229,218 
Yuzhou Properties Co. 5.375% (Reg. S) (d)(l) 200,000 183,162 
TOTAL HOMEBUILDERS/REAL ESTATE  1,102,211 
Telecommunications - 0.4%   
Colombia Telecomunicaciones SA 8.5% (b)(d)(l) 200,000 205,051 
Telefonica Europe BV 3.875% (Reg. S) (d)(l) EUR200,000 238,374 
TOTAL TELECOMMUNICATIONS  443,425 
Utilities - 0.5%   
EDF SA:   
4% (Reg. S) (d)(l) EUR100,000 120,795 
5% (Reg. S) (d)(l) EUR100,000 130,631 
5.375% 12/31/99 (d) EUR200,000 264,769 
RWE AG 3.5% 4/21/75 (Reg. S) (d) EUR100,000 124,202 
TOTAL UTILITIES  640,397 
TOTAL PREFERRED SECURITIES   
(Cost $8,464,950)  8,674,832 
 Shares Value 
Money Market Funds - 6.7%   
Fidelity Cash Central Fund 1.83% (m)   
(Cost $7,862,983) 7,861,596 7,863,169 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $119,956,345)  118,450,267 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (145,338) 
NET ASSETS - 100%  $118,304,929 

Currency Abbreviations

EUR – European Monetary Unit

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 $52,369,039 or 44.3% of net assets.

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

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

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

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

 (g) Level 3 security

 (h) Non-income producing

 (i) Restricted securities - 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 $2 or 0.0% of net assets.

 (j) 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 $86,412 and $82,091, respectively.

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Tops Markets Corp. (Escrow) 11/16/18 $0 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $74,260 
Total $74,260 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2019, 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:     
Consumer Discretionary $296,627 $228,849 $-- $67,778 
Consumer Staples 120,928 -- -- 120,928 
Energy 177,772 177,772 -- -- 
Health Care 53,416 53,416 -- -- 
Industrials 133,570 133,570 -- -- 
Materials 1,344 1,344 -- -- 
Utilities 393,143 393,143 -- -- 
Corporate Bonds 93,749,400 -- 93,749,400 -- 
Government Obligations 899,783 -- 899,783 -- 
Bank Loan Obligations 6,086,283 -- 5,903,739 182,544 
Preferred Securities 8,674,832 -- 8,674,832 -- 
Money Market Funds 7,863,169 7,863,169 -- -- 
Total Investments in Securities: $118,450,267 $8,851,263 $109,227,754 $371,250 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 48.8% 
Cayman Islands 10.0% 
Netherlands 6.7% 
Luxembourg 6.1% 
Canada 2.6% 
United Kingdom 2.5% 
Multi-National 2.2% 
France 1.9% 
Argentina 1.9% 
Ireland 1.8% 
Mexico 1.5% 
Italy 1.4% 
Germany 1.4% 
Singapore 1.2% 
British Virgin Islands 1.2% 
Turkey 1.0% 
Others (Individually Less Than 1%) 7.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $112,093,362) 
$110,587,098  
Fidelity Central Funds (cost $7,862,983) 7,863,169  
Total Investment in Securities (cost $119,956,345)  $118,450,267 
Cash  35,878 
Foreign currency held at value (cost $113,043)  113,163 
Receivable for investments sold  324,218 
Receivable for fund shares sold  85,718 
Dividends receivable  14,001 
Interest receivable  1,499,926 
Distributions receivable from Fidelity Central Funds  10,711 
Prepaid expenses  216 
Other receivables  5,249 
Total assets  120,539,347 
Liabilities   
Payable for investments purchased   
Regular delivery $1,489,320  
Delayed delivery 455,000  
Payable for fund shares redeemed 64,500  
Distributions payable 74,352  
Accrued management fee 77,528  
Distribution and service plan fees payable 5,227  
Other affiliated payables 18,067  
Other payables and accrued expenses 50,424  
Total liabilities  2,234,418 
Net Assets  $118,304,929 
Net Assets consist of:   
Paid in capital  $123,624,515 
Total accumulated earnings (loss)  (5,319,586) 
Net Assets  $118,304,929 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($6,889,895 ÷ 727,724 shares)(a)  $9.47 
Maximum offering price per share (100/96.00 of $9.47)  $9.86 
Class M:   
Net Asset Value and redemption price per share ($3,978,800 ÷ 420,292 shares)(a)  $9.47 
Maximum offering price per share (100/96.00 of $9.47)  $9.86 
Class C:   
Net Asset Value and offering price per share ($3,523,696 ÷ 372,176 shares)(a)  $9.47 
Global High Income:   
Net Asset Value, offering price and redemption price per share ($95,753,175 ÷ 10,112,513 shares)  $9.47 
Class I:   
Net Asset Value, offering price and redemption price per share ($8,159,363 ÷ 861,713 shares)  $9.47 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended October 31, 2019 (Unaudited) 
Investment Income   
Dividends  $208,026 
Interest  3,299,625 
Income from Fidelity Central Funds  74,260 
Total income  3,581,911 
Expenses   
Management fee $416,837  
Transfer agent fees 83,979  
Distribution and service plan fees 31,727  
Accounting fees 24,604  
Custodian fees and expenses 17,353  
Independent trustees' fees and expenses 340  
Registration fees 24,387  
Audit 37,064  
Legal 471  
Miscellaneous 348  
Total expenses before reductions 637,110  
Expense reductions (9,487)  
Total expenses after reductions  627,623 
Net investment income (loss)  2,954,288 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (98,677)  
Foreign currency transactions (6,294)  
Total net realized gain (loss)  (104,971) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (145,655)  
Fidelity Central Funds  
Assets and liabilities in foreign currencies 1,884  
Total change in net unrealized appreciation (depreciation)  (143,770) 
Net gain (loss)  (248,741) 
Net increase (decrease) in net assets resulting from operations  $2,705,547 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended October 31, 2019 (Unaudited) Year ended April 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,954,288 $6,690,427 
Net realized gain (loss) (104,971) (1,440,603) 
Change in net unrealized appreciation (depreciation) (143,770) (726,200) 
Net increase (decrease) in net assets resulting from operations 2,705,547 4,523,624 
Distributions to shareholders (2,832,252) (6,909,437) 
Share transactions - net increase (decrease) (1,597,938) (30,207,682) 
Total increase (decrease) in net assets (1,724,643) (32,593,495) 
Net Assets   
Beginning of period 120,029,572 152,623,067 
End of period $118,304,929 $120,029,572 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Global High Income Fund Class A

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.48 $9.61 $9.54 $9.07 $9.60 $10.21 
Income from Investment Operations       
Net investment income (loss)A .226 .468 .462 .463 .462 .476 
Net realized and unrealized gain (loss) (.020) (.115) .006 .422 (.541) (.293)B 
Total from investment operations .206 .353 .468 .885 (.079) .183 
Distributions from net investment income (.216) (.457) (.399) (.418) (.454) (.486) 
Distributions from net realized gain – (.026) – – – (.310) 
Total distributions (.216) (.483) (.399) (.418) (.454) (.796) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .003 
Net asset value, end of period $9.47 $9.48 $9.61 $9.54 $9.07 $9.60 
Total ReturnC,D,E 2.20% 3.88% 4.94% 10.00% (.65)% 1.97%B 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.31%H 1.32% 1.31% 1.36% 1.38% 1.28% 
Expenses net of fee waivers, if any 1.25%H 1.25% 1.25% 1.25% 1.25% 1.25% 
Expenses net of all reductions 1.25%H 1.25% 1.25% 1.25% 1.25% 1.25% 
Net investment income (loss) 4.76%H 5.00% 4.75% 4.98% 5.11% 4.82% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,890 $7,365 $8,712 $7,102 $6,187 $7,036 
Portfolio turnover rateI 46%H 44% 48% 48% 41% 44% 

 A Calculated based on average shares outstanding during the period.

 B Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 1.93%.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Global High Income Fund Class M

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.48 $9.61 $9.54 $9.07 $9.60 $10.21 
Income from Investment Operations       
Net investment income (loss)A .226 .467 .462 .464 .462 .474 
Net realized and unrealized gain (loss) (.020) (.114) .006 .421 (.541) (.291)B 
Total from investment operations .206 .353 .468 .885 (.079) .183 
Distributions from net investment income (.216) (.457) (.399) (.418) (.454) (.486) 
Distributions from net realized gain – (.026) – – – (.310) 
Total distributions (.216) (.483) (.399) (.418) (.454) (.796) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .003 
Net asset value, end of period $9.47 $9.48 $9.61 $9.54 $9.07 $9.60 
Total ReturnC,D,E 2.21% 3.88% 4.94% 10.00% (.65)% 1.98%B 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.38%H 1.40% 1.40% 1.50% 1.48% 1.40% 
Expenses net of fee waivers, if any 1.25%H 1.25% 1.25% 1.25% 1.25% 1.25% 
Expenses net of all reductions 1.25%H 1.25% 1.25% 1.25% 1.25% 1.25% 
Net investment income (loss) 4.76%H 5.00% 4.75% 4.98% 5.11% 4.82% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,979 $3,971 $4,301 $3,029 $1,436 $1,745 
Portfolio turnover rateI 46%H 44% 48% 48% 41% 44% 

 A Calculated based on average shares outstanding during the period.

 B Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 1.94%.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Global High Income Fund Class C

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.48 $9.61 $9.54 $9.07 $9.60 $10.21 
Income from Investment Operations       
Net investment income (loss)A .191 .398 .390 .394 .394 .401 
Net realized and unrealized gain (loss) (.020) (.115) .005 .422 (.540) (.292)B 
Total from investment operations .171 .283 .395 .816 (.146) .109 
Distributions from net investment income (.181) (.387) (.326) (.349) (.387) (.412) 
Distributions from net realized gain – (.026) – – – (.310) 
Total distributions (.181) (.413) (.326) (.349) (.387) (.722) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .003 
Net asset value, end of period $9.47 $9.48 $9.61 $9.54 $9.07 $9.60 
Total ReturnC,D,E 1.82% 3.10% 4.16% 9.19% (1.39)% 1.22%B 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.07%H 2.08% 2.08% 2.18% 2.20% 2.12% 
Expenses net of fee waivers, if any 2.00%H 2.00% 2.00% 2.00% 2.00% 2.00% 
Expenses net of all reductions 2.00%H 2.00% 2.00% 2.00% 2.00% 2.00% 
Net investment income (loss) 4.01%H 4.25% 4.00% 4.23% 4.36% 4.07% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,524 $3,723 $4,420 $3,775 $3,437 $3,811 
Portfolio turnover rateI 46%H 44% 48% 48% 41% 44% 

 A Calculated based on average shares outstanding during the period.

 B Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 1.18%.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Global High Income Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.48 $9.62 $9.54 $9.07 $9.60 $10.21 
Income from Investment Operations       
Net investment income (loss)A .238 .491 .487 .486 .486 .508 
Net realized and unrealized gain (loss) (.020) (.125) .015 .423 (.542) (.301)B 
Total from investment operations .218 .366 .502 .909 (.056) .207 
Distributions from net investment income (.228) (.480) (.423) (.442) (.477) (.510) 
Distributions from net realized gain – (.026) – – – (.310) 
Total distributions (.228) (.506) (.423) (.442) (.477) (.820) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .003 
Net asset value, end of period $9.47 $9.48 $9.62 $9.54 $9.07 $9.60 
Total ReturnC,D 2.33% 4.03% 5.31% 10.28% (.40)% 2.23%B 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.01%G 1.01% 1.02% 1.14% 1.20% 1.05% 
Expenses net of fee waivers, if any 1.00%G 1.00% 1.00% 1.00% 1.00% 1.00% 
Expenses net of all reductions 1.00%G 1.00% 1.00% 1.00% 1.00% 1.00% 
Net investment income (loss) 5.01%G 5.25% 5.00% 5.23% 5.35% 5.07% 
Supplemental Data       
Net assets, end of period (000 omitted) $95,753 $97,619 $125,192 $85,188 $93,256 $119,712 
Portfolio turnover rateH 46%G 44% 48% 48% 41% 44% 

 A Calculated based on average shares outstanding during the period.

 B Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 2.19%.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Global High Income Fund Class I

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.48 $9.62 $9.54 $9.07 $9.60 $10.21 
Income from Investment Operations       
Net investment income (loss)A .238 .491 .485 .486 .483 .501 
Net realized and unrealized gain (loss) (.020) (.125) .017 .423 (.539) (.293)B 
Total from investment operations .218 .366 .502 .909 (.056) .208 
Distributions from net investment income (.228) (.480) (.423) (.442) (.477) (.511) 
Distributions from net realized gain – (.026) – – – (.310) 
Total distributions (.228) (.506) (.423) (.442) (.477) (.821) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .003 
Net asset value, end of period $9.47 $9.48 $9.62 $9.54 $9.07 $9.60 
Total ReturnC,D 2.33% 4.03% 5.31% 10.28% (.40)% 2.23%B 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.00%G 1.05% 1.03% 1.16% 1.10% 1.02% 
Expenses net of fee waivers, if any 1.00%G 1.00% 1.00% 1.00% 1.00% 1.00% 
Expenses net of all reductions 1.00%G 1.00% 1.00% 1.00% 1.00% 1.00% 
Net investment income (loss) 5.01%G 5.25% 5.00% 5.23% 5.35% 5.07% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,159 $7,352 $9,999 $2,817 $1,905 $2,481 
Portfolio turnover rateH 46%G 44% 48% 48% 41% 44% 

 A Calculated based on average shares outstanding during the period.

 B Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 2.19%.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2019

1. Organization.

Fidelity Global 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, Global High Income and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, foreign government and government agency obligations and preferred securities are valued by pricing vendors 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 vendors. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, defaulted bonds, market discount, equity-debt classifications, 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 $4,060,833 
Gross unrealized depreciation (4,808,637) 
Net unrealized appreciation (depreciation) $(747,804) 
Tax cost $119,198,071 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(1,166,690) 
Long-term  (3,367,790) 
Total capital loss carryforward $(4,534,480) 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which 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 the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $25,431,694 and $27,702,237, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.

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 Corporation (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% $8,519 $490 
Class M -% .25% 5,016 – 
Class C .75% .25% 18,192 1,795 
   $31,727 $2,285 

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 $1,051 
Class M 158 
Class C(a) 35 
 $1,244 

 (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, Inc., (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. 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 Assets(a) 
Class A $6,424 .19 
Class M 5,245 .26 
Class C 3,746 .20 
Global High Income 63,772 .13 
Class I 4,792 .14 
 $83,979  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .04%.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $145 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse 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, 2020. 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 1.25% $2,095 
Class M 1.25% 2,679 
Class C 2.00% 1,343 
Global High Income 1.00% 2,464 
Class I 1.00% 93 
  $8,674 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $24 for the period. In addition, 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 $493.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $296.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
October 31, 2019 
Year ended
April 30, 2019 
Distributions to shareholders   
Class A $156,149 $391,427 
Class M 91,915 205,532 
Class C 69,639 180,304 
Global High Income 2,354,623 5,783,573 
Class I 159,926 348,601 
Total $2,832,252 $6,909,437 

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended October 31, 2019 Year ended April 30, 2019 Six months ended October 31, 2019 Year ended April 30, 2019 
Class A     
Shares sold 67,561 161,804 $638,600 $1,505,999 
Reinvestment of distributions 15,774 40,182 149,091 374,959 
Shares redeemed (132,702) (331,036) (1,252,645) (3,106,435) 
Net increase (decrease) (49,367) (129,050) $(464,954) $(1,225,477) 
Class M     
Shares sold 23,192 61,952 $218,795 $578,414 
Reinvestment of distributions 9,506 21,579 89,826 201,288 
Shares redeemed (31,409) (111,896) (297,042) (1,039,339) 
Net increase (decrease) 1,289 (28,365) $11,579 $(259,637) 
Class C     
Shares sold 15,240 68,330 $144,375 $639,377 
Reinvestment of distributions 7,212 18,636 68,167 173,728 
Shares redeemed (43,072) (153,859) (406,857) (1,442,196) 
Net increase (decrease) (20,620) (66,893) $(194,315) $(629,091) 
Global High Income     
Shares sold 1,328,195 3,114,879 $12,573,764 $29,075,801 
Reinvestment of distributions 203,876 527,744 1,927,129 4,924,322 
Shares redeemed (1,718,523) (6,363,830) (16,264,999) (59,508,602) 
Net increase (decrease) (186,452) (2,721,207) $(1,764,106) $(25,508,479) 
Class I     
Shares sold 397,813 485,713 $3,752,745 $4,504,729 
Reinvestment of distributions 13,706 29,106 129,543 271,715 
Shares redeemed (325,419) (779,082) (3,068,430) (7,361,442) 
Net increase (decrease) 86,100 (264,263) $813,858 $(2,584,998) 

10. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

11. Credit Risk.

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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, 2019 to October 31, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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, 2019 
Ending
Account Value
October 31, 2019 
Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 
Class A 1.25%    
Actual  $1,000.00 $1,022.00 $6.35 
Hypothetical-C  $1,000.00 $1,018.85 $6.34 
Class M 1.25%    
Actual  $1,000.00 $1,022.10 $6.35 
Hypothetical-C  $1,000.00 $1,018.85 $6.34 
Class C 2.00%    
Actual  $1,000.00 $1,018.20 $10.15 
Hypothetical-C  $1,000.00 $1,015.08 $10.13 
Global High Income 1.00%    
Actual  $1,000.00 $1,023.30 $5.09 
Hypothetical-C  $1,000.00 $1,020.11 $5.08 
Class I 1.00%    
Actual  $1,000.00 $1,023.30 $5.09 
Hypothetical-C  $1,000.00 $1,020.11 $5.08 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses





Fidelity Investments

GHI-SANN-1219
1.926252.108


Fidelity® Short Duration High Income Fund



Semi-Annual Report

October 31, 2019

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of October 31, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 3.8 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 3.0 
Sprint Corp. 2.6 
Navient Corp. 2.3 
Bombardier, Inc. 2.2 
 13.9 

Top Five Market Sectors as of October 31, 2019

 % of fund's net assets 
Energy 15.3 
Telecommunications 13.1 
Diversified Financial Services 9.2 
Cable/Satellite TV 8.2 
Healthcare 6.7 

Quality Diversification (% of fund's net assets)

As of October 31, 2019 
   BBB 9.9% 
   BB 38.7% 
   34.2% 
   CCC,CC,C 8.8% 
   0.2% 
   Not Rated 0.3% 
   Short-Term Investments and Net Other Assets 7.9% 


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)

As of October 31, 2019* 
   Nonconvertible Bonds 90.2% 
   Convertible Bonds, Preferred Stocks 0.4% 
   Bank Loan Obligations 0.7% 
   Other Investments 0.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 7.9% 


 * Foreign investments - 19.3%

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 90.6%   
 Principal Amount Value 
Convertible Bonds - 0.4%   
Broadcasting - 0.4%   
DISH Network Corp. 2.375% 3/15/24 $510,000 $457,165 
Energy - 0.0%   
Denbury Resources, Inc. 6.375% 12/31/24 (a) 78,000 42,253 
TOTAL CONVERTIBLE BONDS  499,418 
Nonconvertible Bonds - 90.2%   
Aerospace - 4.2%   
Bombardier, Inc.:   
6.125% 1/15/23 (a) 2,530,000 2,473,075 
7.5% 12/1/24 (a) 105,000 101,784 
TransDigm, Inc.:   
6% 7/15/22 2,110,000 2,145,870 
6.25% 3/15/26 (a) 215,000 230,319 
  4,951,048 
Air Transportation - 0.3%   
United Continental Holdings, Inc. 4.25% 10/1/22 345,000 356,288 
Banks & Thrifts - 2.3%   
Ally Financial, Inc.:   
3.875% 5/21/24 970,000 1,013,068 
4.125% 2/13/22 1,200,000 1,240,500 
Bank of America Corp. 4.2% 8/26/24 250,000 269,383 
Deutsche Bank AG New York Branch 2.7% 7/13/20 250,000 250,086 
  2,773,037 
Broadcasting - 2.0%   
Cumulus Media New Holdings, Inc. 6.75% 7/1/26 (a) 45,000 47,700 
LIN Television Corp. 5.875% 11/15/22 300,000 304,500 
Sirius XM Radio, Inc.:   
3.875% 8/1/22 (a) 1,830,000 1,868,888 
4.625% 7/15/24 (a) 120,000 125,400 
  2,346,488 
Building Materials - 0.2%   
Advanced Drain Systems, Inc. 5% 9/30/27 (a) 245,000 250,513 
Cable/Satellite TV - 8.2%   
Cablevision Systems Corp. 5.875% 9/15/22 2,345,000 2,529,669 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4% 3/1/23 (a) 1,415,000 1,439,763 
5.125% 2/15/23 1,800,000 1,838,250 
5.125% 5/1/23 (a) 1,220,000 1,248,975 
CSC Holdings LLC 5.375% 7/15/23 (a) 750,000 768,735 
DISH DBS Corp.:   
5.125% 5/1/20 45,000 45,450 
5.875% 7/15/22 1,260,000 1,317,721 
5.875% 11/15/24 155,000 155,388 
6.75% 6/1/21 430,000 451,500 
  9,795,451 
Chemicals - 2.3%   
CF Industries Holdings, Inc.:   
3.4% 12/1/21 (a) 60,000 61,007 
3.45% 6/1/23 805,000 817,075 
NOVA Chemicals Corp. 5.25% 8/1/23 (a) 500,000 504,688 
OCI NV 6.625% 4/15/23 (a) 565,000 589,719 
The Chemours Co. LLC 6.625% 5/15/23 750,000 746,010 
  2,718,499 
Containers - 5.5%   
Ard Securities Finance SARL 8.75% 1/31/23 pay-in-kind (a)(b) 28,478 29,617 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.25% 9/15/22 (a) 700,000 708,750 
4.625% 5/15/23 (a) 1,200,000 1,228,500 
Ball Corp.:   
4% 11/15/23 300,000 312,000 
5% 3/15/22 300,000 317,250 
Berry Global, Inc. 5.125% 7/15/23 700,000 717,500 
OI European Group BV 4% 3/15/23 (a) 950,000 945,250 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
3 month U.S. LIBOR + 3.500% 5.5009% 7/15/21 (a)(b)(c) 310,000 310,775 
5.125% 7/15/23 (a) 1,700,000 1,744,115 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (a) 220,000 230,450 
8.5% 8/15/27 (a) 55,000 58,644 
  6,602,851 
Diversified Financial Services - 9.2%   
Aircastle Ltd. 4.125% 5/1/24 80,000 83,779 
Capital One Financial Corp. 3.2% 1/30/23 200,000 205,480 
Financial & Risk U.S. Holdings, Inc. 6.25% 5/15/26 (a) 170,000 184,663 
FLY Leasing Ltd.:   
5.25% 10/15/24 790,000 813,700 
6.375% 10/15/21 250,000 254,219 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 770,000 776,738 
6.25% 2/1/22 2,805,000 2,871,606 
Morgan Stanley 4.1% 5/22/23 200,000 211,937 
Navient Corp. 7.25% 1/25/22 2,485,000 2,695,480 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 251,000 263,676 
5.25% 8/15/22 (a) 105,000 111,820 
5.5% 2/15/24 (a) 1,000,000 1,099,400 
Springleaf Finance Corp. 6.125% 3/15/24 1,300,000 1,421,875 
  10,994,373 
Diversified Media - 1.1%   
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 1,315,000 1,321,601 
Energy - 15.0%   
California Resources Corp. 8% 12/15/22 (a) 655,000 189,950 
Cheniere Corpus Christi Holdings LLC 7% 6/30/24 350,000 402,528 
Chesapeake Energy Corp. 8% 6/15/27 375,000 234,375 
Citgo Petroleum Corp. 6.25% 8/15/22 (a) 650,000 656,500 
Consolidated Energy Finance SA 3 month U.S. LIBOR + 3.750% 5.8685% 6/15/22 (a)(b)(c) 525,000 521,084 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.25% 4/1/23 500,000 508,600 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 1,085,000 1,095,850 
DCP Midstream Operating LP 5.375% 7/15/25 1,400,000 1,473,500 
Denbury Resources, Inc.:   
7.75% 2/15/24 (a) 477,000 350,595 
9.25% 3/31/22 (a) 465,000 381,300 
EG Global Finance PLC 6.75% 2/7/25 (a) 500,000 500,000 
Energy Transfer Partners LP:   
4.25% 3/15/23 475,000 497,954 
7.5% 10/15/20 105,000 110,171 
EQT Corp. 3% 10/1/22 300,000 286,226 
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22 1,300,000 1,309,750 
MEG Energy Corp. 6.375% 1/30/23 (a) 1,100,000 1,039,500 
MPLX LP 6.25% 10/15/22 (a) 135,000 137,441 
NextEra Energy Partners LP 4.25% 7/15/24 (a) 250,000 256,800 
Nine Energy Service, Inc. 8.75% 11/1/23 (a) 445,000 333,750 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 650,000 666,250 
Plains All American Pipeline LP/PAA Finance Corp. 2.6% 12/15/19 100,000 100,002 
Precision Drilling Corp.:   
6.5% 12/15/21 159,600 158,403 
7.75% 12/15/23 235,000 222,075 
Range Resources Corp.:   
4.875% 5/15/25 245,000 196,613 
5% 8/15/22 840,000 793,800 
5% 3/15/23 110,000 95,150 
5.75% 6/1/21 500,000 496,875 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 700,000 707,714 
Sanchez Energy Corp. 7.25% 2/15/23 (a)(d) 150,000 102,000 
Southwestern Energy Co. 4.1% 3/15/22 300,000 290,250 
Summit Midstream Holdings LLC 5.5% 8/15/22 590,000 528,050 
Sunoco LP/Sunoco Finance Corp. 4.875% 1/15/23 300,000 307,875 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.25% 11/15/23 625,000 627,938 
5.25% 5/1/23 1,600,000 1,606,000 
TerraForm Power Operating LLC 4.25% 1/31/23 (a) 350,000 360,500 
Valaris PLC 4.5% 10/1/24 205,000 104,550 
Weatherford International Ltd. 9.875% 2/15/24 (d) 500,000 152,500 
Weatherford International, Inc. 9.875% 3/1/25 (d) 500,000 155,000 
  17,957,419 
Environmental - 1.0%   
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 1,150,000 1,168,170 
Food/Beverage/Tobacco - 1.6%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 1,225,000 1,228,063 
Imperial Tobacco Finance PLC 2.95% 7/21/20 (a) 200,000 200,908 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 5.875% 7/15/24 (a) 35,000 36,094 
Vector Group Ltd. 6.125% 2/1/25 (a) 415,000 398,400 
  1,863,465 
Gaming - 3.6%   
Golden Entertainment, Inc. 7.625% 4/15/26 (a) 555,000 583,444 
MGM China Holdings Ltd. 5.375% 5/15/24 (a) 500,000 523,750 
MGM Mirage, Inc. 6% 3/15/23 1,000,000 1,102,820 
Scientific Games Corp.:   
5% 10/15/25 (a) 115,000 118,450 
6.625% 5/15/21 935,000 946,688 
10% 12/1/22 24,000 24,690 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25% 5/30/23 (a) 500,000 517,550 
Wynn Macau Ltd. 4.875% 10/1/24 (a) 500,000 502,500 
  4,319,892 
Healthcare - 6.7%   
Bayer U.S. Finance II LLC 3.875% 12/15/23 (a) 200,000 209,496 
Cigna Corp. 3.5% 6/15/24 (a) 200,000 208,073 
Community Health Systems, Inc.:   
5.125% 8/1/21 800,000 798,000 
6.25% 3/31/23 1,085,000 1,057,197 
DaVita HealthCare Partners, Inc. 5.125% 7/15/24 500,000 510,385 
Encompass Health Corp. 5.125% 3/15/23 255,000 260,100 
HCA Holdings, Inc.:   
4.75% 5/1/23 300,000 321,151 
5% 3/15/24 300,000 327,252 
6.25% 2/15/21 800,000 838,000 
Mylan NV 3.15% 6/15/21 200,000 202,567 
Tenet Healthcare Corp.:   
6.75% 6/15/23 1,165,000 1,234,900 
8.125% 4/1/22 485,000 525,013 
Teva Pharmaceutical Finance Netherlands III BV 2.2% 7/21/21 250,000 237,005 
Valeant Pharmaceuticals International, Inc.:   
5.875% 5/15/23 (a) 383,000 388,554 
6.5% 3/15/22 (a) 785,000 808,707 
Vizient, Inc. 6.25% 5/15/27 (a) 20,000 21,569 
  7,947,969 
Leisure - 0.6%   
Studio City Co. Ltd.:   
5.875% 11/30/19 (a) 200,000 200,100 
7.25% 11/30/21 (a) 500,000 511,719 
  711,819 
Metals/Mining - 0.7%   
First Quantum Minerals Ltd. 7.25% 4/1/23 (a) 175,000 175,935 
FMG Resources (August 2006) Pty Ltd.:   
4.75% 5/15/22 (a) 300,000 309,000 
5.125% 3/15/23 (a) 90,000 93,713 
Freeport-McMoRan, Inc. 3.55% 3/1/22 300,000 303,375 
  882,023 
Paper - 0.3%   
Berry Global Escrow Corp. 4.875% 7/15/26 (a) 175,000 183,969 
CommScope Finance LLC:   
5.5% 3/1/24 (a) 100,000 101,350 
6% 3/1/26 (a) 100,000 102,750 
  388,069 
Restaurants - 2.7%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5% 10/15/25 (a) 1,100,000 1,133,000 
Golden Nugget, Inc. 6.75% 10/15/24 (a) 800,000 824,080 
Yum! Brands, Inc. 3.875% 11/1/23 1,225,000 1,268,096 
  3,225,176 
Services - 2.0%   
Air Lease Corp. 2.125% 1/15/20 200,000 199,968 
APX Group, Inc. 8.75% 12/1/20 103,000 101,455 
Aramark Services, Inc. 5.125% 1/15/24 300,000 309,375 
Corrections Corp. of America:   
4.125% 4/1/20 1,105,000 1,105,221 
5% 10/15/22 25,000 24,781 
Laureate Education, Inc. 8.25% 5/1/25 (a) 575,000 623,875 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (a) 45,000 47,340 
  2,412,015 
Technology - 3.9%   
NXP BV/NXP Funding LLC:   
3.875% 9/1/22 (a) 415,000 429,179 
4.125% 6/1/21 (a) 175,000 179,855 
Sensata Technologies BV 4.875% 10/15/23 (a) 155,000 163,722 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 1,600,000 1,674,000 
Symantec Corp. 4.2% 9/15/20 1,900,000 1,924,305 
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 2/1/23 (a) 300,000 294,750 
  4,665,811 
Telecommunications - 12.6%   
Altice Financing SA 6.625% 2/15/23 (a) 700,000 719,040 
Cogent Communications Group, Inc. 5.375% 3/1/22 (a) 775,000 806,000 
Equinix, Inc.:   
5.375% 1/1/22 600,000 611,820 
5.375% 4/1/23 580,000 592,441 
Frontier Communications Corp. 10.5% 9/15/22 175,000 82,469 
Intelsat Jackson Holdings SA 8.5% 10/15/24 (a) 200,000 201,540 
Level 3 Financing, Inc. 5.625% 2/1/23 2,300,000 2,323,000 
Qwest Corp. 6.75% 12/1/21 700,000 755,489 
SBA Communications Corp.:   
4% 10/1/22 500,000 510,075 
4.875% 9/1/24 500,000 519,375 
Sprint Communications, Inc. 6% 11/15/22 915,000 967,613 
Sprint Corp.:   
7.25% 9/15/21 500,000 533,530 
7.875% 9/15/23 2,280,000 2,516,550 
T-Mobile U.S.A., Inc. 4% 4/15/22 1,725,000 1,780,562 
Telecom Italia SpA 5.303% 5/30/24 (a) 700,000 749,000 
Zayo Group LLC/Zayo Capital, Inc. 6% 4/1/23 1,300,000 1,337,063 
  15,005,567 
Transportation Ex Air/Rail - 1.0%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (a) 580,000 625,820 
5.25% 5/15/24 (a) 155,000 169,028 
5.5% 1/15/23 (a) 165,000 178,052 
Teekay Corp. 9.25% 11/15/22 (a) 250,000 258,750 
  1,231,650 
Utilities - 3.2%   
Calpine Corp. 6% 1/15/22 (a) 500,000 500,700 
Dynegy, Inc. 5.875% 6/1/23 1,300,000 1,327,625 
Nextera Energy Operating Partn 4.25% 9/15/24 (a) 155,000 161,200 
The AES Corp.:   
4% 3/15/21 185,000 188,006 
4.5% 3/15/23 120,000 122,700 
4.875% 5/15/23 1,389,000 1,411,224 
Williams Partners LP 3.35% 8/15/22 150,000 153,735 
  3,865,190 
TOTAL NONCONVERTIBLE BONDS  107,754,384 
TOTAL CORPORATE BONDS   
(Cost $108,088,208)  108,253,802 
 Shares Value 
Common Stocks - 0.0%   
Energy - 0.0%   
Forbes Energy Services Ltd. (e)   
(Cost $301,607) 6,468 1,940 
 Principal Amount Value 
Bank Loan Obligations - 0.7%   
Air Transportation - 0.0%   
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.1044% 4/4/26 (b)(c) 6,504 6,513 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 4.000% 6.1044% 4/4/26 (b)(c) 3,497 3,501 
TOTAL AIR TRANSPORTATION  10,014 
Energy - 0.1%   
Forbes Energy Services LLC Tranche B, term loan 16% 4/13/21 (b)(f) 62,900 63,372 
Sanchez Energy Corp. 1LN, term loan 3 month U.S. LIBOR + 8.000% 10% 5/11/20 (b)(c)(f)(g) 65,987 62,688 
TOTAL ENERGY  126,060 
Food & Drug Retail - 0.1%   
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 10.625% 11/19/23 (b)(c)(f) 80,648 81,959 
Telecommunications - 0.5%   
Intelsat Jackson Holdings SA Tranche B-5, term loan 6.625% 1/2/24 500,000 511,015 
Securus Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 8.250% 10.0359% 11/1/25 (b)(c) 165,000 77,963 
TOTAL TELECOMMUNICATIONS  588,978 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $896,931)  807,011 
Preferred Securities - 0.8%   
Banks & Thrifts - 0.6%   
Bank of America Corp. 5.2% (b)(h) 300,000 319,271 
Citigroup, Inc.:   
5.95% (b)(h) 100,000 109,749 
5.95% (b)(h) 10,000 10,346 
Royal Bank of Scotland Group PLC 7.5% (b)(h) 225,000 230,686 
TOTAL BANKS & THRIFTS  670,052 
Energy - 0.2%   
Energy Transfer Partners LP 6.25% (b)(h) 265,000 249,961 
TOTAL PREFERRED SECURITIES   
(Cost $884,053)  920,013 
 Shares Value 
Money Market Funds - 6.7%   
Fidelity Cash Central Fund 1.83% (i)   
(Cost $8,029,383) 8,027,894 8,029,500 
TOTAL INVESTMENT IN SECURITIES - 98.8%   
(Cost $118,200,182)  118,012,266 
NET OTHER ASSETS (LIABILITIES) - 1.2%  1,487,508 
NET ASSETS - 100%  $119,499,774 

Legend

 (a) 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 $41,150,695 or 34.4% of net assets.

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

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

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

 (e) Non-income producing

 (f) Level 3 security

 (g) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $47,134 and $44,777, respectively.

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

 (i) 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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $84,409 
Total $84,409 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2019, 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 $1,940 $1,940 $-- $-- 
Corporate Bonds 108,253,802 -- 108,253,802 -- 
Bank Loan Obligations 807,011 -- 598,992 208,019 
Preferred Securities 920,013 -- 920,013 -- 
Money Market Funds 8,029,500 8,029,500 -- -- 
Total Investments in Securities: $118,012,266 $8,031,440 $109,772,807 $208,019 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 80.7% 
Canada 5.8% 
Netherlands 3.6% 
Cayman Islands 2.9% 
Luxembourg 1.6% 
Multi-National 1.6% 
Bermuda 1.1% 
Others (Individually Less Than 1%) 2.7% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $110,170,799) 
$109,982,766  
Fidelity Central Funds (cost $8,029,383) 8,029,500  
Total Investment in Securities (cost $118,200,182)  $118,012,266 
Receivable for investments sold  39,995 
Receivable for fund shares sold  105,094 
Interest receivable  1,595,946 
Distributions receivable from Fidelity Central Funds  12,475 
Prepaid expenses  209 
Receivable from investment adviser for expense reductions  36,224 
Total assets  119,802,209 
Liabilities   
Payable to custodian bank $38,917  
Payable for investments purchased 47,340  
Payable for fund shares redeemed 35,908  
Payable for audit fees 36,808  
Distributions payable 58,432  
Accrued management fee 54,970  
Distribution and service plan fees payable 7,210  
Other affiliated payables 16,210  
Other payables and accrued expenses 6,640  
Total liabilities  302,435 
Net Assets  $119,499,774 
Net Assets consist of:   
Paid in capital  $124,486,477 
Total accumulated earnings (loss)  (4,986,703) 
Net Assets  $119,499,774 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($14,688,522 ÷ 1,560,290 shares)(a)  $9.41 
Maximum offering price per share (100/96.00 of $9.41)  $9.80 
Class M:   
Net Asset Value and redemption price per share ($2,348,746 ÷ 249,519 shares)(a)  $9.41 
Maximum offering price per share (100/96.00 of $9.41)  $9.80 
Class C:   
Net Asset Value and offering price per share ($4,368,079 ÷ 463,944 shares)(a)  $9.42 
Short Duration High Income:   
Net Asset Value, offering price and redemption price per share ($91,139,244 ÷ 9,680,791 shares)  $9.41 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,632,149 ÷ 492,014 shares)  $9.41 
Class Z:   
Net Asset Value, offering price and redemption price per share ($2,323,034 ÷ 246,672 shares)  $9.42 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended October 31, 2019 (Unaudited) 
Investment Income   
Dividends  $38,572 
Interest  2,806,116 
Income from Fidelity Central Funds  84,409 
Total income  2,929,097 
Expenses   
Management fee $323,267  
Transfer agent fees 72,352  
Distribution and service plan fees 44,014  
Accounting fees  24,256  
Custodian fees and expenses 10,910  
Independent trustees' fees and expenses 330  
Registration fees 74,101  
Audit 34,767  
Legal 102  
Miscellaneous 322  
Total expenses before reductions 584,421  
Expense reductions (70,972)  
Total expenses after reductions  513,449 
Net investment income (loss)  2,415,648 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (909,000)  
Total net realized gain (loss)  (909,000) 
Change in net unrealized appreciation (depreciation) on investment securities  408,820 
Net gain (loss)  (500,180) 
Net increase (decrease) in net assets resulting from operations  $1,915,468 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended October 31, 2019 (Unaudited) Year ended April 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,415,648 $5,175,031 
Net realized gain (loss) (909,000) (210,272) 
Change in net unrealized appreciation (depreciation) 408,820 158,060 
Net increase (decrease) in net assets resulting from operations 1,915,468 5,122,819 
Distributions to shareholders (2,333,475) (5,003,921) 
Share transactions - net increase (decrease) 4,875,484 7,008,413 
Total increase (decrease) in net assets 4,457,477 7,127,311 
Net Assets   
Beginning of period 115,042,297 107,914,986 
End of period $119,499,774 $115,042,297 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Short Duration High Income Fund Class A

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.44 $9.42 $9.57 $9.14 $9.86 $10.10 
Income from Investment Operations       
Net investment income (loss)A .186 .409 .381 .395 .429 .358 
Net realized and unrealized gain (loss) (.036) .004B (.159) .397 (.737) (.246) 
Total from investment operations .150 .413 .222 .792 (.308) .112 
Distributions from net investment income (.180) (.393) (.373) (.365) (.413) (.358) 
Distributions from net realized gain – – – – (.002) – 
Total distributions (.180) (.393) (.373) (.365) (.415) (.358) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .006 
Net asset value, end of period $9.41 $9.44 $9.42 $9.57 $9.14 $9.86 
Total ReturnC,D,E 1.60% 4.52% 2.36% 8.84% (3.06)% 1.22% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.20%H 1.15% 1.16% 1.22% 1.24% 1.29% 
Expenses net of fee waivers, if any 1.05%H 1.05% 1.05% 1.05% 1.05% 1.05% 
Expenses net of all reductions 1.05%H 1.05% 1.05% 1.05% 1.05% 1.05% 
Net investment income (loss) 3.94%H 4.37% 4.00% 4.21% 4.65% 3.63% 
Supplemental Data       
Net assets, end of period (000 omitted) $14,689 $15,050 $12,351 $9,304 $6,823 $4,398 
Portfolio turnover rateI 82%H 33% 65% 105% 56% 84% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Short Duration High Income Fund Class M

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.44 $9.42 $9.57 $9.14 $9.86 $10.10 
Income from Investment Operations       
Net investment income (loss)A .186 .408 .382 .395 .433 .360 
Net realized and unrealized gain (loss) (.036) .005B (.160) .397 (.741) (.247) 
Total from investment operations .150 .413 .222 .792 (.308) .113 
Distributions from net investment income (.180) (.393) (.373) (.365) (.413) (.359) 
Distributions from net realized gain – – – – (.002) – 
Total distributions (.180) (.393) (.373) (.365) (.415) (.359) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .006 
Net asset value, end of period $9.41 $9.44 $9.42 $9.57 $9.14 $9.86 
Total ReturnC,D,E 1.60% 4.52% 2.36% 8.84% (3.06)% 1.23% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.21%H 1.16% 1.16% 1.22% 1.25% 1.31% 
Expenses net of fee waivers, if any 1.05%H 1.05% 1.05% 1.05% 1.05% 1.05% 
Expenses net of all reductions 1.05%H 1.05% 1.05% 1.05% 1.05% 1.05% 
Net investment income (loss) 3.94%H 4.37% 4.00% 4.21% 4.65% 3.63% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,349 $2,537 $2,081 $2,703 $2,426 $2,930 
Portfolio turnover rateI 82%H 33% 65% 105% 56% 84% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Short Duration High Income Fund Class C

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.44 $9.42 $9.57 $9.15 $9.86 $10.10 
Income from Investment Operations       
Net investment income (loss)A .151 .338 .310 .325 .360 .285 
Net realized and unrealized gain (loss) (.027) .005B (.159) .386 (.728) (.247) 
Total from investment operations .124 .343 .151 .711 (.368) .038 
Distributions from net investment income (.144) (.323) (.302) (.294) (.343) (.284) 
Distributions from net realized gain – – – – (.002) – 
Total distributions (.144) (.323) (.302) (.294) (.345) (.284) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .006 
Net asset value, end of period $9.42 $9.44 $9.42 $9.57 $9.15 $9.86 
Total ReturnC,D,E 1.33% 3.74% 1.59% 7.92% (3.68)% .47% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.97%H 1.92% 1.93% 2.00% 2.00% 2.08% 
Expenses net of fee waivers, if any 1.80%H 1.80% 1.80% 1.80% 1.80% 1.80% 
Expenses net of all reductions 1.80%H 1.80% 1.80% 1.80% 1.80% 1.80% 
Net investment income (loss) 3.19%H 3.61% 3.25% 3.46% 3.90% 2.88% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,368 $4,541 $5,146 $5,387 $3,827 $3,465 
Portfolio turnover rateI 82%H 33% 65% 105% 56% 84% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Short Duration High Income Fund

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.44 $9.42 $9.57 $9.15 $9.86 $10.10 
Income from Investment Operations       
Net investment income (loss)A .198 .431 .405 .420 .455 .385 
Net realized and unrealized gain (loss) (.036) .006B (.159) .385 (.730) (.248) 
Total from investment operations .162 .437 .246 .805 (.275) .137 
Distributions from net investment income (.192) (.417) (.397) (.388) (.436) (.383) 
Distributions from net realized gain – – – – (.002) – 
Total distributions (.192) (.417) (.397) (.388) (.438) (.383) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .006 
Net asset value, end of period $9.41 $9.44 $9.42 $9.57 $9.15 $9.86 
Total ReturnC,D 1.73% 4.78% 2.61% 9.00% (2.71)% 1.48% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .91%G .86% .86% .93% .96% 1.00% 
Expenses net of fee waivers, if any .80%G .80% .80% .80% .80% .80% 
Expenses net of all reductions .80%G .80% .80% .80% .80% .80% 
Net investment income (loss) 4.19%G 4.61% 4.25% 4.46% 4.90% 3.88% 
Supplemental Data       
Net assets, end of period (000 omitted) $91,139 $88,429 $83,652 $68,646 $47,531 $45,109 
Portfolio turnover rateH 82%G 33% 65% 105% 56% 84% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Short Duration High Income Fund Class I

 Six months ended (Unaudited) October 31, Years endedApril 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $9.44 $9.42 $9.57 $9.15 $9.86 $10.10 
Income from Investment Operations       
Net investment income (loss)A .198 .430 .406 .420 .460 .383 
Net realized and unrealized gain (loss) (.036) .007B (.160) .385 (.735) (.246) 
Total from investment operations .162 .437 .246 .805 (.275) .137 
Distributions from net investment income (.192) (.417) (.397) (.388) (.436) (.383) 
Distributions from net realized gain – – – – (.002) – 
Total distributions (.192) (.417) (.397) (.388) (.438) (.383) 
Redemption fees added to paid in capitalA – – .001 .003 .003 .006 
Net asset value, end of period $9.41 $9.44 $9.42 $9.57 $9.15 $9.86 
Total ReturnC,D 1.73% 4.78% 2.61% 8.99% (2.71)% 1.48% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .93%G .89% .91% .96% .99% 1.04% 
Expenses net of fee waivers, if any .80%G .80% .80% .80% .80% .80% 
Expenses net of all reductions .80%G .80% .80% .80% .80% .80% 
Net investment income (loss) 4.19%G 4.60% 4.25% 4.46% 4.90% 3.88% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,632 $4,060 $4,686 $10,122 $2,856 $5,932 
Portfolio turnover rateH 82%G 33% 65% 105% 56% 84% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Short Duration High Income Fund Class Z

 Six months ended (Unaudited) October 31, Years endedApril 30, 
 2019 2019 A 
Selected Per–Share Data   
Net asset value, beginning of period $9.45 $9.46 
Income from Investment Operations   
Net investment income (loss)B .198 .261 
Net realized and unrealized gain (loss) (.032) (.016) 
Total from investment operations .166 .245 
Distributions from net investment income (.196) (.255) 
Distributions from net realized gain – – 
Total distributions (.196) (.255) 
Net asset value, end of period $9.42 $9.45 
Total ReturnC,D 1.78% 2.67% 
Ratios to Average Net AssetsE,F   
Expenses before reductions .90%G .82%G 
Expenses net of fee waivers, if any .71%G .71%G 
Expenses net of all reductions .71%G .71%G 
Net investment income (loss) 4.28%G 4.86%G 
Supplemental Data   
Net assets, end of period (000 omitted) $2,323 $425 
Portfolio turnover rateH 82%G 33% 

 A For the period October 2, 2018 (commencement of sale of shares) to April 30, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2019

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. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors 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 vendors. 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 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. 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. 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 the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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.

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, 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 $2,137,595 
Gross unrealized depreciation (2,022,707) 
Net unrealized appreciation (depreciation) $114,888 
Tax cost $117,897,378 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(2,701,192) 
Long-term (1,760,771) 
Total no expiration $(4,461,963) 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which 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 the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $47,785,261 and $44,114,123, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

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 Corporation (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% $18,838 $1,419 
Class M -% .25% 3,102 – 
Class C .75% .25% 22,074 2,398 
   $44,014 $ 3,817 

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 $2,367 
Class M 25 
Class C(a) 309 
 $2,701 

 (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, Inc., (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 Assets(a) 
Class A $11,440 .15 
Class M 2,103 .17 
Class C 3,966 .18 
Short Duration High Income 51,561 .11 
Class I 2,972 .14 
Class Z 310 .05 
 $72,352  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .04%.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $141 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse 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, 2020. 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 1.05% $10,937 
Class M 1.05% 1,997 
Class C 1.80% 3,744 
Short Duration High Income .80% 49,485 
Class I .80% 2,900 
Class Z .71% 1,134 
  $70,197 

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 $490.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $285.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
October 31, 2019 
Year ended
April 30, 2019(a) 
Distributions to shareholders   
Class A $288,304 $570,580 
Class M 47,444 92,728 
Class C 67,762 169,779 
Short Duration High Income 1,818,081 3,978,011 
Class I 87,842 186,125 
Class Z 24,042 6,698 
Total $2,333,475 $5,003,921 

 (a) Distributions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to April 30, 2019.

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended October 31, 2019 Year ended April 30, 2019(a) Six months ended October 31, 2019 Year ended April 30, 2019(a) 
Class A     
Shares sold 263,367 535,255 $2,485,779 $4,993,042 
Reinvestment of distributions 29,548 59,316 278,175 553,118 
Shares redeemed (326,469) (312,079) (3,074,635) (2,908,824) 
Net increase (decrease) (33,554) 282,492 $(310,681) $2,637,336 
Class M     
Shares sold 29,549 81,541 $278,837 $761,393 
Reinvestment of distributions 4,895 9,663 46,087 90,133 
Shares redeemed (53,599) (43,489) (505,247) (404,012) 
Net increase (decrease) (19,155) 47,715 $(180,323) $447,514 
Class C     
Shares sold 31,825 204,330 $301,088 $1,900,782 
Reinvestment of distributions 7,163 18,015 67,448 167,975 
Shares redeemed (55,919) (287,743) (526,339) (2,693,623) 
Net increase (decrease) (16,931) (65,398) $(157,803) $(624,866) 
Short Duration High Income     
Shares sold 1,988,396 5,515,751 $18,771,334 $51,682,187 
Reinvestment of distributions 154,254 346,618 1,452,306 3,232,670 
Shares redeemed (1,826,140) (5,379,470) (17,179,442) (50,139,424) 
Net increase (decrease) 316,510 482,899 $3,044,198 $4,775,433 
Class I     
Shares sold 101,572 153,737 $958,899 $1,428,982 
Reinvestment of distributions 8,401 18,150 79,104 169,337 
Shares redeemed (47,894) (239,433) (451,626) (2,243,709) 
Net increase (decrease) 62,079 (67,546) $586,377 $(645,390) 
Class Z     
Shares sold 227,521 45,679 $2,137,160 $424,929 
Reinvestment of distributions 2,442 648 23,023 6,031 
Shares redeemed (28,260) (1,358) (266,467) (12,574) 
Net increase (decrease) 201,703 44,969 $1,893,716 $418,386 

 (a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to April 30, 2019.

10. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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, 2019 to October 31, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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, 2019 
Ending
Account Value
October 31, 2019 
Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 
Class A 1.05%    
Actual  $1,000.00 $1,016.00 $5.32 
Hypothetical-C  $1,000.00 $1,019.86 $5.33 
Class M 1.05%    
Actual  $1,000.00 $1,016.00 $5.32 
Hypothetical-C  $1,000.00 $1,019.86 $5.33 
Class C 1.80%    
Actual  $1,000.00 $1,013.30 $9.11 
Hypothetical-C  $1,000.00 $1,016.09 $9.12 
Short Duration High Income .80%    
Actual  $1,000.00 $1,017.30 $4.06 
Hypothetical-C  $1,000.00 $1,021.11 $4.06 
Class I .80%    
Actual  $1,000.00 $1,017.30 $4.06 
Hypothetical-C  $1,000.00 $1,021.11 $4.06 
Class Z .71%    
Actual  $1,000.00 $1,017.80 $3.60 
Hypothetical-C  $1,000.00 $1,021.57 $3.61 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses





Fidelity Investments

SDH-SANN-1219
1.969437.105


Fidelity® Women's Leadership Fund



Semi-Annual Report

October 31, 2019

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of October 31, 2019

 % of fund's net assets 
Microsoft Corp. 3.4 
Bank of America Corp. 2.3 
The Walt Disney Co. 2.1 
Anthem, Inc. 2.1 
The NASDAQ OMX Group, Inc. 1.9 
 11.8 

Top Five Market Sectors as of October 31, 2019

 % of fund's net assets 
Information Technology 24.7 
Financials 14.8 
Consumer Discretionary 14.5 
Health Care 13.6 
Industrials 9.2 

Asset Allocation (% of fund's net assets)

As of October 31, 2019 * 
   Stocks 96.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.7% 


 * Foreign investments - 12.1%

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%   
 Shares Value 
COMMUNICATION SERVICES - 7.5%   
Entertainment - 3.6%   
Electronic Arts, Inc. (a) 843 $81,265 
Netflix, Inc. (a) 376 108,066 
The Walt Disney Co. 3,208 416,783 
Zynga, Inc. (a) 16,155 99,676 
  705,790 
Interactive Media & Services - 3.5%   
Alphabet, Inc. Class A (a) 276 347,429 
Facebook, Inc. Class A (a) 1,584 303,574 
Match Group, Inc. 556 40,582 
  691,585 
Media - 0.4%   
The New York Times Co. Class A 2,195 67,826 
TOTAL COMMUNICATION SERVICES  1,465,201 
CONSUMER DISCRETIONARY - 14.5%   
Automobiles - 1.2%   
General Motors Co. 6,574 244,290 
Diversified Consumer Services - 1.1%   
Bright Horizons Family Solutions, Inc. (a) 1,214 180,303 
Weight Watchers International, Inc. (a) 871 30,372 
  210,675 
Hotels, Restaurants & Leisure - 1.4%   
Marriott International, Inc. Class A 826 104,530 
Starbucks Corp. 1,963 165,991 
  270,521 
Household Durables - 0.9%   
Taylor Morrison Home Corp. (a) 6,854 171,693 
Internet & Direct Marketing Retail - 2.1%   
Amazon.com, Inc. (a) 95 168,783 
Etsy, Inc. (a) 3,940 175,291 
The RealReal, Inc. 2,429 56,134 
Trainline PLC (b) 700 3,777 
  403,985 
Specialty Retail - 7.2%   
Best Buy Co., Inc. 4,224 303,410 
Burlington Stores, Inc. (a) 349 67,067 
Lowe's Companies, Inc. 1,868 208,487 
Ross Stores, Inc. 613 67,228 
The Home Depot, Inc. 1,186 278,212 
TJX Companies, Inc. 2,196 126,599 
Ulta Beauty, Inc. (a) 655 152,713 
Williams-Sonoma, Inc. 3,033 202,574 
  1,406,290 
Textiles, Apparel & Luxury Goods - 0.6%   
LVMH Moet Hennessy Louis Vuitton SE 192 81,995 
Tapestry, Inc. 1,327 34,316 
  116,311 
TOTAL CONSUMER DISCRETIONARY  2,823,765 
CONSUMER STAPLES - 2.7%   
Food Products - 1.7%   
Danone SA 1,918 158,890 
The Hershey Co. 1,212 178,006 
  336,896 
Personal Products - 1.0%   
Shiseido Co. Ltd. 646 53,261 
Unilever NV 2,510 148,228 
  201,489 
TOTAL CONSUMER STAPLES  538,385 
ENERGY - 2.4%   
Energy Equipment & Services - 0.3%   
Baker Hughes, A GE Co. Class A 2,860 61,204 
Nine Energy Service, Inc. (a) 503 2,842 
  64,046 
Oil, Gas & Consumable Fuels - 2.1%   
Chevron Corp. 1,921 223,105 
Occidental Petroleum Corp. 2,514 101,817 
Valero Energy Corp. 737 71,474 
  396,396 
TOTAL ENERGY  460,442 
FINANCIALS - 14.8%   
Banks - 5.6%   
Bank of America Corp. 14,239 445,254 
Citigroup, Inc. 3,871 278,170 
First Horizon National Corp. 6,330 101,090 
JPMorgan Chase & Co. 2,125 265,455 
  1,089,969 
Capital Markets - 5.1%   
Macquarie Group Ltd. 1,522 140,538 
Morgan Stanley 2,358 108,586 
Morningstar, Inc. 1,291 208,935 
MSCI, Inc. 712 167,007 
The NASDAQ OMX Group, Inc. 3,784 377,530 
  1,002,596 
Consumer Finance - 1.7%   
Synchrony Financial 9,441 333,928 
Diversified Financial Services - 0.3%   
Voya Financial, Inc. 958 51,694 
Insurance - 2.1%   
Amerisafe, Inc. 2,384 151,456 
Primerica, Inc. 389 49,084 
Progressive Corp. 2,978 207,567 
  408,107 
TOTAL FINANCIALS  2,886,294 
HEALTH CARE - 13.6%   
Biotechnology - 1.0%   
Vertex Pharmaceuticals, Inc. (a) 1,037 202,713 
Health Care Equipment & Supplies - 4.7%   
Becton, Dickinson & Co. 591 151,296 
Hologic, Inc. (a) 5,581 269,618 
Insulet Corp. (a) 437 63,505 
Medtronic PLC 2,160 235,224 
Stryker Corp. 891 192,697 
  912,340 
Health Care Providers & Services - 4.0%   
AMN Healthcare Services, Inc. (a) 1,757 103,241 
Anthem, Inc. 1,488 400,391 
CVS Health Corp. 2,339 155,286 
Progyny, Inc. (a) 7,105 116,735 
  775,653 
Pharmaceuticals - 3.9%   
AstraZeneca PLC sponsored ADR 7,279 356,889 
GlaxoSmithKline PLC 11,533 264,163 
Zoetis, Inc. Class A 1,122 143,526 
  764,578 
TOTAL HEALTH CARE  2,655,284 
INDUSTRIALS - 9.2%   
Aerospace & Defense - 2.8%   
Lockheed Martin Corp. 723 272,340 
Northrop Grumman Corp. 761 268,237 
  540,577 
Commercial Services & Supplies - 1.9%   
Stericycle, Inc. (a) 1,710 98,496 
Waste Connection, Inc. (United States) 576 53,222 
Waste Management, Inc. 1,934 217,014 
  368,732 
Electrical Equipment - 2.4%   
AMETEK, Inc. 1,056 96,782 
nVent Electric PLC 527 12,153 
Sensata Technologies, Inc. PLC (a) 3,747 191,809 
Sunrun, Inc. (a) 10,993 170,831 
  471,575 
Machinery - 1.6%   
Federal Signal Corp. 7,313 237,234 
Gardner Denver Holdings, Inc. (a) 2,354 74,928 
  312,162 
Professional Services - 0.5%   
Verisk Analytics, Inc. 724 104,763 
TOTAL INDUSTRIALS  1,797,809 
INFORMATION TECHNOLOGY - 24.7%   
Communications Equipment - 2.6%   
Arista Networks, Inc. (a) 986 241,146 
Cisco Systems, Inc. 5,376 255,414 
  496,560 
Electronic Equipment & Components - 0.4%   
CDW Corp. 659 84,293 
IT Services - 10.0%   
Accenture PLC Class A 1,775 329,121 
Automatic Data Processing, Inc. 598 97,014 
Capgemini SA 1,617 182,057 
GoDaddy, Inc. (a) 2,871 186,701 
IBM Corp. 856 114,473 
Leidos Holdings, Inc. 1,938 167,114 
MasterCard, Inc. Class A 905 250,513 
PayPal Holdings, Inc. (a) 1,439 149,800 
Visa, Inc. Class A 1,023 182,974 
WEX, Inc. (a) 1,568 296,634 
  1,956,401 
Semiconductors & Semiconductor Equipment - 1.6%   
Advanced Micro Devices, Inc. (a) 2,256 76,546 
Marvell Technology Group Ltd. 2,138 52,146 
NVIDIA Corp. 872 175,289 
  303,981 
Software - 8.3%   
Adobe, Inc. (a) 930 258,475 
HubSpot, Inc. (a) 684 106,088 
Intuit, Inc. 917 236,128 
Microsoft Corp. 4,615 661,651 
Pagerduty, Inc. 1,400 32,186 
Salesforce.com, Inc. (a) 2,068 323,621 
  1,618,149 
Technology Hardware, Storage & Peripherals - 1.8%   
Apple, Inc. 1,439 357,966 
TOTAL INFORMATION TECHNOLOGY  4,817,350 
MATERIALS - 1.5%   
Metals & Mining - 1.5%   
Commercial Metals Co. 4,641 89,711 
Newmont Goldcorp Corp. 5,209 206,954 
  296,665 
REAL ESTATE - 2.7%   
Equity Real Estate Investment Trusts (REITs) - 2.7%   
Equity Lifestyle Properties, Inc. 2,748 192,195 
Store Capital Corp. 6,804 275,562 
Ventas, Inc. 1,028 66,923 
  534,680 
UTILITIES - 2.7%   
Electric Utilities - 1.4%   
Duke Energy Corp. 1,055 99,444 
Hawaiian Electric Industries, Inc. 1,251 56,483 
ORSTED A/S (b) 1,344 117,892 
  273,819 
Multi-Utilities - 0.6%   
CMS Energy Corp. 1,887 120,617 
Water Utilities - 0.7%   
American Water Works Co., Inc. 1,075 132,515 
TOTAL UTILITIES  526,951 
TOTAL COMMON STOCKS   
(Cost $18,274,048)  18,802,826 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund 1.83% (c)   
(Cost $502,377) 502,277 502,377 
TOTAL INVESTMENT IN SECURITIES - 98.9%   
(Cost $18,776,425)  19,305,203 
NET OTHER ASSETS (LIABILITIES) - 1.1%  206,089 
NET ASSETS - 100%  $19,511,292 

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $121,669 or 0.6% of net assets.

 (c) 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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $5,854 
Total $5,854 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2019, 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:     
Communication Services $1,465,201 $1,465,201 $-- $-- 
Consumer Discretionary 2,823,765 2,741,770 81,995 -- 
Consumer Staples 538,385 326,234 212,151 -- 
Energy 460,442 460,442 -- -- 
Financials 2,886,294 2,745,756 140,538 -- 
Health Care 2,655,284 2,391,121 264,163 -- 
Industrials 1,797,809 1,797,809 -- -- 
Information Technology 4,817,350 4,817,350 -- -- 
Materials 296,665 296,665 -- -- 
Real Estate 534,680 534,680 -- -- 
Utilities 526,951 526,951 -- -- 
Money Market Funds 502,377 502,377 -- -- 
Total Investments in Securities: $19,305,203 $18,606,356 $698,847 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 87.9% 
United Kingdom 4.2% 
Ireland 2.9% 
France 2.1% 
Others (Individually Less Than 1%) 2.9% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $18,274,048) 
$18,802,826  
Fidelity Central Funds (cost $502,377) 502,377  
Total Investment in Securities (cost $18,776,425)  $19,305,203 
Receivable for investments sold  246,721 
Receivable for fund shares sold  96,492 
Dividends receivable  8,000 
Distributions receivable from Fidelity Central Funds  1,174 
Prepaid expenses  53,083 
Receivable from investment adviser for expense reductions  19,571 
Other receivables  146 
Total assets  19,730,390 
Liabilities   
Payable for investments purchased $165,858  
Payable for fund shares redeemed 1,959  
Accrued management fee 8,085  
Audit fees payable 19,853  
Distribution and service plan fees payable 356  
Other affiliated payables 4,087  
Other payables and accrued expenses 18,900  
Total liabilities  219,098 
Net Assets  $19,511,292 
Net Assets consist of:   
Paid in capital  $19,118,849 
Total accumulated earnings (loss)  392,443 
Net Assets  $19,511,292 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($539,786 ÷ 52,488 shares)(a)  $10.28 
Maximum offering price per share (100/94.25 of $10.28)  $10.91 
Class M:   
Net Asset Value and redemption price per share ($207,825 ÷ 20,236 shares)(a)  $10.27 
Maximum offering price per share (100/96.50 of $10.27)  $10.64 
Class C:   
Net Asset Value and offering price per share ($210,211 ÷ 20,519 shares)(a)  $10.24 
Fidelity Women's Leadership Fund:   
Net Asset Value, offering price and redemption price per share ($16,268,711 ÷ 1,579,798 shares)  $10.30 
Class I:   
Net Asset Value, offering price and redemption price per share ($442,686 ÷ 42,992 shares)  $10.30 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,842,073 ÷ 178,754 shares)  $10.31 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  For the period May 1, 2019 (commencement of operations) to October 31, 2019 (Unaudited) 
Investment Income   
Dividends  $73,601 
Income from Fidelity Central Funds  5,854 
Total income  79,455 
Expenses   
Management fee $29,227  
Transfer agent fees 13,721  
Distribution and service plan fees 1,888  
Accounting fees 2,123  
Custodian fees and expenses 18,902  
Independent trustees' fees and expenses 19  
Registration fees 55,842  
Audit 21,954  
Legal  
Miscellaneous 577  
Total expenses before reductions 144,256  
Expense reductions (88,699)  
Total expenses after reductions  55,557 
Net investment income (loss)  23,898 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (160,422)  
Foreign currency transactions 358  
Total net realized gain (loss)  (160,064) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 528,778  
Assets and liabilities in foreign currencies (169)  
Total change in net unrealized appreciation (depreciation)  528,609 
Net gain (loss)  368,545 
Net increase (decrease) in net assets resulting from operations  $392,443 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 For the period May 1, 2019 (commencement of operations) to October 31, 2019 (Unaudited) 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $23,898 
Net realized gain (loss) (160,064) 
Change in net unrealized appreciation (depreciation) 528,609 
Net increase (decrease) in net assets resulting from operations 392,443 
Share transactions - net increase (decrease) 19,118,849 
Total increase (decrease) in net assets 19,511,292 
Net Assets  
Beginning of period – 
End of period $19,511,292 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Women's Leadership Fund Class A

 Six months ended (Unaudited) October 31, 
 2019A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .01 
Net realized and unrealized gain (loss) .27 
Total from investment operations .28 
Net asset value, end of period $10.28 
Total ReturnC,D,E 2.80% 
Ratios to Average Net AssetsF,G  
Expenses before reductions 3.06%H 
Expenses net of fee waivers, if any 1.25%H 
Expenses net of all reductions 1.24%H 
Net investment income (loss) .21%H 
Supplemental Data  
Net assets, end of period (000 omitted) $540 
Portfolio turnover rateI 39%H 

 A For the period May 1, 2019 (commencement of operations) to October 31, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Women's Leadership Fund Class M

 Six months ended (Unaudited) October 31, 
 2019A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B C 
Net realized and unrealized gain (loss) .27 
Total from investment operations .27 
Net asset value, end of period $10.27 
Total ReturnD,E,F 2.70% 
Ratios to Average Net AssetsG,H  
Expenses before reductions 3.75%I 
Expenses net of fee waivers, if any 1.50%I 
Expenses net of all reductions 1.49%I 
Net investment income (loss) (.05)%I 
Supplemental Data  
Net assets, end of period (000 omitted) $208 
Portfolio turnover rateJ 39%I 

 A For the period May 1, 2019 (commencement of operations) to October 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Women's Leadership Fund Class C

 Six months ended (Unaudited) October 31, 
 2019A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B (.03) 
Net realized and unrealized gain (loss) .27 
Total from investment operations .24 
Net asset value, end of period $10.24 
Total ReturnC,D,E 2.40% 
Ratios to Average Net AssetsF,G  
Expenses before reductions 4.26%H 
Expenses net of fee waivers, if any 2.00%H 
Expenses net of all reductions 1.99%H 
Net investment income (loss) (.54)%H 
Supplemental Data  
Net assets, end of period (000 omitted) $210 
Portfolio turnover rateI 39%H 

 A For the period May 1, 2019 (commencement of operations) to October 31, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Women's Leadership Fund

 Six months ended (Unaudited) October 31, 
 2019A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .02 
Net realized and unrealized gain (loss) .28 
Total from investment operations .30 
Net asset value, end of period $10.30 
Total ReturnC,D 3.00% 
Ratios to Average Net AssetsE,F  
Expenses before reductions 2.57%G 
Expenses net of fee waivers, if any .99%G,H 
Expenses net of all reductions .99%G 
Net investment income (loss) .46%G 
Supplemental Data  
Net assets, end of period (000 omitted) $16,269 
Portfolio turnover rateI 39%G 

 A For the period May 1, 2019 (commencement of operations) to October 31, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Women's Leadership Fund Class I

 Six months ended (Unaudited) October 31, 
 2019A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .02 
Net realized and unrealized gain (loss) .28 
Total from investment operations .30 
Net asset value, end of period $10.30 
Total ReturnC,D 3.00% 
Ratios to Average Net AssetsE,F  
Expenses before reductions 2.97%G 
Expenses net of fee waivers, if any 1.00%G 
Expenses net of all reductions .99%G 
Net investment income (loss) .46%G 
Supplemental Data  
Net assets, end of period (000 omitted) $443 
Portfolio turnover rateH 39%G 

 A For the period May 1, 2019 (commencement of operations) to October 31, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Women's Leadership Fund Class Z

 Six months ended (Unaudited) October 31, 
 2019A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B .03 
Net realized and unrealized gain (loss) .28 
Total from investment operations .31 
Net asset value, end of period $10.31 
Total ReturnC,D 3.10% 
Ratios to Average Net AssetsE,F  
Expenses before reductions 2.37%G 
Expenses net of fee waivers, if any .84%G,H 
Expenses net of all reductions .84%G 
Net investment income (loss) .61%G 
Supplemental Data  
Net assets, end of period (000 omitted) $1,842 
Portfolio turnover rateI 39%G 

 A For the period May 1, 2019 (commencement of operations) to October 31, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended October 31, 2019

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. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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 $963,337 
Gross unrealized depreciation (507,446) 
Net unrealized appreciation (depreciation) $455,891 
Tax cost $18,849,312 

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $20,765,232 and $2,330,764, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

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 Corporation (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% $514 $210 
Class M .25% .25% 462 403 
Class C .75% .25% 912 912 
   $1,888 $1,525 

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 $459 
Class M 89 
Class C(a) 19 
 $567 

 (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, Inc., (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 Assets(a) 
Class A $289 .14 
Class M 110 .12 
Class C 108 .12 
Fidelity Women's Leadership Fund 12,761 .28 
Class I 263 .17 
Class Z 190 .04 
 $13,721  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .04%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $172 for the period.

Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Expense Reductions.

The investment adviser contractually agreed to reimburse 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, 2020. Some expenses, for example the compensation of the independent Trustees are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense Limitations Reimbursement 
Class A 1.25% $3,739 
Class M 1.50% 2,083 
Class C 2.00% 2,065 
Fidelity Women's Leadership Fund 1.00% 71,014 
Class I 1.00% 3,079 
Class Z .85% 6,466 
  $88,446 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $253 for the period.

7. Share Transactions.

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

 Shares Dollars 
 Six months ended October 31, 2019 Six months ended October 31, 2019 
Class A   
Shares sold 52,488 $525,552 
Net increase (decrease) 52,488 $525,552 
Class M   
Shares sold 20,236 $201,477 
Net increase (decrease) 20,236 $201,477 
Class C   
Shares sold 20,714 $207,320 
Shares redeemed (195) (2,000) 
Net increase (decrease) 20,519 $205,320 
Fidelity Women's Leadership Fund   
Shares sold 1,719,231 $17,358,655 
Shares redeemed (139,433) (1,418,304) 
Net increase (decrease) 1,579,798 $15,940,351 
Class I   
Shares sold 45,879 $458,088 
Shares redeemed (2,887) (29,486) 
Net increase (decrease) 42,992 $428,602 
Class Z   
Shares sold 200,873 $2,041,323 
Shares redeemed (22,119) (223,776) 
Net increase (decrease) 178,754 $1,817,547 

8. Other.

The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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, 2019 to October 31, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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, 2019 
Ending
Account Value
October 31, 2019 
Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 
Class A 1.25%    
Actual  $1,000.00 $1,028.00 $6.37 
Hypothetical-C  $1,000.00 $1,018.85 $6.34 
Class M 1.50%    
Actual  $1,000.00 $1,027.00 $7.64 
Hypothetical-C  $1,000.00 $1,017.60 $7.61 
Class C 2.00%    
Actual  $1,000.00 $1,024.00 $10.18 
Hypothetical-C  $1,000.00 $1,015.08 $10.13 
Fidelity Women's Leadership Fund .99%    
Actual  $1,000.00 $1,030.00 $5.05 
Hypothetical-C  $1,000.00 $1,020.16 $5.03 
Class I 1.00%    
Actual  $1,000.00 $1,030.00 $5.10 
Hypothetical-C  $1,000.00 $1,020.11 $5.08 
Class Z .84%    
Actual  $1,000.00 $1,031.00 $4.29 
Hypothetical-C  $1,000.00 $1,020.91 $4.27 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Women's Leadership Fund

On January 23, 2019, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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.

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 that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to 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 the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be 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. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment Performance.  The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds.

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

Competitiveness of Management Fee and Total Expense Ratio  ..In reviewing the Advisory Contracts, the Board considered the fund's proposed management fee rate and the projected total expense ratio of each class of the fund. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the retail class and Class Z is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board also considered that the projected total expense ratio of each of Class A, Class M, Class C, and Class I is above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure primarily as a result of low estimated asset levels. The Board, recognizing that the fund is a new fund and therefore had no historical performance upon which to evaluate the effect of the performance adjustment, noted that it would be able to evaluate its effects in connection with future renewals of the fund's Advisory Contracts.

The Board also noted that FMR has contractually agreed to reimburse each class of the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, 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 any), as a percentage of their respective average net assets exceed a certain limit through August 31, 2020.

Based on its review, the Board concluded that the management fee and the projected total expense ratio of each class of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability.  The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider 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.

Economies of Scale.  The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.





Fidelity Investments

WLF-SANN-1219
1.9893106.100



Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Summer Street Trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Summer Street Trusts (the Trust) disclosure controls and procedures (as



defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


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


Fidelity Summer Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

December 23, 2019


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

December 23, 2019



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

December 23, 2019

 






EX-99.CERT 2 ex99_semiannual.htm EX99_SEMIANNUAL.HTM Form of Certification required from Principal Executive Officer and Principal Financial Officer in connection with each Form N

                                                      Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:


1.

I have reviewed this report on Form N-CSR of Fidelity Summer Street Trust;

2.

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

3.

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

4.

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

a.

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

b.

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

c.

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

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

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

a.

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

b.

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


Date:

 December 23, 2019

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



I, John J. Burke III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Summer Street Trust;

2.

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

3.

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

4.

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

a.

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

 b.

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

c.

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

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

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



a.

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

b.

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


Date:

December 23, 2019

/s/John J. Burke III

John J. Burke III

Chief Financial Officer








EX-99.906 CERT 3 ex99_906semiannual.htm EX99_906SEMIANNUAL.HTM Exhibit 99

Exhibit EX-99.906CERT



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


In connection with the attached Report of Fidelity Summer Street Trust (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:


1.

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

2.

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


Dated: December 23, 2019



/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



 

Dated: December 23, 2019



/s/John J. Burke III

John J. Burke III

Chief Financial Officer




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




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