N-CSR 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, Massachusetts 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:

April 30, 2022




Item 1.

Reports to Stockholders




Fidelity® Capital & Income Fund



Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended April 30, 2022 Past 1 year Past 5 years Past 10 years 
Fidelity® Capital & Income Fund (3.27)% 6.07% 6.83% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Capital & Income Fund on April 30, 2012.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period.


Period Ending Values
$19,370Fidelity® Capital & Income Fund
$16,592ICE® BofA® US High Yield Constrained Index

Management's Discussion of Fund Performance

Market Recap:  The ICE BofA® US High Yield Constrained Index returned -4.96% for the 12 months ending April 30, 2022. After posting a solid gain in 2021, high-yield bonds retreated to begin the new year amid several major headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve’s accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing high yield included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this dynamic backdrop, the index returned -2.74% in January and -0.90% in February amid an intensifying flight from risk. Volatility eased in March and credit fundamentals remained healthy, but high yield still lost ground (-0.92%) for the month. April saw the downtrend continue, with the index returning -3.63% amid clearer signals of the Fed’s intension to tighten monetary policy and angst about the economic toll of “zero-COVID” lockdowns in China. For the full 12 months, higher-duration BB-rated bonds slightly trailed lower-quality credits. By sector, energy rode a surge in commodity prices and led the way with a modest gain. All other groups declined. Notable laggards included cable/satellite TV, telecommunications, health care, utilities and food/beverage/tobacco.

Comments from Co-Managers Mark Notkin and Brian Chang:  For the fiscal year ending April 30, 2022, the fund returned -3.27%, outperforming the -4.96% result of the benchmark ICE BofA® US High Yield/US High Yield Constrained Blend Index. The fund's core allocation to high-yield bonds resulted -4.90% and contributed to performance versus the benchmark. By industry, security selection was the primary contributor, especially in energy. Security selection in chemicals and health care also helped. The biggest individual relative contributor was an overweight position in California Resources (+72%). Also helping performance was our outsized stake in Chesapeake Energy, which gained 84%. Another key contributor was our non-benchmark position in EP Energy (+88%). Conversely, the biggest detractor from performance versus the benchmark was our security picks in gaming. Security selection in technology and super retail also hurt the fund's relative performance. Our largest individual relative detractor was a non-benchmark stake in Meta Platforms (-41%). Another notable relative detractor was an overweighting in Eldorado Resorts (-16%), which was among the biggest holdings in the fund. Also hurting performance was our outsized stake in Penn National Gaming, which returned about -45%. Penn National Gaming was not held at period end. By quality, positioning and picks among unrated bonds added the most value versus the benchmark, whereas security choices and positioning among bonds rated BBB hurt the most. Notable changes in positioning include increased exposure to the services industry and a lower allocation to cable/satellite TV.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Bond Issuers as of April 30, 2022

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.5 
TransDigm, Inc. 2.1 
Bank of America Corp. 1.8 
JPMorgan Chase & Co. 1.7 
Ally Financial, Inc. 1.7 
Caesars Entertainment, Inc. 1.5 
Altice France SA 1.5 
Tenet Healthcare Corp. 1.2 
Occidental Petroleum Corp. 1.2 
Citigroup, Inc. 1.1 
 16.3 

Top Five Market Sectors as of April 30, 2022

 % of fund's net assets 
Energy 11.8 
Banks & Thrifts 9.1 
Technology 7.5 
Telecommunications 6.1 
Healthcare 5.5 

Quality Diversification (% of fund's net assets)

As of April 30, 2022  
   BBB 9.2% 
   BB 25.4% 
   B 32.7% 
   CCC,CC,C 6.9% 
   Not Rated 1.2% 
   Equities 12.4% 
   Short-Term Investments and Net Other Assets 12.2% 


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

Asset Allocation (% of fund's net assets)

As of April 30, 2022* 
   Nonconvertible Bonds 62.6% 
   Convertible Bonds, Preferred Stocks 0.3% 
   Common Stocks 11.6% 
   Bank Loan Obligations 4.9% 
   Preferred Securities 7.6% 
   Other 0.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 12.2% 


 * Foreign investments - 12.5%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 87.5% 
   Canada 3.1% 
   Multi-National 1.6% 
   France 1.6% 
   Netherlands 0.9% 
   United Kingdom 0.9% 
   Cayman Islands 0.7% 
   Luxembourg 0.8% 
   Ireland 0.6% 
   Other 2.3% 


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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Corporate Bonds - 62.9%   
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.3%   
Diversified Financial Services - 0.0%   
New Cotai LLC 5% 2/24/27 (a) $3,865 $3,811 
Energy - 0.3%   
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 2,495 12,874 
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 4,306 20,022 
  32,896 
TOTAL CONVERTIBLE BONDS  36,707 
Nonconvertible Bonds - 62.6%   
Aerospace - 3.3%   
Allegheny Technologies, Inc.:   
4.875% 10/1/29 6,080 5,532 
5.125% 10/1/31 5,395 4,873 
Bombardier, Inc.:   
6% 2/15/28 (c) 6,075 5,255 
7.125% 6/15/26 (c) 12,110 11,141 
7.5% 12/1/24 (c) 7,092 7,057 
7.5% 3/15/25 (c) 12,259 11,891 
7.875% 4/15/27 (c) 45,265 42,168 
Kaiser Aluminum Corp. 4.625% 3/1/28 (c) 11,215 10,290 
Moog, Inc. 4.25% 12/15/27 (c) 3,455 3,217 
Rolls-Royce PLC 5.75% 10/15/27 (c) 10,870 10,477 
Spirit Aerosystems, Inc. 7.5% 4/15/25 (c) 15,000 15,188 
TransDigm UK Holdings PLC 6.875% 5/15/26 35,725 35,546 
TransDigm, Inc.:   
4.625% 1/15/29 38,080 33,136 
4.875% 5/1/29 25,000 21,906 
5.5% 11/15/27 124,228 113,669 
6.25% 3/15/26 (c) 17,925 17,835 
6.375% 6/15/26 61,985 61,207 
7.5% 3/15/27 18,012 18,147 
  428,535 
Air Transportation - 1.6%   
Air Canada 3.875% 8/15/26 (c) 9,105 8,419 
Delta Air Lines, Inc. 7% 5/1/25 (c) 2,708 2,899 
Delta Air Lines, Inc. / SkyMiles IP Ltd.:   
4.5% 10/20/25 (c) 48,285 47,958 
4.75% 10/20/28 (c) 39,880 39,515 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (c) 22,205 21,653 
Mileage Plus Holdings LLC 6.5% 6/20/27 (c) 34,530 35,220 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (c) 7,779 8,215 
United Airlines, Inc.:   
4.375% 4/15/26 (c) 30,025 28,989 
4.625% 4/15/29 (c) 18,025 16,538 
  209,406 
Automotive - 0.1%   
Ford Motor Credit Co. LLC 3.625% 6/17/31 15,745 13,088 
Automotive & Auto Parts - 1.6%   
Allison Transmission, Inc. 5.875% 6/1/29 (c) 7,960 7,858 
Arko Corp. 5.125% 11/15/29 (c) 9,105 8,058 
Dana, Inc.:   
4.25% 9/1/30 8,870 7,603 
4.5% 2/15/32 9,135 7,536 
Exide Technologies:   
11% 10/31/24 pay-in-kind (a)(c)(d)(e) 1,760 0 
11% 10/31/24 pay-in-kind (a)(c)(d)(e) 891 401 
Ford Motor Co. 3.25% 2/12/32 29,640 24,083 
Ford Motor Credit Co. LLC:   
3.375% 11/13/25 26,505 25,450 
4% 11/13/30 42,253 36,549 
5.113% 5/3/29 10,330 9,788 
LCM Investments Holdings 4.875% 5/1/29 (c) 24,415 21,395 
McLaren Finance PLC 7.5% 8/1/26 (c) 8,290 7,953 
Nesco Holdings II, Inc. 5.5% 4/15/29 (c) 14,525 13,687 
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (c) 5,530 5,101 
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 7.1766% 10/15/26 (c)(e)(f) 30,350 29,288 
  204,750 
Banks & Thrifts - 1.8%   
Ally Financial, Inc.:   
8% 11/1/31 20,638 24,155 
8% 11/1/31 151,039 179,665 
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (c) 27,225 25,110 
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (c) 8,740 8,093 
  237,023 
Broadcasting - 1.3%   
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (c) 12,070 11,390 
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c) 46,565 17,229 
Gray Escrow II, Inc. 5.375% 11/15/31 (c) 18,765 16,175 
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (c) 8,990 7,970 
Nexstar Broadcasting, Inc.:   
4.75% 11/1/28 (c) 22,300 20,237 
5.625% 7/15/27 (c) 23,735 23,097 
Scripps Escrow II, Inc. 3.875% 1/15/29 (c) 2,820 2,507 
Sirius XM Radio, Inc.:   
3.125% 9/1/26 (c) 9,100 8,383 
3.875% 9/1/31 (c) 12,130 10,244 
4% 7/15/28 (c) 23,630 21,356 
5% 8/1/27 (c) 14,525 14,017 
Townsquare Media, Inc. 6.875% 2/1/26 (c) 5,645 5,620 
Univision Communications, Inc. 4.5% 5/1/29 (c) 12,060 10,824 
  169,049 
Building Materials - 0.5%   
Advanced Drain Systems, Inc. 5% 9/30/27 (c) 2,325 2,247 
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (c) 6,555 6,129 
CP Atlas Buyer, Inc. 7% 12/1/28 (c) 5,480 4,576 
James Hardie International Finance Ltd. 5% 1/15/28 (c) 4,136 3,990 
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (c) 4,125 3,568 
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (c) 9,050 8,257 
SRS Distribution, Inc.:   
4.625% 7/1/28 (c) 11,605 10,624 
6% 12/1/29 (c) 11,220 9,846 
6.125% 7/1/29 (c) 6,380 5,630 
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (c) 10,525 9,867 
Victors Merger Corp. 6.375% 5/15/29 (c) 12,060 7,236 
  71,970 
Cable/Satellite TV - 4.0%   
Block Communications, Inc. 4.875% 3/1/28 (c) 7,830 7,321 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.25% 2/1/31 (c) 16,515 13,919 
4.5% 8/15/30 (c) 21,660 18,898 
4.5% 5/1/32 46,575 39,177 
4.75% 3/1/30 (c) 63,365 56,632 
4.75% 2/1/32 (c) 26,255 22,562 
5% 2/1/28 (c) 91,490 87,144 
5.125% 5/1/27 (c) 69,885 68,123 
5.375% 6/1/29 (c) 18,080 17,131 
5.5% 5/1/26 (c) 8,759 8,781 
CSC Holdings LLC:   
3.375% 2/15/31 (c) 14,140 11,043 
4.5% 11/15/31 (c) 30,110 24,731 
5.375% 2/1/28 (c) 23,655 21,718 
6.5% 2/1/29 (c) 24,795 23,555 
DISH DBS Corp.:   
5.25% 12/1/26 (c) 15,220 13,974 
5.75% 12/1/28 (c) 15,220 13,614 
Dolya Holdco 18 DAC 5% 7/15/28 (c) 6,600 5,996 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
4.5% 9/15/26 (c) 8,350 7,689 
6.5% 9/15/28 (c) 22,260 19,589 
VZ Secured Financing BV 5% 1/15/32 (c) 24,310 20,967 
Ziggo Bond Co. BV:   
5.125% 2/28/30 (c) 6,000 5,205 
6% 1/15/27 (c) 11,435 11,206 
Ziggo BV 4.875% 1/15/30 (c) 7,990 7,081 
  526,056 
Capital Goods - 0.1%   
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (c) 7,895 7,125 
Stevens Holding Co., Inc. 6.125% 10/1/26 (c) 3,245 3,253 
  10,378 
Chemicals - 1.5%   
Compass Minerals International, Inc. 6.75% 12/1/27 (c) 24,600 24,904 
Gpd Companies, Inc. 10.125% 4/1/26 (c) 14,980 15,617 
Ingevity Corp. 3.875% 11/1/28 (c) 11,105 9,939 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (c) 3,835 3,394 
LSB Industries, Inc. 6.25% 10/15/28 (c) 21,105 20,682 
Olympus Water U.S. Holding Corp. 4.25% 10/1/28 (c) 12,145 10,732 
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (c) 7,820 6,761 
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (c) 14,015 12,789 
The Chemours Co. LLC:   
5.375% 5/15/27 32,330 31,198 
5.75% 11/15/28 (c) 16,765 15,717 
Tronox, Inc. 4.625% 3/15/29 (c) 13,295 11,866 
Valvoline, Inc. 4.25% 2/15/30 (c) 8,315 7,213 
W.R. Grace Holding LLC 5.625% 8/15/29 (c) 28,310 24,117 
  194,929 
Consumer Products - 1.4%   
Angi Group LLC 3.875% 8/15/28 (c) 5,530 4,379 
Diamond BC BV 4.625% 10/1/29 (c) 7,285 6,267 
Foundation Building Materials, Inc. 6% 3/1/29 (c) 5,845 4,756 
Gannett Holdings LLC 6% 11/1/26 (c) 8,785 7,994 
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (c) 8,760 7,796 
Macy's Retail Holdings LLC:   
5.875% 3/15/30 (c) 6,235 5,851 
6.125% 3/15/32 (c) 6,015 5,564 
Michaels Companies, Inc. 5.25% 5/1/28 (c) 14,150 12,161 
Millennium Escrow Corp. 6.625% 8/1/26 (c) 12,120 11,199 
Nordstrom, Inc.:   
4.25% 8/1/31 25,145 21,313 
4.375% 4/1/30 3,790 3,298 
5% 1/15/44 1,785 1,480 
6.95% 3/15/28 550 562 
PetSmart, Inc. / PetSmart Finance Corp.:   
4.75% 2/15/28 (c) 10,160 9,449 
7.75% 2/15/29 (c) 8,880 8,836 
Ritchie Bros. Holdings, Inc. 4.75% 12/15/31 (c) 6,670 6,670 
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (c) 8,380 7,018 
Tempur Sealy International, Inc.:   
3.875% 10/15/31 (c) 15,965 13,228 
4% 4/15/29 (c) 15,925 13,795 
The Scotts Miracle-Gro Co. 4% 4/1/31 11,945 9,825 
TKC Holdings, Inc.:   
6.875% 5/15/28 (c) 13,375 12,773 
10.5% 5/15/29 (c) 12,660 12,185 
  186,399 
Containers - 0.4%   
Crown Cork & Seal, Inc.:   
7.375% 12/15/26 4,845 5,148 
7.5% 12/15/96 12,871 13,804 
Graham Packaging Co., Inc. 7.125% 8/15/28 (c) 6,000 5,410 
Graphic Packaging International, Inc. 3.75% 2/1/30 (c) 7,880 6,909 
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (c) 4,230 3,976 
LABL, Inc. 5.875% 11/1/28 (c) 14,730 13,468 
Trivium Packaging Finance BV 5.5% 8/15/26 (c) 6,930 6,696 
  55,411 
Diversified Financial Services - 2.1%   
Broadstreet Partners, Inc. 5.875% 4/15/29 (c) 15,505 13,451 
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (c) 6,915 6,466 
Coinbase Global, Inc.:   
3.375% 10/1/28 (c) 9,110 7,073 
3.625% 10/1/31 (c) 9,110 6,730 
Compass Group Diversified Holdings LLC:   
5% 1/15/32 (c) 6,090 5,177 
5.25% 4/15/29 (c) 17,730 15,913 
Hightower Holding LLC 6.75% 4/15/29 (c) 5,945 5,477 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.375% 2/1/29 11,165 9,632 
5.25% 5/15/27 41,665 38,748 
6.25% 5/15/26 24,085 23,878 
6.375% 12/15/25 28,275 28,063 
LPL Holdings, Inc. 4% 3/15/29 (c) 17,730 16,134 
MSCI, Inc.:   
3.25% 8/15/33 (c) 9,110 7,698 
4% 11/15/29 (c) 6,385 5,881 
OEC Finance Ltd.:   
4.375% 10/25/29 pay-in-kind (c) 6,699 234 
5.25% 12/27/33 pay-in-kind (c) 6,136 215 
OneMain Finance Corp.:   
4% 9/15/30 5,610 4,593 
5.375% 11/15/29 9,400 8,437 
6.625% 1/15/28 7,305 7,215 
6.875% 3/15/25 19,480 19,577 
7.125% 3/15/26 38,380 38,860 
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (c) 3,750 3,591 
  273,043 
Diversified Media - 0.4%   
Nielsen Finance LLC/Nielsen Finance Co.:   
4.5% 7/15/29 (c) 6,050 5,718 
4.75% 7/15/31 (c) 6,040 5,709 
Terrier Media Buyer, Inc. 8.875% 12/15/27 (c) 40,645 39,726 
  51,153 
Energy - 8.1%   
Antero Midstream Partners LP/Antero Midstream Finance Corp.:   
5.375% 6/15/29 (c) 9,060 8,492 
5.75% 1/15/28 (c) 17,645 17,156 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) 7,820 7,116 
Callon Petroleum Co. 6.125% 10/1/24 4,090 4,038 
CGG SA 8.75% 4/1/27 (c) 11,985 11,897 
Cheniere Energy Partners LP:   
3.25% 1/31/32 (c) 9,110 7,789 
4% 3/1/31 31,040 28,094 
Cheniere Energy, Inc. 4.625% 10/15/28 22,300 21,575 
Chesapeake Energy Corp.:   
5.875% 2/1/29 (c) 5,840 5,774 
6.75% 4/15/29 (c) 8,995 9,051 
7% 10/1/24 (a)(d) 6,915 0 
8% 1/15/25 (a)(d) 3,385 0 
8% 6/15/27 (a)(d) 2,132 0 
Citgo Holding, Inc. 9.25% 8/1/24 (c) 27,185 27,015 
Citgo Petroleum Corp.:   
6.375% 6/15/26 (c) 8,760 8,706 
7% 6/15/25 (c) 22,045 21,894 
CNX Midstream Partners LP 4.75% 4/15/30 (c) 6,435 5,920 
CNX Resources Corp. 6% 1/15/29 (c) 5,345 5,273 
Colgate Energy Partners III LLC 5.875% 7/1/29 (c) 8,645 8,559 
Comstock Resources, Inc.:   
5.875% 1/15/30 (c) 25,285 24,332 
6.75% 3/1/29 (c) 20,060 20,284 
7.5% 5/15/25 (c) 3,722 3,798 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.625% 5/1/27 (c) 18,015 17,542 
5.75% 4/1/25 4,790 4,733 
6% 2/1/29 (c) 25,785 25,080 
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) 5,055 4,947 
CVR Energy, Inc.:   
5.25% 2/15/25 (c) 16,990 16,436 
5.75% 2/15/28 (c) 22,655 21,234 
DCP Midstream Operating LP 5.85% 5/21/43 (c)(e) 18,335 16,664 
Delek Logistics Partners LP 7.125% 6/1/28 (c) 17,655 16,876 
DT Midstream, Inc.:   
4.125% 6/15/29 (c) 9,070 8,254 
4.375% 6/15/31 (c) 9,070 8,126 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.75% 1/30/28 (c) 21,251 21,306 
6.625% 7/15/25 (c) 5,510 5,662 
Energy Transfer LP 5.5% 6/1/27 16,735 16,720 
Exterran Energy Solutions LP 8.125% 5/1/25 11,280 11,308 
Hess Midstream Partners LP:   
4.25% 2/15/30 (c) 9,875 9,058 
5.125% 6/15/28 (c) 11,235 10,870 
5.5% 10/15/30 (c) 6,060 5,971 
5.625% 2/15/26 (c) 15,535 15,535 
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (c) 12,280 12,227 
Holly Energy Partners LP/Holly Energy Finance Corp.:   
5% 2/1/28 (c) 7,615 7,245 
6.375% 4/15/27 (c) 6,050 6,171 
MEG Energy Corp. 7.125% 2/1/27 (c) 11,335 11,511 
Mesquite Energy, Inc. 7.25% 2/15/23 (a)(c)(d) 21,977 0 
Nabors Industries Ltd.:   
7.25% 1/15/26 (c) 11,260 11,004 
7.5% 1/15/28 (c) 9,715 9,302 
New Fortress Energy, Inc.:   
6.5% 9/30/26 (c) 20,960 20,286 
6.75% 9/15/25 (c) 6,896 6,780 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) 11,090 10,448 
NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% 3/1/25 11,961 10,034 
Nine Energy Service, Inc. 8.75% 11/1/23 (c) 6,245 3,934 
NuStar Logistics LP 6% 6/1/26 12,025 11,997 
Occidental Petroleum Corp.:   
3.5% 8/15/29 14,690 13,717 
4.625% 6/15/45 11,935 10,294 
5.875% 9/1/25 11,055 11,354 
6.125% 1/1/31 23,465 24,663 
6.2% 3/15/40 5,785 5,988 
6.375% 9/1/28 18,145 19,052 
6.45% 9/15/36 19,110 20,734 
6.6% 3/15/46 11,465 12,497 
6.625% 9/1/30 22,115 23,967 
7.2% 3/15/29 3,964 4,281 
7.5% 5/1/31 1,100 1,254 
8.875% 7/15/30 12,405 14,900 
PBF Holding Co. LLC/PBF Finance Corp.:   
6% 2/15/28 27,530 24,226 
7.25% 6/15/25 22,875 22,087 
9.25% 5/15/25 (c) 33,870 35,055 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 8,455 8,434 
PDC Energy, Inc. 6.125% 9/15/24 1,777 1,781 
Renewable Energy Group, Inc. 5.875% 6/1/28 (c) 6,340 6,715 
SM Energy Co.:   
5.625% 6/1/25 6,330 6,188 
6.625% 1/15/27 21,320 21,211 
6.75% 9/15/26 4,550 4,527 
Southern Natural Gas Co. LLC:   
7.35% 2/15/31 23,497 27,023 
8% 3/1/32 12,475 15,157 
Southwestern Energy Co.:   
5.375% 3/15/30 12,145 11,991 
5.95% 1/23/25 (e) 244 248 
7.75% 10/1/27 12,945 13,509 
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (c) 12,070 10,976 
Summit Midstream Holdings LLC:   
5.75% 4/15/25 5,390 4,312 
8.5% (c)(g) 9,110 8,505 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 10,170 9,145 
4.5% 4/30/30 (c) 12,185 10,995 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:   
6% 9/1/31 (c) 9,110 8,313 
7.5% 10/1/25 (c) 8,350 8,521 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 10,360 9,959 
Teine Energy Ltd. 6.875% 4/15/29 (c) 8,990 8,945 
Tennessee Gas Pipeline Co. 7.625% 4/1/37 5,445 6,410 
Venture Global Calcasieu Pass LLC:   
3.875% 8/15/29 (c) 7,585 6,921 
4.125% 8/15/31 (c) 7,585 6,883 
  1,064,762 
Environmental - 0.5%   
Covanta Holding Corp.:   
4.875% 12/1/29 (c) 18,165 16,527 
5% 9/1/30 11,060 9,982 
GFL Environmental, Inc.:   
4% 8/1/28 (c) 9,105 8,012 
4.75% 6/15/29 (c) 12,095 10,976 
Madison IAQ LLC:   
4.125% 6/30/28 (c) 11,390 9,995 
5.875% 6/30/29 (c) 9,085 7,404 
  62,896 
Food & Drug Retail - 1.2%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
3.5% 3/15/29 (c) 36,160 30,461 
4.625% 1/15/27 (c) 25,300 23,698 
4.875% 2/15/30 (c) 44,700 40,456 
BellRing Brands, Inc. 7% 3/15/30 (c) 14,740 14,408 
Murphy Oil U.S.A., Inc.:   
3.75% 2/15/31 (c) 5,300 4,655 
4.75% 9/15/29 6,860 6,500 
5.625% 5/1/27 6,030 5,947 
Parkland Corp.:   
4.5% 10/1/29 (c) 8,995 7,874 
4.625% 5/1/30 (c) 12,175 10,653 
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (c) 11,130 10,862 
  155,514 
Food/Beverage/Tobacco - 1.9%   
C&S Group Enterprises LLC 5% 12/15/28 (c) 8,615 7,334 
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (c) 6,285 5,657 
Del Monte Foods, Inc. 11.875% 5/15/25 (c) 6,310 6,890 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (c) 18,350 18,947 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (c) 20,180 19,928 
6.5% 4/15/29 (c) 29,320 30,346 
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (c) 7,777 8,234 
Lamb Weston Holdings, Inc.:   
4.125% 1/31/30 (c) 12,150 10,842 
4.375% 1/31/32 (c) 6,075 5,427 
Performance Food Group, Inc.:   
4.25% 8/1/29 (c) 8,495 7,550 
5.5% 10/15/27 (c) 8,855 8,593 
Pilgrim's Pride Corp. 4.25% 4/15/31 (c) 21,020 19,181 
Post Holdings, Inc.:   
4.5% 9/15/31 (c) 47,500 39,501 
4.625% 4/15/30 (c) 15,630 13,364 
5.5% 12/15/29 (c) 21,040 19,146 
Simmons Foods, Inc. 4.625% 3/1/29 (c) 8,340 7,526 
TreeHouse Foods, Inc. 4% 9/1/28 3,695 3,011 
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) 6,360 5,264 
U.S. Foods, Inc. 4.625% 6/1/30 (c) 7,520 6,730 
United Natural Foods, Inc. 6.75% 10/15/28 (c) 7,750 7,756 
  251,227 
Gaming - 3.0%   
Affinity Gaming LLC 6.875% 12/15/27 (c) 4,295 4,023 
Boyd Gaming Corp. 4.75% 6/15/31 (c) 15,120 13,673 
Caesars Entertainment, Inc.:   
4.625% 10/15/29 (c) 18,245 15,645 
6.25% 7/1/25 (c) 41,240 41,688 
8.125% 7/1/27 (c) 54,990 57,465 
Caesars Resort Collection LLC 5.75% 7/1/25 (c) 13,750 14,042 
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (c) 6,040 5,822 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:   
4.625% 1/15/29 (c) 25,865 23,466 
6.75% 1/15/30 (c) 24,400 21,109 
Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) 8,585 8,411 
Melco Resorts Finance Ltd.:   
4.875% 6/6/25 (c) 20,410 18,239 
5.25% 4/26/26 (c) 12,015 10,519 
5.375% 12/4/29 (c) 8,160 6,530 
5.75% 7/21/28 (c) 5,530 4,593 
MGM Resorts International 4.75% 10/15/28 11,125 10,219 
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (c) 19,045 20,854 
Premier Entertainment Sub LLC:   
5.625% 9/1/29 (c) 35,005 28,004 
5.875% 9/1/31 (c) 24,325 19,156 
Station Casinos LLC 4.625% 12/1/31 (c) 9,135 7,656 
Studio City Finance Ltd. 5% 1/15/29 (c) 5,700 3,886 
VICI Properties LP / VICI Note Co.:   
3.875% 2/15/29 (c) 11,195 10,616 
4.25% 12/1/26 (c) 21,450 20,327 
4.625% 12/1/29 (c) 12,240 11,493 
Wynn Macau Ltd. 5.125% 12/15/29 (c) 16,800 13,272 
  390,708 
Healthcare - 4.5%   
180 Medical, Inc. 3.875% 10/15/29 (c) 6,495 5,781 
Avantor Funding, Inc. 3.875% 11/1/29 (c) 6,075 5,451 
Cano Health, Inc. 6.25% 10/1/28 (c) 4,050 3,736 
Catalent Pharma Solutions:   
3.5% 4/1/30 (c) 6,070 5,280 
5% 7/15/27 (c) 3,765 3,647 
Centene Corp. 4.25% 12/15/27 11,560 11,213 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (c) 9,500 8,598 
4% 3/15/31 (c) 12,085 10,790 
4.25% 5/1/28 (c) 3,400 3,245 
Community Health Systems, Inc.:   
4.75% 2/15/31 (c) 16,055 13,607 
5.25% 5/15/30 (c) 18,245 15,994 
5.625% 3/15/27 (c) 5,640 5,376 
6% 1/15/29 (c) 8,490 8,025 
6.125% 4/1/30 (c) 24,105 19,826 
8% 3/15/26 (c) 61,410 63,486 
DaVita HealthCare Partners, Inc.:   
3.75% 2/15/31 (c) 4,180 3,407 
4.625% 6/1/30 (c) 31,515 27,418 
Grifols Escrow Issuer SA 4.75% 10/15/28 (c) 6,075 5,543 
HealthEquity, Inc. 4.5% 10/1/29 (c) 6,410 5,857 
Horizon Pharma U.S.A., Inc. 5.5% 8/1/27 (c) 12,050 12,047 
IQVIA, Inc. 5% 5/15/27 (c) 12,070 11,959 
Jazz Securities DAC 4.375% 1/15/29 (c) 12,305 11,336 
Minerva Merger Sub, Inc. 6.5% 2/15/30 (c) 12,105 11,142 
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (c) 7,010 6,134 
Modivcare, Inc. 5.875% 11/15/25 (c) 8,105 7,943 
Molina Healthcare, Inc.:   
3.875% 11/15/30 (c) 10,465 9,439 
3.875% 5/15/32 (c) 12,160 10,676 
4.375% 6/15/28 (c) 7,525 7,033 
Option Care Health, Inc. 4.375% 10/31/29 (c) 6,680 6,005 
Organon & Co. / Organon Foreign Debt Co-Issuer BV:   
4.125% 4/30/28 (c) 21,010 19,546 
5.125% 4/30/31 (c) 18,260 16,502 
Owens & Minor, Inc. 4.5% 3/31/29 (c) 8,310 7,475 
Radiology Partners, Inc. 9.25% 2/1/28 (c) 20,865 19,822 
RP Escrow Issuer LLC 5.25% 12/15/25 (c) 10,405 9,677 
Syneos Health, Inc. 3.625% 1/15/29 (c) 8,395 7,427 
Tenet Healthcare Corp.:   
4.25% 6/1/29 (c) 17,640 15,938 
4.375% 1/15/30 (c) 43,755 39,811 
4.625% 7/15/24 2,495 2,488 
4.625% 9/1/24 (c) 12,045 11,940 
4.875% 1/1/26 (c) 30,115 29,488 
5.125% 11/1/27 (c) 18,070 17,545 
6.125% 10/1/28 (c) 19,415 18,637 
6.25% 2/1/27 (c) 35,815 35,546 
Teva Pharmaceutical Finance Netherlands III BV:   
4.75% 5/9/27 6,085 5,568 
5.125% 5/9/29 6,085 5,522 
Vizient, Inc. 6.25% 5/15/27 (c) 2,760 2,850 
  585,776 
Homebuilders/Real Estate - 2.1%   
Arcosa, Inc. 4.375% 4/15/29 (c) 8,410 7,673 
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (c) 8,940 7,320 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (c) 7,775 6,492 
Century Communities, Inc. 3.875% 8/15/29 (c) 9,110 7,676 
DTZ U.S. Borrower LLC 6.75% 5/15/28 (c) 10,555 10,766 
MPT Operating Partnership LP/MPT Finance Corp.:   
3.5% 3/15/31 11,190 9,525 
4.625% 8/1/29 18,080 16,706 
5% 10/15/27 38,043 36,503 
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (c) 36,785 30,761 
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (c) 12,170 9,860 
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (c) 8,020 6,941 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.125% 8/1/30 (c) 10,725 9,787 
5.625% 3/1/24 (c) 1,312 1,319 
5.875% 6/15/27 (c) 9,260 9,192 
TopBuild Corp. 3.625% 3/15/29 (c) 5,910 5,149 
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 16,130 16,377 
TRI Pointe Homes, Inc. 5.7% 6/15/28 14,380 13,780 
Uniti Group LP / Uniti Group Finance, Inc.:   
4.75% 4/15/28 (c) 31,410 28,033 
6.5% 2/15/29 (c) 39,880 34,413 
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) 5,045 4,456 
  272,729 
Hotels - 0.2%   
Choice Hotels International, Inc. 5.75% 7/1/22 3,035 3,054 
Hilton Domestic Operating Co., Inc.:   
3.75% 5/1/29 (c) 5,595 5,069 
4% 5/1/31 (c) 8,395 7,508 
4.875% 1/15/30 6,900 6,656 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 8,435 8,351 
  30,638 
Insurance - 1.0%   
Acrisure LLC / Acrisure Finance, Inc.:   
6% 8/1/29 (c) 9,105 7,955 
7% 11/15/25 (c) 34,880 33,957 
Alliant Holdings Intermediate LLC:   
4.25% 10/15/27 (c) 11,125 10,274 
5.875% 11/1/29 (c) 9,115 8,500 
6.75% 10/15/27 (c) 16,680 15,773 
AmWINS Group, Inc. 4.875% 6/30/29 (c) 8,805 8,059 
AssuredPartners, Inc.:   
5.625% 1/15/29 (c) 6,550 5,760 
7% 8/15/25 (c) 4,865 4,798 
HUB International Ltd.:   
5.625% 12/1/29 (c) 13,275 12,180 
7% 5/1/26 (c) 11,770 11,666 
MGIC Investment Corp. 5.25% 8/15/28 7,710 7,238 
  126,160 
Leisure - 1.3%   
Boyne U.S.A., Inc. 4.75% 5/15/29 (c) 6,360 5,899 
Carnival Corp.:   
4% 8/1/28 (c) 18,190 16,394 
7.625% 3/1/26 (c) 8,415 8,247 
9.875% 8/1/27 (c) 16,600 17,891 
10.5% 2/1/26 (c) 11,990 13,189 
Merlin Entertainments PLC 5.75% 6/15/26 (c) 7,725 7,551 
NCL Corp. Ltd.:   
5.875% 3/15/26 (c) 12,585 11,626 
5.875% 2/15/27 (c) 12,100 11,534 
NCL Finance Ltd. 6.125% 3/15/28 (c) 5,265 4,739 
Royal Caribbean Cruises Ltd.:   
5.375% 7/15/27 (c) 9,125 8,385 
10.875% 6/1/23 (c) 13,720 14,355 
11.5% 6/1/25 (c) 11,874 12,898 
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (c) 12,145 11,051 
Vail Resorts, Inc. 6.25% 5/15/25 (c) 6,250 6,391 
Viking Cruises Ltd. 13% 5/15/25 (c) 9,250 10,123 
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (c) 4,965 4,382 
Voc Escrow Ltd. 5% 2/15/28 (c) 10,755 9,706 
  174,361 
Metals/Mining - 1.8%   
Alcoa Nederland Holding BV:   
4.125% 3/31/29 (c) 15,485 14,497 
6.125% 5/15/28 (c) 3,565 3,627 
Arconic Corp.:   
6% 5/15/25 (c) 6,630 6,653 
6.125% 2/15/28 (c) 16,695 16,173 
Cleveland-Cliffs, Inc.:   
4.625% 3/1/29 (c) 23,720 22,233 
4.875% 3/1/31 (c) 11,440 10,582 
5.875% 6/1/27 18,030 17,940 
Eldorado Gold Corp. 6.25% 9/1/29 (c) 13,719 13,170 
ERO Copper Corp. 6.5% 2/15/30 (c) 9,085 8,152 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (c) 10,955 10,982 
6.875% 3/1/26 (c) 28,325 28,224 
7.25% 4/1/23 (c) 1,656 1,657 
7.5% 4/1/25 (c) 20,585 20,791 
FMG Resources Pty Ltd.:   
4.375% 4/1/31 (c) 8,990 7,955 
4.5% 9/15/27 (c) 9,015 8,542 
5.125% 5/15/24 (c) 9,780 9,878 
HudBay Minerals, Inc. 4.5% 4/1/26 (c) 7,020 6,490 
Mineral Resources Ltd.:   
8% 11/1/27 (c) 6,040 6,017 
8.125% 5/1/27 (c) 18,015 18,289 
8.5% 5/1/30 (c) 4,475 4,419 
Murray Energy Corp.:   
11.25% 4/15/21 (a)(c)(d) 8,915 0 
12% 4/15/24 pay-in-kind (a)(c)(d)(e) 10,343 0 
  236,271 
Paper - 0.7%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:   
3.25% 9/1/28 (c) 5,915 5,161 
4% 9/1/29 (c) 11,830 10,139 
Cascades, Inc.:   
5.125% 1/15/26 (c) 5,600 5,446 
5.375% 1/15/28 (c) 5,600 5,404 
Clydesdale Acquisition Holdings, Inc.:   
6.625% 4/15/29 (c) 7,185 7,167 
8.75% 4/15/30 (c) 15,065 13,769 
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (c) 11,230 11,443 
Glatfelter Corp. 4.75% 11/15/29 (c) 9,105 7,284 
Intertape Polymer Group, Inc. 4.375% 6/15/29 (c) 9,050 9,311 
Mercer International, Inc. 5.125% 2/1/29 15,060 13,989 
  89,113 
Publishing/Printing - 0.1%   
Clear Channel International BV 6.625% 8/1/25 (c) 15,860 16,027 
Railroad - 0.1%   
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (c) 9,095 8,140 
Restaurants - 0.6%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
3.875% 1/15/28 (c) 12,115 11,146 
4% 10/15/30 (c) 39,005 33,343 
4.375% 1/15/28 (c) 10,600 9,673 
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (c) 5,565 5,175 
Papa John's International, Inc. 3.875% 9/15/29 (c) 5,560 4,863 
Yum! Brands, Inc. 4.625% 1/31/32 11,975 10,882 
  75,082 
Services - 2.6%   
Adtalem Global Education, Inc. 5.5% 3/1/28 (c) 9,010 8,272 
AECOM 5.125% 3/15/27 11,885 11,751 
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) 17,735 14,676 
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:   
4.625% 6/1/28 (c) 21,690 19,196 
4.625% 6/1/28 (c) 14,365 12,605 
Booz Allen Hamilton, Inc.:   
3.875% 9/1/28 (c) 10,240 9,433 
4% 7/1/29 (c) 5,920 5,461 
CoreCivic, Inc. 8.25% 4/15/26 32,260 33,138 
Fair Isaac Corp. 4% 6/15/28 (c) 2,910 2,659 
Gartner, Inc.:   
3.625% 6/15/29 (c) 8,610 7,706 
3.75% 10/1/30 (c) 11,495 10,251 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) 8,765 8,741 
H&E Equipment Services, Inc. 3.875% 12/15/28 (c) 16,800 14,634 
Hertz Corp.:   
4.625% 12/1/26 (c) 5,180 4,722 
5% 12/1/29 (c) 10,055 8,798 
5.5% 10/15/24 (a)(c)(d) 10,890 14 
6% 1/15/28 (a)(c)(d) 10,285 604 
6.25% 10/15/22 (a)(d) 11,875 15 
7.125% 8/1/26 (a)(c)(d) 10,285 591 
IAA, Inc. 5.5% 6/15/27 (c) 4,680 4,575 
Iron Mountain, Inc.:   
4.5% 2/15/31 (c) 22,025 18,873 
4.875% 9/15/29 (c) 24,110 22,086 
KAR Auction Services, Inc. 5.125% 6/1/25 (c) 10,355 10,471 
Service Corp. International 4% 5/15/31 12,070 10,863 
Sotheby's 7.375% 10/15/27 (c) 4,960 4,891 
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (c) 9,045 8,496 
The Brink's Co. 4.625% 10/15/27 (c) 12,180 11,541 
The GEO Group, Inc.:   
5.125% 4/1/23 9,625 9,180 
5.875% 10/15/24 14,053 12,507 
6% 4/15/26 9,655 7,792 
TriNet Group, Inc. 3.5% 3/1/29 (c) 8,865 8,034 
Uber Technologies, Inc.:   
4.5% 8/15/29 (c) 27,335 23,543 
6.25% 1/15/28 (c) 9,175 9,083 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) 9,760 9,492 
  344,694 
Steel - 0.1%   
Algoma Steel SCA 0% 12/31/23 (a) 1,982 0 
Commercial Metals Co. 3.875% 2/15/31 6,135 5,407 
Infrabuild Australia Pty Ltd. 12% 10/1/24 (c) 10,980 11,090 
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) 4,375 3,938 
  20,435 
Super Retail - 1.0%   
Asbury Automotive Group, Inc.:   
4.5% 3/1/28 3,534 3,295 
4.625% 11/15/29 (c) 10,005 9,006 
4.75% 3/1/30 3,523 3,157 
5% 2/15/32 (c) 10,800 9,585 
At Home Group, Inc. 4.875% 7/15/28 (c) 6,055 5,003 
Bath & Body Works, Inc.:   
6.625% 10/1/30 (c) 5,555 5,525 
6.75% 7/1/36 27,016 26,206 
6.875% 11/1/35 7,304 7,136 
7.5% 6/15/29 8,335 8,617 
Carvana Co.:   
4.875% 9/1/29 (c) 21,255 15,512 
5.5% 4/15/27 (c) 11,975 9,583 
EG Global Finance PLC 8.5% 10/30/25 (c) 16,085 16,085 
Lithia Motors, Inc. 3.875% 6/1/29 (c) 13,230 11,946 
  130,656 
Technology - 3.3%   
Acuris Finance U.S. 5% 5/1/28 (c) 9,045 8,276 
Black Knight InfoServ LLC 3.625% 9/1/28 (c) 11,390 10,564 
Block, Inc. 3.5% 6/1/31 (c) 12,070 10,109 
CA Magnum Holdings 5.375% (c)(g) 4,870 4,675 
Camelot Finance SA 4.5% 11/1/26 (c) 10,590 9,955 
Clarivate Science Holdings Corp.:   
3.875% 7/1/28 (c) 10,695 9,519 
4.875% 7/1/29 (c) 10,115 8,914 
Crowdstrike Holdings, Inc. 3% 2/15/29 8,870 7,894 
Elastic NV 4.125% 7/15/29 (c) 17,090 15,296 
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:   
3.5% 3/1/29 (c) 11,810 10,480 
5.25% 12/1/27 (c) 9,345 9,245 
II-VI, Inc. 5% 12/15/29 (c) 9,495 8,902 
ION Trading Technologies Ltd. 5.75% 5/15/28 (c) 12,040 11,272 
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (c) 9,100 8,019 
MicroStrategy, Inc. 6.125% 6/15/28 (c) 23,020 21,090 
NCR Corp.:   
5% 10/1/28 (c) 5,530 5,281 
5.125% 4/15/29 (c) 8,870 8,449 
5.25% 10/1/30 (c) 5,530 5,226 
5.75% 9/1/27 (c) 9,035 8,696 
6.125% 9/1/29 (c) 9,035 8,651 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) 5,930 6,078 
NortonLifeLock, Inc. 5% 4/15/25 (c) 10,050 10,038 
onsemi 3.875% 9/1/28 (c) 11,065 10,265 
Open Text Corp.:   
3.875% 2/15/28 (c) 5,690 5,182 
3.875% 12/1/29 (c) 6,700 5,954 
Open Text Holdings, Inc.:   
4.125% 2/15/30 (c) 5,690 5,050 
4.125% 12/1/31 (c) 5,485 4,755 
Pitney Bowes, Inc.:   
6.875% 3/15/27 (c) 5,980 5,527 
7.25% 3/15/29 (c) 5,980 5,467 
PTC, Inc.:   
3.625% 2/15/25 (c) 6,650 6,442 
4% 2/15/28 (c) 6,575 6,094 
Rackspace Hosting, Inc. 5.375% 12/1/28 (c) 6,425 5,235 
Roblox Corp. 3.875% 5/1/30 (c) 9,120 7,843 
Sensata Technologies BV 4% 4/15/29 (c) 11,970 10,671 
Synaptics, Inc. 4% 6/15/29 (c) 7,015 6,185 
TTM Technologies, Inc. 4% 3/1/29 (c) 8,870 7,761 
Twilio, Inc.:   
3.625% 3/15/29 9,995 8,820 
3.875% 3/15/31 10,460 8,990 
Uber Technologies, Inc.:   
7.5% 9/15/27 (c) 35,255 36,276 
8% 11/1/26 (c) 51,060 53,485 
Unisys Corp. 6.875% 11/1/27 (c) 6,095 6,116 
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (c) 19,400 17,096 
  429,843 
Telecommunications - 5.6%   
Altice Financing SA:   
5% 1/15/28 (c) 11,280 9,416 
5.75% 8/15/29 (c) 24,290 20,465 
Altice France SA:   
5.125% 7/15/29 (c) 79,325 67,153 
5.5% 1/15/28 (c) 24,740 21,802 
5.5% 10/15/29 (c) 106,150 90,493 
8.125% 2/1/27 (c) 7,635 7,692 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) 42,100 40,732 
Cablevision Lightpath LLC:   
3.875% 9/15/27 (c) 5,500 4,837 
5.625% 9/15/28 (c) 4,350 3,727 
Frontier Communications Holdings LLC:   
5% 5/1/28 (c) 19,575 17,863 
5.875% 10/15/27 (c) 10,375 9,934 
6% 1/15/30 (c) 12,185 10,602 
6.75% 5/1/29 (c) 12,535 11,295 
Intelsat Jackson Holdings SA 6.5% 3/15/30 (c) 25,303 23,823 
LCPR Senior Secured Financing DAC:   
5.125% 7/15/29 (c) 14,860 13,527 
6.75% 10/15/27 (c) 10,157 10,094 
Level 3 Financing, Inc.:   
3.625% 1/15/29 (c) 24,590 19,956 
3.75% 7/15/29 (c) 24,670 20,044 
Millicom International Cellular SA 4.5% 4/27/31 (c) 1,725 1,487 
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 4/15/26 15,705 13,153 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:   
4.75% 4/30/27 (c) 6,070 5,522 
6% 2/15/28 (c) 4,490 3,757 
Qwest Corp. 7.25% 9/15/25 1,480 1,606 
Sable International Finance Ltd. 5.75% 9/7/27 (c) 18,690 18,404 
SBA Communications Corp.:   
3.125% 2/1/29 13,305 11,412 
3.875% 2/15/27 17,015 16,151 
Sprint Capital Corp.:   
6.875% 11/15/28 70,044 76,880 
8.75% 3/15/32 21,176 26,911 
Sprint Corp. 7.625% 3/1/26 10,895 11,834 
T-Mobile U.S.A., Inc. 3.5% 4/15/31 4,490 3,980 
Uniti Group, Inc.:   
6% 1/15/30 (c) 15,190 12,668 
7.875% 2/15/25 (c) 17,650 17,959 
Virgin Media Finance PLC 5% 7/15/30 (c) 21,860 19,018 
VMED O2 UK Financing I PLC 4.75% 7/15/31 (c) 21,200 18,179 
Windstream Escrow LLC 7.75% 8/15/28 (c) 61,245 58,336 
Zayo Group Holdings, Inc. 4% 3/1/27 (c) 17,180 14,947 
  735,659 
Textiles/Apparel - 0.3%   
Crocs, Inc.:   
4.125% 8/15/31 (c) 6,075 4,848 
4.25% 3/15/29 (c) 8,675 7,374 
Foot Locker, Inc. 4% 10/1/29 (c) 6,070 5,053 
Kontoor Brands, Inc. 4.125% 11/15/29 (c) 5,320 4,615 
Victoria's Secret & Co. 4.625% 7/15/29 (c) 22,560 18,507 
  40,397 
Transportation Ex Air/Rail - 0.1%   
Seaspan Corp. 5.5% 8/1/29 (c) 9,095 8,026 
Utilities - 2.4%   
Clearway Energy Operating LLC:   
3.75% 2/15/31 (c) 13,295 11,434 
3.75% 1/15/32 (c) 6,075 5,149 
4.75% 3/15/28 (c) 6,920 6,539 
NRG Energy, Inc.:   
3.375% 2/15/29 (c) 5,145 4,360 
3.625% 2/15/31 (c) 10,215 8,504 
3.875% 2/15/32 (c) 15,190 12,680 
5.75% 1/15/28 9,410 9,198 
6.625% 1/15/27 8,283 8,387 
Pacific Gas & Electric Co.:   
3.45% 7/1/25 2,868 2,749 
3.75% 7/1/28 2,868 2,635 
3.75% 8/15/42 10,400 7,634 
3.95% 12/1/47 53,930 39,425 
4% 12/1/46 24,380 18,128 
4.25% 3/15/46 2,400 1,835 
4.3% 3/15/45 5,995 4,645 
4.55% 7/1/30 44,763 41,454 
PG&E Corp.:   
5% 7/1/28 22,000 20,244 
5.25% 7/1/30 8,330 7,570 
Pike Corp. 5.5% 9/1/28 (c) 28,165 25,560 
Vistra Operations Co. LLC:   
4.375% 5/1/29 (c) 23,230 21,081 
5% 7/31/27 (c) 22,585 21,512 
5.5% 9/1/26 (c) 3,485 3,473 
5.625% 2/15/27 (c) 28,195 27,772 
  311,968 
TOTAL NONCONVERTIBLE BONDS  8,192,272 
TOTAL CORPORATE BONDS   
(Cost $8,783,773)  8,228,979 
 Shares Value (000s) 
Common Stocks - 11.6%   
Air Transportation - 0.0%   
GXO Logistics, Inc. (h) 32,737 1,938 
Automotive & Auto Parts - 0.0%   
Exide Technologies (a)(h) 9,824 10 
Exide Technologies (a)(h) 580,031 0 
Exide Technologies (a)(h) 385 250 
UC Holdings, Inc. (a)(h) 677,217 3,081 
TOTAL AUTOMOTIVE & AUTO PARTS  3,341 
Banks & Thrifts - 0.0%   
Algoma Steel Group, Inc. 425,798 4,075 
Broadcasting - 0.5%   
iHeartMedia, Inc. (h) 104 2 
Nexstar Broadcasting Group, Inc. Class A 374,090 59,263 
TOTAL BROADCASTING  59,265 
Building Materials - 0.1%   
Carrier Global Corp. 319,800 12,239 
Capital Goods - 0.2%   
Zebra Technologies Corp. Class A (h) 71,415 26,399 
Chemicals - 0.6%   
CF Industries Holdings, Inc. 398,902 38,626 
The Chemours Co. LLC 1,144,240 37,840 
TOTAL CHEMICALS  76,466 
Consumer Products - 0.5%   
Reddy Ice Holdings, Inc. (a)(h) 199,717 11 
Tapestry, Inc. 344,400 11,338 
Tempur Sealy International, Inc. 1,309,133 35,491 
Ulta Beauty, Inc. (h) 31,100 12,340 
TOTAL CONSUMER PRODUCTS  59,180 
Containers - 0.4%   
Berry Global Group, Inc. (h) 342,000 19,272 
WestRock Co. 660,100 32,695 
TOTAL CONTAINERS  51,967 
Diversified Financial Services - 0.3%   
Axis Energy Services, LLC Class A (a) 11,616 4 
OneMain Holdings, Inc. 777,400 35,706 
PJT Partners, Inc. 5,092 336 
TOTAL DIVERSIFIED FINANCIAL SERVICES  36,046 
Energy - 2.2%   
Array Technologies, Inc. (h) 208,059 1,359 
California Resources Corp. 3,376,738 135,779 
California Resources Corp. warrants 10/27/24 (h) 57,076 683 
Chaparral Energy, Inc.:   
Series A warrants 10/1/24 (a)(h) 392 1 
Series B warrants 10/1/25 (a)(h) 392 1 
Cheniere Energy, Inc. 349,900 47,520 
Chesapeake Energy Corp. (i) 474,596 38,926 
Chesapeake Energy Corp. (b)(h) 22,818 1,872 
Civitas Resources, Inc. 60,298 3,535 
Denbury, Inc. warrants 9/18/25 (h) 323,875 11,660 
Diamond Offshore Drilling, Inc. (h) 118,485 930 
EP Energy Corp. (a)(h) 841,775 7,812 
Forbes Energy Services Ltd. (a)(h) 193,218 0 
Jonah Energy Parent LLC (a)(h) 304,505 20,533 
Mesquite Energy, Inc. (a)(h) 317,026 17,677 
PureWest Energy (a) 17,812 214 
PureWest Energy rights (a)(h) 10,734 0 
Superior Energy Services, Inc. Class A (a)(h) 110,370 2,826 
Unit Corp. (h) 37,978 2,265 
TOTAL ENERGY  293,593 
Entertainment/Film - 0.0%   
New Cotai LLC/New Cotai Capital Corp. (a)(b)(h) 3,366,626 0 
Environmental - 0.3%   
Darling Ingredients, Inc. (h) 449,216 32,968 
Food & Drug Retail - 0.1%   
Southeastern Grocers, Inc. (a)(b)(h) 793,345 18,659 
Food/Beverage/Tobacco - 0.4%   
JBS SA 6,507,500 49,820 
Gaming - 1.0%   
Boyd Gaming Corp. 515,300 31,217 
Caesars Entertainment, Inc. (h) 1,335,236 88,499 
Studio City International Holdings Ltd.:   
ADR (c) 631,958 2,408 
ADR (h) 695,700 2,651 
TOTAL GAMING  124,775 
Healthcare - 0.4%   
Charles River Laboratories International, Inc. (h) 88,400 21,349 
Encompass Health Corp. 34 2 
IQVIA Holdings, Inc. (h) 151,200 32,960 
TOTAL HEALTHCARE  54,311 
Metals/Mining - 0.3%   
Elah Holdings, Inc. (h) 906 68 
First Quantum Minerals Ltd. 1,544,300 44,274 
TOTAL METALS/MINING  44,342 
Services - 0.2%   
ASGN, Inc. (h) 226,400 25,685 
Penhall Acquisition Co.:   
Class A (a)(h) 26,163 3,615 
Class B (a)(h) 8,721 1,205 
TOTAL SERVICES  30,505 
Steel - 0.0%   
Algoma Steel SCA (a)(h) 198,162 0 
Super Retail - 0.6%   
Arena Brands Holding Corp. Class B (a)(b)(h) 659,302 1,790 
Bath & Body Works, Inc. 298,900 15,809 
Lowe's Companies, Inc. 94,600 18,705 
PVH Corp. 210,600 15,327 
RH (h) 35,500 11,932 
Williams-Sonoma, Inc. 124,600 16,258 
TOTAL SUPER RETAIL  79,821 
Technology - 2.9%   
Adobe, Inc. (h) 92,700 36,705 
CDW Corp. 131,500 21,458 
Global Payments, Inc. 309,624 42,412 
Lam Research Corp. 109,100 50,814 
Marvell Technology, Inc. 551,400 32,025 
Meta Platforms, Inc. Class A (h) 125,100 25,079 
Microchip Technology, Inc. 502,600 32,770 
Microsoft Corp. 100,400 27,863 
NVIDIA Corp. 107,800 19,994 
NXP Semiconductors NV 100,000 17,090 
onsemi (h) 748,538 39,006 
SS&C Technologies Holdings, Inc. 426,282 27,563 
TOTAL TECHNOLOGY  372,779 
Telecommunications - 0.2%   
GTT Communications, Inc. rights (a)(h) 472,864 473 
T-Mobile U.S., Inc. (h) 176,000 21,673 
TOTAL TELECOMMUNICATIONS  22,146 
Textiles/Apparel - 0.0%   
Victoria's Secret & Co. (h) 99,633 4,695 
Transportation Ex Air/Rail - 0.0%   
Tricer Holdco SCA:   
Class A1 (a)(b)(h) 598,287 1 
Class A2 (a)(b)(h) 598,287 1 
Class A3 (a)(b)(h) 598,287 1 
Class A4 (a)(b)(h) 598,287 1 
Class A5 (a)(b)(h) 598,287 1 
Class A6 (a)(b)(h) 598,287 1 
Class A7 (a)(b)(h) 598,287 1 
Class A8 (a)(b)(h) 598,287 1 
Class A9 (a)(b)(h) 598,287 1 
TOTAL TRANSPORTATION EX AIR/RAIL  9 
Utilities - 0.4%   
NRG Energy, Inc. 777,600 27,916 
PG&E Corp. (h) 2,097,796 26,537 
Portland General Electric Co. 14,817 701 
TOTAL UTILITIES  55,154 
TOTAL COMMON STOCKS   
(Cost $967,460)  1,514,493 
Nonconvertible Preferred Stocks - 0.0%   
Automotive & Auto Parts - 0.0%   
Exide Technologies (a)(h) 858 799 
Transportation Ex Air/Rail - 0.0%   
Tricer Holdco SCA (a)(b)(h) 287,159,690 97 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $11,049)  896 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 4.9%   
Air Transportation - 0.3%   
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (e)(f)(j) 9,105 9,003 
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 4/8/26 (e)(f)(j) 2,578 2,524 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 4/4/26 (e)(f)(j) 1,386 1,357 
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (e)(f)(j) 3,490 3,602 
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/21/28 (e)(f)(j) 26,235 25,988 
TOTAL AIR TRANSPORTATION  42,474 
Automotive & Auto Parts - 0.2%   
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.750% 8.5% 12/16/25 (e)(f)(j) 881 810 
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.7579% 12/17/28 (e)(f)(j) 2,304 2,267 
Wand NewCo 3, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.4574% 2/5/26 (e)(f)(j) 17,986 17,143 
TOTAL AUTOMOTIVE & AUTO PARTS  20,220 
Banks & Thrifts - 0.1%   
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.3148% 2/27/28 (e)(f)(j) 9,747 9,663 
Broadcasting - 0.1%   
Diamond Sports Group LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (e)(f)(j) 6,813 6,914 
Nexstar Broadcasting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.9551% 9/19/26 (e)(f)(j) 3,835 3,797 
Univision Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 1/31/29 (e)(f)(j) 7,500 7,397 
TOTAL BROADCASTING  18,108 
Building Materials - 0.4%   
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (e)(f)(j) 23,830 19,779 
Hunter Douglas, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 2/25/29 (e)(f)(j) 22,755 21,623 
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0187% 6/4/28 (e)(f)(j) 6,456 6,214 
TOTAL BUILDING MATERIALS  47,616 
Chemicals - 0.0%   
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 11/9/28 (e)(f)(j) 3,696 3,619 
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 9/22/28 (e)(f)(j) 2,778 2,751 
TOTAL CHEMICALS  6,370 
Consumer Products - 0.2%   
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (e)(f)(j) 20,152 18,694 
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 4/15/28 (e)(f)(j) 5,518 5,020 
TOTAL CONSUMER PRODUCTS  23,714 
Containers - 0.0%   
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5544% 2/9/26 (e)(f)(j) 1,490 1,324 
Energy - 0.0%   
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (e)(f)(j) 1,370 1,354 
Forbes Energy Services LLC Tranche B, term loan 0% 12/31/49 (a)(d)(e)(j) 1,810 0 
Mesquite Energy, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (a)(d)(f)(j) 5,861 0 
term loan 3 month U.S. LIBOR + 0.000% 0% (a)(d)(f)(j) 2,528 0 
TOTAL ENERGY  1,354 
Environmental - 0.0%   
Covanta Holding Corp.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 11/30/28 (e)(f)(j) 2,214 2,202 
Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 11/30/28 (e)(f)(j) 166 165 
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.5244% 6/21/28 (e)(f)(j) 3,007 2,913 
TOTAL ENVIRONMENTAL  5,280 
Food/Beverage/Tobacco - 0.0%   
Bengal Debt Merger Sub LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.250% 4.0011% 1/24/29 (e)(f)(j) 2,285 2,239 
Gaming - 0.0%   
Fertitta Entertainment LLC NV Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.7004% 1/27/29 (e)(f)(j) 3,865 3,845 
Light & Wonder, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 3.250% 3.5728% 4/7/29 (e)(f)(j) 2,385 2,372 
TOTAL GAMING  6,217 
Healthcare - 0.6%   
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 10/1/27 (e)(f)(j) 17,676 17,598 
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 5/5/28 (e)(f)(j) 6,943 6,929 
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5625% 6/2/28 (e)(f)(j) 16,926 16,831 
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/15/28 (e)(f)(j) 7,195 7,139 
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.3125% 7/3/28 (e)(f)(j) 2,015 2,002 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.5% 6/13/26 (e)(f)(j) 38,095 33,618 
Valeant Pharmaceuticals International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.4574% 6/1/25 (e)(f)(j) 1,336 1,327 
TOTAL HEALTHCARE  85,444 
Hotels - 0.1%   
Carnival Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4% 10/18/28 (e)(f)(j) 8,035 7,904 
Insurance - 0.2%   
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.0137% 2/15/27 (e)(f)(j) 1,441 1,429 
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0513% 11/6/27 (e)(f)(j) 13,452 13,345 
HUB International Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.3479% 4/25/25 (e)(f)(j) 5,706 5,672 
TOTAL INSURANCE  20,446 
Paper - 0.1%   
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 4.7834% 3/30/29 (e)(f)(j) 9,060 8,934 
Services - 0.8%   
ABG Intermediate Holdings 2 LLC:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.000% 6.8011% 12/20/29 (e)(f)(j) 1,145 1,134 
Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (e)(f)(j) 648 643 
Tranche B2 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 1/31/29 (e)(f)(j) 4,133 4,097 
Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (e)(f)(j) 648 643 
Ascend Learning LLC:   
2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (e)(f)(j) 15,190 14,981 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/10/28 (e)(f)(j) 43,641 43,072 
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.256% 8/22/25 (e)(f)(j) 6,055 6,017 
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (e)(f)(j) 7,710 7,286 
Sotheby's Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.5443% 1/15/27 (e)(f)(j) 10,974 10,943 
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (e)(f)(j) 18,105 18,010 
TOTAL SERVICES  106,826 
Technology - 1.3%   
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.8004% 2/16/28 (e)(f)(j) 1,131 1,123 
Athenahealth Group, Inc.:   
Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.009% 2/15/29 (e)(f)(j) 28,423 27,996 
Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 2/15/29 (f)(j)(k)(l) 4,817 4,745 
Boxer Parent Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 10/2/25 (e)(f)(j) 31,886 31,460 
Camelot Finance SA Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 10/31/26 (e)(f)(j) 1,124 1,109 
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 3/31/28 (e)(f)(j) 2,015 1,992 
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.256% 8/19/28 (e)(f)(j) 11,516 11,415 
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.3125% 7/3/28 (e)(f)(j) 8,087 8,035 
onsemi Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.7637% 9/19/26 (e)(f)(j) 7,649 7,614 
Peraton Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 2/1/28 (e)(f)(j) 13,809 13,686 
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.7637% 6/2/28 (e)(f)(j) 6,741 6,662 
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.7579% 8/31/28 (e)(f)(j) 6,588 6,476 
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/22/28 (e)(f)(j) 6,000 5,899 
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 1/31/27 (e)(f)(j) 3,110 3,091 
Ultimate Software Group, Inc.:   
1LN, term loan 1 month U.S. LIBOR + 3.250% 4.2116% 5/3/26 (e)(f)(j) 28,324 28,006 
2LN, term loan 1 month U.S. LIBOR + 5.250% 6.2116% 5/3/27 (e)(f)(j) 4,000 3,959 
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 2/28/27 (e)(f)(j) 2,308 2,283 
TOTAL TECHNOLOGY  165,551 
Telecommunications - 0.3%   
Connect U.S. Finco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/12/26 (e)(f)(j) 8,869 8,809 
Frontier Communications Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.8125% 5/1/28 (e)(f)(j) 5,123 5,029 
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.25% 5/31/25 (e)(f)(j) 12,942 10,493 
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 5.506% 11/1/24 (e)(f)(j) 6,971 6,628 
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 3/9/27 (e)(f)(j) 7,821 7,409 
TOTAL TELECOMMUNICATIONS  38,368 
Utilities - 0.2%   
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.8125% 6/23/25 (e)(f)(j) 27,024 26,635 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $666,861)  644,687 
Preferred Securities - 7.6%   
Banks & Thrifts - 6.4%   
Ally Financial, Inc. 4.7% (e)(g) 17,635 15,355 
Bank of America Corp.:   
5.125% (e)(g) 36,030 35,790 
5.2% (e)(g) 61,440 61,844 
5.875% (e)(g) 102,630 99,018 
6.25% (e)(g) 28,555 29,173 
Citigroup, Inc.:   
4.7% (e)(g) 15,285 14,057 
5% (e)(g) 60,300 57,452 
5.9% (e)(g) 27,015 27,796 
5.95% (e)(g) 51,015 51,770 
6.3% (e)(g) 5,610 5,710 
Goldman Sachs Group, Inc.:   
4.4% (e)(g) 8,035 7,591 
4.95% (e)(g) 13,335 12,981 
5% (e)(g) 70,565 68,501 
Huntington Bancshares, Inc. 5.7% (e)(g) 12,990 12,266 
JPMorgan Chase & Co.:   
3 month U.S. LIBOR + 3.320% 4.2869% (e)(f)(g) 43,545 43,102 
4% (e)(g) 34,340 32,010 
4.6% (e)(g) 23,365 21,769 
5% (e)(g) 30,845 29,611 
6% (e)(g) 69,385 70,582 
6.125% (e)(g) 17,585 17,668 
6.75% (e)(g) 8,330 8,615 
Wells Fargo & Co.:   
5.875% (e)(g) 50,420 51,913 
5.9% (e)(g) 63,075 63,135 
TOTAL BANKS & THRIFTS  837,709 
Diversified Financial Services - 0.0%   
OEC Finance Ltd. 7.5% pay-in-kind (c)(g) 1,498 67 
Energy - 1.2%   
DCP Midstream Partners LP 7.375% (e)(g) 15,260 14,921 
Energy Transfer LP:   
6.25% (e)(g) 81,527 70,354 
6.625% (e)(g) 30,505 26,806 
7.125% (e)(g) 9,130 8,915 
MPLX LP 6.875% (e)(g) 30,450 30,244 
Summit Midstream Partners LP 9.5% (e)(g) 2,912 2,399 
TOTAL ENERGY  153,639 
TOTAL PREFERRED SECURITIES   
(Cost $1,024,359)  991,415 
 Shares Value (000s) 
Other - 0.8%   
Other - 0.8%   
Fidelity Direct Lending Fund, LP (b)(m)   
(Cost $105,867) 10,586,112 105,967 
Money Market Funds - 12.2%   
Fidelity Cash Central Fund 0.32% (n) 1,557,953,476 1,558,265 
Fidelity Securities Lending Cash Central Fund 0.32% (n)(o) 36,674,490 36,678 
TOTAL MONEY MARKET FUNDS   
(Cost $1,594,897)  1,594,943 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $13,154,266)  13,081,380 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (4,380) 
NET ASSETS - 100%  $13,077,000 

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

Legend

 (a) Level 3 security

 (b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $161,290,000 or 1.2% of net assets.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,098,548,000 or 46.6% of net assets.

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

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

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

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

 (h) Non-income producing

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

 (j) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

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

 (l) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $1,753,623 and $1,733,895, respectively.

 (m) Affiliated Fund

 (n) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (o) 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 
Chesapeake Energy Corp. 2/10/21 $216 
Fidelity Direct Lending Fund, LP 12/9/21 - 4/29/22 $105,866 
Mesquite Energy, Inc. 15% 7/15/23 7/10/20 - 1/18/22 $2,496 
Mesquite Energy, Inc. 15% 7/15/23 11/5/20 - 1/18/22 $4,307 
New Cotai LLC/New Cotai Capital Corp. 9/11/20 $16,677 
Southeastern Grocers, Inc. 6/1/18 $5,580 
Tricer Holdco SCA 10/16/09 - 12/30/17 $10,250 
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

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

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $1,367,979 $3,889,075 $3,698,789 $1,154 $-- $-- $1,558,265 3.0% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 497,193 460,515 30 -- -- 36,678 0.1% 
Total $1,367,979 $4,386,268 $4,159,304 $1,184 $-- $-- $1,594,943  

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.

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur, and are excluded from purchases and sales below if applicable. If an underlying Fund changes its name, the name presented below is the name in effect at period end.

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Fidelity Direct Lending Fund, LP $-- $105,867 $-- $1,803 $-- $100 $105,967 
Total $-- $105,867 $-- $1,803 $-- $100 $105,967 

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.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable.

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
California Resources Corp. $120,620 $-- $72,025 $1,276 $(2,238) $89,422 $-- 
California Resources Corp. warrants 10/27/24 228 -- -- -- -- 455 -- 
Total $120,848 $-- $72,025 $1,276 $(2,238) $89,877 $-- 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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.

Amounts in this Investment Valuation section exclude the value of Fidelity Direct Lending Fund, LP as presented in the Schedule of Investments. Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $106,017 $106,017 $-- $-- 
Consumer Discretionary 272,600 266,670 -- 5,930 
Consumer Staples 101,458 82,788 -- 18,670 
Energy 292,020 243,170 -- 48,850 
Financials 36,046 36,042 -- 4 
Health Care 54,311 54,311 -- -- 
Industrials 46,147 41,221 -- 4,926 
Information Technology 374,572 374,099 -- 473 
Materials 176,850 176,850 -- -- 
Utilities 55,368 55,154 -- 214 
Corporate Bonds 8,228,979 -- 8,190,647 38,332 
Bank Loan Obligations 644,687 -- 644,687 -- 
Preferred Securities 991,415 -- 991,415 -- 
Money Market Funds 1,594,943 1,594,943 -- -- 
Total Investments in Securities: $12,975,413 $3,031,265 $9,826,749 $117,399 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $135,377 
Net Realized Gain (Loss) on Investment Securities (22,884) 
Net Unrealized Gain (Loss) on Investment Securities 93,898 
Cost of Purchases 7,519 
Proceeds of Sales (144,688) 
Amortization/Accretion 2,560 
Transfers into Level 3 46,222 
Transfers out of Level 3 (605) 
Ending Balance $117,399 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $48,040 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. 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 reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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)  April 30, 2022 
Assets   
Investment in securities, at value (including securities loaned of $34,879) — See accompanying schedule:
Unaffiliated issuers (cost $11,453,502) 		$11,380,470  
Fidelity Central Funds (cost $1,594,897) 1,594,943  
Other affiliated issuers (cost $105,867) 105,967  
Total Investment in Securities (cost $13,154,266)  $13,081,380 
Cash  567 
Receivable for investments sold  19,087 
Receivable for fund shares sold  4,423 
Dividends receivable  1,016 
Interest receivable  137,948 
Distributions receivable from Fidelity Central Funds  356 
Prepaid expenses  5 
Other receivables  506 
Total assets  13,245,288 
Liabilities   
Payable for investments purchased $104,675  
Payable for fund shares redeemed 14,518  
Distributions payable 4,291  
Accrued management fee 6,133  
Other affiliated payables 1,384  
Other payables and accrued expenses 609  
Collateral on securities loaned 36,678  
Total liabilities  168,288 
Net Assets  $13,077,000 
Net Assets consist of:   
Paid in capital  $12,488,741 
Total accumulated earnings (loss)  588,259 
Net Assets  $13,077,000 
Net Asset Value, offering price and redemption price per share ($13,077,000 ÷ 1,285,330 shares)  $10.17 

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


Statement of Operations

Amounts in thousands  Year ended April 30, 2022 
Investment Income   
Dividends (including $3,079 earned from other affiliated issuers)  $86,374 
Interest  530,183 
Income from Fidelity Central Funds (including $30 from security lending)  1,184 
Total income  617,741 
Expenses   
Management fee $81,101  
Transfer agent fees 16,096  
Accounting fees 1,575  
Custodian fees and expenses 47  
Independent trustees' fees and expenses 52  
Registration fees 259  
Audit 122  
Legal 672  
Miscellaneous 60  
Total expenses before reductions 99,984  
Expense reductions (237)  
Total expenses after reductions  99,747 
Net investment income (loss)  517,994 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 937,510  
Affiliated issuers (2,238)  
Foreign currency transactions 59  
Total net realized gain (loss)  935,331 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (1,969,408)  
Affiliated issuers 89,977  
Assets and liabilities in foreign currencies (10)  
Total change in net unrealized appreciation (depreciation)  (1,879,441) 
Net gain (loss)  (944,110) 
Net increase (decrease) in net assets resulting from operations  $(426,116) 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended April 30, 2022 Year ended April 30, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $517,994 $452,670 
Net realized gain (loss) 935,331 326,084 
Change in net unrealized appreciation (depreciation) (1,879,441) 2,484,635 
Net increase (decrease) in net assets resulting from operations (426,116) 3,263,389 
Distributions to shareholders (986,974) (590,301) 
Share transactions   
Proceeds from sales of shares 3,210,567 4,006,273 
Reinvestment of distributions 888,209 528,773 
Cost of shares redeemed (4,283,042) (2,762,146) 
Net increase (decrease) in net assets resulting from share transactions (184,266) 1,772,900 
Total increase (decrease) in net assets (1,597,356) 4,445,988 
Net Assets   
Beginning of period 14,674,356 10,228,368 
End of period $13,077,000 $14,674,356 
Other Information   
Shares   
Sold 287,825 380,581 
Issued in reinvestment of distributions 80,218 51,182 
Redeemed (388,533) (272,181) 
Net increase (decrease) (20,490) 159,582 

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


Financial Highlights

Fidelity Capital & Income Fund

      
Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $11.24 $8.92 $10.08 $10.12 $10.09 
Income from Investment Operations      
Net investment income (loss)A,B .387 .386 .426 .432 .482 
Net realized and unrealized gain (loss) (.714) 2.442 (1.085) .207 .065 
Total from investment operations (.327) 2.828 (.659) .639 .547 
Distributions from net investment income (.390) (.390) (.425) (.487) (.410) 
Distributions from net realized gain (.353) (.118) (.076) (.192) (.107) 
Total distributions (.743) (.508) (.501) (.679) (.517) 
Redemption fees added to paid in capitalA – – – – –C 
Net asset value, end of period $10.17 $11.24 $8.92 $10.08 $10.12 
Total ReturnD (3.27)% 32.35% (6.89)% 6.74% 5.51% 
Ratios to Average Net AssetsB,E,F      
Expenses before reductions .67% .68% .67% .69% .67% 
Expenses net of fee waivers, if any .67% .68% .67% .69% .67% 
Expenses net of all reductions .67% .68% .67% .69% .67% 
Net investment income (loss) 3.49% 3.75% 4.32% 4.37% 4.71% 
Supplemental Data      
Net assets, end of period (in millions) $13,077 $14,674 $10,228 $11,631 $12,053 
Portfolio turnover rateG 28% 37% 46% 43% 39% 

 A Calculated based on average shares outstanding during the period.

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

 C Amount represents less than $.0005 per share.

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

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

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

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

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


Notes to Financial Statements

For the period ended April 30, 2022
(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.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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

3. Investment in Fidelity Direct Lending Fund, LP.

The Fund invests in Fidelity Direct Lending Fund, LP, which is a limited partnership available only to certain investment companies managed by the investment adviser and its affiliates. The Fund's limited partnership interest is not registered under the Securities Act of 1933, and is subject to substantial restrictions on transfer. The Fund has no redemption rights under the partnership agreement. There will be no trading market for the partnership interest, and the Fund most likely will hold its shares until Fidelity Direct Lending Fund, LP converts by operation of law to a Delaware corporation, trust, or other limited liability entity and (i) registers as a closed-end management investment company under the 1940 Act or (ii) elects to be treated as a business development company under the 1940 Act.

Based on its investment objective, Fidelity Direct Lending Fund, LP may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Direct Lending Fund, LP and thus a decline in the value of the Fund. The Fidelity Direct Lending Fund, LP intends to invest primarily in direct loans made to private U.S. companies, specifically small- and middle-market companies.

The Schedule of Investments lists Fidelity Direct Lending Fund, LP as an investment as of period end, but does not include the underlying holdings of Fidelity Direct Lending Fund, LP. Fidelity Direct Lending Fund, LP represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Direct Lending Fund, LP, which commenced operations on December 8, 2021. The annual expense ratio for Fidelity Direct Lending Fund, LP is estimated to be a maximum of .20%.

4. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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.

Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Capital & Income Fund $503 

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to foreign currency transactions, defaulted bonds, market discount, partnerships and losses deferred due to wash sales.

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

Gross unrealized appreciation $910,101 
Gross unrealized depreciation (958,756) 
Net unrealized appreciation (depreciation) $(48,655) 
Tax Cost $13,130,035 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed long-term capital gain $637,299 
Net unrealized appreciation (depreciation) on securities and other investments $(48,655) 

The tax character of distributions paid was as follows:

 April 30, 2022 April 30, 2021 
Ordinary Income $618,934 $ 476,147 
Long-term Capital Gains 368,040 114,154 
Total $986,974 $ 590,301 

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

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

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.

 Investment to be Acquired Commitment Amount 
Fidelity Capital & Income Fund Fidelity Direct Lending Fund, LP $280,333 

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Capital & Income Fund 3,730,191 4,606,742 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The 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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .55% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (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 annual 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 the following annual rates:

 % of Average Net Assets 
Fidelity Capital & Income Fund .01 

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

 Amount 
Fidelity Capital & Income Fund $10 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Capital & Income Fund 36,577 67,749 40,628 

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Capital & Income Fund $25 

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Capital & Income Fund $3 $– $– 

9. 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 $2.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $235.

10. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Capital & Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Capital & Income Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the “Fund”) as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodians, issuers of privately offered securities, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2022



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 324 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Capital & Income Fund .68%    
Actual  $1,000.00 $925.50 $3.25 
Hypothetical-C  $1,000.00 $1,021.42 $3.41 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2022, $891,896,910, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.01% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $388,239,205 of distributions paid in the calendar year 2021 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates 100% of the short-term capital gain dividends distributed in June and December during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $424,239,605 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

CAI-ANN-0622
1.703159.124

Fidelity® High Income Fund



Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended April 30, 2022 Past 1 year Past 5 years Past 10 years 
Class A (incl. 4.00% sales charge) (8.82)% 1.67% 3.78% 
Class M (incl. 4.00% sales charge) (8.83)% 1.66% 3.78% 
Class C (incl. contingent deferred sales charge) (6.66)% 1.96% 3.93% 
Fidelity® High Income Fund (4.75)% 2.71% 4.31% 
Class I (4.68)% 2.69% 4.30% 
Class Z (4.68)% 2.75% 4.33% 

 Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on December 4, 2018. Returns prior to December 4, 2018, are those of Fidelity® High Income Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to December 4, 2018, would have been lower. 

 Class M shares bear a 0.25% 12b-1 fee. The initial offering of Class M shares took place on December 4, 2018. Returns prior to December 4, 2018, are those of of Fidelity® High Income Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to December 4, 2018, would have been lower. 

 Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on December 4, 2018. Returns prior to December 4, 2018, are those of Fidelity® High Income Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to December 4, 2018, would have been lower. 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class I shares took place on December 4, 2018. Returns prior to December 4, 2018 are those of Fidelity® High Income Fund, the original class of the fund. 

 The initial offering of Class Z shares took place on December 4, 2018. Returns prior to December 4, 2018 are those of Fidelity® High Income Fund, the original class of the fund. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® High Income Fund, a class of the fund, on April 30, 2012.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period.


Period Ending Values
$15,251Fidelity® High Income Fund
$16,592ICE® BofA® US High Yield Constrained Index

Management's Discussion of Fund Performance

Market Recap:  The ICE BofA® US High Yield Constrained Index returned -4.96% for the 12 months ending April 30, 2022. After posting a solid gain in 2021, high-yield bonds retreated to begin the new year amid several major headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve’s accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing high yield included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this dynamic backdrop, the index returned -2.74% in January and -0.90% in February amid an intensifying flight from risk. Volatility eased in March and credit fundamentals remained healthy, but high yield still lost ground (-0.92%) for the month. April saw the downtrend continue, with the index returning -3.63% amid clearer signals of the Fed’s intension to tighten monetary policy and angst about the economic toll of “zero-COVID” lockdowns in China. For the full 12 months, higher-duration BB-rated bonds slightly trailed lower-quality credits. By sector, energy rode a surge in commodity prices and led the way with a modest gain. All other groups declined. Notable laggards included cable/satellite TV, telecommunications, health care, utilities and food/beverage/tobacco.

Comments from Co-Managers Benjamin Harrison, Alexandre Karam, and Michael Weaver:  For the fiscal year, the fund's share classes (excluding sales charges, if applicable) returned about -6% to -5%, roughly in line with the -4.96% result of the benchmark ICE BofA® US High Yield/US High Yield Constrained Blend Index. The fund's core allocation to high-yield bonds returned -5.59% and detracted from performance versus the benchmark. Much smaller non-benchmark positions in floating-rate bank loans (+0.74%) equities (+115%) and convertible bonds (+34%) contributed to the fund's relative result, as did a small position in cash. By industry, the primary contributors to performance versus the benchmark were security selection and an overweighting in energy. Security selection and an overweighting in services and security picks in food & drug retail also bolstered the fund's relative result. Our top individual relative contributor was a non-benchmark stake in Mesquite Energy (+116%). Also lifting performance was our overweighting in Bi-Lo, which gained 76%. Another key contributor was our non-benchmark position in Jonah Energy (+350%). Conversely, the biggest detractor from performance versus the benchmark was an overweighting in telecommunications. Security selection in technology and broadcasting also hurt the fund's relative result. The biggest individual relative detractor was an overweight position in Altice Financial (-10%). Also holding back performance was our outsized stake in Rackspace Hosting, which returned about -14%. Also hurting performance was our overweighting in Uniti Group, which returned -8% and was the largest holding in the fund. By quality, positioning and picks among bonds rated B added the most value versus the benchmark, whereas security choices among CCC-rated bonds hurt the most. Notable changes in positioning include decreased exposure to the cable/satellite TV industry and a higher allocation to health care.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to shareholders:  On January 3, 2022, Benjamin Harrison assumed co-management responsibilities for the fund.

Investment Summary (Unaudited)

Top Bond Issuers as of April 30, 2022

(by issuer, excluding cash equivalents) % of fund's net assets 
Uniti Group LP / Uniti Group Finance, Inc. 2.1 
New Fortress Energy, Inc. 1.9 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 1.9 
Community Health Systems, Inc. 1.8 
Bombardier, Inc. 1.7 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 1.7 
Carnival Corp. 1.6 
Altice France SA 1.6 
C&W Senior Financing Designated Activity Co. 1.5 
Rackspace Hosting, Inc. 1.4 
 17.2 

Top Five Market Sectors as of April 30, 2022

 % of fund's net assets 
Energy 16.5 
Telecommunications 10.5 
Healthcare 8.8 
Technology 6.1 
Services 5.7 

Quality Diversification (% of fund's net assets)

As of April 30, 2022 
   BBB 0.8% 
   BB 27.5% 
   B 49.8% 
   CCC,CC,C 15.4% 
   Not Rated 1.7% 
   Equities 2.5% 
   Short-Term Investments and Net Other Assets 2.3% 


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

Asset Allocation (% of fund's net assets)

As of April 30, 2022* 
   Nonconvertible Bonds 90.5% 
   Convertible Bonds, Preferred Stocks 1.2% 
   Common Stocks 2.1% 
   Bank Loan Obligations 3.5% 
   Other 0.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.3% 


 * Foreign investments - 21.2%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 78.8% 
   Canada 4.5% 
   Luxembourg 3.0% 
   Ireland 2.0% 
   Netherlands 1.8% 
   France 1.7% 
   Panama 1.6% 
   United Kingdom 1.6% 
   Multi-National 1.3% 
   Other 3.7% 


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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Corporate Bonds - 91.7%   
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 1.2%   
Broadcasting - 0.6%   
DISH Network Corp.:   
2.375% 3/15/24 $8,705 $8,091 
3.375% 8/15/26 13,603 11,665 
  19,756 
Energy - 0.6%   
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 1,681 8,675 
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 2,898 13,475 
  22,150 
TOTAL CONVERTIBLE BONDS  41,906 
Nonconvertible Bonds - 90.5%   
Aerospace - 5.0%   
Allegheny Technologies, Inc.:   
4.875% 10/1/29 5,260 4,786 
5.875% 12/1/27 26,284 25,364 
Bombardier, Inc.:   
6% 2/15/28 (c) 9,185 7,945 
7.125% 6/15/26 (c) 10,745 9,885 
7.5% 3/15/25 (c) 15,233 14,776 
7.875% 4/15/27 (c) 30,807 28,699 
BWX Technologies, Inc. 4.125% 6/30/28 (c) 13,723 12,728 
Kaiser Aluminum Corp.:   
4.5% 6/1/31 (c) 4,970 4,287 
4.625% 3/1/28 (c) 13,920 12,772 
Moog, Inc. 4.25% 12/15/27 (c) 6,189 5,764 
Science Applications International Corp. 4.875% 4/1/28 (c) 1,015 969 
TransDigm, Inc.:   
4.625% 1/15/29 5,930 5,160 
5.5% 11/15/27 45,217 41,374 
7.5% 3/15/27 3,157 3,181 
  177,690 
Automotive & Auto Parts - 0.3%   
Ford Motor Credit Co. LLC:   
2.9% 2/10/29 6,905 5,748 
3.815% 11/2/27 4,080 3,713 
  9,461 
Banks & Thrifts - 0.1%   
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (c) 2,430 2,250 
Broadcasting - 1.4%   
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c) 22,770 8,425 
Sinclair Television Group, Inc.:   
5.125% 2/15/27 (c) 9,465 8,292 
5.5% 3/1/30 (c) 4,065 3,324 
Sirius XM Radio, Inc.:   
4% 7/15/28 (c) 7,130 6,444 
4.125% 7/1/30 (c) 2,105 1,848 
5.5% 7/1/29 (c) 6,685 6,429 
TEGNA, Inc.:   
4.625% 3/15/28 4,880 4,696 
5% 9/15/29 1,775 1,722 
Univision Communications, Inc.:   
4.5% 5/1/29 (c) 5,615 5,039 
6.625% 6/1/27 (c) 3,655 3,664 
  49,883 
Building Materials - 0.5%   
Advanced Drain Systems, Inc. 5% 9/30/27 (c) 7,831 7,567 
Builders FirstSource, Inc. 4.25% 2/1/32 (c) 5,595 4,777 
SRS Distribution, Inc.:   
4.625% 7/1/28 (c) 3,455 3,163 
6% 12/1/29 (c) 3,095 2,716 
  18,223 
Cable/Satellite TV - 3.3%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.25% 2/1/31 (c) 11,784 9,932 
4.5% 8/15/30 (c) 15,130 13,201 
4.5% 5/1/32 1,401 1,178 
4.5% 6/1/33 (c) 8,145 6,664 
4.75% 3/1/30 (c) 5,630 5,032 
CSC Holdings LLC:   
4.125% 12/1/30 (c) 3,539 2,920 
4.625% 12/1/30 (c) 17,824 13,635 
5.375% 2/1/28 (c) 16,930 15,544 
5.75% 1/15/30 (c) 3,475 2,884 
7.5% 4/1/28 (c) 2,935 2,706 
Dolya Holdco 18 DAC 5% 7/15/28 (c) 4,188 3,805 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
4.5% 9/15/26 (c) 6,479 5,966 
6.5% 9/15/28 (c) 20,933 18,421 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (c) 7,800 7,449 
Ziggo Bond Co. BV 5.125% 2/28/30 (c) 4,250 3,687 
Ziggo BV 4.875% 1/15/30 (c) 6,005 5,322 
  118,346 
Capital Goods - 0.7%   
Mueller Water Products, Inc. 4% 6/15/29 (c) 4,935 4,417 
Vertical Holdco GmbH 7.625% 7/15/28 (c) 2,705 2,604 
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (c) 18,814 17,625 
  24,646 
Chemicals - 3.9%   
Axalta Coating Systems LLC 3.375% 2/15/29 (c) 3,355 2,903 
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (c) 3,045 2,893 
CVR Partners LP 6.125% 6/15/28 (c) 5,875 5,758 
Element Solutions, Inc. 3.875% 9/1/28 (c) 6,534 5,840 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.:   
5% 12/31/26 (c) 11,080 9,806 
7% 12/31/27 (c) 1,080 853 
LSB Industries, Inc. 6.25% 10/15/28 (c) 10,150 9,946 
Methanex Corp.:   
5.125% 10/15/27 11,101 10,657 
5.65% 12/1/44 5,504 4,816 
NOVA Chemicals Corp.:   
4.25% 5/15/29 (c) 5,020 4,342 
5% 5/1/25 (c) 2,270 2,247 
5.25% 6/1/27 (c) 13,000 12,318 
Nufarm Australia Ltd. 5% 1/27/30 (c) 6,520 6,161 
Olympus Water U.S. Holding Corp.:   
4.25% 10/1/28 (c) 5,155 4,555 
6.25% 10/1/29 (c) 5,435 4,511 
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (c) 3,935 3,591 
The Chemours Co. LLC:   
4.625% 11/15/29 (c) 7,595 6,579 
5.375% 5/15/27 12,389 11,955 
5.75% 11/15/28 (c) 19,700 18,469 
Valvoline, Inc. 4.25% 2/15/30 (c) 4,610 3,999 
W.R. Grace Holding LLC 5.625% 8/15/29 (c) 8,100 6,900 
  139,099 
Consumer Products - 0.5%   
Central Garden & Pet Co. 4.125% 10/15/30 184 159 
Diamond BC BV 4.625% 10/1/29 (c) 9,223 7,934 
Michaels Companies, Inc.:   
5.25% 5/1/28 (c) 3,550 3,051 
7.875% 5/1/29 (c) 2,730 2,150 
Nordstrom, Inc.:   
4.25% 8/1/31 4,150 3,517 
4.375% 4/1/30 2,760 2,402 
  19,213 
Containers - 0.8%   
Graphic Packaging International, Inc. 3.75% 2/1/30 (c) 2,160 1,894 
OI European Group BV 4.75% 2/15/30 (c) 1,885 1,659 
Sealed Air Corp. 5% 4/15/29 (c) 5,450 5,409 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (c) 8,787 8,490 
8.5% 8/15/27 (c) 9,951 9,827 
  27,279 
Diversified Financial Services - 3.4%   
Coinbase Global, Inc. 3.375% 10/1/28 (c) 11,430 8,875 
Hightower Holding LLC 6.75% 4/15/29 (c) 5,410 4,984 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.375% 2/1/29 7,160 6,177 
5.25% 5/15/27 50,400 46,872 
6.25% 5/15/26 14,841 14,714 
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.:   
4.25% 2/1/27 (c) 40 37 
4.75% 6/15/29 (c) 7,545 6,768 
OneMain Finance Corp.:   
3.5% 1/15/27 8,300 7,292 
3.875% 9/15/28 15,215 12,933 
7.125% 3/15/26 11,800 11,948 
  120,600 
Diversified Media - 1.2%   
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (c) 20,448 18,582 
Nielsen Finance LLC/Nielsen Finance Co.:   
4.5% 7/15/29 (c) 4,940 4,669 
5.625% 10/1/28 (c) 7,287 7,061 
5.875% 10/1/30 (c) 4,002 3,838 
Terrier Media Buyer, Inc. 8.875% 12/15/27 (c) 8,157 7,973 
  42,123 
Energy - 14.6%   
Apache Corp. 4.25% 1/15/30 1,960 1,821 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) 6,465 5,883 
Cheniere Energy, Inc. 4.625% 10/15/28 1,790 1,732 
Citgo Petroleum Corp.:   
6.375% 6/15/26 (c) 28,468 28,291 
7% 6/15/25 (c) 18,608 18,480 
Colgate Energy Partners III LLC 5.875% 7/1/29 (c) 7,855 7,776 
Comstock Resources, Inc.:   
5.875% 1/15/30 (c) 6,180 5,947 
6.75% 3/1/29 (c) 10,655 10,774 
7.5% 5/15/25 (c) 1,806 1,843 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.625% 5/1/27 (c) 27,898 27,166 
5.75% 4/1/25 14,257 14,087 
6% 2/1/29 (c) 17,536 17,057 
CrownRock LP/CrownRock Finance, Inc.:   
5% 5/1/29 (c) 2,510 2,456 
5.625% 10/15/25 (c) 560 560 
CVR Energy, Inc.:   
5.25% 2/15/25 (c) 19,539 18,902 
5.75% 2/15/28 (c) 19,073 17,877 
Delek Logistics Partners LP 7.125% 6/1/28 (c) 12,355 11,810 
DT Midstream, Inc. 4.125% 6/15/29 (c) 4,090 3,722 
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) 1,123 1,126 
EnLink Midstream LLC 5.625% 1/15/28 (c) 1,630 1,615 
EQM Midstream Partners LP 6.5% 7/1/27 (c) 3,522 3,557 
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 7,405 7,220 
Harvest Midstream I LP 7.5% 9/1/28 (c) 7,970 8,087 
Hess Midstream Partners LP:   
4.25% 2/15/30 (c) 2,880 2,642 
5.125% 6/15/28 (c) 8,610 8,330 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5.75% 2/1/29 (c) 1,960 1,921 
6.25% 11/1/28 (c) 1,960 1,951 
Holly Energy Partners LP/Holly Energy Finance Corp.:   
5% 2/1/28 (c) 7,640 7,269 
6.375% 4/15/27 (c) 3,160 3,223 
MEG Energy Corp.:   
5.875% 2/1/29 (c) 4,780 4,679 
7.125% 2/1/27 (c) 2,933 2,978 
Mesquite Energy, Inc. 7.25% 2/15/23 (b)(c)(d) 28,768 0 
New Fortress Energy, Inc.:   
6.5% 9/30/26 (c) 31,115 30,114 
6.75% 9/15/25 (c) 33,087 32,529 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) 28,825 27,156 
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 11/1/23 5,470 5,073 
Occidental Petroleum Corp.:   
6.125% 1/1/31 10,950 11,509 
6.45% 9/15/36 3,650 3,960 
6.625% 9/1/30 5,265 5,706 
7.5% 5/1/31 13,760 15,686 
7.875% 9/15/31 1,135 1,327 
8.875% 7/15/30 4,715 5,663 
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (c) 25,305 26,191 
Rockies Express Pipeline LLC:   
4.8% 5/15/30 (c) 1,900 1,740 
4.95% 7/15/29 (c) 4,294 4,019 
6.875% 4/15/40 (c) 1,598 1,518 
SM Energy Co.:   
5.625% 6/1/25 5,210 5,093 
6.5% 7/15/28 4,405 4,343 
6.75% 9/15/26 1,235 1,229 
Southwestern Energy Co. 4.75% 2/1/32 4,080 3,858 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 5,094 4,581 
5.875% 3/15/28 4,990 4,915 
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (c) 2,990 2,732 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:   
5.5% 1/15/28 (c) 9,865 9,196 
6% 3/1/27 (c) 21,017 20,176 
6% 12/31/30 (c) 8,825 8,163 
6% 9/1/31 (c) 9,425 8,600 
7.5% 10/1/25 (c) 935 954 
Transocean Guardian Ltd. 5.875% 1/15/24 (c) 2,993 2,864 
Transocean Phoenix 2 Ltd. 7.75% 10/15/24 (c) 556 560 
Transocean Pontus Ltd. 6.125% 8/1/25 (c) 1,516 1,489 
Transocean Poseidon Ltd. 6.875% 2/1/27 (c) 2,311 2,224 
Transocean Proteus Ltd. 6.25% 12/1/24 (c) 680 668 
Transocean Sentry Ltd. 5.375% 5/15/23 (c) 6,424 6,231 
Venture Global Calcasieu Pass LLC:   
3.875% 8/15/29 (c) 5,530 5,046 
4.125% 8/15/31 (c) 5,475 4,969 
  520,864 
Environmental - 1.0%   
Madison IAQ LLC:   
4.125% 6/30/28 (c) 10,535 9,244 
5.875% 6/30/29 (c) 24,280 19,788 
Stericycle, Inc.:   
3.875% 1/15/29 (c) 6,570 5,794 
5.375% 7/15/24 (c) 1,385 1,380 
  36,206 
Food & Drug Retail - 1.0%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
3.5% 3/15/29 (c) 25,263 21,282 
4.875% 2/15/30 (c) 6,320 5,720 
Emergent BioSolutions, Inc. 3.875% 8/15/28 (c) 8,639 7,332 
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) 1,685 1,480 
  35,814 
Food/Beverage/Tobacco - 2.5%   
C&S Group Enterprises LLC 5% 12/15/28 (c) 16,365 13,931 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (c) 8,256 8,153 
6.5% 4/15/29 (c) 5,113 5,292 
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (c) 11,855 10,579 
Performance Food Group, Inc. 5.5% 10/15/27 (c) 6,712 6,513 
Post Holdings, Inc.:   
4.625% 4/15/30 (c) 3,916 3,348 
5.5% 12/15/29 (c) 3,837 3,492 
Primo Water Holdings, Inc. 4.375% 4/30/29 (c) 12,870 11,202 
TreeHouse Foods, Inc. 4% 9/1/28 5,060 4,123 
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) 20,435 16,915 
U.S. Foods, Inc.:   
4.625% 6/1/30 (c) 2,045 1,830 
4.75% 2/15/29 (c) 5,520 5,099 
  90,477 
Gaming - 3.0%   
Affinity Gaming LLC 6.875% 12/15/27 (c) 10,355 9,699 
Caesars Entertainment, Inc.:   
4.625% 10/15/29 (c) 5,200 4,459 
8.125% 7/1/27 (c) 34,639 36,198 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (c) 11,230 9,715 
Golden Entertainment, Inc. 7.625% 4/15/26 (c) 13,551 13,856 
Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) 2,400 2,351 
Melco Resorts Finance Ltd.:   
5.375% 12/4/29 (c) 3,958 3,167 
5.75% 7/21/28 (c) 5,916 4,913 
MGM Resorts International:   
4.75% 10/15/28 184 169 
5.5% 4/15/27 184 178 
Premier Entertainment Sub LLC:   
5.625% 9/1/29 (c) 6,920 5,536 
5.875% 9/1/31 (c) 3,290 2,591 
Station Casinos LLC 4.5% 2/15/28 (c) 4,745 4,307 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (c) 5,906 5,432 
Wynn Macau Ltd.:   
5.5% 10/1/27 (c) 4,358 3,552 
5.625% 8/26/28 (c) 3,575 2,873 
  108,996 
Healthcare - 8.4%   
180 Medical, Inc. 3.875% 10/15/29 (c) 6,530 5,812 
AMN Healthcare 4% 4/15/29 (c) 8,354 7,560 
Avantor Funding, Inc.:   
3.875% 11/1/29 (c) 11,090 9,950 
4.625% 7/15/28 (c) 9,370 8,914 
Bausch Health Companies, Inc.:   
5% 1/30/28 (c) 5,270 3,888 
7% 1/15/28 (c) 10,380 8,564 
Cano Health, Inc. 6.25% 10/1/28 (c) 8,235 7,597 
Catalent Pharma Solutions 3.5% 4/1/30 (c) 10,850 9,437 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (c) 2,975 2,692 
4.25% 5/1/28 (c) 768 733 
Community Health Systems, Inc.:   
4.75% 2/15/31 (c) 8,950 7,585 
5.25% 5/15/30 (c) 9,740 8,539 
5.625% 3/15/27 (c) 25,470 24,279 
6% 1/15/29 (c) 9,165 8,663 
6.125% 4/1/30 (c) 7,445 6,124 
6.875% 4/15/29 (c) 9,010 7,902 
8% 3/15/26 (c) 2,845 2,941 
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (c) 5,375 4,864 
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (c) 10,540 9,170 
Embecta Corp. 5% 2/15/30 (c) 2,745 2,477 
Grifols Escrow Issuer SA 4.75% 10/15/28 (c) 7,652 6,982 
HealthEquity, Inc. 4.5% 10/1/29 (c) 3,705 3,385 
Hologic, Inc.:   
3.25% 2/15/29 (c) 7,190 6,405 
4.625% 2/1/28 (c) 134 131 
Jazz Securities DAC 4.375% 1/15/29 (c) 13,950 12,851 
MEDNAX, Inc. 5.375% 2/15/30 (c) 4,550 4,239 
Minerva Merger Sub, Inc. 6.5% 2/15/30 (c) 18,060 16,623 
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (c) 2,030 1,776 
Molina Healthcare, Inc. 3.875% 11/15/30 (c) 3,370 3,040 
Option Care Health, Inc. 4.375% 10/31/29 (c) 8,310 7,470 
Organon & Co. / Organon Foreign Debt Co-Issuer BV:   
4.125% 4/30/28 (c) 13,850 12,885 
5.125% 4/30/31 (c) 820 741 
Owens & Minor, Inc. 4.5% 3/31/29 (c) 2,610 2,348 
Radiology Partners, Inc. 9.25% 2/1/28 (c) 8,190 7,781 
RP Escrow Issuer LLC 5.25% 12/15/25 (c) 13,595 12,643 
Teleflex, Inc. 4.25% 6/1/28 (c) 1,540 1,451 
Tenet Healthcare Corp.:   
4.25% 6/1/29 (c) 10,395 9,392 
4.375% 1/15/30 (c) 4,965 4,518 
4.625% 6/15/28 (c) 11,758 11,082 
6.125% 10/1/28 (c) 18,650 17,903 
6.25% 2/1/27 (c) 3,134 3,110 
Valeant Pharmaceuticals International, Inc. 8.5% 1/31/27 (c) 5,149 4,872 
Vizient, Inc. 6.25% 5/15/27 (c) 2,224 2,296 
  301,615 
Homebuilders/Real Estate - 3.7%   
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (c) 2,515 2,116 
Howard Hughes Corp.:   
4.125% 2/1/29 (c) 3,300 2,971 
4.375% 2/1/31 (c) 3,300 2,935 
Kennedy-Wilson, Inc. 4.75% 2/1/30 13,055 11,782 
MPT Operating Partnership LP/MPT Finance Corp. 5% 10/15/27 13,955 13,390 
Railworks Holdings LP 8.25% 11/15/28 (c) 7,220 7,166 
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (c) 11,980 10,018 
TopBuild Corp. 4.125% 2/15/32 (c) 9,350 8,056 
Uniti Group LP / Uniti Group Finance, Inc.:   
4.75% 4/15/28 (c) 19,735 17,613 
6.5% 2/15/29 (c) 65,680 56,683 
  132,730 
Hotels - 0.5%   
Hilton Domestic Operating Co., Inc.:   
3.625% 2/15/32 (c) 9,245 7,829 
3.75% 5/1/29 (c) 1,215 1,101 
4% 5/1/31 (c) 4,375 3,913 
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (c) 4,395 4,096 
  16,939 
Insurance - 1.5%   
Alliant Holdings Intermediate LLC:   
4.25% 10/15/27 (c) 12,485 11,531 
6.75% 10/15/27 (c) 31,923 30,187 
AmWINS Group, Inc. 4.875% 6/30/29 (c) 11,105 10,165 
AssuredPartners, Inc. 5.625% 1/15/29 (c) 3,295 2,898 
  54,781 
Leisure - 3.3%   
Carnival Corp.:   
4% 8/1/28 (c) 10,320 9,301 
5.75% 3/1/27 (c) 17,925 16,231 
6% 5/1/29 (c) 13,860 12,439 
6.65% 1/15/28 750 694 
7.625% 3/1/26 (c) 19,060 18,679 
MajorDrive Holdings IV LLC 6.375% 6/1/29 (c) 3,585 2,841 
NCL Corp. Ltd.:   
3.625% 12/15/24 (c) 9,685 9,007 
5.875% 3/15/26 (c) 2,175 2,009 
7.75% 2/15/29 (c) 4,840 4,695 
NCL Finance Ltd. 6.125% 3/15/28 (c) 1,660 1,494 
Royal Caribbean Cruises Ltd.:   
4.25% 7/1/26 (c) 10,620 9,598 
5.375% 7/15/27 (c) 3,900 3,584 
5.5% 8/31/26 (c) 10,740 10,007 
5.5% 4/1/28 (c) 12,495 11,402 
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (c) 1,605 1,416 
Voc Escrow Ltd. 5% 2/15/28 (c) 4,805 4,337 
  117,734 
Metals/Mining - 0.8%   
Eldorado Gold Corp. 6.25% 9/1/29 (c) 1,505 1,445 
ERO Copper Corp. 6.5% 2/15/30 (c) 11,180 10,032 
First Quantum Minerals Ltd. 6.875% 10/15/27 (c) 9,420 9,381 
HudBay Minerals, Inc. 4.5% 4/1/26 (c) 2,225 2,057 
Mineral Resources Ltd. 8.5% 5/1/30 (c) 3,355 3,313 
PMHC II, Inc. 9% 2/15/30 (c) 5,155 4,150 
  30,378 
Paper - 0.7%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 4% 9/1/29 (c) 3,020 2,588 
Clydesdale Acquisition Holdings, Inc. 6.625% 4/15/29 (c) 1,950 1,945 
Glatfelter Corp. 4.75% 11/15/29 (c) 3,520 2,816 
Intertape Polymer Group, Inc. 4.375% 6/15/29 (c) 8,940 9,198 
SPA Holdings 3 OY 4.875% 2/4/28 (c) 11,670 10,294 
  26,841 
Publishing/Printing - 0.1%   
News Corp. 5.125% 2/15/32 (c) 4,070 3,887 
Railroad - 0.3%   
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (c) 13,385 11,980 
Restaurants - 0.4%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (c) 7,316 6,254 
Yum! Brands, Inc. 4.625% 1/31/32 8,980 8,161 
  14,415 
Services - 5.5%   
ADT Corp. 4.125% 8/1/29 (c) 4,110 3,490 
Adtalem Global Education, Inc. 5.5% 3/1/28 (c) 12,028 11,043 
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) 4,685 3,877 
APX Group, Inc. 6.75% 2/15/27 (c) 2,720 2,696 
Aramark Services, Inc. 5% 2/1/28 (c) 9,187 8,567 
ASGN, Inc. 4.625% 5/15/28 (c) 4,615 4,287 
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (c) 6,148 5,395 
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (c) 8,250 7,600 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (c) 20,855 18,613 
CoreCivic, Inc.:   
4.75% 10/15/27 5,690 5,063 
8.25% 4/15/26 24,050 24,705 
Fair Isaac Corp. 4% 6/15/28 (c) 5,065 4,627 
Gartner, Inc.:   
3.625% 6/15/29 (c) 2,550 2,282 
3.75% 10/1/30 (c) 3,385 3,019 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) 21,799 21,740 
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (c) 13,045 12,242 
Prime Securities Services Borrower LLC/Prime Finance, Inc.:   
3.375% 8/31/27 (c) 184 157 
5.75% 4/15/26 (c) 184 176 
Service Corp. International:   
4% 5/15/31 6,490 5,841 
5.125% 6/1/29 5,213 5,142 
Sotheby's 7.375% 10/15/27 (c) 18,725 18,464 
The GEO Group, Inc. 6% 4/15/26 3,435 2,772 
TriNet Group, Inc. 3.5% 3/1/29 (c) 10,195 9,239 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) 15,507 15,081 
  196,118 
Steel - 0.3%   
Commercial Metals Co. 4.125% 1/15/30 4,160 3,786 
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) 7,505 6,755 
  10,541 
Super Retail - 1.6%   
Bath & Body Works, Inc.:   
5.25% 2/1/28 965 926 
6.625% 10/1/30 (c) 1,485 1,477 
6.694% 1/15/27 3,495 3,600 
Carvana Co.:   
4.875% 9/1/29 (c) 3,275 2,390 
5.5% 4/15/27 (c) 5,520 4,417 
5.625% 10/1/25 (c) 6,335 5,486 
5.875% 10/1/28 (c) 1,360 1,081 
10.25% 5/1/30 (c) 3,590 3,469 
EG Global Finance PLC:   
6.75% 2/7/25 (c) 8,108 7,881 
8.5% 10/30/25 (c) 9,878 9,878 
LBM Acquisition LLC 6.25% 1/15/29 (c) 5,580 4,541 
Levi Strauss & Co. 3.5% 3/1/31 (c) 5,730 4,956 
Wolverine World Wide, Inc. 4% 8/15/29 (c) 8,395 7,134 
  57,236 
Technology - 6.0%   
Acuris Finance U.S. 5% 5/1/28 (c) 15,710 14,375 
Arches Buyer, Inc.:   
4.25% 6/1/28 (c) 7,840 6,968 
6.125% 12/1/28 (c) 7,705 6,703 
Black Knight InfoServ LLC 3.625% 9/1/28 (c) 8,405 7,795 
Clarivate Science Holdings Corp.:   
3.875% 7/1/28 (c) 3,175 2,826 
4.875% 7/1/29 (c) 3,000 2,644 
CommScope, Inc.:   
4.75% 9/1/29 (c) 3,600 3,010 
6% 3/1/26 (c) 9,940 9,375 
7.125% 7/1/28 (c) 6,360 5,072 
8.25% 3/1/27 (c) 1,925 1,636 
Elastic NV 4.125% 7/15/29 (c) 10,400 9,308 
Entegris Escrow Corp. 4.75% 4/15/29 (c) 5,560 5,359 
Gartner, Inc. 4.5% 7/1/28 (c) 4,490 4,303 
II-VI, Inc. 5% 12/15/29 (c) 10,975 10,289 
ION Trading Technologies Ltd. 5.75% 5/15/28 (c) 12,845 12,026 
MicroStrategy, Inc. 6.125% 6/15/28 (c) 5,895 5,401 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) 5,540 5,678 
onsemi 3.875% 9/1/28 (c) 3,675 3,409 
Open Text Corp. 3.875% 12/1/29 (c) 10,960 9,740 
Rackspace Hosting, Inc.:   
3.5% 2/15/28 (c) 7,610 6,582 
5.375% 12/1/28 (c) 54,444 44,357 
Roblox Corp. 3.875% 5/1/30 (c) 4,035 3,470 
Sensata Technologies BV 4% 4/15/29 (c) 4,495 4,007 
TTM Technologies, Inc. 4% 3/1/29 (c) 19,390 16,966 
Twilio, Inc. 3.875% 3/15/31 3,285 2,823 
Uber Technologies, Inc. 8% 11/1/26 (c) 9,595 10,051 
  214,173 
Telecommunications - 10.0%   
Altice Financing SA:   
5% 1/15/28 (c) 20,243 16,897 
5.75% 8/15/29 (c) 34,360 28,949 
Altice France Holding SA 6% 2/15/28 (c) 16,553 13,677 
Altice France SA:   
5.125% 1/15/29 (c) 19,114 16,220 
5.125% 7/15/29 (c) 15,405 13,041 
5.5% 1/15/28 (c) 18,565 16,360 
5.5% 10/15/29 (c) 13,505 11,513 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) 54,907 53,123 
Cablevision Lightpath LLC:   
3.875% 9/15/27 (c) 2,199 1,934 
5.625% 9/15/28 (c) 1,290 1,105 
Consolidated Communications, Inc. 5% 10/1/28 (c) 2,395 1,957 
Frontier Communications Holdings LLC:   
5% 5/1/28 (c) 15,515 14,158 
5.875% 10/15/27 (c) 11,453 10,966 
5.875% 11/1/29 9,519 8,263 
6% 1/15/30 (c) 5,455 4,746 
6.75% 5/1/29 (c) 7,595 6,844 
Intelsat Jackson Holdings SA 6.5% 3/15/30 (c) 8,320 7,833 
Level 3 Financing, Inc.:   
3.625% 1/15/29 (c) 4,904 3,980 
4.25% 7/1/28 (c) 18,115 15,307 
4.625% 9/15/27 (c) 6,330 5,689 
Lumen Technologies, Inc.:   
4.5% 1/15/29 (c) 21,185 16,739 
5.125% 12/15/26 (c) 7,910 7,119 
Millicom International Cellular SA:   
4.5% 4/27/31 (c) 5,482 4,725 
5.125% 1/15/28 (c) 3,011 2,847 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 6% 2/15/28 (c) 1,445 1,209 
Sable International Finance Ltd. 5.75% 9/7/27 (c) 1,577 1,553 
SBA Communications Corp. 3.125% 2/1/29 4,140 3,551 
Telecom Italia Capital SA:   
6% 9/30/34 3,477 3,037 
7.2% 7/18/36 5,009 4,518 
7.721% 6/4/38 995 934 
Uniti Group, Inc. 6% 1/15/30 (c) 17,815 14,857 
Virgin Media Secured Finance PLC 4.5% 8/15/30 (c) 13,330 11,569 
VMED O2 UK Financing I PLC 4.25% 1/31/31 (c) 4,079 3,446 
Windstream Escrow LLC 7.75% 8/15/28 (c) 23,445 22,331 
Zayo Group Holdings, Inc.:   
4% 3/1/27 (c) 4,245 3,693 
6.125% 3/1/28 (c) 3,438 2,879 
  357,569 
Textiles/Apparel - 0.3%   
Foot Locker, Inc. 4% 10/1/29 (c) 10,410 8,666 
Kontoor Brands, Inc. 4.125% 11/15/29 (c) 1,460 1,267 
  9,933 
Transportation Ex Air/Rail - 0.5%   
Golar LNG Ltd. 7% 10/20/25 (c) 4,050 4,046 
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (c) 2,635 2,464 
Seaspan Corp. 5.5% 8/1/29 (c) 14,455 12,757 
  19,267 
Utilities - 3.4%   
Clearway Energy Operating LLC:   
3.75% 2/15/31 (c) 4,505 3,874 
4.75% 3/15/28 (c) 1,540 1,455 
Global Partners LP/GLP Finance Corp. 7% 8/1/27 8,471 8,280 
InterGen NV 7% 6/30/23 (c) 19,797 19,302 
NRG Energy, Inc.:   
3.375% 2/15/29 (c) 6,740 5,712 
5.25% 6/15/29 (c) 5,350 5,039 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (c) 5,961 6,095 
PG&E Corp.:   
5% 7/1/28 14,760 13,582 
5.25% 7/1/30 24,510 22,274 
Pike Corp. 5.5% 9/1/28 (c) 25,157 22,830 
Vistra Operations Co. LLC:   
5% 7/31/27 (c) 8,646 8,235 
5.625% 2/15/27 (c) 6,375 6,279 
  122,957 
TOTAL NONCONVERTIBLE BONDS  3,240,264 
TOTAL CORPORATE BONDS   
(Cost $3,636,201)  3,282,170 
 Shares Value (000s) 
Common Stocks - 2.1%   
Cable/Satellite TV - 0.1%   
Altice U.S.A., Inc. Class A (e) 267,294 2,480 
Energy - 1.0%   
California Resources Corp. warrants 10/27/24 (e) 4,683 56 
Forbes Energy Services Ltd. (b)(e) 47,062 0 
Jonah Energy Parent LLC (b)(e) 212,612 14,336 
Mesquite Energy, Inc. (b)(e) 213,506 11,905 
New Fortress Energy, Inc. 137,895 5,348 
Pioneer Natural Resources Co. 16,200 3,766 
TOTAL ENERGY  35,411 
Food & Drug Retail - 0.8%   
Southeastern Grocers, Inc. (a)(b)(e) 1,235,303 29,054 
Gaming - 0.1%   
Caesars Entertainment, Inc. (e) 54,586 3,618 
Telecommunications - 0.0%   
CUI Acquisition Corp. Class E (b)(e) 1 24 
GTT Communications, Inc. rights (b)(e) 447,381 447 
TOTAL TELECOMMUNICATIONS  471 
Utilities - 0.1%   
EQT Corp. 113,600 4,516 
TOTAL COMMON STOCKS   
(Cost $40,772)  75,550 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 3.5%   
Broadcasting - 0.3%   
Diamond Sports Group LLC:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (f)(g)(h) 5,029 5,104 
2LN, term loan 3 month U.S. LIBOR + 3.250% 3.6555% 8/24/26 (f)(g)(h) 11,569 3,832 
TOTAL BROADCASTING  8,936 
Building Materials - 0.1%   
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (f)(g)(h) 5,470 4,540 
Chemicals - 0.3%   
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.0287% 5/7/25 (b)(f)(g)(h) 7,083 6,924 
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 11/9/28 (f)(g)(h) 5,256 5,147 
TOTAL CHEMICALS  12,071 
Consumer Products - 0.1%   
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 4/15/28 (f)(g)(h) 4,078 3,710 
Energy - 0.3%   
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 2/6/25 (f)(g)(h) 6,037 5,901 
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.006% 2/6/25 (f)(g)(h) 4,138 4,045 
Mesquite Energy, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(d)(g)(h) 3,958 0 
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(d)(g)(h) 1,690 0 
TOTAL ENERGY  9,946 
Gaming - 0.2%   
Fertitta Entertainment LLC NV Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.7004% 1/27/29 (f)(g)(h) 7,636 7,596 
Healthcare - 0.4%   
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 12/13/26 (f)(g)(h) 348 347 
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 10/1/27 (f)(g)(h) 8,650 8,612 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.5% 6/13/26 (f)(g)(h) 5,490 4,845 
TOTAL HEALTHCARE  13,804 
Insurance - 0.2%   
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.2132% 4/25/25 (f)(g)(h) 9,051 8,927 
Leisure - 0.4%   
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.5983% 7/21/28 (f)(g)(h) 13,219 12,847 
Paper - 0.1%   
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 4.7834% 3/30/29 (f)(g)(h) 2,455 2,421 
Services - 0.2%   
Ascend Learning LLC:   
2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (f)(g)(h) 610 602 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/10/28 (f)(g)(h) 5,645 5,571 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.3964% 6/21/24 (f)(g)(h) 1,902 1,804 
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (f)(g)(h) 679 673 
TOTAL SERVICES  8,650 
Super Retail - 0.2%   
LBM Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (f)(g)(h) 7,628 7,183 
Technology - 0.1%   
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 4/4/26(f)(g)(h) 4,132 3,968 
Telecommunications - 0.5%   
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.25% 5/31/25 (f)(g)(h) 17,149 13,904 
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.3013% 4/30/27 (f)(g)(h) 5,351 5,259 
TOTAL TELECOMMUNICATIONS  19,163 
Utilities - 0.1%   
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.8125% 6/23/25 (f)(g)(h) 2,043 2,014 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $136,483)  125,776 
 Shares Value (000s) 
Other - 0.4%   
Other - 0.4%   
Fidelity Direct Lending Fund, LP (a)(i)   
(Cost $14,937) 1,493,610 14,951 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund 0.32% (j)   
(Cost $69,623) 69,609,402 69,623 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $3,898,016)  3,568,070 
NET OTHER ASSETS (LIABILITIES) - 0.3%  10,734 
NET ASSETS - 100%  $3,578,804 

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

Legend

 (a) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $66,155,000 or 1.8% of net assets.

 (b) Level 3 security

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,754,503,000 or 77.0% of net assets.

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

 (e) Non-income producing

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

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

 (h) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

 (i) Affiliated Fund

 (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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Fidelity Direct Lending Fund, LP 12/9/21 - 4/29/22 $14,937 
Mesquite Energy, Inc. 15% 7/15/23 7/10/20 - 1/18/22 $1,682 
Mesquite Energy, Inc. 15% 7/15/23 11/5/20 - 1/18/22 $2,899 
Southeastern Grocers, Inc. 6/1/18 $8,689 

Affiliated Central Funds

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

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $291,146 $1,982,289 $2,203,812 $86 $9 $(9) $69,623 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 145,618 145,618 75 -- -- -- 0.0% 
Total $291,146 $2,127,907 $2,349,430 $161 $9 $(9) $69,623  

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.

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur, and are excluded from purchases and sales below if applicable. If an underlying Fund changes its name, the name presented below is the name in effect at period end.

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Fidelity Direct Lending Fund, LP $-- $14,937 $-- $250 $-- $14 $14,951 
Total $-- $14,937 $-- $250 $-- $14 $14,951 

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 April 30, 2022, 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.

Amounts in this Investment Valuation section exclude the value of Fidelity Direct Lending Fund, LP as presented in the Schedule of Investments. Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $2,504 $2,480 $-- $24 
Consumer Discretionary 3,618 3,618 -- -- 
Consumer Staples 29,054 -- -- 29,054 
Energy 39,927 13,686 -- 26,241 
Information Technology 447 -- -- 447 
Corporate Bonds 3,282,170 -- 3,260,020 22,150 
Bank Loan Obligations 125,776 -- 118,852 6,924 
Money Market Funds 69,623 69,623 -- -- 
Total Investments in Securities: $3,553,119 $89,407 $3,378,872 $84,840 

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

(Amounts in thousands)  
Investments in Securities:  
Equities - Consumer Staples  
Beginning Balance $37,464 
Net Realized Gain (Loss) on Investment Securities 14,206 
Net Unrealized Gain (Loss) on Investment Securities (75) 
Cost of Purchases -- 
Proceeds of Sales (22,541) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $29,054 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(75) 
Other Investments in Securities  
Beginning Balance $32,855 
Net Realized Gain (Loss) on Investment Securities 18,238 
Net Unrealized Gain (Loss) on Investment Securities 28,714 
Cost of Purchases 21,237 
Proceeds of Sales (45,313) 
Amortization/Accretion 51 
Transfers into Level 3 4 
Transfers out of Level 3 -- 
Ending Balance $55,786 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $28,714 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. 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 reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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)  April 30, 2022 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $3,813,456) 		$3,483,496  
Fidelity Central Funds (cost $69,623) 69,623  
Other affiliated issuers (cost $14,937) 14,951  
Total Investment in Securities (cost $3,898,016)  $3,568,070 
Cash  6 
Receivable for investments sold  3,267 
Receivable for fund shares sold  901 
Dividends receivable  61 
Interest receivable  53,163 
Distributions receivable from Fidelity Central Funds  17 
Prepaid expenses  3 
Total assets  3,625,488 
Liabilities   
Payable for investments purchased $37,542  
Payable for fund shares redeemed 4,378  
Distributions payable 2,478  
Accrued management fee 1,686  
Distribution and service plan fees payable 49  
Other affiliated payables 462  
Other payables and accrued expenses 89  
Total liabilities  46,684 
Net Assets  $3,578,804 
Net Assets consist of:   
Paid in capital  $4,290,106 
Total accumulated earnings (loss)  (711,302) 
Net Assets  $3,578,804 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($131,926 ÷ 16,686 shares)(a)  $7.91 
Maximum offering price per share (100/96.00 of $7.91)  $8.24 
Class M:   
Net Asset Value and redemption price per share ($30,231 ÷ 3,824 shares)(a)  $7.91 
Maximum offering price per share (100/96.00 of $7.91)  $8.24 
Class C:   
Net Asset Value and offering price per share ($17,027 ÷ 2,153 shares)(a)  $7.91 
Fidelity High Income Fund:   
Net Asset Value, offering price and redemption price per share ($3,181,308 ÷ 402,339 shares)  $7.91 
Class I:   
Net Asset Value, offering price and redemption price per share ($84,814 ÷ 10,722 shares)  $7.91 
Class Z:   
Net Asset Value, offering price and redemption price per share ($133,498 ÷ 16,884 shares)  $7.91 

 (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  Year ended April 30, 2022 
Investment Income   
Dividends (including $250 earned from other affiliated issuers)  $4,277 
Interest  252,886 
Income from Fidelity Central Funds (including $75 from security lending)  161 
Total income  257,324 
Expenses   
Management fee $28,013  
Transfer agent fees 5,824  
Distribution and service plan fees 678  
Accounting fees 1,177  
Custodian fees and expenses 28  
Independent trustees' fees and expenses 20  
Registration fees 193  
Audit 105  
Legal 517  
Interest 1  
Miscellaneous 29  
Total expenses before reductions 36,585  
Expense reductions (153)  
Total expenses after reductions  36,432 
Net investment income (loss)  220,892 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 38,961  
Redemptions in-kind with affiliated entities 172,034  
Fidelity Central Funds 9  
Total net realized gain (loss)  211,004 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (556,216)  
Fidelity Central Funds (9)  
Other affiliated issuers 14  
Total change in net unrealized appreciation (depreciation)  (556,211) 
Net gain (loss)  (345,207) 
Net increase (decrease) in net assets resulting from operations  $(124,315) 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended April 30, 2022 Year ended April 30, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $220,892 $323,420 
Net realized gain (loss) 211,004 (56,779) 
Change in net unrealized appreciation (depreciation) (556,211) 600,511 
Net increase (decrease) in net assets resulting from operations (124,315) 867,152 
Distributions to shareholders (240,456) (315,556) 
Share transactions - net increase (decrease) (4,669,187) 3,350,568 
Total increase (decrease) in net assets (5,033,958) 3,902,164 
Net Assets   
Beginning of period 8,612,762 4,710,598 
End of period $3,578,804 $8,612,762 

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


Financial Highlights

Fidelity High Income Fund Class A

Years ended April 30, 2022 2021 2020 2019 A 
Selected Per–Share Data     
Net asset value, beginning of period $8.71 $7.93 $8.83 $8.56 
Income from Investment Operations     
Net investment income (loss)B,C .345 .368 .438 .192 
Net realized and unrealized gain (loss) (.760) .772 (.908) .286 
Total from investment operations (.415) 1.140 (.470) .478 
Distributions from net investment income (.385) (.360) (.430) (.208) 
Total distributions (.385) (.360) (.430) (.208) 
Net asset value, end of period $7.91 $8.71 $7.93 $8.83 
Total ReturnD,E,F (5.02)% 14.56% (5.63)% 5.68% 
Ratios to Average Net AssetsC,G,H     
Expenses before reductions .99% .98% .98% .99%I 
Expenses net of fee waivers, if any .99% .98% .98% .99%I 
Expenses net of all reductions .99% .98% .98% .99%I 
Net investment income (loss) 4.02% 4.32% 5.04% 5.60%I 
Supplemental Data     
Net assets, end of period (in millions) $132 $148 $144 $170 
Portfolio turnover rateJ 54%K 62% 44%K 62%L 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

 I Annualized

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

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

 L 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

Years ended April 30, 2022 2021 2020 2019 A 
Selected Per–Share Data     
Net asset value, beginning of period $8.71 $7.93 $8.83 $8.56 
Income from Investment Operations     
Net investment income (loss)B,C .345 .367 .438 .191 
Net realized and unrealized gain (loss) (.761) .772 (.909) .286 
Total from investment operations (.416) 1.139 (.471) .477 
Distributions from net investment income (.384) (.359) (.429) (.207) 
Total distributions (.384) (.359) (.429) (.207) 
Net asset value, end of period $7.91 $8.71 $7.93 $8.83 
Total ReturnD,E,F (5.03)% 14.55% (5.64)% 5.68% 
Ratios to Average Net AssetsC,G,H     
Expenses before reductions 1.00% .99% .99% 1.01%I 
Expenses net of fee waivers, if any 1.00% .99% .99% 1.01%I 
Expenses net of all reductions 1.00% .99% .99% 1.01%I 
Net investment income (loss) 4.01% 4.31% 5.02% 5.59%I 
Supplemental Data     
Net assets, end of period (in millions) $30 $36 $40 $50 
Portfolio turnover rateJ 54%K 62% 44%K 62%L 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

 I Annualized

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

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

 L 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

Years ended April 30, 2022 2021 2020 2019 A 
Selected Per–Share Data     
Net asset value, beginning of period $8.71 $7.93 $8.83 $8.56 
Income from Investment Operations     
Net investment income (loss)B,C .281 .302 .372 .166 
Net realized and unrealized gain (loss) (.763) .772 (.909) .285 
Total from investment operations (.482) 1.074 (.537) .451 
Distributions from net investment income (.318) (.294) (.363) (.181) 
Total distributions (.318) (.294) (.363) (.181) 
Net asset value, end of period $7.91 $8.71 $7.93 $8.83 
Total ReturnD,E,F (5.75)% 13.68% (6.35)% 5.36% 
Ratios to Average Net AssetsC,G,H     
Expenses before reductions 1.76% 1.75% 1.75% 1.77%I 
Expenses net of fee waivers, if any 1.76% 1.75% 1.75% 1.77%I 
Expenses net of all reductions 1.76% 1.75% 1.75% 1.77%I 
Net investment income (loss) 3.25% 3.55% 4.27% 4.84%I 
Supplemental Data     
Net assets, end of period (in millions) $17 $30 $36 $52 
Portfolio turnover rateJ 54%K 62% 44%K 62%L 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

 I Annualized

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

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

 L 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

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $8.71 $7.93 $8.83 $8.83 $8.94 
Income from Investment Operations      
Net investment income (loss)A,B .371 .392 .464 .493 .513 
Net realized and unrealized gain (loss) (.761) .772 (.909) –C (.137) 
Total from investment operations (.390) 1.164 (.445) .493 .376 
Distributions from net investment income (.410) (.384) (.455) (.493) (.486) 
Total distributions (.410) (.384) (.455) (.493) (.486) 
Redemption fees added to paid in capitalA – – – – –C 
Net asset value, end of period $7.91 $8.71 $7.93 $8.83 $8.83 
Total ReturnD (4.75)% 14.89% (5.35)% 5.83% 4.27% 
Ratios to Average Net AssetsB,E,F      
Expenses before reductions .70% .69% .69% .70% .70% 
Expenses net of fee waivers, if any .70% .69% .69% .70% .70% 
Expenses net of all reductions .70% .69% .69% .70% .70% 
Net investment income (loss) 4.31% 4.61% 5.33% 5.66% 5.73% 
Supplemental Data      
Net assets, end of period (in millions) $3,181 $4,139 $3,871 $4,392 $4,324 
Portfolio turnover rateG 54%H 62% 44%H 62%I 51% 

 A Calculated based on average shares outstanding during the period.

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

 C Amount represents less than $.0005 per share.

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

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

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

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

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

 I 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

Years ended April 30, 2022 2021 2020 2019 A 
Selected Per–Share Data     
Net asset value, beginning of period $8.71 $7.93 $8.83 $8.56 
Income from Investment Operations     
Net investment income (loss)B,C .390 .390 .458 .199 
Net realized and unrealized gain (loss) (.774) .771 (.907) .286 
Total from investment operations (.384) 1.161 (.449) .485 
Distributions from net investment income (.416) (.381) (.451) (.215) 
Total distributions (.416) (.381) (.451) (.215) 
Net asset value, end of period $7.91 $8.71 $7.93 $8.83 
Total ReturnD,E (4.68)% 14.85% (5.40)% 5.77% 
Ratios to Average Net AssetsC,F,G     
Expenses before reductions .72% .73% .74% .78%H 
Expenses net of fee waivers, if any .71% .73% .74% .78%H 
Expenses net of all reductions .71% .73% .74% .78%H 
Net investment income (loss) 4.29% 4.57% 5.28% 5.81%H 
Supplemental Data     
Net assets, end of period (in millions) $85 $4,010 $558 $448 
Portfolio turnover rateI 54%J 62% 44%J 62%K 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

 H Annualized

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

 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 Z

Years ended April 30, 2022 2021 2020 2019 A 
Selected Per–Share Data     
Net asset value, beginning of period $8.71 $7.93 $8.83 $8.56 
Income from Investment Operations     
Net investment income (loss)B,C .378 .399 .464 .201 
Net realized and unrealized gain (loss) (.763) .770 (.904) .289 
Total from investment operations (.385) 1.169 (.440) .490 
Distributions from net investment income (.415) (.389) (.460) (.220) 
Total distributions (.415) (.389) (.460) (.220) 
Net asset value, end of period $7.91 $8.71 $7.93 $8.83 
Total ReturnD,E (4.68)% 14.96% (5.30)% 5.83% 
Ratios to Average Net AssetsC,F,G     
Expenses before reductions .64% .63% .63% .64%H 
Expenses net of fee waivers, if any .63% .63% .63% .64%H 
Expenses net of all reductions .63% .62% .63% .63%H 
Net investment income (loss) 4.37% 4.67% 5.39% 5.85%H 
Supplemental Data     
Net assets, end of period (in millions) $133 $250 $61 $13 
Portfolio turnover rateI 54%J 62% 44%J 62%K 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

 H Annualized

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

 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.


Notes to Financial Statements

For the period ended April 30, 2022
(Amounts in thousands except percentages)

1. Organization.

Fidelity High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity High Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted 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.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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

3. Investment in Fidelity Direct Lending Fund, LP.

The Fund invests in Fidelity Direct Lending Fund, LP, which is a limited partnership available only to certain investment companies managed by the investment adviser and its affiliates. The Fund's limited partnership interest is not registered under the Securities Act of 1933, and is subject to substantial restrictions on transfer. The Fund has no redemption rights under the partnership agreement. There will be no trading market for the partnership interest, and the Fund most likely will hold its shares until Fidelity Direct Lending Fund, LP converts by operation of law to a Delaware corporation, trust, or other limited liability entity and (i) registers as a closed-end management investment company under the 1940 Act or (ii) elects to be treated as a business development company under the 1940 Act.

Based on its investment objective, Fidelity Direct Lending Fund, LP may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Direct Lending Fund, LP and thus a decline in the value of the Fund. The Fidelity Direct Lending Fund, LP intends to invest primarily in direct loans made to private U.S. companies, specifically small- and middle-market companies.

The Schedule of Investments lists Fidelity Direct Lending Fund, LP as an investment as of period end, but does not include the underlying holdings of Fidelity Direct Lending Fund, LP. Fidelity Direct Lending Fund, LP represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Direct Lending Fund, LP, which commenced operations on December 8, 2021. The annual expense ratio for Fidelity Direct Lending Fund, LP is estimated to be a maximum of .20%.

4. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies.

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $55,766 Market approach Liquidation preference $1.00 Increase 
  Recovery value Recovery value $45,228.15 Increase 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 - 3.8 / 3.2 Increase 
   Book value multiple 1.0 Increase 
   Discount rate 10.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Comparable sales - land ($/Acre) $5,500.00 - $6,000.00 / $,5773.16 Increase 
   Daily production multiple ($/Million cubic feet per day) $2,500.00 Increase 
   Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
  Discounted cash flow Weighted average cost of capital (WACC) 8.9% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Growth rate 1.5% Increase 
Corporate Bond $22,150 Recovery value Recovery value $0.00 Increase 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 Increase 
   Book value multiple 1.00 Increase 
   Discount rate 10.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Comparable sales - land ($/Acre) $5,500.00 Increase 
   Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
Bank Loan Obligations $6,924 Indicative market price Evaluated bid $97.75 Increase 
  Recovery value Recovery value $0.00 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 April 30, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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 prior period premium and discount on debt securities, market discount, redemptions in kind, 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 $70,594 
Gross unrealized depreciation (395,193) 
Net unrealized appreciation (depreciation) $(324,599) 
Tax Cost $3,892,669 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $2,182 
Capital loss carryforward $(388,885) 
Net unrealized appreciation (depreciation) on securities and other investments $(324,599) 

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

Short-term $(94,633) 
Long-term (294,252) 
Total capital loss carryforward $(388,885) 

The tax character of distributions paid was as follows:

 April 30, 2022 April 30, 2021 
Ordinary Income $240,456 $ 315,556 

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

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

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.

 Investment to be Acquired Commitment Amount 
Fidelity High Income Fund Fidelity Direct Lending Fund, LP $40,063 

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity High Income Fund 2,666,265 3,059,206 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The 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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .54% 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 Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $366 $4 
Class M -% .25% 85 1 
Class C .75% .25% 227 24 
   $678 $29 

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 $12 
Class M 2 
Class C(a) 1 
 $15 

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

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

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

 Amount % of Class-Level Average Net Assets 
Class A $223 .15 
Class M 55 .16 
Class C 40 .18 
Fidelity High Income Fund 4,282 .11 
Class I 1,003 .14 
Class Z 221 .05 
 $5,824  

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

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

 % of Average Net Assets 
Fidelity High Income Fund .02 

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

 Amount 
Fidelity High Income Fund $–(a) 

 (a) In the amount represents less than 500.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity High Income Fund Borrower $36,951 .32% $1 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity High Income Fund 7 – – 

Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss 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. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 		Participating classes 
Fidelity High Income Fund 479,966 172,034 4,188,784 Class I & Class Z 

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity High Income Fund $9 

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity High Income Fund $8 $–(a) $– 

 (a) In the amount of less than five hundred dollars.

9. Expense Reductions.

Effective July 1, 2021, FIIOC voluntarily agreed to waive Class I transfer agent fees to the extent that they exceeded certain levels of class-level average net assets as noted in the table below. This waiver will remain in place through June 30, 2022.

 Transfer Agent Fees Limitation Waiver 
Class I .15% $65 

Effective July 1, 2022, FIIOC voluntarily agreed to waive Class I transfer agent fees to the extent that they exceed .19% of class-level average net assets. This waiver will remain in place through June 30, 2023.

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 $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $87.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
April 30, 2022 		Year ended
April 30, 2021 
Fidelity High Income Fund   
Distributions to shareholders   
Class A $6,554 $6,259 
Class M 1,513 1,679 
Class C 831 1,222 
Fidelity High Income Fund 178,412 189,847 
Class I 31,049 107,936 
Class Z 22,097 8,613 
Total $240,456 $315,556 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended April 30, 2022 Year ended April 30, 2021 Year ended April 30, 2022 Year ended April 30, 2021 
Fidelity High Income Fund     
Class A     
Shares sold 2,452 2,258 $21,067 $19,321 
Reinvestment of distributions 699 654 5,992 5,572 
Shares redeemed (3,491) (4,027) (29,901) (34,214) 
Net increase (decrease) (340) (1,115) $(2,842) $(9,321) 
Class M     
Shares sold 322 417 $2,710 $3,545 
Reinvestment of distributions 158 179 1,351 1,524 
Shares redeemed (812) (1,542) (6,983) (13,162) 
Net increase (decrease) (332) (946) $(2,922) $(8,093) 
Class C     
Shares sold 356 490 $3,077 $4,159 
Reinvestment of distributions 90 133 771 1,134 
Shares redeemed (1,717) (1,765) (14,804) (15,113) 
Net increase (decrease) (1,271) (1,142) $(10,956) $(9,820) 
Fidelity High Income Fund     
Shares sold 80,328 154,848 $693,806 $1,314,275 
Reinvestment of distributions 16,883 18,289 144,797 155,903 
Shares redeemed (170,267) (186,129) (1,465,748) (1,590,238) 
Net increase (decrease) (73,056) (12,992) $(627,145) $(120,060) 
Class I     
Shares sold 31,952 427,069 $277,895 $3,636,803 
Reinvestment of distributions 3,376 11,329 29,375 97,348 
Shares redeemed (485,210) (48,201) (4,252,953) (412,228) 
Net increase (decrease) (449,882) 390,197 $(3,945,683) $3,321,923 
Class Z     
Shares sold 51,130 29,771 $445,549 $251,887 
Reinvestment of distributions 2,488 945 21,382 8,117 
Shares redeemed (65,393) (9,762) (546,569) (84,065) 
Net increase (decrease) (11,775) 20,954 $(79,638) $175,939 

12. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity High Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity High Income Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the “Fund”) as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2022



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 324 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity High Income Fund     
Class A 1.01%    
Actual  $1,000.00 $930.70 $4.83 
Hypothetical-C  $1,000.00 $1,019.79 $5.06 
Class M 1.02%    
Actual  $1,000.00 $930.60 $4.88 
Hypothetical-C  $1,000.00 $1,019.74 $5.11 
Class C 1.79%    
Actual  $1,000.00 $926.00 $8.55 
Hypothetical-C  $1,000.00 $1,015.92 $8.95 
Fidelity High Income Fund .72%    
Actual  $1,000.00 $932.00 $3.45 
Hypothetical-C  $1,000.00 $1,021.22 $3.61 
Class I .96%    
Actual  $1,000.00 $930.80 $4.60 
Hypothetical-C  $1,000.00 $1,020.03 $4.81 
Class Z .65%    
Actual  $1,000.00 $932.40 $3.11 
Hypothetical-C  $1,000.00 $1,021.57 $3.26 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund designates $ 217,988,740 of distributions paid in the calendar year 2021 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $ 282,034,640 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

SPH-ANN-0622
1.703464.124

Fidelity® Focused High Income Fund



Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended April 30, 2022 Past 1 year Past 5 years Past 10 years 
Fidelity® Focused High Income Fund (6.41)% 2.55% 3.82% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Focused High Income Fund on April 30, 2012.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® BB US High Yield Constrained Index performed over the same period.


Period Ending Values
$14,544Fidelity® Focused High Income Fund
$16,726ICE® BofA® BB US High Yield Constrained Index

Management's Discussion of Fund Performance

Market Recap:  The ICE BofA® US High Yield Constrained Index returned -4.96% for the 12 months ending April 30, 2022. After posting a solid gain in 2021, high-yield bonds retreated to begin the new year amid several major headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve’s accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing high yield included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this dynamic backdrop, the index returned -2.74% in January and -0.90% in February amid an intensifying flight from risk. Volatility eased in March and credit fundamentals remained healthy, but high yield still lost ground (-0.92%) for the month. April saw the downtrend continue, with the index returning -3.63% amid clearer signals of the Fed’s intension to tighten monetary policy and angst about the economic toll of “zero-COVID” lockdowns in China. For the full 12 months, higher-duration BB-rated bonds slightly trailed lower-quality credits. By sector, energy rode a surge in commodity prices and led the way with a modest gain. All other groups declined. Notable laggards included cable/satellite TV, telecommunications, health care, utilities and food/beverage/tobacco.

Comments from Co-Managers Benjamin Harrison, Alexandre Karam, and Michael Weaver:  For the fiscal year, the fund returned -6.41%, trailing the -5.65% result of the benchmark ICE BofA® BB US High Yield Constrained Index. The fund's core investment in high-yield bonds returned -5.84% and detracted from performance versus the benchmark. By industry, security selection was the primary detractor, especially in consumer products. The fund's largest individual relative detractor was an outsized stake in Newell Brands, which returned -22% the past year. Also holding back performance was our overweighting in Telecom Italia Capital, which returned -22%. The fund's out-of-benchmark stake in Diamond Sports returned -40% and also detracted. Conversely, the largest contributor to performance versus the benchmark was positioning in energy. Security selection in utilities and chemicals also helped. Our non-benchmark stake in Jonah Energy was the fund's biggest individual relative contributor, driven by a gain of about 350%. Also helping performance was our outsized stake in Crestwood Midstream, which gained 1%. Crestwood Midstream was among the biggest holdings in the fund. The fund's out-of-benchmark stake in TransDigm gained approximately 1%. By quality, positioning and picks among bonds rated B added the most value versus the benchmark, while security choices among BB-rated bonds hurt the most. Notable changes in positioning include reduced exposure to the utilities industry and a higher allocation to services.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to shareholders:  On January 3, 2022, Benjamin Harrison assumed co-management responsibilities for the fund.

Investment Summary (Unaudited)

Top Bond Issuers as of April 30, 2022

(by issuer, excluding cash equivalents) % of fund's net assets 
Occidental Petroleum Corp. 2.4 
Sprint Capital Corp. 1.9 
VICI Properties LP / VICI Note Co. 1.9 
CCO Holdings LLC/CCO Holdings Capital Corp. 1.8 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 1.8 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 1.7 
PG&E Corp. 1.6 
Ford Motor Credit Co. LLC 1.6 
Level 3 Financing, Inc. 1.5 
HCA Holdings, Inc. 1.5 
 17.7 

Top Five Market Sectors as of April 30, 2022

 % of fund's net assets 
Energy 17.9 
Telecommunications 9.3 
Healthcare 7.8 
Utilities 6.5 
Services 5.0 

Quality Diversification (% of fund's net assets)

As of April 30, 2022 
   BBB 5.4% 
   BB 61.5% 
   B 26.3% 
   CCC,CC,C 0.6% 
   Equities 0.3% 
   Short-Term Investments and Net Other Assets 5.9% 


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 April 30, 2022* 
   Nonconvertible Bonds 91.0% 
   Convertible Bonds, Preferred Stocks 0.6% 
   Common Stocks 0.3% 
   Bank Loan Obligations 0.9% 
   Preferred Securities 1.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.9% 


 * Foreign investments - 13.5%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 86.5% 
   Luxembourg 2.5% 
   Netherlands 2.0% 
   Canada 1.8% 
   Cayman Islands 1.6% 
   Multi-National 1.6% 
   Panama 1.1% 
   Liberia 0.7% 
   United Kingdom 0.7% 
   Other 1.5% 


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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Corporate Bonds - 91.6%   
 Principal Amount Value 
Convertible Bonds - 0.6%   
Broadcasting - 0.6%   
DISH Network Corp.:   
2.375% 3/15/24 $1,230,000 $1,143,285 
3.375% 8/15/26 680,000 583,100 
  1,726,385 
Nonconvertible Bonds - 91.0%   
Aerospace - 2.5%   
BWX Technologies, Inc. 4.125% 6/30/28 (a) 795,000 737,363 
Howmet Aerospace, Inc. 6.75% 1/15/28 665,000 704,900 
Kaiser Aluminum Corp. 4.625% 3/1/28 (a) 1,730,000 1,587,275 
Moog, Inc. 4.25% 12/15/27 (a) 1,025,000 954,531 
Rolls-Royce PLC 5.75% 10/15/27 (a) 1,115,000 1,074,670 
Science Applications International Corp. 4.875% 4/1/28(a) 150,000 143,250 
TransDigm, Inc.:   
7.5% 3/15/27 145,000 146,088 
8% 12/15/25 (a) 1,505,000 1,566,434 
  6,914,511 
Air Transportation - 0.3%   
United Airlines, Inc. 4.375% 4/15/26 (a) 750,000 724,125 
Automotive & Auto Parts - 2.2%   
Allison Transmission, Inc. 3.75% 1/30/31 (a) 1,115,000 964,475 
Dana, Inc. 4.5% 2/15/32 380,000 313,500 
Ford Motor Credit Co. LLC:   
2.7% 8/10/26 305,000 271,901 
4% 11/13/30 1,495,000 1,293,175 
4.687% 6/9/25 2,140,000 2,098,206 
5.125% 6/16/25 530,000 528,675 
LCM Investments Holdings 4.875% 5/1/29 (a) 165,000 144,593 
Thor Industries, Inc. 4% 10/15/29 (a) 500,000 422,555 
  6,037,080 
Banks & Thrifts - 0.4%   
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (a) 210,000 194,464 
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625% 3/1/29 (a) 1,185,000 1,013,175 
  1,207,639 
Broadcasting - 2.1%   
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (a) 1,390,000 514,300 
Scripps Escrow II, Inc. 3.875% 1/15/29 (a) 410,000 364,449 
Sirius XM Radio, Inc.:   
3.875% 9/1/31 (a) 390,000 329,359 
5% 8/1/27 (a) 2,285,000 2,205,025 
5.5% 7/1/29 (a) 625,000 601,038 
TEGNA, Inc.:   
4.625% 3/15/28 1,645,000 1,582,819 
5% 9/15/29 210,000 203,700 
  5,800,690 
Building Materials - 1.0%   
Advanced Drain Systems, Inc. 5% 9/30/27 (a) 1,320,000 1,275,450 
Builders FirstSource, Inc. 4.25% 2/1/32 (a) 355,000 303,081 
Standard Industries, Inc./New Jersey 4.375% 7/15/30 (a) 1,300,000 1,084,012 
  2,662,543 
Cable/Satellite TV - 4.0%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.5% 8/15/30 (a) 675,000 588,938 
4.5% 6/1/33 (a) 785,000 642,224 
5% 2/1/28 (a) 1,780,000 1,695,450 
5.125% 5/1/27 (a) 2,110,000 2,056,786 
CSC Holdings LLC:   
4.125% 12/1/30 (a) 1,360,000 1,122,000 
5.375% 2/1/28 (a) 1,500,000 1,377,203 
5.5% 4/15/27 (a) 1,320,000 1,274,368 
VZ Secured Financing BV 5% 1/15/32 (a) 1,770,000 1,526,625 
Ziggo Bond Co. BV 6% 1/15/27 (a) 300,000 294,000 
Ziggo BV 4.875% 1/15/30 (a) 475,000 420,969 
  10,998,563 
Chemicals - 4.3%   
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (a) 935,000 888,250 
CF Industries Holdings, Inc.:   
4.95% 6/1/43 5,000 4,844 
5.15% 3/15/34 1,545,000 1,595,182 
LSB Industries, Inc. 6.25% 10/15/28 (a) 235,000 230,286 
Methanex Corp.:   
5.125% 10/15/27 1,405,000 1,348,800 
5.25% 12/15/29 160,000 152,000 
5.65% 12/1/44 991,000 867,125 
NOVA Chemicals Corp. 5.25% 6/1/27 (a) 1,710,000 1,620,225 
Nufarm Australia Ltd. 5% 1/27/30 (a) 865,000 817,425 
Olin Corp. 5.125% 9/15/27 1,695,000 1,679,237 
SPCM SA 3.125% 3/15/27 (a) 385,000 339,763 
The Chemours Co. LLC:   
4.625% 11/15/29 (a) 385,000 333,506 
5.375% 5/15/27 1,000,000 965,000 
5.75% 11/15/28 (a) 505,000 473,438 
Valvoline, Inc. 4.25% 2/15/30 (a) 255,000 221,213 
W.R. Grace Holding LLC 4.875% 6/15/27 (a) 505,000 474,801 
  12,011,095 
Consumer Products - 0.8%   
Newell Brands, Inc. 5.875% 4/1/36 (b) 490,000 468,332 
Nordstrom, Inc. 4.375% 4/1/30 930,000 809,351 
Prestige Brands, Inc. 3.75% 4/1/31 (a) 600,000 508,650 
Tempur Sealy International, Inc. 3.875% 10/15/31 (a) 395,000 327,289 
  2,113,622 
Containers - 1.0%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (a) 50,000 46,250 
Ball Corp. 3.125% 9/15/31 1,340,000 1,121,299 
Graphic Packaging International, Inc. 3.75% 2/1/30 (a) 190,000 166,579 
OI European Group BV 4.75% 2/15/30 (a) 390,000 343,200 
Trivium Packaging Finance BV 5.5% 8/15/26 (a) 1,215,000 1,173,994 
  2,851,322 
Diversified Financial Services - 4.4%   
Coinbase Global, Inc.:   
3.375% 10/1/28 (a) 965,000 749,255 
3.625% 10/1/31 (a) 965,000 712,874 
Hightower Holding LLC 6.75% 4/15/29 (a) 1,105,000 1,018,037 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.25% 5/15/27 3,405,000 3,166,650 
6.25% 5/15/26 1,620,000 1,606,100 
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25% 2/1/27 (a) 845,000 776,724 
LPL Holdings, Inc. 4% 3/15/29 (a) 1,520,000 1,383,200 
MSCI, Inc. 3.25% 8/15/33 (a) 310,000 261,950 
OneMain Finance Corp.:   
3.5% 1/15/27 1,145,000 1,005,905 
6.875% 3/15/25 1,105,000 1,110,525 
7.125% 3/15/26 500,000 506,250 
  12,297,470 
Diversified Media - 0.6%   
Lamar Media Corp. 3.625% 1/15/31 915,000 796,050 
Nielsen Finance LLC/Nielsen Finance Co. 5.625% 10/1/28 (a) 910,000 881,817 
  1,677,867 
Energy - 17.6%   
Apache Corp.:   
4.25% 1/15/30 215,000 199,748 
5.1% 9/1/40 600,000 543,000 
5.25% 2/1/42 905,000 832,600 
5.35% 7/1/49 150,000 131,625 
Cheniere Energy Partners LP:   
3.25% 1/31/32 (a) 385,000 329,175 
4% 3/1/31 1,625,000 1,470,796 
Cheniere Energy, Inc. 4.625% 10/15/28 1,085,000 1,049,738 
Citgo Petroleum Corp. 6.375% 6/15/26 (a) 1,160,000 1,152,808 
CNX Midstream Partners LP 4.75% 4/15/30 (a) 160,000 147,200 
Colgate Energy Partners III LLC 5.875% 7/1/29 (a) 200,000 198,000 
Continental Resources, Inc. 5.75% 1/15/31 (a) 1,630,000 1,666,414 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.625% 5/1/27 (a) 1,928,000 1,877,390 
5.75% 4/1/25 3,007,000 2,971,126 
CVR Energy, Inc.:   
5.25% 2/15/25 (a) 1,200,000 1,160,880 
5.75% 2/15/28 (a) 150,000 140,592 
DCP Midstream Operating LP:   
5.375% 7/15/25 640,000 643,200 
5.6% 4/1/44 85,000 81,258 
6.45% 11/3/36 (a) 380,000 424,876 
8.125% 8/16/30 25,000 29,375 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.75% 1/30/28 (a) 735,000 736,896 
6.625% 7/15/25 (a) 170,000 174,675 
EnLink Midstream LLC 5.625% 1/15/28 (a) 195,000 193,225 
EnLink Midstream Partners LP:   
5.05% 4/1/45 255,000 196,327 
5.45% 6/1/47 530,000 429,300 
5.6% 4/1/44 895,000 738,442 
EQM Midstream Partners LP:   
4.75% 1/15/31 (a) 985,000 878,226 
5.5% 7/15/28 800,000 764,000 
6.5% 7/1/27 (a) 785,000 792,850 
6.5% 7/15/48 485,000 446,200 
EQT Corp. 3.9% 10/1/27 1,450,000 1,388,332 
Hess Midstream Partners LP:   
5.125% 6/15/28 (a) 1,070,000 1,035,225 
5.625% 2/15/26 (a) 2,310,000 2,310,000 
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (a) 330,000 328,565 
Holly Energy Partners LP/Holly Energy Finance Corp.:   
5% 2/1/28 (a) 1,360,000 1,293,918 
6.375% 4/15/27 (a) 270,000 275,400 
New Fortress Energy, Inc. 6.5% 9/30/26 (a) 1,040,000 1,006,533 
Occidental Petroleum Corp.:   
3.5% 8/15/29 810,000 756,338 
4.2% 3/15/48 530,000 439,238 
4.3% 8/15/39 260,000 220,831 
4.4% 4/15/46 815,000 698,944 
4.4% 8/15/49 920,000 780,441 
5.55% 3/15/26 1,275,000 1,306,875 
6.125% 1/1/31 1,310,000 1,376,889 
6.2% 3/15/40 255,000 263,961 
7.875% 9/15/31 170,000 198,761 
8.875% 7/15/30 580,000 696,632 
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (a) 2,630,000 2,722,050 
Rockies Express Pipeline LLC:   
4.8% 5/15/30 (a) 1,285,000 1,176,989 
4.95% 7/15/29 (a) 495,000 463,335 
6.875% 4/15/40 (a) 190,000 180,500 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 1,140,000 1,025,122 
5.875% 3/15/28 1,695,000 1,669,575 
6% 4/15/27 25,000 25,187 
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (a) 320,000 292,400 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:   
5.5% 1/15/28 (a) 225,000 209,736 
6% 3/1/27 (a) 980,000 940,800 
6% 12/31/30 (a) 1,190,000 1,100,750 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.5% 3/1/30 255,000 252,769 
Venture Global Calcasieu Pass LLC:   
3.875% 8/15/29 (a) 480,000 438,000 
3.875% 11/1/33 (a) 380,000 330,619 
4.125% 8/15/31 (a) 460,000 417,450 
Western Gas Partners LP:   
4.55% 2/1/30 2,375,000 2,181,889 
4.65% 7/1/26 808,000 796,890 
  49,000,886 
Environmental - 1.1%   
Darling Ingredients, Inc. 5.25% 4/15/27 (a) 970,000 970,000 
Madison IAQ LLC 4.125% 6/30/28 (a) 1,630,000 1,430,325 
Stericycle, Inc. 3.875% 1/15/29 (a) 815,000 718,708 
  3,119,033 
Food & Drug Retail - 1.8%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 3.5% 3/15/29 (a) 3,810,000 3,209,544 
BellRing Brands, Inc. 7% 3/15/30 (a) 350,000 342,125 
Emergent BioSolutions, Inc. 3.875% 8/15/28 (a) 1,590,000 1,349,513 
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (a) 190,000 166,890 
  5,068,072 
Food/Beverage/Tobacco - 3.1%   
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (a) 2,525,000 2,493,438 
Kraft Heinz Foods Co.:   
3% 6/1/26 1,385,000 1,323,829 
3.875% 5/15/27 1,820,000 1,779,736 
Post Holdings, Inc.:   
4.625% 4/15/30 (a) 2,135,000 1,825,425 
5.5% 12/15/29 (a) 590,000 536,900 
5.625% 1/15/28 (a) 405,000 382,928 
U.S. Foods, Inc. 4.625% 6/1/30 (a) 180,000 161,100 
  8,503,356 
Gaming - 3.4%   
Melco Resorts Finance Ltd.:   
4.875% 6/6/25 (a) 1,225,000 1,094,672 
5.375% 12/4/29 (a) 465,000 372,098 
5.75% 7/21/28 (a) 710,000 589,655 
MGM Resorts International 5.75% 6/15/25 866,000 860,137 
VICI Properties LP / VICI Note Co.:   
4.25% 12/1/26 (a) 1,210,000 1,146,632 
4.5% 9/1/26 (a) 1,300,000 1,287,000 
4.5% 1/15/28 (a) 1,525,000 1,502,125 
4.625% 6/15/25 (a) 245,000 243,775 
4.625% 12/1/29 (a) 925,000 868,575 
5.75% 2/1/27 (a) 270,000 278,100 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) 870,000 800,113 
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 5.125% 10/1/29 (a) 380,000 332,736 
  9,375,618 
Healthcare - 7.8%   
180 Medical, Inc. 3.875% 10/15/29 (a) 200,000 178,000 
Avantor Funding, Inc. 4.625% 7/15/28 (a) 1,195,000 1,136,792 
Catalent Pharma Solutions 3.5% 4/1/30 (a) 1,700,000 1,478,677 
Centene Corp.:   
2.45% 7/15/28 75,000 65,441 
2.5% 3/1/31 1,665,000 1,384,031 
4.25% 12/15/27 1,635,000 1,585,950 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (a) 315,000 285,075 
4.25% 5/1/28 (a) 90,000 85,908 
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (a) 2,465,000 2,144,550 
Grifols Escrow Issuer SA 4.75% 10/15/28 (a) 200,000 182,500 
HCA Holdings, Inc. 5.375% 9/1/26 3,960,000 4,053,064 
HealthEquity, Inc. 4.5% 10/1/29 (a) 160,000 146,200 
Hologic, Inc. 4.625% 2/1/28 (a) 1,650,000 1,613,898 
IQVIA, Inc. 5% 5/15/27 (a) 820,000 812,472 
Jazz Securities DAC 4.375% 1/15/29 (a) 350,000 322,438 
Molina Healthcare, Inc. 3.875% 5/15/32 (a) 510,000 447,770 
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (a) 840,000 781,452 
Owens & Minor, Inc. 4.5% 3/31/29 (a) 280,000 251,880 
RP Escrow Issuer LLC 5.25% 12/15/25 (a) 1,035,000 962,550 
Teleflex, Inc. 4.25% 6/1/28 (a) 235,000 221,488 
Tenet Healthcare Corp.:   
4.625% 6/15/28 (a) 1,810,000 1,705,925 
4.875% 1/1/26 (a) 595,000 582,609 
5.125% 11/1/27 (a) 1,200,000 1,165,158 
  21,593,828 
Homebuilders/Real Estate - 2.0%   
Century Communities, Inc. 3.875% 8/15/29 (a) 460,000 387,591 
HAT Holdings I LLC/HAT Holdings II LLC 3.375% 6/15/26 (a) 495,000 454,672 
Howard Hughes Corp. 4.375% 2/1/31 (a) 700,000 622,594 
Kennedy-Wilson, Inc. 4.75% 2/1/30 770,000 694,925 
Ryan Specialty Group LLC 4.375% 2/1/30 (a) 540,000 492,496 
Service Properties Trust:   
3.95% 1/15/28 75,000 59,438 
4.375% 2/15/30 725,000 556,423 
4.95% 2/15/27 1,090,000 944,564 
4.95% 10/1/29 445,000 355,694 
5.5% 12/15/27 415,000 377,650 
TopBuild Corp. 4.125% 2/15/32 (a) 810,000 697,861 
  5,643,908 
Hotels - 1.6%   
Hilton Domestic Operating Co., Inc.:   
3.625% 2/15/32 (a) 1,165,000 986,604 
4% 5/1/31 (a) 2,780,000 2,486,293 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 445,000 440,550 
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (a) 525,000 489,321 
  4,402,768 
Insurance - 0.4%   
Alliant Holdings Intermediate LLC 4.25% 10/15/27 (a) 1,075,000 992,816 
Leisure - 1.9%   
Carnival Corp.:   
7.625% 3/1/26 (a) 675,000 661,500 
10.5% 2/1/26 (a) 2,005,000 2,205,500 
NCL Corp. Ltd. 5.875% 2/15/27 (a) 350,000 333,634 
Royal Caribbean Cruises Ltd.:   
5.5% 4/1/28 (a) 1,200,000 1,095,000 
9.125% 6/15/23 (a) 230,000 237,437 
11.5% 6/1/25 (a) 593,000 644,146 
  5,177,217 
Metals/Mining - 0.4%   
FMG Resources Pty Ltd. 4.5% 9/15/27 (a) 15,000 14,213 
Howmet Aerospace, Inc. 5.95% 2/1/37 45,000 45,475 
HudBay Minerals, Inc. 4.5% 4/1/26 (a) 240,000 221,893 
Mineral Resources Ltd. 8% 11/1/27 (a) 400,000 398,500 
Novelis Corp. 3.875% 8/15/31 (a) 385,000 330,138 
  1,010,219 
Paper - 0.1%   
Glatfelter Corp. 4.75% 11/15/29 (a) 310,000 248,000 
Restaurants - 0.1%   
Yum! Brands, Inc. 3.625% 3/15/31 500,000 429,631 
Services - 4.7%   
ADT Corp.:   
4.125% 8/1/29 (a) 385,000 326,877 
4.875% 7/15/32 (a) 565,000 478,131 
AECOM 5.125% 3/15/27 1,485,000 1,468,294 
Aramark Services, Inc. 5% 2/1/28 (a) 1,685,000 1,571,347 
ASGN, Inc. 4.625% 5/15/28 (a) 2,740,000 2,545,460 
Booz Allen Hamilton, Inc. 4% 7/1/29 (a) 155,000 142,970 
Fair Isaac Corp. 4% 6/15/28 (a) 450,000 411,129 
Gartner, Inc. 3.625% 6/15/29 (a) 220,000 196,900 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (a) 1,030,000 1,027,219 
Iron Mountain, Inc. 4.875% 9/15/29 (a) 1,115,000 1,021,390 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 3.375% 8/31/27 (a) 2,225,000 1,899,015 
Service Corp. International 5.125% 6/1/29 1,425,000 1,405,660 
TriNet Group, Inc. 3.5% 3/1/29 (a) 710,000 643,438 
  13,137,830 
Steel - 0.0%   
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (a) 110,000 99,000 
Super Retail - 1.4%   
Asbury Automotive Group, Inc.:   
4.625% 11/15/29 (a) 245,000 220,532 
5% 2/15/32 (a) 260,000 230,750 
Bath & Body Works, Inc. 6.625% 10/1/30 (a) 1,170,000 1,163,688 
Gap, Inc. 3.875% 10/1/31 (a) 385,000 306,922 
Hanesbrands, Inc. 4.875% 5/15/26 (a) 1,115,000 1,089,913 
Levi Strauss & Co. 3.5% 3/1/31 (a) 630,000 544,950 
The William Carter Co. 5.625% 3/15/27 (a) 465,000 463,349 
  4,020,104 
Technology - 3.9%   
Block, Inc. 2.75% 6/1/26 (a) 380,000 346,568 
Crowdstrike Holdings, Inc. 3% 2/15/29 525,000 467,250 
Entegris, Inc. 4.375% 4/15/28 (a) 730,000 677,075 
Gartner, Inc. 4.5% 7/1/28 (a) 660,000 632,554 
II-VI, Inc. 5% 12/15/29 (a) 1,600,000 1,500,000 
Match Group Holdings II LLC:   
3.625% 10/1/31 (a) 575,000 478,343 
4.125% 8/1/30 (a) 265,000 236,844 
MicroStrategy, Inc. 6.125% 6/15/28 (a) 540,000 494,732 
onsemi 3.875% 9/1/28 (a) 545,000 505,599 
Open Text Corp. 3.875% 2/15/28 (a) 655,000 596,563 
Open Text Holdings, Inc. 4.125% 2/15/30 (a) 130,000 115,375 
Qorvo, Inc.:   
3.375% 4/1/31 (a) 1,115,000 933,902 
4.375% 10/15/29 500,000 464,525 
Roblox Corp. 3.875% 5/1/30 (a) 935,000 804,100 
Sensata Technologies, Inc. 3.75% 2/15/31 (a) 1,165,000 985,054 
TTM Technologies, Inc. 4% 3/1/29 (a) 550,000 481,250 
Twilio, Inc. 3.875% 3/15/31 350,000 300,815 
Viavi Solutions, Inc. 3.75% 10/1/29 (a) 770,000 692,792 
  10,713,341 
Telecommunications - 9.3%   
Altice Financing SA:   
5% 1/15/28 (a) 340,000 283,808 
5.75% 8/15/29 (a) 1,380,000 1,162,664 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (a) 1,510,000 1,460,925 
Level 3 Financing, Inc.:   
4.25% 7/1/28 (a) 2,645,000 2,235,025 
4.625% 9/15/27 (a) 2,100,000 1,887,375 
Lumen Technologies, Inc.:   
5.125% 12/15/26 (a) 2,585,000 2,326,500 
6.875% 1/15/28 60,000 57,150 
Millicom International Cellular SA:   
4.5% 4/27/31 (a) 1,890,000 1,628,944 
5.125% 1/15/28 (a) 900,000 850,950 
Sable International Finance Ltd. 5.75% 9/7/27 (a) 2,610,000 2,570,041 
SBA Communications Corp. 3.875% 2/15/27 750,000 711,900 
Sprint Capital Corp.:   
6.875% 11/15/28 3,545,000 3,890,957 
8.75% 3/15/32 1,150,000 1,461,449 
Telecom Italia Capital SA:   
6% 9/30/34 295,000 257,671 
7.2% 7/18/36 2,965,000 2,674,619 
Virgin Media Finance PLC 5% 7/15/30 (a) 105,000 91,350 
Virgin Media Secured Finance PLC 5.5% 5/15/29 (a) 740,000 684,500 
Windstream Escrow LLC 7.75% 8/15/28 (a) 1,560,000 1,485,900 
  25,721,728 
Textiles/Apparel - 0.2%   
Crocs, Inc. 4.125% 8/15/31 (a) 405,000 323,214 
Foot Locker, Inc. 4% 10/1/29 (a) 200,000 166,500 
Kontoor Brands, Inc. 4.125% 11/15/29 (a) 130,000 112,775 
  602,489 
Transportation Ex Air/Rail - 0.1%   
Seaspan Corp. 5.5% 8/1/29 (a) 385,000 339,763 
Utilities - 6.5%   
Clearway Energy Operating LLC:   
3.75% 2/15/31 (a) 1,615,000 1,388,900 
4.75% 3/15/28 (a) 195,000 184,275 
DCP Midstream Operating LP 5.625% 7/15/27 1,035,000 1,050,132 
Global Partners LP/GLP Finance Corp. 7% 8/1/27 997,000 974,568 
InterGen NV 7% 6/30/23 (a) 1,635,000 1,594,125 
NextEra Energy Partners LP 4.25% 9/15/24 (a) 158,000 155,235 
NRG Energy, Inc.:   
3.625% 2/15/31 (a) 1,666,000 1,386,945 
5.25% 6/15/29 (a) 625,000 588,669 
5.75% 1/15/28 865,000 845,538 
6.625% 1/15/27 729,000 738,113 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 1,611,564 1,647,824 
PG&E Corp.:   
5% 7/1/28 2,685,000 2,470,710 
5.25% 7/1/30 2,115,000 1,922,091 
Pike Corp. 5.5% 9/1/28 (a) 1,100,000 998,250 
TerraForm Power Operating LLC 4.75% 1/15/30 (a) 130,000 117,000 
Vertiv Group Corp. 4.125% 11/15/28 (a) 945,000 823,331 
Vistra Operations Co. LLC 5% 7/31/27 (a) 1,395,000 1,328,738 
  18,214,444 
TOTAL NONCONVERTIBLE BONDS  252,710,578 
TOTAL CORPORATE BONDS   
(Cost $275,687,573)  254,436,963 
 Shares Value 
Common Stocks - 0.3%   
Energy - 0.3%   
Jonah Energy Parent LLC (c)(d)   
(Cost $163,305) 11,874 800,664 
 Principal Amount Value 
Bank Loan Obligations - 0.9%   
Broadcasting - 0.1%   
Diamond Sports Group LLC:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (e)(f)(g) 233,927 237,398 
2LN, term loan 3 month U.S. LIBOR + 3.250% 3.6555% 8/24/26 (e)(f)(g) 208,409 69,035 
TOTAL BROADCASTING  306,433 
Gaming - 0.4%   
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.77% 10/20/24 (e)(f)(g) 1,218,426 1,213,102 
Insurance - 0.1%   
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0513% 11/6/27 (e)(f)(g) 352,230 349,412 
Services - 0.3%   
ABG Intermediate Holdings 2 LLC:   
Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (e)(f)(g) 16,119 15,978 
Tranche B2 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 1/31/29 (e)(f)(g) 102,761 101,862 
Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (e)(f)(g) 16,119 15,978 
Ascend Learning LLC:   
2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (e)(f)(g) 50,000 49,313 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/10/28 (e)(f)(g) 503,737 497,169 
TOTAL SERVICES  680,300 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $2,583,436)  2,549,247 
Preferred Securities - 1.3%   
Banks & Thrifts - 1.3%   
Ally Financial, Inc. 4.7%
(Cost $4,200,000)(e)(h) 		4,200,000 3,668,282 
 Shares Value 
Money Market Funds - 4.7%   
Fidelity Cash Central Fund 0.32% (i)   
(Cost $13,061,727) 13,059,115 13,061,727 
TOTAL INVESTMENT IN SECURITIES - 98.8%   
(Cost $295,696,041)  274,516,883 
NET OTHER ASSETS (LIABILITIES) - 1.2%  3,416,403 
NET ASSETS - 100%  $277,933,286 

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 $167,641,575 or 60.3% of net assets.

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

 (c) Non-income producing

 (d) Level 3 security

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

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

 (g) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

 (h) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

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

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $4,474,228 $165,207,532 $156,620,033 $10,872 $-- $-- $13,061,727 0.0% 
Total $4,474,228 $165,207,532 $156,620,033 $10,872 $-- $-- $13,061,727  

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 April 30, 2022, 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 $800,664 $-- $-- $800,664 
Corporate Bonds 254,436,963 -- 254,436,963 -- 
Bank Loan Obligations 2,549,247 -- 2,549,247 -- 
Preferred Securities 3,668,282 -- 3,668,282 -- 
Money Market Funds 13,061,727 13,061,727 -- -- 
Total Investments in Securities: $274,516,883 $13,061,727 $260,654,492 $800,664 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $282,634,314) 		$261,455,156  
Fidelity Central Funds (cost $13,061,727) 13,061,727  
Total Investment in Securities (cost $295,696,041)  $274,516,883 
Cash  8,351 
Receivable for investments sold  995,125 
Receivable for fund shares sold  145,864 
Interest receivable  3,667,068 
Distributions receivable from Fidelity Central Funds  1,698 
Prepaid expenses  125 
Receivable from investment adviser for expense reductions  6,202 
Total assets  279,341,316 
Liabilities   
Payable for investments purchased $400,000  
Payable for fund shares redeemed 607,912  
Distributions payable 143,653  
Accrued management fee 140,696  
Other affiliated payables 50,304  
Other payables and accrued expenses 65,465  
Total liabilities  1,408,030 
Net Assets  $277,933,286 
Net Assets consist of:   
Paid in capital  $309,084,001 
Total accumulated earnings (loss)  (31,150,715) 
Net Assets  $277,933,286 
Net Asset Value, offering price and redemption price per share ($277,933,286 ÷ 34,772,631 shares)  $7.99 

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


Statement of Operations

  Year ended April 30, 2022 
Investment Income   
Dividends  $160,662 
Interest  15,805,242 
Income from Fidelity Central Funds  10,872 
Total income  15,976,776 
Expenses   
Management fee $1,999,966  
Transfer agent fees 492,057  
Accounting fees and expenses 151,792  
Custodian fees and expenses 5,196  
Independent trustees' fees and expenses 1,334  
Registration fees 28,702  
Audit 77,639  
Legal 952  
Interest 1,113  
Miscellaneous 1,518  
Total expenses before reductions 2,760,269  
Expense reductions (27,480)  
Total expenses after reductions  2,732,789 
Net investment income (loss)  13,243,987 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,092,913)  
Total net realized gain (loss)  (2,092,913) 
Change in net unrealized appreciation (depreciation) on investment securities  (31,676,232) 
Net gain (loss)  (33,769,145) 
Net increase (decrease) in net assets resulting from operations  $(20,525,158) 

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


Statement of Changes in Net Assets

 Year ended April 30, 2022 Year ended April 30, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $13,243,987 $17,290,302 
Net realized gain (loss) (2,092,913) 4,095,771 
Change in net unrealized appreciation (depreciation) (31,676,232) 23,260,705 
Net increase (decrease) in net assets resulting from operations (20,525,158) 44,646,778 
Distributions to shareholders (13,518,187) (16,992,928) 
Share transactions   
Proceeds from sales of shares 48,014,625 208,034,033 
Reinvestment of distributions 11,416,988 13,360,332 
Cost of shares redeemed (132,087,012) (211,925,810) 
Net increase (decrease) in net assets resulting from share transactions (72,655,399) 9,468,555 
Total increase (decrease) in net assets (106,698,744) 37,122,405 
Net Assets   
Beginning of period 384,632,030 347,509,625 
End of period $277,933,286 $384,632,030 
Other Information   
Shares   
Sold 5,431,596 24,091,503 
Issued in reinvestment of distributions 1,308,964 1,524,250 
Redeemed (15,398,227) (24,172,829) 
Net increase (decrease) (8,657,667) 1,442,924 

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


Financial Highlights

Fidelity Focused High Income Fund

      
Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $8.86 $8.28 $8.65 $8.47 $8.67 
Income from Investment Operations      
Net investment income (loss)A,B .317 .340 .374 .399 .380 
Net realized and unrealized gain (loss) (.863) .574 (.378) .190 (.219) 
Total from investment operations (.546) .914 (.004) .589 .161 
Distributions from net investment income (.324) (.334) (.366) (.409) (.362) 
Total distributions (.324) (.334) (.366) (.409) (.362) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $7.99 $8.86 $8.28 $8.65 $8.47 
Total ReturnC (6.41)% 11.16% (.16)% 7.21% 1.86% 
Ratios to Average Net AssetsB,D,E      
Expenses before reductions .75% .75% .78% .79% .80% 
Expenses net of fee waivers, if any .75% .75% .78% .79% .80% 
Expenses net of all reductions .75% .75% .78% .78% .79% 
Net investment income (loss) 3.62% 3.88% 4.31% 4.73% 4.38% 
Supplemental Data      
Net assets, end of period (000 omitted) $277,933 $384,632 $347,510 $302,781 $397,850 
Portfolio turnover rateF 20% 73% 43% 49% 47% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Notes to Financial Statements

For the period ended April 30, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 April 30, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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, prior period premium and discount on debt securities and capital loss carryforwards.

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 $3,493,880 
Gross unrealized depreciation (23,892,686) 
Net unrealized appreciation (depreciation) $(20,398,806) 
Tax Cost $294,915,689 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $64,664 
Capital loss carryforward $(10,816,572) 
Net unrealized appreciation (depreciation) on securities and other investments $(20,398,806) 

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

Short-term $(9,345,990) 
Long-term (1,470,582) 
Total capital loss carryforward $(10,816,572) 

The tax character of distributions paid was as follows:

 April 30, 2022 April 30, 2021 
Ordinary Income $13,518,187 $ 16,992,928 

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

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Focused High Income Fund 70,395,315 141,089,044 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .55% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (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 annual rate of .13% 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 the following annual rates:

 % of Average Net Assets 
Fidelity Focused High Income Fund .04 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Focused High Income Fund Borrower $23,641,000 .57% $1,113 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Focused High Income Fund $618 

7. Expense Reductions.

Effective June 1, 2021, the investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .75% of average net assets. This reimbursement will remain in place through August 31, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $21,403.

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 $99.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $5,978.

8. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Focused High Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Focused High Income Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the “Fund”) as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, agent banks, brokers and issuers of privately offered securities. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2022



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 324 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Focused High Income Fund .75%    
Actual  $1,000.00 $915.90 $3.56 
Hypothetical-C  $1,000.00 $1,021.08 $3.76 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

A total of 0.01% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $11,959,235 of distributions paid in the calendar year 2021 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $13,508,659 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

FFH-ANN-0622
1.801606.117

Fidelity® Series High Income Fund



Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended April 30, 2022 Past 1 year Past 5 years Past 10 years 
Fidelity® Series High Income Fund (2.24)% 4.06% 5.03% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Series High Income Fund on April 30, 2012.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period.


Period Ending Values
$16,342Fidelity® Series High Income Fund
$16,592ICE® BofA® US High Yield Constrained Index

Management's Discussion of Fund Performance

Market Recap:  The ICE BofA® US High Yield Constrained Index returned -4.96% for the 12 months ending April 30, 2022. After posting a solid gain in 2021, high-yield bonds retreated to begin the new year amid several major headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve’s accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing high yield included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this dynamic backdrop, the index returned -2.74% in January and -0.90% in February amid an intensifying flight from risk. Volatility eased in March and credit fundamentals remained healthy, but high yield still lost ground (-0.92%) for the month. April saw the downtrend continue, with the index returning -3.63% amid clearer signals of the Fed’s intension to tighten monetary policy and angst about the economic toll of “zero-COVID” lockdowns in China. For the full 12 months, higher-duration BB-rated bonds slightly trailed lower-quality credits. By sector, energy rode a surge in commodity prices and led the way with a modest gain. All other groups declined. Notable laggards included cable/satellite TV, telecommunications, health care, utilities and food/beverage/tobacco.

Comments from Co-Managers Benjamin Harrison, Alexandre Karam, and Michael Weaver:  For the fiscal year, the fund returned -2.24%, outperforming the -4.96% result of the benchmark ICE BofA® US High Yield Constrained Index. The fund's core allocation to high-yield bonds returned -5.41% and detracted from performance versus the benchmark. By industry, security selection was the primary contributor, especially in food & drug retail. Security selection and an overweighting in services and security picks in energy also lifted the fund's relative result. The biggest individual relative contributor was an overweight position in Bi-Lo (+78%). Bi-Lo was among the largest holdings in the fund. The fund's non-benchmark stake in Mesquite Energy, one of the biggest holdings as of April 30, gained 116%. The fund's out-of-benchmark stake in Jonah Energy gained about 350%. Conversely, the largest detractor from performance versus the benchmark was an overweighting in telecommunications. Security selection in technology and broadcasting also hurt the fund's relative performance. The biggest individual relative detractor was an overweight position in Altice Financial (-10%). Altice Financial was among our largest holdings. Also hampering performance was our outsized stake in Rackspace Hosting, which returned -14%. Another notable relative detractor was an overweighting in Altice USA (-17%). By quality, security selection in unrated bonds added the most value versus the benchmark, while security choices among CCC-rated bonds hurt the most. Notable changes in positioning include decreased exposure to the gaming industry and a higher allocation to health care.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to shareholders:  On January 3, 2022, Benjamin Harrison assumed co-management responsibilities for the fund.

Investment Summary (Unaudited)

Top Bond Issuers as of April 30, 2022

(by issuer, excluding cash equivalents) % of fund's net assets 
Uniti Group LP / Uniti Group Finance, Inc. 1.9 
New Fortress Energy, Inc. 1.8 
Community Health Systems, Inc. 1.8 
Altice France SA 1.6 
Mesquite Energy, Inc. 1.7 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 1.6 
Southeastern Grocers, Inc. 1.5 
Bombardier, Inc. 1.5 
Carnival Corp. 1.5 
C&W Senior Financing Designated Activity Co. 1.3 
 16.2 

Top Five Market Sectors as of April 30, 2022

 % of fund's net assets 
Energy 16.9 
Telecommunications 10.1 
Healthcare 9.1 
Services 6.2 
Technology 6.1 

Quality Diversification (% of fund's net assets)

As of April 30, 2022 
   BBB 1.4% 
   BB 25.6% 
   B 50.1% 
   CCC,CC,C 14.5% 
   Not Rated 2.2% 
   Equities 3.6% 
   Short-Term Investments and Net Other Assets 2.6% 


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 April 30, 2022* 
   Nonconvertible Bonds 88.4% 
   Convertible Bonds, Preferred Stocks 1.6% 
   Common Stocks 3.3% 
   Bank Loan Obligations 3.8% 
   Other 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.6% 


 * Foreign investments - 21.3%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 78.7% 
   Canada 4.5% 
   Luxembourg 2.9% 
   Netherlands 2.0% 
   Ireland 1.7% 
   France 1.7% 
   United Kingdom 1.7% 
   Multi-National 1.6% 
   Panama 1.5% 
   Other 3.7% 


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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Corporate Bonds - 90.0%   
 Principal Amount Value 
Convertible Bonds - 1.6%   
Broadcasting - 0.5%   
DISH Network Corp.:   
2.375% 3/15/24 $3,506,000 $3,258,827 
3.375% 8/15/26 5,466,000 4,687,095 
  7,945,922 
Energy - 1.1%   
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 1,175,827 6,067,267 
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 2,028,327 9,431,721 
  15,498,988 
TOTAL CONVERTIBLE BONDS  23,444,910 
Nonconvertible Bonds - 88.4%   
Aerospace - 4.4%   
Allegheny Technologies, Inc.:   
4.875% 10/1/29 2,995,000 2,725,180 
5.875% 12/1/27 10,750,000 10,373,750 
Bombardier, Inc.:   
6% 2/15/28 (c) 3,555,000 3,075,075 
7.125% 6/15/26 (c) 4,175,000 3,841,000 
7.5% 3/15/25 (c) 5,166,000 5,011,020 
7.875% 4/15/27 (c) 10,718,000 9,984,567 
BWX Technologies, Inc. 4.125% 6/30/28 (c) 3,997,000 3,707,218 
Kaiser Aluminum Corp.:   
4.5% 6/1/31 (c) 1,920,000 1,656,000 
4.625% 3/1/28 (c) 3,880,000 3,559,900 
Moog, Inc. 4.25% 12/15/27 (c) 3,715,000 3,459,594 
TransDigm, Inc.:   
4.625% 1/15/29 2,335,000 2,031,870 
5.5% 11/15/27 15,420,000 14,109,300 
7.5% 3/15/27 1,455,000 1,465,913 
  65,000,387 
Automotive & Auto Parts - 0.3%   
Ford Motor Credit Co. LLC:   
2.9% 2/10/29 2,715,000 2,260,238 
3.815% 11/2/27 1,640,000 1,492,400 
  3,752,638 
Banks & Thrifts - 0.1%   
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (c) 970,000 898,239 
Broadcasting - 1.3%   
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c) 9,005,000 3,331,850 
Sinclair Television Group, Inc.:   
5.125% 2/15/27 (c) 3,880,000 3,398,996 
5.5% 3/1/30 (c) 1,670,000 1,365,509 
Sirius XM Radio, Inc.:   
4% 7/15/28 (c) 2,505,000 2,263,894 
4.125% 7/1/30 (c) 845,000 741,986 
TEGNA, Inc.:   
4.625% 3/15/28 1,895,000 1,823,369 
5% 9/15/29 725,000 703,250 
Univision Communications, Inc.:   
4.5% 5/1/29 (c) 2,170,000 1,947,575 
6.625% 6/1/27 (c) 3,080,000 3,087,700 
  18,664,129 
Building Materials - 0.5%   
Advanced Drain Systems, Inc. 5% 9/30/27 (c) 4,029,000 3,893,021 
Builders FirstSource, Inc. 4.25% 2/1/32 (c) 2,210,000 1,886,788 
SRS Distribution, Inc.:   
4.625% 7/1/28 (c) 1,335,000 1,222,206 
6% 12/1/29 (c) 1,230,000 1,079,325 
  8,081,340 
Cable/Satellite TV - 3.7%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.25% 2/1/31 (c) 3,680,000 3,101,504 
4.5% 8/15/30 (c) 2,885,000 2,517,163 
4.5% 5/1/32 4,540,000 3,818,844 
4.5% 6/1/33 (c) 3,195,000 2,613,893 
4.75% 3/1/30 (c) 4,755,000 4,249,781 
CSC Holdings LLC:   
4.125% 12/1/30 (c) 2,050,000 1,691,250 
4.625% 12/1/30 (c) 6,510,000 4,980,150 
5.375% 2/1/28 (c) 4,690,000 4,306,053 
5.75% 1/15/30 (c) 3,435,000 2,851,050 
7.5% 4/1/28 (c) 4,070,000 3,751,930 
Dolya Holdco 18 DAC 5% 7/15/28 (c) 1,680,000 1,526,213 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
4.5% 9/15/26 (c) 3,625,000 3,338,226 
6.5% 9/15/28 (c) 8,060,000 7,092,800 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (c) 5,400,000 5,157,000 
Ziggo Bond Co. BV 5.125% 2/28/30 (c) 2,090,000 1,813,075 
Ziggo BV 4.875% 1/15/30 (c) 1,705,000 1,511,056 
  54,319,988 
Capital Goods - 0.7%   
Mueller Water Products, Inc. 4% 6/15/29 (c) 1,905,000 1,704,975 
Vertical Holdco GmbH 7.625% 7/15/28 (c) 1,130,000 1,087,625 
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (c) 7,365,000 6,899,679 
  9,692,279 
Chemicals - 3.8%   
Axalta Coating Systems LLC 3.375% 2/15/29 (c) 1,320,000 1,142,104 
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (c) 1,600,000 1,520,000 
CVR Partners LP 6.125% 6/15/28 (c) 2,377,000 2,329,460 
Element Solutions, Inc. 3.875% 9/1/28 (c) 2,499,000 2,233,481 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.:   
5% 12/31/26 (c) 4,400,000 3,894,000 
7% 12/31/27 (c) 440,000 347,600 
LSB Industries, Inc. 6.25% 10/15/28 (c) 4,080,000 3,998,155 
Methanex Corp.:   
5.125% 10/15/27 4,800,000 4,608,000 
5.65% 12/1/44 2,262,000 1,979,250 
NOVA Chemicals Corp.:   
4.25% 5/15/29 (c) 1,900,000 1,643,500 
5% 5/1/25 (c) 940,000 930,600 
5.25% 6/1/27 (c) 5,320,000 5,040,700 
Nufarm Australia Ltd. 5% 1/27/30 (c) 2,575,000 2,433,375 
Olympus Water U.S. Holding Corp.:   
4.25% 10/1/28 (c) 2,030,000 1,793,830 
6.25% 10/1/29 (c) 2,255,000 1,871,650 
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (c) 1,550,000 1,414,375 
The Chemours Co. LLC:   
4.625% 11/15/29 (c) 1,645,000 1,424,981 
5.375% 5/15/27 2,604,000 2,512,860 
5.75% 11/15/28 (c) 12,755,000 11,957,813 
W.R. Grace Holding LLC 5.625% 8/15/29 (c) 3,140,000 2,674,966 
  55,750,700 
Consumer Products - 0.5%   
Diamond BC BV 4.625% 10/1/29 (c) 3,275,000 2,817,253 
Michaels Companies, Inc.:   
5.25% 5/1/28 (c) 1,425,000 1,224,674 
7.875% 5/1/29 (c) 1,100,000 866,250 
Nordstrom, Inc.:   
4.25% 8/1/31 1,630,000 1,381,566 
4.375% 4/1/30 1,090,000 948,594 
  7,238,337 
Containers - 0.8%   
Graphic Packaging International, Inc. 3.75% 2/1/30 (c) 860,000 753,988 
OI European Group BV 4.75% 2/15/30 (c) 750,000 660,000 
Sealed Air Corp. 5% 4/15/29 (c) 2,240,000 2,223,200 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (c) 4,574,000 4,419,628 
8.5% 8/15/27 (c) 4,080,000 4,029,000 
  12,085,816 
Diversified Financial Services - 2.4%   
Coinbase Global, Inc. 3.375% 10/1/28 (c) 4,505,000 3,497,817 
Hightower Holding LLC 6.75% 4/15/29 (c) 2,245,000 2,068,319 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.375% 2/1/29 3,160,000 2,726,227 
5.25% 5/15/27 7,725,000 7,184,250 
6.25% 5/15/26 4,350,000 4,312,677 
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.:   
4.25% 2/1/27 (c) 670,000 615,864 
4.75% 6/15/29 (c) 2,920,000 2,619,474 
OneMain Finance Corp.:   
3.5% 1/15/27 3,265,000 2,868,368 
3.875% 9/15/28 5,940,000 5,049,000 
7.125% 3/15/26 4,845,000 4,905,563 
  35,847,559 
Diversified Media - 1.1%   
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (c) 8,065,000 7,329,069 
Nielsen Finance LLC/Nielsen Finance Co.:   
4.5% 7/15/29 (c) 1,905,000 1,800,320 
5.625% 10/1/28 (c) 3,100,000 3,003,993 
5.875% 10/1/30 (c) 1,460,000 1,400,198 
Terrier Media Buyer, Inc. 8.875% 12/15/27 (c) 3,540,000 3,459,961 
  16,993,541 
Energy - 14.0%   
Apache Corp. 4.25% 1/15/30 775,000 720,022 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) 2,540,000 2,311,400 
CGG SA 8.75% 4/1/27 (c) 750,000 744,495 
Cheniere Energy, Inc. 4.625% 10/15/28 3,725,000 3,603,938 
Citgo Petroleum Corp.:   
6.375% 6/15/26 (c) 11,475,000 11,403,855 
7% 6/15/25 (c) 7,970,000 7,915,246 
Colgate Energy Partners III LLC 5.875% 7/1/29 (c) 3,418,000 3,383,820 
Comstock Resources, Inc.:   
5.875% 1/15/30 (c) 3,470,000 3,339,216 
6.75% 3/1/29 (c) 4,110,000 4,155,950 
7.5% 5/15/25 (c) 739,000 754,150 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.625% 5/1/27 (c) 11,009,000 10,720,014 
5.75% 4/1/25 5,685,000 5,617,178 
6% 2/1/29 (c) 7,223,000 7,025,523 
CrownRock LP/CrownRock Finance, Inc.:   
5% 5/1/29 (c) 1,295,000 1,267,301 
5.625% 10/15/25 (c) 230,000 230,000 
CVR Energy, Inc.:   
5.25% 2/15/25 (c) 9,370,000 9,064,538 
5.75% 2/15/28 (c) 7,100,000 6,654,688 
Delek Logistics Partners LP 7.125% 6/1/28 (c) 4,755,000 4,545,114 
DT Midstream, Inc. 4.125% 6/15/29 (c) 1,640,000 1,492,400 
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) 433,000 434,117 
EnLink Midstream LLC 5.625% 1/15/28 (c) 665,000 658,948 
EQM Midstream Partners LP 6.5% 7/1/27 (c) 1,412,000 1,426,120 
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 3,460,000 3,373,716 
Harvest Midstream I LP 7.5% 9/1/28 (c) 3,085,000 3,130,226 
Hess Midstream Partners LP:   
4.25% 2/15/30 (c) 1,115,000 1,022,778 
5.125% 6/15/28 (c) 3,025,000 2,926,688 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5.75% 2/1/29 (c) 775,000 759,500 
6.25% 11/1/28 (c) 775,000 771,629 
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (c) 4,665,000 4,438,328 
MEG Energy Corp.:   
5.875% 2/1/29 (c) 1,860,000 1,820,698 
7.125% 2/1/27 (c) 1,810,000 1,838,055 
Mesquite Energy, Inc. 7.25% 2/15/23 (b)(c)(d) 10,580,000 1 
New Fortress Energy, Inc.:   
6.5% 9/30/26 (c) 12,170,000 11,778,369 
6.75% 9/15/25 (c) 12,800,000 12,584,192 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) 10,365,000 9,764,711 
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 11/1/23 2,185,000 2,026,588 
Occidental Petroleum Corp.:   
6.125% 1/1/31 2,315,000 2,433,204 
6.45% 9/15/36 1,745,000 1,893,325 
7.5% 5/1/31 6,540,000 7,455,600 
7.875% 9/15/31 635,000 742,429 
8.875% 7/15/30 2,170,000 2,606,365 
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (c) 10,065,000 10,417,275 
Rockies Express Pipeline LLC:   
4.8% 5/15/30 (c) 145,000 132,812 
4.95% 7/15/29 (c) 1,730,000 1,619,332 
6.875% 4/15/40 (c) 655,000 622,250 
SM Energy Co.:   
5.625% 6/1/25 2,035,000 1,989,213 
6.5% 7/15/28 1,720,000 1,695,662 
6.75% 9/15/26 475,000 472,606 
Southwestern Energy Co. 4.75% 2/1/32 1,640,000 1,550,833 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 1,920,000 1,726,522 
5.875% 3/15/28 875,000 861,875 
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (c) 1,155,000 1,055,381 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:   
5.5% 1/15/28 (c) 3,875,000 3,612,120 
6% 3/1/27 (c) 7,565,000 7,262,400 
6% 12/31/30 (c) 3,525,000 3,260,625 
6% 9/1/31 (c) 3,695,000 3,371,688 
7.5% 10/1/25 (c) 365,000 372,490 
Transocean Guardian Ltd. 5.875% 1/15/24 (c) 1,224,922 1,172,447 
Transocean Phoenix 2 Ltd. 7.75% 10/15/24 (c) 227,250 228,954 
Transocean Pontus Ltd. 6.125% 8/1/25 (c) 621,150 610,249 
Transocean Poseidon Ltd. 6.875% 2/1/27 (c) 946,875 911,102 
Transocean Sentry Ltd. 5.375% 5/15/23 (c) 1,553,841 1,507,226 
Venture Global Calcasieu Pass LLC:   
3.875% 8/15/29 (c) 2,135,000 1,948,188 
4.125% 8/15/31 (c) 2,115,000 1,919,363 
  207,155,048 
Environmental - 1.0%   
Madison IAQ LLC:   
4.125% 6/30/28 (c) 3,730,000 3,273,075 
5.875% 6/30/29 (c) 10,110,000 8,239,650 
Stericycle, Inc.:   
3.875% 1/15/29 (c) 2,775,000 2,447,134 
5.375% 7/15/24 (c) 575,000 573,022 
  14,532,881 
Food & Drug Retail - 0.9%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
3.5% 3/15/29 (c) 9,110,000 7,674,264 
4.875% 2/15/30 (c) 2,455,000 2,221,910 
Emergent BioSolutions, Inc. 3.875% 8/15/28 (c) 3,440,000 2,919,700 
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) 675,000 592,900 
  13,408,774 
Food/Beverage/Tobacco - 2.8%   
C&S Group Enterprises LLC 5% 12/15/28 (c) 6,635,000 5,648,044 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (c) 4,490,000 4,433,875 
6.5% 4/15/29 (c) 4,136,000 4,280,760 
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (c) 4,660,000 4,158,491 
Performance Food Group, Inc.:   
4.25% 8/1/29 (c) 965,000 857,624 
5.5% 10/15/27 (c) 3,085,000 2,993,761 
Post Holdings, Inc.:   
4.625% 4/15/30 (c) 1,290,000 1,102,950 
5.5% 12/15/29 (c) 1,575,000 1,433,250 
Primo Water Holdings, Inc. 4.375% 4/30/29 (c) 5,030,000 4,378,187 
TreeHouse Foods, Inc. 4% 9/1/28 2,445,000 1,992,235 
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) 9,450,000 7,822,143 
U.S. Foods, Inc.:   
4.625% 6/1/30 (c) 820,000 733,900 
4.75% 2/15/29 (c) 2,180,000 2,013,666 
  41,848,886 
Gaming - 3.1%   
Affinity Gaming LLC 6.875% 12/15/27 (c) 4,130,000 3,868,323 
Caesars Entertainment, Inc.:   
4.625% 10/15/29 (c) 2,035,000 1,745,013 
6.25% 7/1/25 (c) 2,675,000 2,704,077 
8.125% 7/1/27 (c) 7,849,000 8,202,205 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (c) 4,500,000 3,893,040 
Golden Entertainment, Inc. 7.625% 4/15/26 (c) 7,980,000 8,159,550 
Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) 975,000 955,208 
Melco Resorts Finance Ltd.:   
5.375% 12/4/29 (c) 1,610,000 1,288,338 
5.75% 7/21/28 (c) 2,420,000 2,009,810 
Premier Entertainment Sub LLC:   
5.625% 9/1/29 (c) 2,725,000 2,180,000 
5.875% 9/1/31 (c) 1,295,000 1,019,813 
Station Casinos LLC 4.5% 2/15/28 (c) 1,665,000 1,511,279 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (c) 3,289,000 3,024,795 
Wynn Macau Ltd.:   
4.875% 10/1/24 (c) 3,137,000 2,803,694 
5.5% 10/1/27 (c) 2,575,000 2,098,625 
  45,463,770 
Healthcare - 8.5%   
180 Medical, Inc. 3.875% 10/15/29 (c) 2,565,000 2,282,850 
AMN Healthcare 4% 4/15/29 (c) 3,205,000 2,900,525 
Avantor Funding, Inc.:   
3.875% 11/1/29 (c) 4,360,000 3,911,923 
4.625% 7/15/28 (c) 4,885,000 4,647,052 
Bausch Health Companies, Inc.:   
5% 1/30/28 (c) 2,480,000 1,829,422 
7% 1/15/28 (c) 4,015,000 3,312,375 
Cano Health, Inc. 6.25% 10/1/28 (c) 3,310,000 3,053,475 
Catalent Pharma Solutions 3.5% 4/1/30 (c) 4,245,000 3,692,343 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (c) 1,150,000 1,040,750 
4.25% 5/1/28 (c) 472,000 450,538 
Community Health Systems, Inc.:   
4.75% 2/15/31 (c) 3,505,000 2,970,488 
5.25% 5/15/30 (c) 3,850,000 3,375,103 
5.625% 3/15/27 (c) 10,035,000 9,565,788 
6% 1/15/29 (c) 3,665,000 3,464,121 
6.125% 4/1/30 (c) 2,885,000 2,372,913 
6.875% 4/15/29 (c) 3,575,000 3,135,347 
8% 3/15/26 (c) 1,190,000 1,230,222 
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (c) 2,070,000 1,873,350 
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (c) 4,770,000 4,149,900 
Embecta Corp. 5% 2/15/30 (c) 1,110,000 1,001,775 
Grifols Escrow Issuer SA 4.75% 10/15/28 (c) 3,010,000 2,746,625 
HealthEquity, Inc. 4.5% 10/1/29 (c) 4,830,000 4,413,413 
Hologic, Inc.:   
3.25% 2/15/29 (c) 3,405,000 3,033,395 
4.625% 2/1/28 (c) 6,000 5,869 
Jazz Securities DAC 4.375% 1/15/29 (c) 4,880,000 4,495,700 
MEDNAX, Inc. 5.375% 2/15/30 (c) 1,880,000 1,751,690 
Minerva Merger Sub, Inc. 6.5% 2/15/30 (c) 7,460,000 6,866,482 
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (c) 785,000 686,875 
Molina Healthcare, Inc. 3.875% 11/15/30 (c) 1,465,000 1,321,415 
Option Care Health, Inc. 4.375% 10/31/29 (c) 3,270,000 2,939,632 
Organon & Co. / Organon Foreign Debt Co-Issuer BV:   
4.125% 4/30/28 (c) 4,935,000 4,591,031 
5.125% 4/30/31 (c) 2,160,000 1,952,100 
Owens & Minor, Inc. 4.5% 3/31/29 (c) 1,010,000 908,569 
Radiology Partners, Inc. 9.25% 2/1/28 (c) 3,750,000 3,562,500 
RP Escrow Issuer LLC 5.25% 12/15/25 (c) 5,310,000 4,938,300 
Teleflex, Inc. 4.25% 6/1/28 (c) 930,000 876,525 
Tenet Healthcare Corp.:   
4.25% 6/1/29 (c) 4,015,000 3,627,512 
4.375% 1/15/30 (c) 1,990,000 1,810,641 
4.625% 6/15/28 (c) 3,850,000 3,628,625 
6.125% 10/1/28 (c) 7,670,000 7,362,817 
6.25% 2/1/27 (c) 2,741,000 2,720,443 
Valeant Pharmaceuticals International, Inc. 8.5% 1/31/27 (c) 1,155,000 1,092,942 
Vizient, Inc. 6.25% 5/15/27 (c) 385,000 397,513 
  125,990,874 
Homebuilders/Real Estate - 3.4%   
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (c) 985,000 828,823 
Howard Hughes Corp.:   
4.125% 2/1/29 (c) 1,325,000 1,193,008 
4.375% 2/1/31 (c) 1,325,000 1,178,482 
Kennedy-Wilson, Inc. 4.75% 2/1/30 5,055,000 4,562,138 
MPT Operating Partnership LP/MPT Finance Corp. 5% 10/15/27 5,825,000 5,589,146 
Railworks Holdings LP 8.25% 11/15/28 (c) 2,855,000 2,833,588 
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (c) 4,680,000 3,913,650 
TopBuild Corp. 4.125% 2/15/32 (c) 3,680,000 3,170,528 
Uniti Group LP / Uniti Group Finance, Inc.:   
4.75% 4/15/28 (c) 7,795,000 6,957,038 
6.5% 2/15/29 (c) 23,441,000 20,227,473 
  50,453,874 
Hotels - 0.5%   
Hilton Domestic Operating Co., Inc.:   
3.625% 2/15/32 (c) 3,710,000 3,141,888 
3.75% 5/1/29 (c) 495,000 448,480 
4% 5/1/31 (c) 1,790,000 1,600,887 
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (c) 1,785,000 1,663,691 
  6,854,946 
Insurance - 1.5%   
Alliant Holdings Intermediate LLC:   
4.25% 10/15/27 (c) 4,740,000 4,377,627 
6.75% 10/15/27 (c) 13,390,000 12,661,986 
AmWINS Group, Inc. 4.875% 6/30/29 (c) 4,315,000 3,949,649 
AssuredPartners, Inc. 5.625% 1/15/29 (c) 1,355,000 1,191,668 
  22,180,930 
Leisure - 3.1%   
Carnival Corp.:   
4% 8/1/28 (c) 4,020,000 3,623,025 
5.75% 3/1/27 (c) 6,900,000 6,248,054 
6% 5/1/29 (c) 5,450,000 4,891,375 
6.65% 1/15/28 300,000 277,500 
7.625% 3/1/26 (c) 6,815,000 6,678,700 
MajorDrive Holdings IV LLC 6.375% 6/1/29 (c) 1,485,000 1,176,863 
NCL Corp. Ltd.:   
3.625% 12/15/24 (c) 3,860,000 3,589,800 
5.875% 3/15/26 (c) 890,000 822,191 
7.75% 2/15/29 (c) 2,010,000 1,949,700 
NCL Finance Ltd. 6.125% 3/15/28 (c) 640,000 576,000 
Royal Caribbean Cruises Ltd.:   
4.25% 7/1/26 (c) 4,110,000 3,714,413 
5.375% 7/15/27 (c) 1,535,000 1,410,581 
5.5% 8/31/26 (c) 4,160,000 3,876,267 
5.5% 4/1/28 (c) 4,905,000 4,475,813 
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (c) 630,000 555,975 
Voc Escrow Ltd. 5% 2/15/28 (c) 1,950,000 1,759,875 
  45,626,132 
Metals/Mining - 0.9%   
Eldorado Gold Corp. 6.25% 9/1/29 (c) 1,005,000 964,800 
ERO Copper Corp. 6.5% 2/15/30 (c) 4,410,000 3,957,137 
First Quantum Minerals Ltd. 6.875% 10/15/27 (c) 3,790,000 3,774,129 
HudBay Minerals, Inc. 4.5% 4/1/26 (c) 860,000 795,117 
Mineral Resources Ltd. 8.5% 5/1/30 (c) 1,400,000 1,382,500 
PMHC II, Inc. 9% 2/15/30 (c) 2,130,000 1,714,650 
  12,588,333 
Paper - 0.7%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 4% 9/1/29 (c) 1,165,000 998,440 
Clydesdale Acquisition Holdings, Inc. 6.625% 4/15/29 (c) 815,000 812,963 
Glatfelter Corp. 4.75% 11/15/29 (c) 1,385,000 1,108,000 
Intertape Polymer Group, Inc. 4.375% 6/15/29 (c) 3,450,000 3,549,636 
SPA Holdings 3 OY 4.875% 2/4/28 (c) 4,520,000 3,987,087 
  10,456,126 
Publishing/Printing - 0.1%   
News Corp. 5.125% 2/15/32 (c) 1,685,000 1,609,175 
Railroad - 0.3%   
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (c) 5,195,000 4,649,525 
Restaurants - 0.4%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (c) 2,680,000 2,290,998 
Yum! Brands, Inc. 4.625% 1/31/32 3,475,000 3,157,906 
  5,448,904 
Services - 6.0%   
ADT Corp. 4.125% 8/1/29 (c) 1,705,000 1,447,596 
Adtalem Global Education, Inc. 5.5% 3/1/28 (c) 4,346,000 3,990,171 
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) 1,835,000 1,518,463 
APX Group, Inc. 6.75% 2/15/27 (c) 1,280,000 1,268,800 
Aramark Services, Inc. 5% 2/1/28 (c) 5,060,000 4,718,703 
ASGN, Inc. 4.625% 5/15/28 (c) 2,280,000 2,118,120 
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (c) 2,559,000 2,245,523 
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (c) 9,795,000 9,022,762 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (c) 8,697,000 7,762,073 
CoreCivic, Inc.:   
4.75% 10/15/27 2,286,000 2,034,004 
8.25% 4/15/26 9,400,000 9,655,868 
Fair Isaac Corp. 4% 6/15/28 (c) 2,035,000 1,859,217 
Gartner, Inc.:   
3.625% 6/15/29 (c) 985,000 881,575 
3.75% 10/1/30 (c) 1,600,000 1,426,880 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) 9,121,000 9,096,373 
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (c) 5,185,000 4,865,863 
PowerTeam Services LLC 9.033% 12/4/25 (c) 840,000 795,014 
Service Corp. International:   
4% 5/15/31 2,505,000 2,254,500 
5.125% 6/1/29 2,272,000 2,241,164 
Sotheby's 7.375% 10/15/27 (c) 7,700,000 7,592,585 
The GEO Group, Inc. 6% 4/15/26 2,110,000 1,702,770 
TriNet Group, Inc. 3.5% 3/1/29 (c) 3,950,000 3,579,688 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) 5,967,000 5,802,908 
  87,880,620 
Steel - 0.3%   
Commercial Metals Co. 4.125% 1/15/30 1,640,000 1,492,400 
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) 2,955,000 2,659,500 
  4,151,900 
Super Retail - 1.7%   
Bath & Body Works, Inc.:   
5.25% 2/1/28 400,000 384,000 
6.625% 10/1/30 (c) 610,000 606,709 
6.694% 1/15/27 1,430,000 1,473,014 
Carvana Co.:   
4.875% 9/1/29 (c) 1,330,000 970,634 
5.5% 4/15/27 (c) 2,175,000 1,740,544 
5.625% 10/1/25 (c) 2,500,000 2,165,150 
5.875% 10/1/28 (c) 550,000 437,132 
10.25% 5/1/30 (c) 1,495,000 1,444,544 
EG Global Finance PLC:   
6.75% 2/7/25 (c) 3,560,000 3,460,142 
8.5% 10/30/25 (c) 6,085,000 6,085,000 
LBM Acquisition LLC 6.25% 1/15/29 (c) 2,315,000 1,883,831 
Levi Strauss & Co. 3.5% 3/1/31 (c) 2,235,000 1,933,275 
Wolverine World Wide, Inc. 4% 8/15/29 (c) 3,250,000 2,761,980 
  25,345,955 
Technology - 6.0%   
Acuris Finance U.S. 5% 5/1/28 (c) 5,520,000 5,050,800 
Arches Buyer, Inc.:   
4.25% 6/1/28 (c) 3,220,000 2,861,711 
6.125% 12/1/28 (c) 4,250,000 3,697,500 
Black Knight InfoServ LLC 3.625% 9/1/28 (c) 4,235,000 3,927,751 
Clarivate Science Holdings Corp.:   
3.875% 7/1/28 (c) 1,230,000 1,094,700 
4.875% 7/1/29 (c) 1,160,000 1,022,285 
CommScope, Inc.:   
4.75% 9/1/29 (c) 1,415,000 1,183,067 
6% 3/1/26 (c) 3,570,000 3,367,224 
7.125% 7/1/28 (c) 2,505,000 1,997,738 
8.25% 3/1/27 (c) 770,000 654,500 
Elastic NV 4.125% 7/15/29 (c) 4,035,000 3,611,325 
Entegris Escrow Corp. 4.75% 4/15/29 (c) 2,285,000 2,202,192 
Gartner, Inc. 4.5% 7/1/28 (c) 2,505,000 2,400,831 
II-VI, Inc. 5% 12/15/29 (c) 4,350,000 4,078,125 
ION Trading Technologies Ltd. 5.75% 5/15/28 (c) 5,095,000 4,770,194 
MicroStrategy, Inc. 6.125% 6/15/28 (c) 2,350,000 2,153,000 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) 2,385,000 2,444,625 
onsemi 3.875% 9/1/28 (c) 1,875,000 1,739,447 
Open Text Corp.:   
3.875% 2/15/28 (c) 2,815,000 2,563,856 
3.875% 12/1/29 (c) 3,970,000 3,527,980 
Rackspace Hosting, Inc.:   
3.5% 2/15/28 (c) 3,210,000 2,776,233 
5.375% 12/1/28 (c) 19,245,000 15,679,479 
Roblox Corp. 3.875% 5/1/30 (c) 4,200,000 3,612,000 
Sensata Technologies BV 4% 4/15/29 (c) 1,740,000 1,551,149 
TTM Technologies, Inc. 4% 3/1/29 (c) 6,735,000 5,893,125 
Twilio, Inc. 3.875% 3/15/31 1,270,000 1,091,527 
Uber Technologies, Inc. 8% 11/1/26 (c) 4,000,000 4,190,000 
  89,142,364 
Telecommunications - 9.6%   
Altice Financing SA:   
5% 1/15/28 (c) 5,930,000 4,949,949 
5.75% 8/15/29 (c) 13,650,000 11,500,262 
Altice France Holding SA 6% 2/15/28 (c) 6,520,000 5,387,150 
Altice France SA:   
5.125% 1/15/29 (c) 7,210,000 6,118,298 
5.125% 7/15/29 (c) 6,050,000 5,121,688 
5.5% 1/15/28 (c) 8,350,000 7,358,438 
5.5% 10/15/29 (c) 6,400,000 5,456,000 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) 20,054,000 19,402,245 
Cablevision Lightpath LLC:   
3.875% 9/15/27 (c) 765,000 672,726 
5.625% 9/15/28 (c) 605,000 518,412 
Consolidated Communications, Inc. 5% 10/1/28 (c) 930,000 759,996 
Frontier Communications Holdings LLC:   
5% 5/1/28 (c) 7,905,000 7,213,668 
5.875% 10/15/27 (c) 2,830,000 2,709,725 
5.875% 11/1/29 3,685,000 3,199,041 
6% 1/15/30 (c) 2,115,000 1,840,240 
6.75% 5/1/29 (c) 3,940,000 3,550,334 
Intelsat Jackson Holdings SA 6.5% 3/15/30 (c) 3,350,000 3,153,992 
Level 3 Financing, Inc.:   
3.625% 1/15/29 (c) 565,000 458,531 
4.25% 7/1/28 (c) 6,130,000 5,179,850 
Lumen Technologies, Inc.:   
4.5% 1/15/29 (c) 7,680,000 6,068,352 
5.125% 12/15/26 (c) 3,255,000 2,929,500 
Millicom International Cellular SA 4.5% 4/27/31 (c) 2,550,000 2,197,781 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 6% 2/15/28 (c) 560,000 468,552 
Sable International Finance Ltd. 5.75% 9/7/27 (c) 748,000 736,548 
SBA Communications Corp. 3.125% 2/1/29 1,630,000 1,398,133 
Sprint Capital Corp.:   
6.875% 11/15/28 2,010,000 2,206,156 
8.75% 3/15/32 2,935,000 3,729,871 
Telecom Italia Capital SA:   
6% 9/30/34 3,032,000 2,648,331 
7.2% 7/18/36 1,449,000 1,307,091 
7.721% 6/4/38 400,000 375,500 
Uniti Group, Inc. 6% 1/15/30 (c) 6,360,000 5,303,890 
Virgin Media Secured Finance PLC 4.5% 8/15/30 (c) 2,980,000 2,586,223 
VMED O2 UK Financing I PLC 4.25% 1/31/31 (c) 3,745,000 3,164,263 
Windstream Escrow LLC 7.75% 8/15/28 (c) 8,570,000 8,162,925 
Zayo Group Holdings, Inc.:   
4% 3/1/27 (c) 2,600,000 2,262,000 
6.125% 3/1/28 (c) 1,755,000 1,469,813 
  141,565,474 
Textiles/Apparel - 0.3%   
Foot Locker, Inc. 4% 10/1/29 (c) 4,100,000 3,413,250 
Kontoor Brands, Inc. 4.125% 11/15/29 (c) 580,000 503,150 
  3,916,400 
Transportation Ex Air/Rail - 0.5%   
Golar LNG Ltd. 7% 10/20/25 (c) 1,690,000 1,688,204 
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (c) 1,020,000 953,700 
Seaspan Corp. 5.5% 8/1/29 (c) 5,095,000 4,496,338 
  7,138,242 
Utilities - 3.2%   
Clearway Energy Operating LLC 3.75% 2/15/31 (c) 1,750,000 1,505,000 
Global Partners LP/GLP Finance Corp. 7% 8/1/27 4,632,000 4,527,780 
InterGen NV 7% 6/30/23 (c) 10,532,000 10,268,700 
NRG Energy, Inc.:   
3.375% 2/15/29 (c) 2,360,000 2,000,100 
5.25% 6/15/29 (c) 2,565,000 2,415,897 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (c) 1,792,411 1,832,740 
PG&E Corp.:   
5% 7/1/28 4,670,000 4,297,287 
5.25% 7/1/30 7,280,000 6,615,991 
Pike Corp. 5.5% 9/1/28 (c) 9,627,000 8,736,503 
Vistra Operations Co. LLC:   
5% 7/31/27 (c) 3,349,000 3,189,923 
5.625% 2/15/27 (c) 2,465,000 2,428,025 
  47,817,946 
TOTAL NONCONVERTIBLE BONDS  1,303,552,032 
TOTAL CORPORATE BONDS   
(Cost $1,448,542,402)  1,326,996,942 
 Shares Value 
Common Stocks - 3.3%   
Cable/Satellite TV - 0.1%   
Altice U.S.A., Inc. Class A (e) 105,200 976,256 
Energy - 1.5%   
California Resources Corp. warrants 10/27/24 (e) 2,871 34,380 
Jonah Energy Parent LLC (b)(e) 148,945 10,043,361 
Mesquite Energy, Inc. (b)(e) 149,356 8,328,106 
New Fortress Energy, Inc. 57,500 2,229,850 
Pioneer Natural Resources Co. 6,200 1,441,314 
TOTAL ENERGY  22,077,011 
Food & Drug Retail - 1.5%   
Southeastern Grocers, Inc. (a)(b)(e) 963,443 22,660,158 
Gaming - 0.1%   
Caesars Entertainment, Inc. (e) 22,400 1,484,672 
Metals/Mining - 0.0%   
Elah Holdings, Inc. (e) 333 24,975 
Telecommunications - 0.0%   
GTT Communications, Inc. rights (b)(e) 160,059 160,059 
Utilities - 0.1%   
EQT Corp. 43,200 1,717,200 
TOTAL COMMON STOCKS   
(Cost $20,144,856)  49,100,331 
 Principal Amount Value 
Bank Loan Obligations - 3.8%   
Broadcasting - 0.2%   
Diamond Sports Group LLC:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (f)(g)(h) 1,975,370 2,004,685 
2LN, term loan 3 month U.S. LIBOR + 3.250% 3.6555% 8/24/26 (f)(g)(h) 4,485,755 1,485,906 
TOTAL BROADCASTING  3,490,591 
Building Materials - 0.1%   
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (f)(g)(h) 2,154,148 1,787,943 
Chemicals - 0.3%   
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.0287% 5/7/25 (b)(f)(g)(h) 2,747,504 2,685,685 
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 11/9/28 (f)(g)(h) 2,064,825 2,021,980 
TOTAL CHEMICALS  4,707,665 
Consumer Products - 0.1%   
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 4/15/28 (f)(g)(h) 1,636,754 1,488,939 
Energy - 0.3%   
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 2/6/25 (f)(g)(h) 2,388,718 2,334,972 
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.006% 2/6/25 (f)(g)(h) 1,603,299 1,567,225 
Mesquite Energy, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(d)(g)(h) 2,735,146 0 
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(d)(g)(h) 1,217,000 0 
TOTAL ENERGY  3,902,197 
Gaming - 0.3%   
Fertitta Entertainment LLC NV Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.7004% 1/27/29 (f)(g)(h) 4,805,276 4,779,856 
Healthcare - 0.6%   
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 12/13/26 (f)(g)(h) 129,342 128,938 
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 10/1/27 (f)(g)(h) 6,914,975 6,884,756 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.5% 6/13/26 (f)(g)(h) 2,148,070 1,895,672 
TOTAL HEALTHCARE  8,909,366 
Insurance - 0.3%   
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.2132% 4/25/25 (f)(g)(h) 4,410,648 4,350,001 
Leisure - 0.4%   
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.5983% 7/21/28 (f)(g)(h) 5,122,163 4,978,127 
Paper - 0.1%   
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 4.7834% 3/30/29 (f)(g)(h) 1,025,000 1,010,783 
Services - 0.2%   
Ascend Learning LLC:   
2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (f)(g)(h) 225,000 221,906 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/10/28 (f)(g)(h) 2,264,325 2,234,798 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.3964% 6/21/24 (f)(g)(h) 344,097 326,266 
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (f)(g)(h) 242,463 240,240 
TOTAL SERVICES  3,023,210 
Super Retail - 0.2%   
LBM Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (f)(g)(h) 3,162,121 2,977,674 
Technology - 0.1%   
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 4/4/26 (f)(g)(h) 1,621,684 1,557,222 
Telecommunications - 0.5%   
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.25% 5/31/25 (f)(g)(h) 6,203,519 5,029,627 
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.3013% 4/30/27 (f)(g)(h) 2,465,100 2,422,996 
TOTAL TELECOMMUNICATIONS  7,452,623 
Utilities - 0.1%   
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.8125% 6/23/25 (f)(g)(h) 1,317,483 1,298,551 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $61,002,022)  55,714,748 
 Shares Value 
Other - 0.3%   
Other - 0.3%   
Fidelity Direct Lending Fund, LP (a)(i)   
(Cost $4,615,889) 461,562 4,620,231 
Money Market Funds - 3.3%   
Fidelity Cash Central Fund 0.32% (j)   
(Cost $49,396,894) 49,387,017 49,396,894 
TOTAL INVESTMENT IN SECURITIES - 100.7%   
(Cost $1,583,702,063)  1,485,829,146 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (10,947,348) 
NET ASSETS - 100%  $1,474,881,798 

Legend

 (a) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $42,779,377 or 2.9% of net assets.

 (b) Level 3 security

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,117,289,134 or 75.8% of net assets.

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

 (e) Non-income producing

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

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

 (h) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

 (i) Affiliated Fund

 (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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Fidelity Direct Lending Fund, LP 12/9/21 - 4/29/22 $4,615,889 
Mesquite Energy, Inc. 15% 7/15/23 7/10/20 - 1/18/22 $1,175,827 
Mesquite Energy, Inc. 15% 7/15/23 11/5/20 - 1/18/22 $2,028,327 
Southeastern Grocers, Inc. 6/1/18 $6,776,820 

Affiliated Central Funds

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

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $23,827,446 $551,112,385 $525,542,937 $30,132 $-- $-- $49,396,894 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 28,726,030 28,726,030 50,889 -- -- -- 0.0% 
Total $23,827,446 $579,838,415 $554,268,967 $81,021 $-- $-- $49,396,894  

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.

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur, and are excluded from purchases and sales below if applicable. If an underlying Fund changes its name, the name presented below is the name in effect at period end.

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Fidelity Direct Lending Fund, LP $-- $4,615,889 $-- $77,329 $-- $4,342 $4,620,231 
Total $-- $4,615,889 $-- $77,329 $-- $4,342 $4,620,231 

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 April 30, 2022, 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.

Amounts in this Investment Valuation section exclude the value of Fidelity Direct Lending Fund, LP as presented in the Schedule of Investments. Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $976,256 $976,256 $-- $-- 
Consumer Discretionary 1,484,672 1,484,672 -- -- 
Consumer Staples 22,660,158 -- -- 22,660,158 
Energy 23,794,211 5,422,744 -- 18,371,467 
Information Technology 160,059 -- -- 160,059 
Materials 24,975 24,975 -- -- 
Corporate Bonds 1,326,996,942 -- 1,311,497,953 15,498,989 
Bank Loan Obligations 55,714,748 -- 53,029,063 2,685,685 
Money Market Funds 49,396,894 49,396,894 -- -- 
Total Investments in Securities: $1,481,208,915 $57,305,541 $1,364,527,016 $59,376,358 

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

Investments in Securities:  
Equities - Consumer Staples  
Beginning Balance $29,233,057 
Net Realized Gain (Loss) on Investment Securities 15,562,336 
Net Unrealized Gain (Loss) on Investment Securities (66,485) 
Cost of Purchases -- 
Proceeds of Sales (22,068,750) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $22,660,158 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(66,485) 
Equities - Energy  
Beginning Balance $5,517,026 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 12,854,441 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $18,371,467 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $12,854,441 
Corporate Bonds  
Beginning Balance $6,209,122 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 8,950,936 
Cost of Purchases 338,931 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $15,498,989 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $8,950,936 
Other Investments in Securities  
Beginning Balance $-- 
Net Realized Gain (Loss) on Investment Securities 2,591 
Net Unrealized Gain (Loss) on Investment Securities (6,585) 
Cost of Purchases 4,172,184 
Proceeds of Sales (1,340,696) 
Amortization/Accretion 18,250 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $2,845,744 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(6,585) 

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. Cost of purchases and proceeds of sales may include securities received and/or delivered through 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.

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,529,689,280) 		$1,431,812,021  
Fidelity Central Funds (cost $49,396,894) 49,396,894  
Other affiliated issuers (cost $4,615,889) 4,620,231  
Total Investment in Securities (cost $1,583,702,063)  $1,485,829,146 
Cash  38,734 
Receivable for investments sold  8,899,125 
Receivable for fund shares sold  291,515 
Dividends receivable  18,955 
Interest receivable  21,152,984 
Distributions receivable from Fidelity Central Funds  8,764 
Receivable from investment adviser for expense reductions  221,795 
Total assets  1,516,461,018 
Liabilities   
Payable for investments purchased $16,226,998  
Payable for fund shares redeemed 25,348,700  
Other payables and accrued expenses 3,522  
Total liabilities  41,579,220 
Net Assets  $1,474,881,798 
Net Assets consist of:   
Paid in capital  $1,880,840,489 
Total accumulated earnings (loss)  (405,958,691) 
Net Assets  $1,474,881,798 
Net Asset Value, offering price and redemption price per share ($1,474,881,798 ÷ 168,789,392 shares)  $8.74 

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


Statement of Operations

  Year ended April 30, 2022 
Investment Income   
Dividends (including $77,329 earned from other affiliated issuers)  $5,758,848 
Interest  84,724,449 
Income from Fidelity Central Funds (including $50,889 from security lending)  81,021 
Total income  90,564,318 
Expenses   
Custodian fees and expenses $14,993  
Independent trustees' fees and expenses 5,875  
Legal 327,735  
Interest 171  
Total expenses before reductions 348,774  
Expense reductions (293,055)  
Total expenses after reductions  55,719 
Net investment income (loss)  90,508,599 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 38,259,087  
Total net realized gain (loss)  38,259,087 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (160,203,263)  
Affiliated issuers 4,342  
Total change in net unrealized appreciation (depreciation)  (160,198,921) 
Net gain (loss)  (121,939,834) 
Net increase (decrease) in net assets resulting from operations  $(31,431,235) 

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


Statement of Changes in Net Assets

 Year ended April 30, 2022 Year ended April 30, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $90,508,599 $89,723,670 
Net realized gain (loss) 38,259,087 (17,053,970) 
Change in net unrealized appreciation (depreciation) (160,198,921) 173,080,281 
Net increase (decrease) in net assets resulting from operations (31,431,235) 245,749,981 
Distributions to shareholders (90,722,492) (87,911,658) 
Share transactions   
Proceeds from sales of shares 116,542,416 193,704,383 
Reinvestment of distributions 90,722,337 87,889,133 
Cost of shares redeemed (312,390,348) (228,803,181) 
Net increase (decrease) in net assets resulting from share transactions (105,125,595) 52,790,335 
Total increase (decrease) in net assets (227,279,322) 210,628,658 
Net Assets   
Beginning of period 1,702,161,120 1,491,532,462 
End of period $1,474,881,798 $1,702,161,120 
Other Information   
Shares   
Sold 12,377,370 20,674,510 
Issued in reinvestment of distributions 9,668,837 9,528,963 
Redeemed (33,519,693) (24,690,325) 
Net increase (decrease) (11,473,486) 5,513,148 

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


Financial Highlights

Fidelity Series High Income Fund

      
Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.44 $8.54 $9.50 $9.56 $9.68 
Income from Investment Operations      
Net investment income (loss)A,B .510 .513 .577 .607 .623 
Net realized and unrealized gain (loss) (.699) .890 (.935) (.051) (.141) 
Total from investment operations (.189) 1.403 (.358) .556 .482 
Distributions from net investment income (.511) (.503) (.598) (.616) (.602) 
Distributions from net realized gain – – (.004) – – 
Total distributions (.511) (.503) (.602) (.616) (.602) 
Net asset value, end of period $8.74 $9.44 $8.54 $9.50 $9.56 
Total ReturnC (2.24)% 16.72% (4.11)% 6.12% 5.08% 
Ratios to Average Net AssetsB,D,E      
Expenses before reductions .02% - %F - %F - %F .06% 
Expenses net of fee waivers, if any - %F - %F - %F - %F .05% 
Expenses net of all reductions - %F - %F - %F - %F .05% 
Net investment income (loss) 5.42% 5.58% 6.20% 6.44% 6.44% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,474,882 $1,702,161 $1,491,532 $1,510,741 $2,883,805 
Portfolio turnover rateG 49% 68% 41%H 69% 49% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

 F Amount represents less than .005%.

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

 H 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

For the period ended April 30, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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

3. Investment in Fidelity Direct Lending Fund, LP.

The Fund invests in Fidelity Direct Lending Fund, LP, which is a limited partnership available only to certain investment companies managed by the investment adviser and its affiliates. The Fund's limited partnership interest is not registered under the Securities Act of 1933, and is subject to substantial restrictions on transfer. The Fund has no redemption rights under the partnership agreement. There will be no trading market for the partnership interest, and the Fund most likely will hold its shares until Fidelity Direct Lending Fund, LP converts by operation of law to a Delaware corporation, trust, or other limited liability entity and (i) registers as a closed-end management investment company under the 1940 Act or (ii) elects to be treated as a business development company under the 1940 Act.

Based on its investment objective, Fidelity Direct Lending Fund, LP may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Direct Lending Fund, LP and thus a decline in the value of the Fund. The Fidelity Direct Lending Fund, LP intends to invest primarily in direct loans made to private U.S. companies, specifically small- and middle-market companies.

The Schedule of Investments lists Fidelity Direct Lending Fund, LP as an investment as of period end, but does not include the underlying holdings of Fidelity Direct Lending Fund, LP. Fidelity Direct Lending Fund, LP represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Direct Lending Fund, LP, which commenced operations on December 8, 2021. The annual expense ratio for Fidelity Direct Lending Fund, LP is estimated to be a maximum of .20%.

4. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies.

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $41,191,684 Market approach Liquidation preference $1.00 Increase 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 – 3.8 / 3.2 Increase 
   Book value multiple 1.0 Increase 
   Discount rate 10.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Comparable sales – land ($/Acre) $5,500.00 - $6,000.00 / $5,773.34 Increase 
   Daily production multiple ($/Million cubic feet per day) $2,500.00 Increase 
   Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
  Discounted cash flow Weighted average cost of capital (WACC) 8.9% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Growth rate 1.5% Increase 
Corporate Bonds $15,498,989 Recovery value Recovery value $0.00 Increase 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 Increase 
   Book value multiple 1.0
 		Increase 
   Discount rate 10.0%
 		Decrease
 
   Discount for lack of marketability 10.0%
 		Decrease
 
   Comparable sales – land ($/Acre) $5,500.00 Increase 
   Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
Bank Loan Obligations $2,685,685 Indicative market price Evaluated bid $97.75 Increase
 
  Recovery value Recovery value $0.00 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 April 30, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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, prior period premium and discount on debt securities, 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 $52,360,436 
Gross unrealized depreciation (145,191,873) 
Net unrealized appreciation (depreciation) $(92,831,437) 
Tax Cost $1,578,660,583 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $2,156,502 
Capital loss carryforward $(315,283,758) 
Net unrealized appreciation (depreciation) on securities and other investments $(92,831,437) 

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

Short-term $(30,226,419) 
Long-term (285,057,339) 
Total capital loss carryforward $(315,283,758) 

The tax character of distributions paid was as follows:

 April 30, 2022 April 30, 2021 
Ordinary Income $90,722,492 $ 87,911,658 

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

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

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.

 Investment to be Acquired Commitment Amount 
Fidelity Series High Income Fund Fidelity Direct Lending Fund, LP $12,384,111 

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Series High Income Fund 790,509,985 861,181,094 

6. Fees and Other Transactions with Affiliates.

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

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

 Amount 
Fidelity Series High Income Fund $63 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Series High Income Fund Borrower $7,551,500 .41% $171 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Series High Income Fund 7,495 – – 

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Series High Income Fund $5,404 $– $– 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through August 31, 2025. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $292,639.

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 $416.

10. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, 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.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Series High Income Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Series High Income Fund (the "Fund"), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 15, 2022


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 324 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Series High Income Fund - %-C    
Actual  $1,000.00 $942.00 $--D 
Hypothetical-E  $1,000.00 $1,024.79 $--D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund designates $85,612,365 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

FSH-ANN-0622
1.924270.111

Fidelity® Global High Income Fund



Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended April 30, 2022 Past 1 year Past 5 years Past 10 years 
Class A (incl. 4.00% sales charge) (11.33)% 1.70% 3.70% 
Class M (incl. 4.00% sales charge) (11.33)% 1.70% 3.69% 
Class C (incl. contingent deferred sales charge) (9.21)% 1.77% 3.50% 
Fidelity® Global High Income Fund (7.40)% 2.79% 4.39% 
Class I (7.40)% 2.79% 4.39% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Global High Income Fund, a class of the fund, on April 30, 2012.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® Global High Yield and Emerging Markets Plus Index performed over the same period.


Period Ending Values
$15,368Fidelity® Global High Income Fund
$14,254ICE® BofA® Global High Yield and Emerging Markets Plus Index

Management's Discussion of Fund Performance

Market Recap:  Global high-yield bonds returned -9.40% for the 12 months ending April 30, 2022, as measured by the Fidelity Global High Income Composite IndexSM, amid several headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was accelerated plans among some central banks to hike interest rates and aggressively wind down extraordinary monetary policy support in attempts to rein in high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing the asset class included surging global commodity prices, rising sovereign bond yields in some markets, global supply constraint and disruption, a broadly strong U.S. dollar, and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, U.S. high-yield bonds and emerging-markets debt fared best, with the ICE BofA® US High Yield Constrained Index and the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified returning -4.96% and -9.70%, respectively. Europe returned -18.09%, as measured by the ICE BofA® Euro High Yield Constrained Index. Meanwhile, Asian high-yield bonds fell the most, returning -31.43%, according to the ICE BofA® Asian Dollar High Yield Corporate Constrained Index, due to concerns about China’s property market and slowing growth.

Comments from Co-Portfolio Manager Harley Lank:  For the fiscal year, the fund's share classes (excluding sales charges, if applicable) returned about -7% to -8%, topping the -9.40% result of the Composite index. Security selection among all four of the fund's regional subportfolios contributed to performance versus the Composite index the past 12 months, led by U.S. high yield. Here, security selection among energy issuers was the big driver, specifically our holdings in formerly distressed oil & gas exploration companies that have gone through a restructuring, including EP Energy (+88%), Chesapeake Energy (+88%) and California Resources (+72%). These non-Composite securities benefited from the surge in energy prices. In the Asian high-yield subportfolio, we were helped the most by our picks in China, where we reduced the sleeve's exposure as we became more concerned about this market’s challenging regulatory backdrop. Among emerging-markets debt issuers, security selection in Russia and Mexico were helpful. Lastly, choices in Germany led the European high-yield sleeve. Meanwhile, asset allocation detracted from our relative result, due to our decision to overweight Asian high yield. Yield spreads were historically high in this asset class, which we thought boosted the potential for a higher return. However, Asian high yield underperformed the past 12 months.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Bond Issuers as of April 30, 2022

(by issuer, excluding cash equivalents) % of fund's net assets 
German Federal Republic 1.4 
Occidental Petroleum Corp. 1.4 
CSC Holdings LLC 1.2 
Citigroup, Inc. 1.1 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 1.1 
Altice France SA 1.0 
Community Health Systems, Inc. 1.0 
Tenet Healthcare Corp. 0.9 
CCO Holdings LLC/CCO Holdings Capital Corp. 0.9 
InterGen NV 0.8 
 10.8 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 55.1% 
   Luxembourg 4.7% 
   Netherlands 3.8% 
   Cayman Islands 3.7% 
   United Kingdom 3.1% 
   Canada 2.9% 
   France 2.6% 
   British Virgin Islands 2.4% 
   Germany 2.2% 
   Other 19.5% 


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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Top Five Market Sectors as of April 30, 2022

 % of fund's net assets 
Energy 14.5 
Telecommunications 8.4 
Healthcare 6.5 
Banks & Thrifts 6.1 
Technology 5.5 

Quality Diversification (% of fund's net assets)

As of April 30, 2022 
   AAA,AA,A 0.6% 
   BBB 5.4% 
   BB 37.9% 
   B 33.8% 
   CCC,CC,C 10.4% 
   D 0.1% 
   Not Rated 4.4% 
   Equities 2.5% 
   Short-Term Investments and Net Other Assets 4.9% 


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 April 30, 2022 * 
   Corporate Bonds 82.7% 
   Government Obligations 1.7% 
   Stocks 2.5% 
   Preferred Securities 5.4% 
   Other Investments 2.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.9% 


* Foreign investments - 44.9%

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Corporate Bonds - 82.7%   
 Principal Amount(a) Value 
Convertible Bonds - 1.6%   
Banks & Thrifts - 0.3%   
Citigroup Global Markets Funding Luxembourg SCA 0% 7/25/24 (Reg. S) HKD$2,000,000 $274,372 
Broadcasting - 0.7%   
DISH Network Corp.:   
2.375% 3/15/24 120,000 111,540 
3.375% 8/15/26 646,000 553,945 
  665,485 
Diversified Financial Services - 0.1%   
New Cotai LLC 5% 2/24/27 (b) 144,457 142,435 
Energy - 0.4%   
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) 27,566 142,241 
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) 47,694 221,777 
  364,018 
Telecommunications - 0.1%   
Cellnex Telecom SA 0.75% 11/20/31 (Reg. S) EUR100,000 88,527 
TOTAL CONVERTIBLE BONDS  1,534,837 
Nonconvertible Bonds - 81.1%   
Aerospace - 1.5%   
Allegheny Technologies, Inc.:   
4.875% 10/1/29 35,000 31,847 
5.125% 10/1/31 25,000 22,582 
5.875% 12/1/27 70,000 67,550 
Bombardier, Inc.:   
6% 2/15/28 (d) 110,000 95,150 
7.125% 6/15/26 (d) 100,000 92,000 
7.5% 12/1/24 (d) 78,000 77,610 
7.5% 3/15/25 (d) 138,000 133,860 
7.875% 4/15/27 (d) 260,000 242,208 
Embraer Netherlands Finance BV 5.05% 6/15/25 75,000 73,931 
Moog, Inc. 4.25% 12/15/27 (d) 20,000 18,625 
Rolls-Royce PLC 5.75% 10/15/27 (d) 55,000 53,011 
TransDigm, Inc.:   
4.875% 5/1/29 200,000 175,250 
5.5% 11/15/27 335,000 306,525 
Wesco Aircraft Holdings, Inc. 8.5% 11/15/24 (d) 45,000 25,020 
  1,415,169 
Air Transportation - 0.8%   
Air Canada 3.875% 8/15/26 (d) 135,000 124,831 
Azul Investments LLP 5.875% 10/26/24 (d) 200,000 178,225 
Deutsche Lufthansa AG 2.875% 5/16/27 (Reg. S) EUR100,000 93,363 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d) 55,000 53,633 
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) 55,000 56,099 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) 38,896 41,075 
United Airlines, Inc.:   
4.375% 4/15/26 (d) 80,000 77,240 
4.625% 4/15/29 (d) 80,000 73,400 
Western Global Airlines LLC 10.375% 8/15/25 (d) 60,000 61,523 
  759,389 
Automotive - 0.2%   
Ford Motor Credit Co. LLC 3.625% 6/17/31 200,000 166,250 
Automotive & Auto Parts - 1.9%   
Albion Financing 1 SARL 5.25% 10/15/26 (Reg. S) EUR119,000 118,917 
Dana, Inc. 4.25% 9/1/30 40,000 34,288 
Faurecia SA:   
2.375% 6/15/29 (Reg. S) EUR100,000 84,923 
2.75% 2/15/27 (Reg. S) EUR136,000 125,472 
Ford Motor Co. 3.25% 2/12/32 140,000 113,750 
Ford Motor Credit Co. LLC:   
2.9% 2/16/28 50,000 43,000 
3.087% 1/9/23 200,000 200,176 
3.25% 9/15/25 EUR100,000 103,217 
5.125% 6/16/25 170,000 169,575 
Jaguar Land Rover Automotive PLC 6.875% 11/15/26 (Reg. S) EUR100,000 103,017 
LCM Investments Holdings 4.875% 5/1/29 (d) 70,000 61,342 
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) 45,000 42,405 
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d) 25,000 23,063 
Real Hero Merger Sub 2 6.25% 2/1/29 (d) 20,000 16,221 
Renault SA 2.5% 4/1/28 (Reg. S) EUR100,000 88,794 
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 7.1766% 10/15/26 (d)(e)(f) 305,000 294,325 
Thor Industries, Inc. 4% 10/15/29 (d) 100,000 84,511 
Winnebago Industries, Inc. 6.25% 7/15/28 (d) 45,000 44,663 
ZF Finance GmbH 2% 5/6/27 (Reg. S) EUR100,000 90,198 
  1,841,857 
Banks & Thrifts - 2.7%   
Access Bank PLC 6.125% 9/21/26 (d) 200,000 186,850 
Ally Financial, Inc.:   
8% 11/1/31 155,000 181,418 
8% 11/1/31 188,000 223,648 
Banca Monte dei Paschi di Siena SpA 5.375% 1/18/28 (e) EUR100,000 66,462 
Banco Comercial Portugues SA:   
1.75% 4/7/28 (Reg. S) (e) EUR100,000 89,936 
4% 5/17/32 (Reg. S) (e) EUR100,000 92,596 
Banco de Credito Social Cooperativo SA 5.25% 11/27/31 (Reg. S) (e) EUR100,000 100,505 
Banco de Reservas de La Republica Dominicana 7% 2/1/23 (d) 150,000 151,875 
Banco de Sabadell SA 5.625% 5/6/26 (Reg. S) EUR100,000 110,897 
BankMuscat SAOG 4.75% 3/17/26 (Reg. S) 200,000 199,750 
BBVA Bancomer SA Texas Branch 6.75% 9/30/22 (d) 25,000 25,250 
Cliffton Ltd. 6.25% 10/25/25 (Reg. S) 250,000 236,250 
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) 250,000 230,575 
Industrial Senior Trust 5.5% 11/1/22 (d) 200,000 200,665 
Mongolian Mortgage Corp. HFC LLC 8.85% 2/8/24 (Reg. S) 200,000 176,022 
TBC Bank JSC 5.75% 6/19/24 (d) 200,000 191,000 
VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (d) 130,000 113,448 
  2,577,147 
Broadcasting - 1.5%   
Cable Onda SA 4.5% 1/30/30 (d) 200,000 186,215 
Clear Channel Outdoor Holdings, Inc.:   
7.5% 6/1/29 (d) 75,000 70,778 
7.75% 4/15/28 (d) 35,000 32,988 
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) 70,000 25,900 
Gray Escrow II, Inc. 5.375% 11/15/31 (d) 90,000 77,576 
Nexstar Broadcasting, Inc. 5.625% 7/15/27 (d) 75,000 72,985 
Scripps Escrow II, Inc.:   
3.875% 1/15/29 (d) 50,000 44,445 
5.375% 1/15/31 (d) 25,000 22,253 
Scripps Escrow, Inc. 5.875% 7/15/27 (d) 60,000 57,300 
Sirius XM Radio, Inc.:   
4% 7/15/28 (d) 315,000 284,681 
4.125% 7/1/30 (d) 175,000 153,666 
Summer (BC) Holdco B SARL 5.75% 10/31/26 (Reg. S) EUR100,000 103,962 
TEGNA, Inc. 5% 9/15/29 85,000 82,450 
TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) (g) 200,000 127,475 
Univision Communications, Inc. 6.625% 6/1/27 (d) 110,000 110,275 
  1,452,949 
Building Materials - 1.4%   
Advanced Drain Systems, Inc. 5% 9/30/27 (d) 315,000 304,369 
CEMEX S.A.B. de CV 5.45% 11/19/29 (d) 200,000 191,610 
Dar Al-Arkan Sukuk Co. Ltd. 6.875% 3/21/23 (Reg. S) 200,000 203,413 
James Hardie International Finance Ltd. 3.625% 10/1/26 (Reg. S) EUR100,000 104,760 
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d) 20,000 17,300 
PGT Innovations, Inc. 4.375% 10/1/29 (d) 365,000 320,262 
SRS Distribution, Inc.:   
4.625% 7/1/28 (d) 55,000 50,353 
6% 12/1/29 (d) 55,000 48,263 
6.125% 7/1/29 (d) 30,000 26,474 
Victors Merger Corp. 6.375% 5/15/29 (d) 100,000 60,000 
  1,326,804 
Cable/Satellite TV - 3.2%   
Altice France Holding SA 8% 5/15/27 (d) EUR175,000 186,979 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.25% 2/1/31 (d) 100,000 84,280 
4.25% 1/15/34 (d) 115,000 91,425 
4.5% 8/15/30 (d) 195,000 170,138 
4.5% 6/1/33 (d) 120,000 98,174 
5.125% 5/1/27 (d) 425,000 414,282 
CSC Holdings LLC:   
3.375% 2/15/31 (d) 175,000 136,672 
4.5% 11/15/31 (d) 65,000 53,389 
4.625% 12/1/30 (d) 75,000 57,375 
5% 11/15/31 (d) 65,000 50,266 
5.375% 2/1/28 (d) 255,000 234,124 
5.5% 4/15/27 (d) 115,000 111,024 
5.75% 1/15/30 (d) 100,000 83,000 
6.5% 2/1/29 (d) 165,000 156,750 
7.5% 4/1/28 (d) 230,000 212,026 
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (d) 80,000 75,300 
DISH DBS Corp.:   
5% 3/15/23 250,000 247,670 
5.25% 12/1/26 (d) 45,000 41,317 
5.75% 12/1/28 (d) 45,000 40,252 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
4.5% 9/15/26 (d) 150,000 138,134 
6.5% 9/15/28 (d) 110,000 96,800 
Ziggo Bond Co. BV:   
3.375% 2/28/30 (Reg. S) EUR100,000 87,910 
5.125% 2/28/30 (d) 35,000 30,363 
6% 1/15/27 (d) 160,000 156,800 
Ziggo BV 4.875% 1/15/30 (d) 50,000 44,313 
  3,098,763 
Chemicals - 2.7%   
CF Industries Holdings, Inc.:   
5.15% 3/15/34 45,000 46,462 
5.375% 3/15/44 80,000 81,153 
Consolidated Energy Finance SA 6.5% 5/15/26 (d) 95,000 97,019 
CVR Partners LP 6.125% 6/15/28 (d) 90,000 88,200 
ENN Clean Energy International Investment Ltd.:   
3.375% 5/12/26 (d) 200,000 184,354 
3.375% 5/12/26 (Reg. S) 200,000 184,354 
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (d)(e) 185,000 179,450 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.:   
5% 12/31/26 (d) 10,000 8,850 
7% 12/31/27 (d) 15,000 11,850 
LSB Industries, Inc. 6.25% 10/15/28 (d) 20,000 19,599 
MEGlobal Canada, Inc. 5% 5/18/25 (d) 200,000 203,225 
NOVA Chemicals Corp. 4.25% 5/15/29 (d) 75,000 64,875 
OCP SA:   
3.75% 6/23/31 (d) 200,000 168,980 
4.5% 10/22/25 (d) 200,000 199,600 
Sasol Financing U.S.A. LLC 4.375% 9/18/26 200,000 186,000 
SCIH Salt Holdings, Inc.:   
4.875% 5/1/28 (d) 70,000 60,518 
6.625% 5/1/29 (d) 45,000 35,895 
The Chemours Co. LLC:   
4.625% 11/15/29 (d) 70,000 60,638 
5.375% 5/15/27 240,000 231,600 
5.75% 11/15/28 (d) 245,000 229,688 
Tronox, Inc. 4.625% 3/15/29 (d) 55,000 49,088 
Valvoline, Inc. 4.25% 2/15/30 (d) 45,000 39,038 
W.R. Grace Holding LLC:   
4.875% 6/15/27 (d) 70,000 65,814 
5.625% 8/15/29 (d) 70,000 59,633 
  2,555,883 
Consumer Products - 1.5%   
B2W Digital Lux SARL 4.375% 12/20/30 (d) 200,000 165,350 
Central Garden & Pet Co. 4.125% 10/15/30 35,000 30,255 
Ferrellgas LP/Ferrellgas Finance Corp.:   
5.375% 4/1/26 (d) 45,000 40,725 
5.875% 4/1/29 (d) 45,000 39,271 
Gannett Holdings LLC 6% 11/1/26 (d) 45,000 40,950 
Kernel Holding SA 6.75% 10/27/27 (d) 100,000 52,500 
Macy's Retail Holdings LLC:   
5.875% 3/15/30 (d) 30,000 28,151 
6.125% 3/15/32 (d) 35,000 32,375 
Mattel, Inc. 3.375% 4/1/26 (d) 20,000 19,450 
Meituan 2.125% 10/28/25 (d) 200,000 178,260 
Michaels Companies, Inc.:   
5.25% 5/1/28 (d) 65,000 55,862 
7.875% 5/1/29 (d) 95,000 74,813 
Natura Cosmeticos SA 4.125% 5/3/28 (d) 200,000 178,720 
PetSmart, Inc. / PetSmart Finance Corp. 7.75% 2/15/29 (d) 75,000 74,625 
Prosus NV 4.027% 8/3/50 (d) 200,000 138,000 
SIG PLC 5.25% 11/30/26 (Reg. S) EUR112,000 113,310 
Tempur Sealy International, Inc.:   
3.875% 10/15/31 (d) 75,000 62,144 
4% 4/15/29 (d) 60,000 51,976 
The Scotts Miracle-Gro Co. 4% 4/1/31 40,000 32,900 
TKC Holdings, Inc. 10.5% 5/15/29 (d) 75,000 72,188 
  1,481,825 
Containers - 0.5%   
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(e) 70,000 58,800 
Ball Corp. 4.875% 3/15/26 85,000 85,000 
Berry Global, Inc. 4.875% 7/15/26 (d) 40,000 39,754 
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) 30,000 27,050 
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) 35,000 30,686 
Schoeller Packaging BV 6.375% 11/1/24 (Reg. S) EUR200,000 204,660 
Trivium Packaging Finance BV 5.5% 8/15/26 (d) 40,000 38,650 
  484,600 
Diversified Financial Services - 3.8%   
Broadstreet Partners, Inc. 5.875% 4/15/29 (d) 30,000 26,025 
Coinbase Global, Inc.:   
3.375% 10/1/28 (d) 300,000 232,929 
3.625% 10/1/31 (d) 185,000 136,665 
Cullinan Holdco SCSp 4.625% 10/15/26 (Reg. S) EUR104,000 99,720 
Dovalue SpA 3.375% 7/31/26 (Reg. S) EUR125,000 123,614 
FLY Leasing Ltd. 7% 10/15/24 (d) 105,000 94,303 
Fortune Star (BVI) Ltd.:   
6.75% 7/2/23 (Reg. S) 200,000 195,663 
6.85% 7/2/24 (Reg. S) 200,000 188,000 
Garfunkelux Holdco 3 SA 6.75% 11/1/25 (Reg. S) EUR100,000 102,989 
Hightower Holding LLC 6.75% 4/15/29 (d) 25,000 23,033 
HTA Group Ltd. 7% 12/18/25 (d) 200,000 196,288 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.375% 2/1/29 165,000 142,350 
4.75% 9/15/24 90,000 87,750 
5.25% 5/15/27 260,000 241,800 
6.25% 5/15/26 260,000 257,769 
6.375% 12/15/25 295,000 292,788 
Intertrust Group BV 3.375% 11/15/25 (Reg. S) EUR100,000 104,094 
Lincoln Financing SARL 3.625% 4/1/24 (Reg. S) EUR100,000 104,579 
Nexi SpA 2.125% 4/30/29 (Reg. S) EUR100,000 89,934 
OneMain Finance Corp.:   
4% 9/15/30 165,000 135,080 
7.125% 3/15/26 200,000 202,500 
Park Aerospace Holdings Ltd. 4.5% 3/15/23 (d) 20,000 20,059 
Qtel International Finance Ltd. 2.625% 4/8/31 (d) 200,000 180,000 
Verisure Holding AB:   
3.25% 2/15/27 (Reg. S) EUR100,000 94,761 
3.875% 7/15/26 (Reg. S) EUR125,000 123,957 
Vivion Investments SARL 3% 8/8/24 (Reg. S) EUR100,000 96,395 
Yihua Overseas Investment Ltd. 8.5% 10/16/20 (Reg. S) (b)(g) 200,000 20,100 
  3,613,145 
Diversified Media - 0.6%   
Allen Media LLC 10.5% 2/15/28 (d) 155,000 139,888 
Lamar Media Corp. 4.875% 1/15/29 45,000 42,919 
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) 90,000 87,965 
Twitter, Inc. 5% 3/1/30 (d) 340,000 347,235 
  618,007 
Energy - 12.3%   
Antero Midstream Partners LP/Antero Midstream Finance Corp.:   
5.75% 3/1/27 (d) 140,000 136,322 
5.75% 1/15/28 (d) 60,000 58,339 
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (d) 70,000 67,900 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) 200,000 182,000 
California Resources Corp. 7.125% 2/1/26 (d) 95,000 96,629 
Canacol Energy Ltd. 5.75% 11/24/28 (d) 200,000 181,413 
Cheniere Energy, Inc. 4.625% 10/15/28 95,000 91,913 
China Oil & Gas Group Ltd. 4.7% 6/30/26 (Reg. S) 200,000 190,725 
Citgo Holding, Inc. 9.25% 8/1/24 (d) 70,000 69,563 
Citgo Petroleum Corp.:   
6.375% 6/15/26 (d) 70,000 69,566 
7% 6/15/25 (d) 130,000 129,107 
CNX Resources Corp. 6% 1/15/29 (d) 25,000 24,664 
Colgate Energy Partners III LLC 5.875% 7/1/29 (d) 80,000 79,200 
Comstock Resources, Inc.:   
5.875% 1/15/30 (d) 50,000 48,116 
6.75% 3/1/29 (d) 90,000 91,006 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (d) 285,000 277,208 
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) 25,000 24,465 
CVR Energy, Inc.:   
5.25% 2/15/25 (d) 140,000 135,436 
5.75% 2/15/28 (d) 140,000 131,219 
DCP Midstream Operating LP:   
5.85% 5/21/43 (d)(e) 60,000 54,532 
8.125% 8/16/30 5,000 5,875 
Delek Logistics Partners LP 7.125% 6/1/28 (d) 45,000 43,014 
Delek Overriding Royalty Levia 7.494% 12/30/23 (Reg. S) (d) 110,000 112,613 
DT Midstream, Inc.:   
4.125% 6/15/29 (d) 75,000 68,250 
4.375% 6/15/31 (d) 75,000 67,191 
EDP Finance BV 1.875% 9/21/29 (Reg. S) EUR100,000 102,305 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.75% 1/30/28 (d) 125,000 125,323 
6.625% 7/15/25 (d) 55,000 56,513 
Energean Israel Finance Ltd.:   
4.5% 3/30/24 (Reg. S) (d) 40,000 38,880 
4.875% 3/30/26 (Reg. S) (d) 40,000 37,080 
EnfraGen Energia Sur SA 5.375% 12/30/30 (d) 200,000 143,576 
EnLink Midstream LLC 5.625% 1/15/28 (d) 25,000 24,772 
EQM Midstream Partners LP 6.5% 7/1/27 (d) 70,000 70,700 
EQT Corp.:   
3.125% 5/15/26 (d) 50,000 47,139 
3.625% 5/15/31 (d) 50,000 45,255 
5% 1/15/29 55,000 54,829 
Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27 65,000 63,748 
GeoPark Ltd.:   
5.5% 1/17/27 (d) 200,000 180,538 
6.5% 9/21/24 (d) 200,000 204,225 
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 55,000 53,628 
Harvest Midstream I LP 7.5% 9/1/28 (d) 135,000 136,979 
Hess Midstream Partners LP:   
4.25% 2/15/30 (d) 50,000 45,865 
5.125% 6/15/28 (d) 80,000 77,400 
5.5% 10/15/30 (d) 30,000 29,559 
5.625% 2/15/26 (d) 100,000 100,000 
India Clean Energy Holdings 4.5% 4/18/27 (Reg. S) 200,000 169,000 
Indika Energy Capital III Pte. Ltd. 5.875% 11/9/24 (d) 200,000 196,038 
Investment Energy Resources Ltd. 6.25% 4/26/29 (d) 200,000 197,300 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) 95,000 61,513 
Kosmos Energy Ltd. 7.125% 4/4/26 (d) 285,000 278,285 
Leeward Renewable Energy LLC 4.25% 7/1/29 (d) 170,000 152,150 
Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (d) 150,000 148,500 
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (d) 320,000 278,400 
Medco Oak Tree Pte Ltd. 7.375% 5/14/26 (d) 200,000 198,000 
MEG Energy Corp. 5.875% 2/1/29 (d) 110,000 107,676 
Nabors Industries, Inc. 5.75% 2/1/25 105,000 100,356 
New Fortress Energy, Inc. 6.75% 9/15/25 (d) 55,000 54,073 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) 190,000 178,996 
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d) 90,000 89,550 
Nostrum Oil & Gas Finance BV 8% 7/25/22 (d)(g) 400,000 112,250 
Occidental Petroleum Corp.:   
5.5% 12/1/25 35,000 35,613 
5.875% 9/1/25 40,000 41,083 
6.125% 1/1/31 80,000 84,085 
6.375% 9/1/28 345,000 362,250 
6.6% 3/15/46 55,000 59,950 
6.625% 9/1/30 195,000 211,331 
6.95% 7/1/24 65,000 68,169 
7.5% 5/1/31 230,000 262,200 
8.875% 7/15/30 145,000 174,158 
Oleoducto Central SA 4% 7/14/27 (d) 200,000 181,538 
Oman Oil Co. 5.125% 5/6/28 (d) 200,000 194,225 
PBF Holding Co. LLC/PBF Finance Corp.:   
6% 2/15/28 160,000 140,800 
7.25% 6/15/25 70,000 67,589 
9.25% 5/15/25 (d) 65,000 67,275 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 130,000 129,682 
Petrobras Global Finance BV 5.6% 1/3/31 65,000 63,798 
Petroleos Mexicanos:   
4.25% 1/15/25 185,000 178,988 
6.49% 1/23/27 175,000 167,510 
7.69% 1/23/50 75,000 58,538 
Petrorio Luxembourg SARL 6.125% 6/9/26 (d) 100,000 96,125 
Repsol International Finance BV 4.5% 3/25/75 (Reg. S) (e) EUR100,000 105,627 
Rio Oil Finance Trust 9.25% 7/6/24 (d) 38,788 40,275 
Saudi Arabian Oil Co.:   
1.625% 11/24/25 (d) 200,000 185,600 
3.5% 4/16/29 (d) 200,000 193,250 
SM Energy Co.:   
6.5% 7/15/28 25,000 24,646 
6.625% 1/15/27 65,000 64,667 
6.75% 9/15/26 25,000 24,874 
Southwestern Energy Co.:   
4.75% 2/1/32 65,000 61,466 
5.375% 2/1/29 115,000 113,597 
8.375% 9/15/28 60,000 64,875 
SUEK Securities DAC 3.375% 9/15/26 (d) 200,000 10,000 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 50,000 44,962 
6% 4/15/27 175,000 176,311 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (d) 55,000 50,875 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
6.5% 7/15/27 40,000 41,206 
6.875% 1/15/29 70,000 73,826 
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (d) 200,000 160,700 
Termocandelaria Power Ltd. 7.875% 1/30/29 (d) 170,000 164,932 
Transocean Sentry Ltd. 5.375% 5/15/23 (d) 70,819 68,694 
Transportadora de Gas del Sur SA 6.75% 5/2/25 (d) 70,000 65,350 
Tullow Oil PLC:   
7% 3/1/25 (d) 200,000 161,500 
10.25% 5/15/26 (d) 415,000 408,775 
U.S.A. Compression Partners LP 6.875% 4/1/26 35,000 34,300 
Valaris Ltd. 8.25% 4/30/28 pay-in-kind (e) 10,000 10,250 
Venture Global Calcasieu Pass LLC:   
3.875% 8/15/29 (d) 70,000 63,875 
4.125% 8/15/31 (d) 70,000 63,525 
Viper Energy Partners LP 5.375% 11/1/27 (d) 30,000 29,870 
YPF SA 8.5% 3/23/25 (d) 278,250 255,781 
  11,805,183 
Entertainment/Film - 0.1%   
Live Nation Entertainment, Inc. 4.75% 10/15/27 (d) 80,000 75,160 
Environmental - 0.3%   
Covanta Holding Corp. 4.875% 12/1/29(d) 40,000 36,392 
Madison IAQ LLC:   
4.125% 6/30/28 (d) 55,000 48,263 
5.875% 6/30/29 (d) 85,000 69,275 
Paprec Holding SA 3.5% 7/1/28 (Reg. S) EUR113,000 110,371 
Stericycle, Inc. 3.875% 1/15/29 (d) 35,000 30,865 
  295,166 
Food & Drug Retail - 0.8%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
3.5% 3/15/29 (d) 35,000 29,484 
4.625% 1/15/27 (d) 130,000 121,768 
4.875% 2/15/30 (d) 275,000 248,890 
BellRing Brands, Inc. 7% 3/15/30 (d) 70,000 68,425 
Camposol SA 6% 2/3/27 (d) 200,000 182,975 
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) 35,000 29,706 
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) 25,000 21,959 
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) 100,000 97,589 
  800,796 
Food/Beverage/Tobacco - 2.3%   
Adecoagro SA 6% 9/21/27 (d) 150,000 147,227 
C&S Group Enterprises LLC 5% 12/15/28 (d) 40,000 34,050 
Central American Bottling Corp. 5.25% 4/27/29 (d) 200,000 189,000 
Chobani LLC/Finance Corp., Inc.:   
4.625% 11/15/28 (d) 30,000 27,000 
7.5% 4/15/25 (d) 15,000 14,063 
Del Monte Foods, Inc. 11.875% 5/15/25 (d) 80,000 87,358 
JBS Finance Luxembourg SARL 2.5% 1/15/27 (d) 200,000 179,452 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (d) 185,000 191,014 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (d) 120,000 118,500 
6.5% 4/15/29 (d) 80,000 82,800 
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) 48,000 50,820 
Kraft Heinz Foods Co.:   
2.25% 5/25/28 (Reg. S) EUR100,000 102,656 
4.375% 6/1/46 15,000 13,142 
4.875% 10/1/49 85,000 79,142 
5.5% 6/1/50 25,000 25,247 
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (d) 70,000 62,467 
MARB BondCo PLC 3.95% 1/29/31 (d) 200,000 165,985 
MHP SA 7.75% 5/10/24 (d) 100,000 50,500 
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (d) 85,000 87,061 
Performance Food Group, Inc.:   
4.25% 8/1/29 (d) 40,000 35,549 
5.5% 10/15/27 (d) 100,000 97,043 
Post Holdings, Inc. 4.625% 4/15/30 (d) 195,000 166,725 
Simmons Foods, Inc. 4.625% 3/1/29 (d) 40,000 36,095 
TreeHouse Foods, Inc. 4% 9/1/28 20,000 16,296 
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) 30,000 24,832 
U.S. Foods, Inc.:   
4.625% 6/1/30 (d) 35,000 31,325 
4.75% 2/15/29 (d) 80,000 73,896 
United Natural Foods, Inc. 6.75% 10/15/28 (d) 40,000 40,029 
  2,229,274 
Gaming - 2.8%   
Affinity Gaming LLC 6.875% 12/15/27 (d) 20,000 18,733 
Caesars Entertainment, Inc.:   
4.625% 10/15/29 (d) 90,000 77,175 
6.25% 7/1/25 (d) 110,000 111,196 
8.125% 7/1/27 (d) 75,000 78,375 
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d) 135,000 130,128 
Cirsa Finance International SARL 6.25% 12/20/23 (Reg. S) EUR84,917 89,062 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:   
4.625% 1/15/29 (d) 90,000 81,652 
6.75% 1/15/30 (d) 160,000 138,419 
GENM Capital Labuan Ltd. 3.882% 4/19/31 (d) 200,000 164,913 
GLP Capital LP/GLP Financing II, Inc.:   
5.25% 6/1/25 95,000 96,691 
5.375% 4/15/26 30,000 30,604 
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) 40,000 39,188 
Melco Resorts Finance Ltd. 5.375% 12/4/29 (Reg. S) 200,000 160,042 
MGM China Holdings Ltd. 4.75% 2/1/27 (Reg. S) 200,000 168,000 
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) 200,000 180,725 
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d) 70,000 76,650 
Station Casinos LLC 4.625% 12/1/31 (d) 115,000 96,376 
Studio City Finance Ltd.:   
5% 1/15/29 (Reg. S) 200,000 136,350 
6.5% 1/15/28 (d) 110,000 84,150 
6.5% 1/15/28 (Reg. S) 200,000 153,000 
VICI Properties LP / VICI Note Co.:   
4.5% 1/15/28 (d) 350,000 344,750 
5.75% 2/1/27 (d) 70,000 72,100 
Wynn Macau Ltd. 5.125% 12/15/29 (Reg. S) 250,000 197,500 
  2,725,779 
Healthcare - 6.4%   
AHP Health Partners, Inc. 5.75% 7/15/29 (d) 80,000 72,200 
Avantor Funding, Inc.:   
3.875% 11/1/29 (d) 70,000 62,806 
4.625% 7/15/28 (d) 175,000 166,476 
Bayer AG:   
3.125% 11/12/79 (Reg. S) (e) EUR100,000 97,154 
5.375% 3/25/82 (Reg. S) (e) EUR200,000 210,768 
Catalent Pharma Solutions 5% 7/15/27 (d) 20,000 19,375 
Centene Corp.:   
3.375% 2/15/30 160,000 142,952 
4.25% 12/15/27 70,000 67,900 
4.625% 12/15/29 105,000 101,695 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (d) 20,000 18,100 
4% 3/15/31 (d) 55,000 49,105 
4.25% 5/1/28 (d) 120,000 114,544 
Chrome Bidco SASU 3.5% 5/31/28 (Reg. S) EUR175,000 166,155 
Chrome HoldCo 5% 5/31/29 (Reg. S) EUR100,000 91,785 
Community Health Systems, Inc.:   
4.75% 2/15/31 (d) 75,000 63,563 
5.25% 5/15/30 (d) 155,000 135,881 
5.625% 3/15/27 (d) 55,000 52,428 
6% 1/15/29 (d) 55,000 51,985 
6.125% 4/1/30 (d) 170,000 139,825 
6.875% 4/15/29 (d) 75,000 65,777 
8% 3/15/26 (d) 390,000 403,182 
DaVita HealthCare Partners, Inc.:   
3.75% 2/15/31 (d) 60,000 48,900 
4.625% 6/1/30 (d) 160,000 139,200 
Encompass Health Corp. 5.75% 9/15/25 15,000 15,263 
Eurofins Scientific SA 2.125% 7/25/24 (Reg. S) EUR100,000 106,779 
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) 200,000 182,500 
Grifols SA 2.25% 11/15/27 (Reg. S) EUR100,000 95,220 
HCA Holdings, Inc. 5.875% 2/1/29 45,000 46,874 
HealthEquity, Inc. 4.5% 10/1/29 (d) 30,000 27,413 
Hologic, Inc. 3.25% 2/15/29 (d) 55,000 48,998 
Jazz Securities DAC 4.375% 1/15/29 (d) 55,000 50,669 
Minerva Merger Sub, Inc. 6.5% 2/15/30 (d) 265,000 243,917 
Molina Healthcare, Inc.:   
3.875% 11/15/30 (d) 50,000 45,100 
3.875% 5/15/32 (d) 100,000 87,798 
4.375% 6/15/28 (d) 40,000 37,386 
Mozart Debt Merger Sub, Inc. 3.875% 4/1/29 (d) 135,000 117,958 
Option Care Health, Inc. 4.375% 10/31/29 (d) 30,000 26,969 
Organon & Co. / Organon Foreign Debt Co-Issuer BV:   
2.875% 4/30/28 (Reg. S) EUR147,000 139,565 
4.125% 4/30/28 (d) 80,000 74,424 
5.125% 4/30/31 (d) 80,000 72,300 
Ortho-Clinical Diagnostics, Inc.:   
7.25% 2/1/28 (d) 18,000 18,180 
7.375% 6/1/25 (d) 25,000 25,438 
Owens & Minor, Inc. 6.625% 4/1/30 (d) 165,000 161,517 
Radiology Partners, Inc. 9.25% 2/1/28 (d) 170,000 161,500 
RP Escrow Issuer LLC 5.25% 12/15/25 (d) 50,000 46,500 
Sabra Health Care LP 3.9% 10/15/29 72,000 65,773 
Service Corp. International 3.375% 8/15/30 300,000 258,000 
Surgery Center Holdings, Inc.:   
6.75% 7/1/25 (d) 30,000 29,438 
10% 4/15/27 (d) 70,000 73,150 
Teleflex, Inc. 4.625% 11/15/27 30,000 29,400 
Tenet Healthcare Corp.:   
4.25% 6/1/29 (d) 250,000 225,873 
4.375% 1/15/30 (d) 210,000 191,073 
4.625% 7/15/24 32,000 31,913 
6.125% 10/1/28 (d) 240,000 230,388 
6.25% 2/1/27 (d) 195,000 193,538 
6.875% 11/15/31 10,000 10,361 
Teva Pharmaceutical Finance Netherlands III BV:   
3.15% 10/1/26 75,000 64,314 
4.1% 10/1/46 200,000 142,886 
4.375% 5/9/30 EUR100,000 93,099 
6% 1/31/25 EUR100,000 107,077 
Valeant Pharmaceuticals International, Inc. 9.25% 4/1/26 (d) 65,000 64,526 
Vizient, Inc. 6.25% 5/15/27 (d) 15,000 15,488 
  6,140,321 
Homebuilders/Real Estate - 3.4%   
ADLER Real Estate AG 1.875% 4/27/23 (Reg. S) EUR100,000 91,306 
Arcosa, Inc. 4.375% 4/15/29 (d) 40,000 36,496 
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
4.625% 8/1/29 (d) 40,000 33,658 
6.625% 1/15/28 (d) 5,000 4,862 
China Aoyuan Group Ltd.:   
5.88% 3/1/27 (Reg. S) 200,000 43,038 
6.2% 3/24/26 (Reg. S) 200,000 43,600 
China Evergrande Group:   
8.25% 3/23/22 (Reg. S) 200,000 24,163 
8.75% 6/28/25 (Reg. S) 200,000 22,000 
China SCE Property Holdings Ltd.:   
7.25% 4/19/23 (Reg. S) 200,000 156,000 
7.375% 4/9/24 (Reg. S) 200,000 135,000 
CIFI Holdings Group Co. Ltd. 4.375% 4/12/27 (Reg. S) 200,000 146,000 
Easy Tactic Ltd. 11.625% 9/3/24 (Reg. S) 200,000 41,225 
Jinke Properties Group Co. Ltd. 6.85% 5/28/24 (Reg. S) 200,000 70,725 
Kaisa Group Holdings Ltd. 11.5% 1/30/23 (Reg. S) 200,000 42,600 
Kennedy-Wilson, Inc.:   
4.75% 3/1/29 55,000 50,733 
5% 3/1/31 55,000 49,639 
KWG Group Holdings Ltd. 5.2% 9/21/22 (Reg. S) 200,000 133,000 
Modernland Overseas Pte Ltd. 3% 4/30/27 pay-in-kind (e) 106,828 48,360 
MPT Operating Partnership LP/MPT Finance Corp. 5% 10/15/27 300,000 287,853 
New Home Co., Inc. 7.25% 10/15/25 (d) 35,000 33,075 
New Metro Global Ltd.:   
4.8% 12/15/24 (Reg. S) 200,000 133,000 
6.8% 8/5/23 (Reg. S) 200,000 142,000 
Powerlong Real Estate Holding Ltd.:   
5.95% 4/30/25 (Reg. S) 200,000 78,000 
6.25% 8/10/24 (Reg. S) 200,000 83,000 
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d) 30,000 25,088 
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d) 110,000 89,121 
Redsun Properties Group Ltd. 9.7% 4/16/23 (Reg. S) 220,000 51,700 
RKPF Overseas 2020 A Ltd. 5.125% 7/26/26 (Reg. S) 200,000 142,000 
Scenery Journey Ltd. 11.5% 10/24/22 (Reg. S) 200,000 22,100 
Starwood Property Trust, Inc. 4.75% 3/15/25 75,000 74,003 
Sunac China Holdings Ltd.:   
6.5% 7/9/23 (Reg. S) 200,000 50,000 
7.5% 2/1/24 (Reg. S) 200,000 46,000 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.75% 1/15/28 (d) 80,000 78,200 
5.875% 6/15/27 (d) 55,000 54,597 
Times China Holdings Ltd. 6.75% 7/8/25 (Reg. S) 200,000 89,000 
TRI Pointe Homes, Inc. 5.7% 6/15/28 15,000 14,374 
Uniti Group LP / Uniti Group Finance, Inc.:   
4.75% 4/15/28 (d) 55,000 49,088 
6.5% 2/15/29 (d) 85,000 73,347 
VICI Properties LP / VICI Note Co. 3.75% 2/15/27 (d) 205,000 189,051 
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) 25,000 22,082 
Yango Justice International Ltd. 8.25% 11/25/23 (Reg. S) 220,000 15,400 
Yanlord Land Group Ltd. 6.8% 2/27/24 (Reg. S) 250,000 240,625 
  3,255,109 
Hotels - 0.5%   
Hilton Domestic Operating Co., Inc.:   
3.625% 2/15/32 (d) 40,000 33,875 
3.75% 5/1/29 (d) 35,000 31,711 
4% 5/1/31 (d) 35,000 31,302 
4.875% 1/15/30 320,000 308,704 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 40,000 39,600 
Lindblad Expeditions LLC 6.75% 2/15/27 (d) 65,000 63,781 
  508,973 
Insurance - 1.2%   
Acrisure LLC / Acrisure Finance, Inc.:   
7% 11/15/25 (d) 250,000 243,388 
10.125% 8/1/26 (d) 35,000 36,400 
Alliant Holdings Intermediate LLC:   
5.875% 11/1/29 (d) 90,000 83,925 
6.75% 10/15/27 (d) 225,000 212,767 
AmWINS Group, Inc. 4.875% 6/30/29 (d) 40,000 36,613 
AssuredPartners, Inc. 5.625% 1/15/29 (d) 30,000 26,384 
HUB International Ltd.:   
5.625% 12/1/29 (d) 60,000 55,050 
7% 5/1/26 (d) 190,000 188,322 
MGIC Investment Corp. 5.25% 8/15/28 40,000 37,552 
USI, Inc. 6.875% 5/1/25 (d) 275,000 270,801 
  1,191,202 
Leisure - 1.3%   
Carnival Corp.:   
5.75% 3/1/27 (d) 135,000 122,245 
9.875% 8/1/27 (d) 210,000 226,326 
10.5% 2/1/26 (d) 75,000 82,500 
NCL Corp. Ltd.:   
5.875% 3/15/26 (d) 20,000 18,476 
5.875% 2/15/27 (d) 90,000 85,792 
7.75% 2/15/29 (d) 80,000 77,600 
NCL Finance Ltd. 6.125% 3/15/28 (d) 25,000 22,500 
Royal Caribbean Cruises Ltd.:   
4.25% 7/1/26 (d) 130,000 117,488 
5.375% 7/15/27 (d) 60,000 55,137 
5.5% 8/31/26 (d) 135,000 125,792 
9.125% 6/15/23 (d) 85,000 87,748 
11.5% 6/1/25 (d) 30,000 32,588 
Studio City Co. Ltd. 7% 2/15/27 (d) 75,000 70,078 
Vail Resorts, Inc. 6.25% 5/15/25 (d) 35,000 35,788 
Viking Cruises Ltd. 13% 5/15/25 (d) 50,000 54,720 
  1,214,778 
Metals/Mining - 3.5%   
Abja Investment Co. Pte Ltd. 5.45% 1/24/28 200,000 197,000 
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) 70,000 65,533 
Alpha Natural Resources, Inc. 9.75% 4/15/18 (b)(g) 210,000 0 
Antofagasta PLC 2.375% 10/14/30 (d) 200,000 163,100 
Cleveland-Cliffs, Inc.:   
4.625% 3/1/29 (d) 40,000 37,492 
4.875% 3/1/31 (d) 40,000 37,000 
Endeavour Mining PLC 5% 10/14/26 (d) 200,000 181,000 
ERO Copper Corp. 6.5% 2/15/30 (d) 230,000 206,381 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (d) 200,000 200,500 
6.875% 3/1/26 (d) 200,000 199,288 
6.875% 10/15/27 (d) 185,000 184,225 
7.5% 4/1/25 (d) 130,000 131,300 
FMG Resources Pty Ltd.:   
4.375% 4/1/31 (d) 40,000 35,397 
5.875% 4/15/30 (d) 130,000 129,064 
Freeport-McMoRan, Inc. 5.4% 11/14/34 30,000 30,712 
Gcm Mining Corp. 6.875% 8/9/26 (d) 200,000 176,000 
Howmet Aerospace, Inc. 5.95% 2/1/37 45,000 45,475 
HudBay Minerals, Inc. 6.125% 4/1/29 (d) 105,000 99,358 
Industrias Penoles SA de CV 4.75% 8/6/50 (d) 200,000 168,163 
Joseph T. Ryerson & Son, Inc. 8.5% 8/1/28 (d) 29,000 31,175 
Mineral Resources Ltd.:   
8% 11/1/27 (d) 85,000 84,681 
8.5% 5/1/30 (d) 20,000 19,750 
Novelis Corp. 3.875% 8/15/31 (d) 115,000 98,613 
PT Freeport Indonesia 5.315% 4/14/32 (d) 200,000 193,400 
Stillwater Mining Co. 4% 11/16/26 (d) 200,000 182,500 
Vedanta Resources PLC 6.375% 7/30/22 (Reg. S) 200,000 199,100 
VM Holding SA 6.5% 1/18/28 (d) 200,000 199,500 
Volcan Compania Minera SAA 4.375% 2/11/26 (d) 100,000 89,550 
  3,385,257 
Paper - 0.5%   
Berry Global, Inc. 5.625% 7/15/27 (d) 35,000 34,869 
Clydesdale Acquisition Holdings, Inc.:   
6.625% 4/15/29 (d) 35,000 34,913 
8.75% 4/15/30 (d) 200,000 182,788 
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) 90,000 91,706 
Intertape Polymer Group, Inc. 4.375% 6/15/29 (d) 40,000 41,155 
Mercer International, Inc. 5.125% 2/1/29 55,000 51,090 
SPA Holdings 3 OY 4.875% 2/4/28 (d) 45,000 39,694 
  476,215 
Publishing/Printing - 0.2%   
Clear Channel International BV 6.625% 8/1/25 (d) 200,000 202,112 
Restaurants - 0.6%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) 160,000 136,776 
Carrols Restaurant Group, Inc. 5.875% 7/1/29 (d) 170,000 128,775 
CEC Entertainment LLC 6.75% 5/1/26 (d) 60,000 56,400 
Papa John's International, Inc. 3.875% 9/15/29 (d) 25,000 21,868 
Yum! Brands, Inc.:   
4.625% 1/31/32 70,000 63,613 
4.75% 1/15/30 (d) 200,000 190,250 
  597,682 
Services - 3.2%   
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) 146,000 134,046 
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) 30,000 24,825 
APCOA Parking Holdings GmbH 4.625% 1/15/27 (Reg. S) EUR100,000 97,340 
ASGN, Inc. 4.625% 5/15/28 (d) 160,000 148,640 
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (d) 38,000 33,345 
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (d) 40,000 37,500 
Booz Allen Hamilton, Inc.:   
3.875% 9/1/28 (d) 55,000 50,664 
4% 7/1/29 (d) 30,000 27,672 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) 440,000 392,700 
CoreCivic, Inc. 8.25% 4/15/26 100,000 102,722 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) 520,000 518,596 
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) 90,000 78,394 
Hertz Corp.:   
4.625% 12/1/26 (d) 55,000 50,134 
5% 12/1/29 (d) 70,000 61,250 
5.5% 10/15/24 (b)(d)(g) 65,000 81 
6% 1/15/28 (b)(d)(g) 85,000 4,994 
6.25% 10/15/22 (b)(g) 60,000 75 
7.125% 8/1/26 (b)(d)(g) 85,000 4,888 
Intrum AB 4.875% 8/15/25 (Reg. S) EUR200,000 207,561 
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) 35,000 32,846 
PeopleCert Wisdom Issuer PLC 5.75% 9/15/26 (Reg. S) EUR114,000 116,512 
Sabre GLBL, Inc. 7.375% 9/1/25 (d) 60,000 60,687 
Service Corp. International 5.125% 6/1/29 35,000 34,525 
Sotheby's 7.375% 10/15/27 (d) 80,000 78,884 
The Bidvest Group UK PLC 3.625% 9/23/26 (d) 200,000 183,000 
The GEO Group, Inc.:   
5.125% 4/1/23 50,000 47,688 
5.875% 10/15/24 15,000 13,350 
6% 4/15/26 170,000 137,190 
Uber Technologies, Inc. 4.5% 8/15/29 (d) 395,000 340,198 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) 45,000 43,763 
  3,064,070 
Steel - 0.9%   
Big River Steel LLC/BRS Finance Corp. 6.625% 1/31/29 (d) 132,000 134,970 
Commercial Metals Co. 3.875% 2/15/31 30,000 26,438 
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) 155,000 156,550 
JSW Steel Ltd. 3.95% 4/5/27 (d) 200,000 177,500 
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) 20,000 18,000 
TMK Capital SA 4.3% 2/12/27 (Reg. S) 200,000 30,000 
Usiminas International SARL 5.875% 7/18/26 (d) 200,000 200,288 
Vallourec SA 8.5% 6/30/26 (Reg. S) EUR100,000 105,623 
  849,369 
Super Retail - 1.1%   
Academy Ltd. 6% 11/15/27 (d) 75,000 74,813 
Asbury Automotive Group, Inc.:   
4.5% 3/1/28 21,000 19,583 
4.625% 11/15/29 (d) 45,000 40,506 
4.75% 3/1/30 20,000 17,924 
5% 2/15/32 (d) 45,000 39,938 
At Home Group, Inc.:   
4.875% 7/15/28 (d) 35,000 28,919 
7.125% 7/15/29 (d) 45,000 33,516 
Bath & Body Works, Inc. 6.625% 10/1/30 (d) 110,000 109,407 
Carvana Co.:   
4.875% 9/1/29 (d) 110,000 80,278 
5.875% 10/1/28 (d) 55,000 43,713 
EG Global Finance PLC:   
6.75% 2/7/25 (d) 250,000 242,988 
8.5% 10/30/25 (d) 50,000 50,000 
Gap, Inc.:   
3.625% 10/1/29 (d) 45,000 36,603 
3.875% 10/1/31 (d) 80,000 63,776 
Group 1 Automotive, Inc. 4% 8/15/28 (d) 200,000 179,946 
  1,061,910 
Technology - 4.6%   
Acuris Finance U.S. 5% 5/1/28 (d) 170,000 155,550 
Arcelik A/S 5% 4/3/23 (d) 200,000 198,850 
Arches Buyer, Inc.:   
4.25% 6/1/28 (d) 35,000 31,106 
6.125% 12/1/28 (d) 10,000 8,700 
Black Knight InfoServ LLC 3.625% 9/1/28 (d) 60,000 55,647 
Block, Inc.:   
2.75% 6/1/26 (d) 75,000 68,402 
3.5% 6/1/31 (d) 75,000 62,813 
CA Magnum Holdings 5.375% (d)(h) 400,000 384,000 
Camelot Finance SA 4.5% 11/1/26 (d) 150,000 141,000 
Castor SpA 6% 2/15/29 (Reg. S) EUR182,000 186,763 
CDK Global, Inc.:   
4.875% 6/1/27 80,000 80,400 
5.25% 5/15/29 (d) 35,000 35,277 
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 80,000 74,538 
Cellnex Finance Co. SA 1% 9/15/27 (Reg. S) EUR100,000 91,870 
Crowdstrike Holdings, Inc. 3% 2/15/29 70,000 62,300 
Elastic NV 4.125% 7/15/29 (d) 40,000 35,800 
Energizer Gamma Acquistion BV 3.5% 6/30/29 (Reg. S) EUR124,000 109,103 
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (d) 205,000 202,804 
II-VI, Inc. 5% 12/15/29 (d) 45,000 42,188 
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) 200,000 187,250 
Lenovo Group Ltd. 3.421% 11/2/30 (d) 200,000 175,288 
Match Group Holdings II LLC:   
4.125% 8/1/30 (d) 100,000 89,375 
5% 12/15/27 (d) 100,000 97,500 
5.625% 2/15/29 (d) 65,000 62,725 
MercadoLibre, Inc. 3.125% 1/14/31 200,000 162,600 
MicroStrategy, Inc. 6.125% 6/15/28 (d) 185,000 169,491 
NCR Corp. 5.125% 4/15/29 (d) 45,000 42,863 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) 30,000 30,750 
onsemi 3.875% 9/1/28 (d) 70,000 64,939 
Open Text Corp. 3.875% 12/1/29 (d) 70,000 62,206 
Open Text Holdings, Inc.:   
4.125% 2/15/30 (d) 95,000 84,313 
4.125% 12/1/31 (d) 70,000 60,678 
Orano SA:   
2.75% 3/8/28 (Reg. S) EUR100,000 99,078 
3.375% 4/23/26 (Reg. S) EUR100,000 105,501 
Qorvo, Inc. 4.375% 10/15/29 45,000 41,807 
Rackspace Hosting, Inc.:   
3.5% 2/15/28 (d) 100,000 86,487 
5.375% 12/1/28 (d) 30,000 24,442 
Roblox Corp. 3.875% 5/1/30 (d) 185,000 159,100 
Sensata Technologies BV 4% 4/15/29 (d) 65,000 57,945 
SoftBank Group Corp. 4.625% 7/6/28 (Reg. S) 200,000 171,750 
Synaptics, Inc. 4% 6/15/29 (d) 30,000 26,449 
TTM Technologies, Inc. 4% 3/1/29 (d) 60,000 52,500 
Twilio, Inc.:   
3.625% 3/15/29 45,000 39,710 
3.875% 3/15/31 45,000 38,676 
Uber Technologies, Inc.:   
7.5% 5/15/25 (d) 115,000 118,739 
7.5% 9/15/27 (d) 90,000 92,607 
Unisys Corp. 6.875% 11/1/27 (d) 30,000 30,103 
  4,461,983 
Telecommunications - 7.7%   
Altice Financing SA 5.75% 8/15/29 (d) 225,000 189,565 
Altice France Holding SA 6% 2/15/28 (d) 75,000 61,969 
Altice France SA:   
4.25% 10/15/29 (Reg. S) EUR120,000 109,146 
5.125% 1/15/29 (d) 50,000 42,429 
5.125% 7/15/29 (d) 120,000 101,587 
5.5% 1/15/28 (d) 130,000 114,563 
8.125% 2/1/27 (d) 245,000 246,838 
AXIAN Telecom 7.375% 2/16/27 (d) 200,000 193,750 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) 340,000 328,950 
Cablevision Lightpath LLC:   
3.875% 9/15/27 (d) 30,000 26,381 
5.625% 9/15/28 (d) 20,000 17,138 
Cellnex Telecom SA 1.75% 10/23/30 (Reg. S) EUR100,000 86,615 
Cogent Communications Group, Inc. 3.5% 5/1/26 (d) 50,000 47,207 
Consolidated Communications, Inc. 5% 10/1/28 (d) 135,000 110,322 
CT Trust 5.125% 2/3/32 (d) 200,000 185,560 
Digicel Group Ltd. 6.75% 3/1/23 (d) 150,000 132,750 
Frontier Communications Holdings LLC:   
5% 5/1/28 (d) 55,000 50,190 
5.875% 10/15/27 (d) 50,000 47,875 
5.875% 11/1/29 14,771 12,823 
6% 1/15/30 (d) 95,000 82,659 
6.75% 5/1/29 (d) 60,000 54,066 
Holdco SASU 5.125% 10/15/26 (Reg. S) EUR115,000 117,247 
IHS Netherlands Holdco BV 8% 9/18/27 (d) 200,000 200,038 
Intelsat Jackson Holdings SA:   
5.5% 8/1/23 (b)(g) 200,000 0 
6.5% 3/15/30 (d) 335,000 315,399 
8.5% 10/15/24 (b)(d)(g) 45,000 0 
LCPR Senior Secured Financing DAC:   
5.125% 7/15/29 (d) 400,000 364,122 
6.75% 10/15/27 (d) 90,000 89,440 
Level 3 Financing, Inc.:   
3.75% 7/15/29 (d) 95,000 77,188 
4.25% 7/1/28 (d) 75,000 63,375 
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (d) 200,000 191,500 
Lumen Technologies, Inc.:   
5.125% 12/15/26 (d) 150,000 135,000 
5.375% 6/15/29 (d) 200,000 162,862 
Millicom International Cellular SA 5.125% 1/15/28 (d) 225,000 212,738 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:   
4.75% 4/30/27 (d) 50,000 45,484 
6% 2/15/28 (d) 20,000 16,734 
Olivetti Finance NV 7.75% 1/24/33 EUR75,000 89,254 
Sable International Finance Ltd. 5.75% 9/7/27 (d) 180,000 177,244 
Sabre GLBL, Inc. 9.25% 4/15/25 (d) 45,000 47,994 
SBA Communications Corp.:   
3.125% 2/1/29 100,000 85,775 
3.875% 2/15/27 220,000 208,824 
Sprint Capital Corp. 8.75% 3/15/32 530,000 673,537 
Telecom Italia SpA 2.75% 4/15/25 (Reg. S) EUR100,000 100,086 
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (d) 200,000 200,975 
Telenet Finance Luxembourg Notes SARL 3.5% 3/1/28 (Reg. S) EUR100,000 99,532 
Turk Telekomunikasyon A/S 6.875% 2/28/25 (d) 200,000 194,600 
Turkcell Iletisim Hizmet A/S 5.8% 4/11/28 (d) 200,000 178,900 
Uniti Group, Inc. 6% 1/15/30 (d) 210,000 175,128 
Virgin Media Secured Finance PLC 5.5% 5/15/29 (d) 170,000 157,250 
Vodafone Group PLC 3% 8/27/80 (Reg. S) (e) EUR100,000 91,733 
VTR Comunicaciones SpA 5.125% 1/15/28 (d) 176,000 157,388 
Windstream Escrow LLC 7.75% 8/15/28 (d) 295,000 280,988 
WP/AP Telecom Holdings III BV 5.5% 1/15/30 (Reg. S) EUR131,000 121,966 
Zayo Group Holdings, Inc.:   
4% 3/1/27 (d) 115,000 100,050 
6.125% 3/1/28 (d) 60,000 50,250 
  7,424,984 
Textiles/Apparel - 0.2%   
Crocs, Inc.:   
4.125% 8/15/31 (d) 75,000 59,855 
4.25% 3/15/29 (d) 40,000 34,000 
CT Investment GmbH 5.5% 4/15/26 (Reg. S) EUR100,000 98,374 
Victoria's Secret & Co. 4.625% 7/15/29 (d) 50,000 41,018 
  233,247 
Transportation Ex Air/Rail - 0.8%   
Autostrade per L'italia SpA:   
1.625% 6/12/23 EUR115,000 121,234 
1.75% 6/26/26 (Reg. S) EUR100,000 100,484 
1.875% 9/26/29 (Reg. S) EUR100,000 94,814 
2% 12/4/28 (Reg. S) EUR100,000 97,055 
2% 1/15/30 (Reg. S) EUR100,000 94,844 
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) 40,000 37,400 
Navios Maritime Holdings, Inc. 11.25% 8/15/22 (d) 13,000 12,886 
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (d) 110,000 112,269 
Seaspan Corp. 5.5% 8/1/29 (d) 110,000 97,075 
  768,061 
Utilities - 4.1%   
Clearway Energy Operating LLC 4.75% 3/15/28 (d) 40,000 37,800 
DPL, Inc.:   
4.125% 7/1/25 180,000 172,800 
4.35% 4/15/29 215,000 196,725 
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (d) 100,000 97,064 
Greenko Investment Co. 4.875% 8/16/23 (Reg. S) 200,000 197,413 
InterGen NV 7% 6/30/23 (d) 845,000 823,875 
Mong Duong Finance Holdings BV 5.125% 5/7/29 (d) 100,000 89,250 
NextEra Energy Partners LP 4.25% 9/15/24 (d) 4,000 3,930 
NRG Energy, Inc.:   
3.875% 2/15/32 (d) 45,000 37,564 
5.25% 6/15/29 (d) 60,000 56,512 
Pacific Gas & Electric Co.:   
3.75% 8/15/42 10,000 7,341 
3.95% 12/1/47 55,000 40,207 
4.55% 7/1/30 415,000 384,326 
4.95% 7/1/50 415,000 346,037 
PG&E Corp.:   
5% 7/1/28 375,000 345,071 
5.25% 7/1/30 205,000 186,302 
Pike Corp. 5.5% 9/1/28 (d) 180,000 163,350 
Solaris Midstream Holdings LLC 7.625% 4/1/26 (d) 70,000 71,750 
Star Energy Geothermal Wayang Windu Ltd. 6.75% 4/24/33 (Reg. S) 164,540 171,821 
Teollisuuden Voima Oyj 1.375% 6/23/28 (Reg. S) EUR198,000 186,981 
TerraForm Global, Inc. 6.125% 3/1/26 (d) 160,000 157,200 
Vertiv Group Corp. 4.125% 11/15/28 (d) 95,000 82,769 
Vistra Operations Co. LLC 5.625% 2/15/27 (d) 60,000 59,100 
  3,915,188 
TOTAL NONCONVERTIBLE BONDS  78,073,607 
TOTAL CORPORATE BONDS   
(Cost $89,643,065)  79,608,444 
Government Obligations - 1.7%   
Germany - 1.4%   
German Federal Republic 0% 9/16/22 (Reg. S) EUR1,265,000 1,337,315 
Sri Lanka - 0.3%   
Democratic Socialist Republic of Sri Lanka:   
6.2% 5/11/27 (Reg. S) (g) 200,000 85,022 
7.55% 3/28/30 (Reg. S) (g) 200,000 84,522 
7.85% 3/14/29(Reg. S) (g) 200,000 84,522 
TOTAL SRI LANKA  254,066 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $1,984,821)  1,591,381 
 Shares Value 
Common Stocks - 2.3%   
Automotive & Auto Parts - 0.0%   
UC Holdings, Inc. (b)(i) 3,510 15,971 
Energy - 1.5%   
California Resources Corp. 5,929 238,405 
California Resources Corp. warrants 10/27/24 (i) 530 6,347 
Chesapeake Energy Corp. 3,594 294,780 
Chesapeake Energy Corp. (c)(i) 85 6,972 
Denbury, Inc. (i) 2,860 182,983 
Denbury, Inc. warrants 9/18/25 (i) 1,038 37,368 
EP Energy Corp. (b)(i) 7,975 74,008 
Jonah Energy Parent LLC (b)(i) 3,631 244,838 
Mesquite Energy, Inc. (b)(i) 3,543 197,574 
Noble Corp. (i)(j) 146 4,662 
Noble Corp. (d) 58 1,852 
Noble Corp.:   
warrants 2/5/28 (i) 600 10,800 
warrants 2/5/28 (i) 600 8,400 
PureWest Energy (b) 105 1,261 
PureWest Energy rights (b)(i) 63 0 
Superior Energy Services, Inc. Class A (b)(i) 609 15,591 
Tidewater, Inc.:   
warrants 11/14/42 (i) 5,448 119,593 
warrants 11/14/42 (i) 1,897 41,642 
TOTAL ENERGY  1,487,076 
Entertainment/Film - 0.0%   
New Cotai LLC/New Cotai Capital Corp. (b)(c)(i) 125,816 1 
Food & Drug Retail - 0.2%   
Northeast Grocery, Inc. (b)(c) 12,754 5,075 
Southeastern Grocers, Inc. (b)(c)(i) 7,744 182,139 
TOTAL FOOD & DRUG RETAIL  187,214 
Healthcare - 0.1%   
HCA Holdings, Inc. 400 85,820 
Telecommunications - 0.0%   
Intelsat Jackson Holdings SA:   
Series A rights (b)(i) 240 0 
Series B rights (b)(i) 240 0 
TOTAL TELECOMMUNICATIONS  0 
Textiles/Apparel - 0.1%   
Intelsat Emergence SA (b) 2,304 89,879 
Utilities - 0.4%   
NRG Energy, Inc. 3,200 114,880 
Vistra Corp. 9,795 245,071 
TOTAL UTILITIES  359,951 
TOTAL COMMON STOCKS   
(Cost $1,921,958)  2,225,912 
Convertible Preferred Stocks - 0.2%   
Utilities - 0.2%   
PG&E Corp.   
(Cost $152,083) 1,400 165,480 
 Principal Amount Value 
Bank Loan Obligations - 2.8%   
Aerospace - 0.1%   
TransDigm, Inc. Tranche F 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.0137% 12/9/25 (e)(f)(k) 76,447 74,918 
Banks & Thrifts - 0.0%   
First Eagle Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.506% 2/1/27 (e)(f)(k) 28,552 27,986 
Broadcasting - 0.0%   
Diamond Sports Group LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (e)(f)(k) 10,241 10,393 
Building Materials - 0.1%   
Hunter Douglas, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 2/25/29 (e)(f)(k) 50,000 47,513 
Chemicals - 0.2%   
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.0287% 5/7/25 (b)(e)(f)(k) 168,725 164,929 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.006% 10/1/25 (e)(f)(k) 33,514 32,997 
TOTAL CHEMICALS  197,926 
Consumer Products - 0.1%   
Conair Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.756% 5/17/28 (e)(f)(k) 14,925 14,597 
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 4/15/28 (e)(f)(k) 24,813 22,572 
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 15.5% 5/8/26 (b)(e)(f)(k) 73,239 73,239 
TOTAL CONSUMER PRODUCTS  110,408 
Diversified Financial Services - 0.4%   
BCP Renaissance Parent LLC Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.5% 10/31/26 (e)(f)(k) 13,048 12,909 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.2884% 3/1/25 (e)(f)(k) 15,291 15,114 
Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 5% 12/31/24 (b)(e)(f)(k) 332,713 332,713 
TOTAL DIVERSIFIED FINANCIAL SERVICES  360,736 
Energy - 0.3%   
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (e)(f)(k) 47,618 47,462 
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (e)(f)(k) 9,750 9,640 
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (e)(f)(k) 137,062 136,498 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.51% 3/1/26 (e)(f)(k) 96,136 82,704 
Mesquite Energy, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(f)(g)(k) 65,772 0 
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(f)(g)(k) 28,000 0 
TOTAL ENERGY  276,304 
Gaming - 0.0%   
Scientific Games Holdings LP term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.1751% 2/4/29 (e)(f)(k) 15,000 14,834 
Healthcare - 0.0%   
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 11/1/28 (e)(f)(k) 10,000 9,906 
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/15/28 (e)(f)(k) 35,000 34,727 
TOTAL HEALTHCARE  44,633 
Hotels - 0.0%   
Travelport Finance Luxembourg SARL 1LN, term loan 3 month U.S. LIBOR + 6.750% 7.756% 5/30/26 (e)(f)(k) 37,203 31,224 
Insurance - 0.1%   
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.0137% 2/15/27 (e)(f)(k) 4,988 4,946 
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 5/10/25 (e)(f)(k) 4,764 4,714 
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 5/9/25 (e)(f)(k) 63,213 62,524 
TOTAL INSURANCE  72,184 
Leisure - 0.0%   
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 8/17/28 (e)(f)(k) 4,801 4,762 
Railroad - 0.0%   
Einstein Merger Sub, Inc. 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.4889% 10/25/28 (b)(e)(f)(k) 30,000 29,850 
Services - 0.4%   
ABG Intermediate Holdings 2 LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.000% 6.8011% 12/20/29 (e)(f)(k) 5,000 4,950 
Ascend Learning LLC 2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (e)(f)(k) 10,000 9,863 
Finastra U.S.A., Inc. Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (e)(f)(k) 220,000 210,925 
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.256% 8/22/25 (e)(f)(k) 95,000 94,406 
Maverick Purchaser Sub LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.9574% 1/23/27 (e)(f)(k) 14,738 14,632 
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (e)(f)(k) 39,600 39,392 
TOTAL SERVICES  374,168 
Super Retail - 0.2%   
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 3/5/28 (e)(f)(k) 158,006 156,228 
Technology - 0.5%   
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.756% 8/10/25 (e)(f)(k) 115,724 102,271 
Athenahealth Group, Inc.:   
Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.009% 2/15/29 (e)(f)(k) 85,507 84,225 
Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 2/15/29 (f)(k)(l)(m) 14,493 14,275 
MH Sub I LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/15/24 (e)(f)(k) 14,924 14,841 
UKG, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 5/4/26 (e)(f)(k) 19,500 19,392 
Ultimate Software Group, Inc.:   
1LN, term loan 1 month U.S. LIBOR + 3.250% 4.2116% 5/3/26 (e)(f)(k) 198,753 196,517 
2LN, term loan 1 month U.S. LIBOR + 5.250% 6.2116% 5/3/27 (e)(f)(k) 20,000 19,795 
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 2/28/27 (e)(f)(k) 14,700 14,542 
TOTAL TECHNOLOGY  465,858 
Telecommunications - 0.4%   
Altice France SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 4.7318% 1/31/26 (e)(f)(k) 372,929 368,618 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $2,760,615)  2,668,543 
Preferred Securities - 5.4%   
Automotive & Auto Parts - 0.1%   
Volkswagen International Finance NV 4.375% 12/31/99 (Reg. S) (e)(h) EUR100,000 97,353 
Banks & Thrifts - 3.1%   
AIB Group PLC 5.25% (Reg. S) (e)(h) EUR200,000 204,537 
Axis Bank GIFT City 4.1% (Reg. S) (e)(h) 200,000 185,703 
Banco Mercantil del Norte SA 6.875% (d)(e)(h) 200,000 199,357 
Bangkok Bank Ltd. PCL 5% (Reg. S) (e)(h) 200,000 195,597 
Bank of America Corp.:   
4.3% (e)(h) 60,000 54,906 
5.875% (e)(h) 190,000 183,313 
Bank of Communications Co. Ltd. 3.8% (Reg. S) (e)(h) 200,000 201,815 
Citigroup, Inc.:   
4% (e)(h) 140,000 127,841 
4.7% (e)(h) 90,000 82,772 
5% (e)(h) 180,000 171,499 
5.35% (e)(h) 350,000 353,389 
5.95% (e)(h) 305,000 309,512 
Emirates NBD Bank PJSC 6.125% (Reg. S) (e)(h) 200,000 202,115 
Itau Unibanco Holding SA 6.125% (d)(e)(h) 200,000 197,228 
JPMorgan Chase & Co. 4.6% (e)(h) 135,000 125,777 
Tinkoff Credit Systems 6% (d)(e)(h) 100,000 5,668 
UniCredit SpA 9.25% (Reg. S) (e)(h) EUR200,000 220,143 
TOTAL BANKS & THRIFTS  3,021,172 
Building Materials - 0.2%   
CEMEX S.A.B. de CV 5.125% (d)(e)(h) 200,000 183,061 
Diversified Financial Services - 0.4%   
CAS Capital No 1 Ltd. 4% (Reg. S) (e)(h) 200,000 189,409 
LeasePlan Corp. NV 7.375% (Reg. S) (e)(h) EUR200,000 224,382 
TOTAL DIVERSIFIED FINANCIAL SERVICES  413,791 
Homebuilders/Real Estate - 0.5%   
CIFI Holdings Group Co. Ltd. 5.375% (Reg. S) (e)(h) 200,000 173,560 
CPI Property Group SA 4.875% 12/31/99 (Reg. S) (e)(h) EUR100,000 96,388 
RKI Overseas Finance 2017 (A) 7% (Reg. S) (h) 200,000 134,962 
Yuzhou Properties Co. 5.375% (Reg. S) (e)(h) 200,000 18,964 
TOTAL HOMEBUILDERS/REAL ESTATE  423,874 
Technology - 0.4%   
Network i2i Ltd.:   
3.975% (Reg. S) (e)(h) 200,000 186,167 
5.65% (Reg. S) (e)(h) 200,000 197,751 
TOTAL TECHNOLOGY  383,918 
Telecommunications - 0.2%   
Telefonica Europe BV 3.875% (Reg. S) (e)(h) EUR200,000 209,368 
Utilities - 0.5%   
EDF SA:   
3.375% (e)(h) EUR200,000 182,461 
5% (Reg. S) (e)(h) EUR100,000 104,686 
5.375% 12/31/99 (Reg. S) (e)(h) EUR100,000 106,816 
Veolia Environnement SA 2.5% (Reg. S) (e)(h) EUR100,000 91,873 
TOTAL UTILITIES  485,836 
TOTAL PREFERRED SECURITIES   
(Cost $5,941,217)  5,218,373 
 Shares Value 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund 0.32% (n) 3,384,796 3,385,473 
Fidelity Securities Lending Cash Central Fund 0.32% (n)(o) 3,300 3,300 
TOTAL MONEY MARKET FUNDS   
(Cost $3,388,680)  3,388,773 
TOTAL INVESTMENT IN SECURITIES - 98.6%   
(Cost $105,792,439)  94,866,906 
NET OTHER ASSETS (LIABILITIES) - 1.4%  1,379,224 
NET ASSETS - 100%  $96,246,130 

Currency Abbreviations

EUR – European Monetary Unit

HKD – Hong Kong dollar

Legend

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

 (b) Level 3 security

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $558,205 or 0.6% of net assets.

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $52,249,793 or 54.3% of net assets.

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

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

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

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

 (i) Non-income producing

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

 (k) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

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

 (m) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $14,493 and $14,275, respectively.

 (n) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Chesapeake Energy Corp. 2/10/21 $805 
Mesquite Energy, Inc. 15% 7/15/23 7/10/20 - 1/18/22 $27,566 
Mesquite Energy, Inc. 15% 7/15/23 11/5/20 - 1/18/22 $47,694 
New Cotai LLC/New Cotai Capital Corp. 9/11/20 $623,261 
Northeast Grocery, Inc. 11/8/21 $5,075 
Southeastern Grocers, Inc. 6/1/18 $54,475 

Affiliated Central Funds

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

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $9,212,366 $65,713,685 $71,540,579 $4,288 $1 $-- $3,385,473 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 51,776 48,476 3 -- -- 3,300 0.0% 
Total $9,212,366 $65,765,461 $71,589,055 $4,291 $1 $-- $3,388,773  

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 April 30, 2022, 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 $89,880 $-- $-- $89,880 
Consumer Discretionary 15,971 -- -- 15,971 
Consumer Staples 187,214 -- -- 187,214 
Energy 1,485,815 781,769 172,035 532,011 
Health Care 85,820 85,820 -- -- 
Utilities 526,692 359,951 165,480 1,261 
Corporate Bonds 79,608,444 -- 79,071,853 536,591 
Government Obligations 1,591,381 -- 1,591,381 -- 
Bank Loan Obligations 2,668,543 -- 2,067,812 600,731 
Preferred Securities 5,218,373 -- 5,218,373 -- 
Money Market Funds 3,388,773 3,388,773 -- -- 
Total Investments in Securities: $94,866,906 $4,616,313 $88,286,934 $1,963,659 

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

Investments in Securities:  
Investments in Securities  
Beginning Balance $1,684,372 
Net Realized Gain (Loss) on Investment Securities (280,323) 
Net Unrealized Gain (Loss) on Investment Securities 724,136 
Cost of Purchases 855,330 
Proceeds of Sales (1,485,262) 
Amortization/Accretion 16,017 
Transfers into Level 3 466,049 
Transfers out of Level 3 (16,660) 
Ending Balance $1,963,659 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $288,474 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. 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 reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 
Assets   
Investment in securities, at value (including securities loaned of $3,193) — See accompanying schedule:
Unaffiliated issuers (cost $102,403,759) 		$91,478,133  
Fidelity Central Funds (cost $3,388,680) 3,388,773  
Total Investment in Securities (cost $105,792,439)  $94,866,906 
Cash  69,332 
Foreign currency held at value (cost $3,077)  3,064 
Receivable for investments sold  250,313 
Receivable for fund shares sold  60,767 
Dividends receivable  1,120 
Interest receivable  1,371,704 
Distributions receivable from Fidelity Central Funds  740 
Prepaid expenses  38 
Receivable from investment adviser for expense reductions  58,292 
Total assets  96,682,276 
Liabilities   
Payable for investments purchased $121,084  
Payable for fund shares redeemed 92,196  
Distributions payable 55,147  
Accrued management fee 57,437  
Distribution and service plan fees payable 5,643  
Other affiliated payables 16,447  
Other payables and accrued expenses 84,892  
Collateral on securities loaned 3,300  
Total liabilities  436,146 
Net Assets  $96,246,130 
Net Assets consist of:   
Paid in capital  $113,176,337 
Total accumulated earnings (loss)  (16,930,207) 
Net Assets  $96,246,130 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($15,467,066 ÷ 1,780,028 shares)(a)  $8.69 
Maximum offering price per share (100/96.00 of $8.69)  $9.05 
Class M:   
Net Asset Value and redemption price per share ($3,118,112 ÷ 358,898 shares)(a)  $8.69 
Maximum offering price per share (100/96.00 of $8.69)  $9.05 
Class C:   
Net Asset Value and offering price per share ($2,245,687 ÷ 258,447 shares)(a)  $8.69 
Global High Income:   
Net Asset Value, offering price and redemption price per share ($72,440,763 ÷ 8,336,047 shares)  $8.69 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,974,502 ÷ 342,294 shares)  $8.69 

 (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

  Year ended April 30, 2022 
Investment Income   
Dividends  $400,724 
Interest  5,335,236 
Income from Fidelity Central Funds (including $3 from security lending)  4,291 
Total income  5,740,251 
Expenses   
Management fee $791,787  
Transfer agent fees 165,322  
Distribution and service plan fees 63,107  
Accounting fees 47,157  
Custodian fees and expenses 17,762  
Independent trustees' fees and expenses 397  
Registration fees 71,788  
Audit 96,323  
Legal 4,846  
Miscellaneous 514  
Total expenses before reductions 1,259,003  
Expense reductions (165,625)  
Total expenses after reductions  1,093,378 
Net investment income (loss)  4,646,873 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (39,040)  
Foreign currency transactions (14,217)  
Total net realized gain (loss)  (53,257) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (12,733,759)  
Fidelity Central Funds 1  
Assets and liabilities in foreign currencies (9,436)  
Total change in net unrealized appreciation (depreciation)  (12,743,194) 
Net gain (loss)  (12,796,451) 
Net increase (decrease) in net assets resulting from operations  $(8,149,578) 

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


Statement of Changes in Net Assets

 Year ended April 30, 2022 Year ended April 30, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,646,873 $4,295,495 
Net realized gain (loss) (53,257) (993,190) 
Change in net unrealized appreciation (depreciation) (12,743,194) 15,615,961 
Net increase (decrease) in net assets resulting from operations (8,149,578) 18,918,266 
Distributions to shareholders (4,704,486) (4,134,980) 
Share transactions - net increase (decrease) (3,075,785) 8,464,470 
Total increase (decrease) in net assets (15,929,849) 23,247,756 
Net Assets   
Beginning of period 112,175,979 88,928,223 
End of period $96,246,130 $112,175,979 

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


Financial Highlights

Fidelity Global High Income Fund Class A

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.79 $8.38 $9.48 $9.61 $9.54 
Income from Investment Operations      
Net investment income (loss)A,B .367 .391 .445 .468 .462 
Net realized and unrealized gain (loss) (1.089) 1.394 (1.120) (.115) .006 
Total from investment operations (.722) 1.785 (.675) .353 .468 
Distributions from net investment income (.378) (.375) (.425) (.457) (.399) 
Distributions from net realized gain – – – (.026) – 
Total distributions (.378) (.375) (.425) (.483) (.399) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.69 $9.79 $8.38 $9.48 $9.61 
Total ReturnC,D (7.64)% 21.59% (7.44)% 3.88% 4.94% 
Ratios to Average Net AssetsB,E,F      
Expenses before reductions 1.37% 1.34% 1.34% 1.32% 1.31% 
Expenses net of fee waivers, if any 1.16% 1.25% 1.25% 1.25% 1.25% 
Expenses net of all reductions 1.16% 1.25% 1.25% 1.25% 1.25% 
Net investment income (loss) 3.89% 4.17% 4.77% 5.00% 4.75% 
Supplemental Data      
Net assets, end of period (000 omitted) $15,467 $8,582 $5,927 $7,365 $8,712 
Portfolio turnover rateG 45% 53% 54% 44% 48% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Fidelity Global High Income Fund Class M

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.79 $8.38 $9.48 $9.61 $9.54 
Income from Investment Operations      
Net investment income (loss)A,B .372 .389 .445 .467 .462 
Net realized and unrealized gain (loss) (1.094) 1.396 (1.120) (.114) .006 
Total from investment operations (.722) 1.785 (.675) .353 .468 
Distributions from net investment income (.378) (.375) (.425) (.457) (.399) 
Distributions from net realized gain – – – (.026) – 
Total distributions (.378) (.375) (.425) (.483) (.399) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.69 $9.79 $8.38 $9.48 $9.61 
Total ReturnC,D (7.64)% 21.59% (7.44)% 3.88% 4.94% 
Ratios to Average Net AssetsB,E,F      
Expenses before reductions 1.41% 1.41% 1.41% 1.40% 1.40% 
Expenses net of fee waivers, if any 1.16% 1.25% 1.25% 1.25% 1.25% 
Expenses net of all reductions 1.16% 1.25% 1.25% 1.25% 1.25% 
Net investment income (loss) 3.89% 4.16% 4.77% 5.00% 4.75% 
Supplemental Data      
Net assets, end of period (000 omitted) $3,118 $3,164 $2,928 $3,971 $4,301 
Portfolio turnover rateG 45% 53% 54% 44% 48% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Fidelity Global High Income Fund Class C

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.79 $8.38 $9.48 $9.61 $9.54 
Income from Investment Operations      
Net investment income (loss)A,B .301 .319 .375 .398 .390 
Net realized and unrealized gain (loss) (1.094) 1.396 (1.119) (.115) .005 
Total from investment operations (.793) 1.715 (.744) .283 .395 
Distributions from net investment income (.307) (.305) (.356) (.387) (.326) 
Distributions from net realized gain – – – (.026) – 
Total distributions (.307) (.305) (.356) (.413) (.326) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.69 $9.79 $8.38 $9.48 $9.61 
Total ReturnC,D (8.33)% 20.69% (8.13)% 3.10% 4.16% 
Ratios to Average Net AssetsB,E,F      
Expenses before reductions 2.12% 2.14% 2.11% 2.08% 2.08% 
Expenses net of fee waivers, if any 1.91% 2.00% 2.00% 2.00% 2.00% 
Expenses net of all reductions 1.91% 2.00% 2.00% 2.00% 2.00% 
Net investment income (loss) 3.14% 3.41% 4.02% 4.25% 4.00% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,246 $3,249 $2,684 $3,723 $4,420 
Portfolio turnover rateG 45% 53% 54% 44% 48% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Fidelity Global High Income Fund

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.79 $8.38 $9.48 $9.62 $9.54 
Income from Investment Operations      
Net investment income (loss)A,B .397 .413 .468 .491 .487 
Net realized and unrealized gain (loss) (1.094) 1.395 (1.119) (.125) .015 
Total from investment operations (.697) 1.808 (.651) .366 .502 
Distributions from net investment income (.403) (.398) (.449) (.480) (.423) 
Distributions from net realized gain – – – (.026) – 
Total distributions (.403) (.398) (.449) (.506) (.423) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.69 $9.79 $8.38 $9.48 $9.62 
Total ReturnC (7.40)% 21.89% (7.21)% 4.03% 5.31% 
Ratios to Average Net AssetsB,D,E      
Expenses before reductions 1.04% 1.04% 1.03% 1.01% 1.02% 
Expenses net of fee waivers, if any .91% 1.00% 1.00% 1.00% 1.00% 
Expenses net of all reductions .91% 1.00% 1.00% 1.00% 1.00% 
Net investment income (loss) 4.15% 4.41% 5.02% 5.25% 5.00% 
Supplemental Data      
Net assets, end of period (000 omitted) $72,441 $89,338 $73,039 $97,619 $125,192 
Portfolio turnover rateF 45% 53% 54% 44% 48% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Fidelity Global High Income Fund Class I

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.79 $8.38 $9.48 $9.62 $9.54 
Income from Investment Operations      
Net investment income (loss)A,B .400 .411 .473 .491 .485 
Net realized and unrealized gain (loss) (1.097) 1.397 (1.124) (.125) .017 
Total from investment operations (.697) 1.808 (.651) .366 .502 
Distributions from net investment income (.403) (.398) (.449) (.480) (.423) 
Distributions from net realized gain – – – (.026) – 
Total distributions (.403) (.398) (.449) (.506) (.423) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.69 $9.79 $8.38 $9.48 $9.62 
Total ReturnC (7.40)% 21.89% (7.21)% 4.03% 5.31% 
Ratios to Average Net AssetsB,D,E      
Expenses before reductions 1.05% 1.05% 1.03% 1.05% 1.03% 
Expenses net of fee waivers, if any .91% 1.00% 1.00% 1.00% 1.00% 
Expenses net of all reductions .91% 1.00% 1.00% 1.00% 1.00% 
Net investment income (loss) 4.14% 4.42% 5.02% 5.25% 5.00% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,975 $7,844 $4,350 $7,352 $9,999 
Portfolio turnover rateF 45% 53% 54% 44% 48% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Notes to Financial Statements

For the period ended April 30, 2022

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 June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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 $ 826,337 Market approach Parity price $0.40 - $25.60 / $18.99 Increase 
  Recovery value Recovery value $0.00 - $10.12 / $10.12 Increase 
   Discount rate 11.7% Decrease
 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 – 5.0 / 3.55 Increase 
   Book value multiple 1.0 Increase 
   Enterprise value / Revenue multiple (EV/R) 0.3 Increase 
   Discount rate 10.0% - 30.0% / 11.50% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Comparable sales – land ($/Acre) $5,500.00 - $6,000.00 / $5,776.71 Increase 
   Daily production multiple ($/Million cubic feet per day) $2,500.00 Increase 
   Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
 Book value  Book value multiple 1.0 Increase 
 Discounted cash flow  Weighted average cost of capital (WACC) 8.9% Decrease 
   Discount rate 7.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Growth rate 1.5% Inrease 
Corporate Bonds $ 536,591 Indicative market price  Evaluated bid $0.13 - $10.05 / $8.61 Increase 
  Recovery value  Recovery value $0.00 Increase 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 Increase 
   Book value multiple 1.0 Increase 
   Discount rate 10.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Comparable sales - land ($/Acre) $5,500.00 Increase 
   Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
  Book value Book value multiple 1.0 Increase 
Bank Loan Obligations  $600,731 Indicative market price Evaluated bid $97.75 Increase 
  Market approach Transaction price $99.50 - $100.00 / $99.96 Increase 
   Parity price $100.00 Increase 
  Recovery value Recovery value $0.00 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 April 30, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

Gross unrealized appreciation $2,279,418 
Gross unrealized depreciation (13,006,322) 
Net unrealized appreciation (depreciation) $(10,726,904) 
Tax Cost $105,593,810 

The tax-based components of distributable earnings as of period end were as follows:

Capital Loss Carryforward $(6,082,015) 
Net unrealized appreciation (depreciation) on securities and other investments $(10,734,979) 

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

No expiration  
Short-term $(832,705) 
Long-term (5,249,310) 
Total capital loss carryforward $(6,082,015) 

The tax character of distributions paid was as follows:

 April 30, 2022 April 30, 2021 
Ordinary Income $4,704,486 $ 4,134,980 

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

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Global High Income Fund 47,951,759 47,724,761 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual 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 Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $27,021 $969 
Class M -% .25% 8,591 12 
Class C .75% .25% 27,495 1,858 
   $63,107 $2,839 

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 $1,512 
Class M 1,013 
Class C(a) 36 
 $2,561 

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. 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 
Class A $19,545 .18 
Class M 8,504 .25 
Class C 5,855 .21 
Global High Income 121,310 .13 
Class I 10,108 .16 
 $165,322  

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

 % of Average Net Assets 
Fidelity Global High Income Fund .04 

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

 Amount 
Fidelity Global High Income Fund $11 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Global High Income Fund – 128,583 77,679 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Global High Income Fund $189 

7. Security Lending.

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

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

8. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2023. 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%/1.15%(a) $22,724 
Class M 1.25%/1.15%(a) 8,447 
Class C 2.00%/1.90%(a) 5,660 
Global High Income 1.00%/.90%(a) 117,925 
Class I 1.00%/.90%(a) 8,996 
  $163,752 

 (a) Expense limitation effective June 1, 2021.

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 $71.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,802.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
April 30, 2022 		Year ended
April 30, 2021 
Fidelity Global High Income Fund   
Distributions to shareholders   
Class A $427,363 $281,112 
Class M 136,678 117,390 
Class C 87,509 98,593 
Global High Income 3,787,445 3,421,305 
Class I 265,491 216,580 
Total $4,704,486 $4,134,980 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended April 30, 2022 Year ended April 30, 2021 Year ended April 30, 2022 Year ended April 30, 2021 
Fidelity Global High Income Fund     
Class A     
Shares sold 994,468 221,378 $9,310,968 $2,111,483 
Reinvestment of distributions 44,175 28,758 415,544 269,952 
Shares redeemed (135,230) (80,710) (1,259,170) (743,779) 
Net increase (decrease) 903,413 169,426 $8,467,342 $1,637,656 
Class M     
Shares sold 91,576 68,909 $895,377 $661,837 
Reinvestment of distributions 14,136 12,237 134,232 114,479 
Shares redeemed (70,038) (107,309) (666,034) (993,245) 
Net increase (decrease) 35,674 (26,163) $363,575 $(216,929) 
Class C     
Shares sold 18,127 59,332 $174,518 $560,517 
Reinvestment of distributions 9,080 10,374 86,380 97,101 
Shares redeemed (100,614) (58,096) (966,704) (543,818) 
Net increase (decrease) (73,407) 11,610 $(705,806) $113,800 
Global High Income     
Shares sold 3,066,135 4,031,911 $29,769,948 $38,048,878 
Reinvestment of distributions 326,573 302,882 3,111,366 2,836,079 
Shares redeemed (4,181,161) (3,923,855) (39,815,297) (36,761,620) 
Net increase (decrease) (788,453) 410,938 $(6,933,983) $4,123,337 
Class I     
Shares sold 209,270 686,540 $2,024,964 $6,529,749 
Reinvestment of distributions 24,069 19,080 230,486 178,711 
Shares redeemed (692,191) (423,480) (6,522,363) (3,901,854) 
Net increase (decrease) (458,852) 282,140 $(4,266,913) $2,806,606 

11. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

12. 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.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Global High Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Global High Income Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the “Fund”) as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, issuers of privately held securities, agent banks and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2022



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 324 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Global High Income Fund     
Class A 1.15%    
Actual  $1,000.00 $916.00 $5.46 
Hypothetical-C  $1,000.00 $1,019.09 $5.76 
Class M 1.15%    
Actual  $1,000.00 $917.00 $5.47 
Hypothetical-C  $1,000.00 $1,019.09 $5.76 
Class C 1.91%    
Actual  $1,000.00 $912.60 $9.06 
Hypothetical-C  $1,000.00 $1,015.32 $9.54 
Global High Income .91%    
Actual  $1,000.00 $917.20 $4.33 
Hypothetical-C  $1,000.00 $1,020.28 $4.56 
Class I .91%    
Actual  $1,000.00 $917.20 $4.33 
Hypothetical-C  $1,000.00 $1,020.28 $4.56 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

A total of 0.01% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $2,194,386 of distributions paid in the calendar year 2021 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $4,023,643 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

GHI-ANN-0622
1.926249.110

Fidelity® Short Duration High Income Fund



Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended April 30, 2022 Past 1 year Past 5 years Life of fundA 
Class A (incl. 4.00% sales charge) (6.49)% 1.58% 1.98% 
Class M (incl. 4.00% sales charge) (6.49)% 1.58% 1.98% 
Class C (incl. contingent deferred sales charge) (4.27)% 1.65% 1.75% 
Fidelity® Short Duration High Income Fund (2.35)% 2.67% 2.73% 
Class I (2.35)% 2.67% 2.73% 
Class Z (2.27)% 2.73% 2.76% 

 A From November 5, 2013

 Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I. 

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Short Duration High Income Fund, a class of the fund, on November 5, 2013, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index performed over the same period.


Period Ending Values
$12,565Fidelity® Short Duration High Income Fund
$13,732ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index

Management's Discussion of Fund Performance

Market Recap:  The ICE BofA® US High Yield Constrained Index returned -4.96% for the 12 months ending April 30, 2022. After posting a solid gain in 2021, high-yield bonds retreated to begin the new year amid several major headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve’s accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing high yield included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this dynamic backdrop, the index returned -2.74% in January and -0.90% in February amid an intensifying flight from risk. Volatility eased in March and credit fundamentals remained healthy, but high yield still lost ground (-0.92%) for the month. April saw the downtrend continue, with the index returning -3.63% amid clearer signals of the Fed’s intension to tighten monetary policy and angst about the economic toll of “zero-COVID” lockdowns in China. For the full 12 months, higher-duration BB-rated bonds slightly trailed lower-quality credits. By sector, energy rode a surge in commodity prices and led the way with a modest gain. All other groups declined. Notable laggards included cable/satellite TV, telecommunications, health care, utilities and food/beverage/tobacco.

Comments from - Co-Managers Benjamin Harrison, Alexandre Karam and Eric Mollenhauer:  For the fiscal year, the fund's share classes (excluding sales charges, if applicable) returned roughly -3% to -2%, underperforming the -1.02% return of the Fidelity Short Duration High Income Fund Composite Index, as well as the ICE BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index. The fund's core allocation to high-yield bonds returned -2.20% and detracted from performance versus the Composite index. By industry, market selection was the primary relative detractor, especially an overweighting in cable/satellite TV. Security selection in broadcasting and health care also hurt. Melco Crown, the fund's largest individual detractor, resulted roughly -14% this period. Our second-largest detractor was PG&E, which returned about -7% the past 12 months. Another detractor this period was Diamond Sports. The fund's investment in securities issued by Diamond Sports returned -29% the past 12 months. This was a position we established the past year. All of these detractors were non-Composite positions. Conversely, the largest contributor to performance versus the Composite index was our security picks in cable/satellite TV. Security selection in telecommunications and chemicals also helped the fund's relative result. Our top individual relative contributor was a non-Composite stake in Mesquite Energy (+116%). Also lifting performance was our outsized stake in Charter Communications, which gained 3%. Charter Communications was among our biggest holdings. Avoiding Talen Energy, an index component that returned roughly -45%, aided relative performance. By quality, security selection in unrated bonds added the most value versus the Composite, while security choices among CCC-rated bonds hurt the most. Notable changes in positioning include increased exposure to the services industry and a lower allocation to utilities..

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to shareholders:  On January 3, 2022, Benjamin Harrison assumed co-management responsibilities for the fund and the fund's U.S. high-yield subportfolio.

Investment Summary (Unaudited)

Top Bond Issuers as of April 30, 2022

(by issuer, excluding cash equivalents) % of fund's net assets 
Occidental Petroleum Corp. 3.2 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.6 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 2.3 
Valeant Pharmaceuticals International, Inc. 2.0 
Sprint Corp. 1.9 
Ford Motor Credit Co. LLC 1.7 
OneMain Finance Corp. 1.5 
VICI Properties LP / VICI Note Co. 1.5 
DISH DBS Corp. 1.5 
Ally Financial, Inc. 1.5 
 19.7 

Top Five Market Sectors as of April 30, 2022

 % of fund's net assets 
Energy 15.8 
Telecommunications 10.4 
Healthcare 7.3 
Gaming 6.6 
Diversified Financial Services 5.8 

Quality Diversification (% of fund's net assets)

As of April 30, 2022 
   BBB 3.3% 
   BB 37.5% 
   B 47.1% 
   CCC,CC,C 5.3% 
   Not Rated 1.0% 
   Equities 0.1% 
   Short-Term Investments and Net Other Assets 5.7% 


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 April 30, 2022 * 
   Nonconvertible Bonds 83.2% 
   Convertible Bonds, Preferred Stocks 1.0% 
   Common Stocks 0.1% 
   Bank Loan Obligations 10.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.7% 


* Foreign investments - 16.4%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 83.6% 
   Canada 3.2% 
   Netherlands 2.2% 
   United Kingdom 1.7% 
   Cayman Islands 1.6% 
   Multi-National 1.6% 
   Liberia 1.4% 
   Panama 1.2% 
   Luxembourg 1.0% 
   Other 2.5% 


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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Corporate Bonds - 84.2%   
 Principal Amount Value 
Convertible Bonds - 1.0%   
Broadcasting - 0.8%   
DISH Network Corp.:   
2.375% 3/15/24 $510,000 $474,045 
3.375% 8/15/26 700,000 600,250 
  1,074,295 
Energy - 0.2%   
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 15,159 78,220 
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 26,231 121,974 
  200,194 
TOTAL CONVERTIBLE BONDS  1,274,489 
Nonconvertible Bonds - 83.2%   
Aerospace - 2.3%   
Bombardier, Inc.:   
6% 2/15/28 (c) 125,000 108,125 
7.125% 6/15/26 (c) 165,000 151,800 
7.5% 3/15/25 (c) 614,000 595,580 
Spirit Aerosystems, Inc.:   
5.5% 1/15/25 (c) 100,000 99,000 
7.5% 4/15/25 (c) 250,000 253,125 
TransDigm, Inc.:   
5.5% 11/15/27 1,335,000 1,221,525 
6.25% 3/15/26 (c) 515,000 512,425 
7.5% 3/15/27 25,000 25,188 
  2,966,768 
Air Transportation - 1.3%   
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (c) 800,000 793,000 
United Airlines, Inc. 4.375% 4/15/26 (c) 600,000 579,300 
Western Global Airlines LLC 10.375% 8/15/25 (c) 250,000 256,345 
  1,628,645 
Automotive & Auto Parts - 1.7%   
Ford Motor Credit Co. LLC:   
2.3% 2/10/25 540,000 501,498 
3.375% 11/13/25 400,000 384,072 
4.25% 9/20/22 600,000 601,899 
4.687% 6/9/25 455,000 446,114 
5.125% 6/16/25 250,000 249,375 
Real Hero Merger Sub 2 6.25% 2/1/29 (c) 30,000 24,332 
  2,207,290 
Banks & Thrifts - 1.7%   
Ally Financial, Inc.:   
3.875% 5/21/24 970,000 973,337 
5.75% 11/20/25 895,000 919,438 
VistaJet Malta Finance PLC / XO Management Holding, Inc. 7.875% 5/1/27 (c) 235,000 221,065 
  2,113,840 
Broadcasting - 0.8%   
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c) 410,000 151,700 
Sirius XM Radio, Inc. 3.125% 9/1/26 (c) 495,000 456,019 
Univision Communications, Inc. 6.625% 6/1/27 (c) 375,000 375,938 
  983,657 
Building Materials - 0.4%   
Advanced Drain Systems, Inc. 5% 9/30/27 (c) 245,000 236,731 
Global Infrastructure Solutions, Inc. 5.625% 6/1/29 (c) 185,000 168,604 
SRS Distribution, Inc. 4.625% 7/1/28 (c) 95,000 86,973 
  492,308 
Cable/Satellite TV - 5.2%   
CCO Holdings LLC/CCO Holdings Capital Corp. 4% 3/1/23 (c) 3,315,000 3,314,989 
CSC Holdings LLC 5.875% 9/15/22 845,000 849,521 
DISH DBS Corp.:   
5.25% 12/1/26 (c) 300,000 275,445 
5.875% 11/15/24 1,100,000 1,067,000 
7.75% 7/1/26 650,000 611,432 
Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (c) 595,000 547,930 
  6,666,317 
Capital Goods - 0.4%   
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (c) 525,000 491,831 
Chemicals - 1.5%   
INEOS Quattro Finance 2 PLC 3.375% 1/15/26 (c) 250,000 228,250 
LSB Industries, Inc. 6.25% 10/15/28 (c) 490,000 480,171 
NOVA Chemicals Corp.:   
4.875% 6/1/24 (c) 300,000 295,875 
5% 5/1/25 (c) 400,000 396,000 
Rhodia Acetow Management GmbH 10.5% 2/15/27 (c) 130,000 115,050 
SPCM SA 3.125% 3/15/27 (c) 395,000 348,588 
  1,863,934 
Consumer Products - 1.0%   
Coty, Inc. 5% 4/15/26 (c) 200,000 189,970 
Gannett Holdings LLC 6% 11/1/26 (c) 75,000 68,250 
Mattel, Inc. 5.875% 12/15/27 (c) 210,000 214,830 
Newell Brands, Inc. 4.7% 4/1/26 800,000 793,152 
  1,266,202 
Containers - 2.5%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.125% 8/15/26 (c) 610,000 564,250 
5.25% 8/15/27 (c) 500,000 426,895 
Ball Corp.:   
4% 11/15/23 400,000 399,024 
5.25% 7/1/25 400,000 410,000 
Berry Global, Inc. 4.875% 7/15/26 (c) 175,000 173,924 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (c) 220,000 212,575 
8.5% 8/15/27 (c) 1,050,000 1,036,875 
  3,223,543 
Diversified Financial Services - 5.5%   
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (c) 225,000 210,375 
Freedom Mortgage Corp. 6.625% 1/15/27 (c) 250,000 216,375 
Hightower Holding LLC 6.75% 4/15/29 (c) 400,000 368,520 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.75% 9/15/24 1,840,000 1,794,000 
5.25% 5/15/27 535,000 497,550 
6.25% 5/15/26 690,000 684,080 
Navient Corp.:   
6.125% 3/25/24 1,000,000 1,005,625 
6.75% 6/15/26 250,000 245,635 
OneMain Finance Corp.:   
3.5% 1/15/27 235,000 206,452 
6.125% 3/15/24 750,000 752,873 
6.875% 3/15/25 1,090,000 1,095,450 
  7,076,935 
Diversified Media - 0.5%   
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (c) 660,000 599,775 
Energy - 15.5%   
Berry Petroleum Co. LLC 7% 2/15/26 (c) 100,000 97,000 
Buckeye Partners LP 4.125% 3/1/25 (c) 400,000 383,476 
California Resources Corp. 7.125% 2/1/26 (c) 250,000 254,288 
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11% 4/15/25 (c) 10,000 10,000 
Chesapeake Energy Corp. 5.5% 2/1/26 (c) 505,000 500,740 
Citgo Holding, Inc. 9.25% 8/1/24 (c) 350,000 347,813 
Citgo Petroleum Corp. 6.375% 6/15/26 (c) 450,000 447,210 
Colgate Energy Partners III LLC 5.875% 7/1/29 (c) 70,000 69,300 
Comstock Resources, Inc.:   
6.75% 3/1/29 (c) 120,000 121,342 
7.5% 5/15/25 (c) 83,000 84,702 
Continental Resources, Inc.:   
2.268% 11/15/26 (c) 300,000 274,059 
4.5% 4/15/23 300,000 303,360 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (c) 860,000 836,488 
CrownRock LP/CrownRock Finance, Inc. 5.625% 10/15/25 (c) 800,000 800,000 
CVR Energy, Inc. 5.25% 2/15/25 (c) 615,000 594,951 
DCP Midstream Operating LP 5.375% 7/15/25 1,400,000 1,407,000 
Delek Logistics Partners LP 7.125% 6/1/28 (c) 80,000 76,469 
Energy Ventures GoM LLC / EnVen Finance Corp. 11.75% 4/15/26 (c) 92,000 95,220 
EnLink Midstream Partners LP 4.85% 7/15/26 400,000 389,000 
EQM Midstream Partners LP 6% 7/1/25 (c) 400,000 396,420 
EQT Corp. 3.125% 5/15/26 (c) 500,000 471,390 
Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27 145,000 142,207 
Gulfport Energy Corp. 8% 5/17/26 100,000 102,857 
Hess Midstream Partners LP 5.625% 2/15/26 (c) 150,000 150,000 
Holly Energy Partners LP/Holly Energy Finance Corp. 6.375% 4/15/27 (c) 105,000 107,100 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (c) 300,000 300,000 
Mesquite Energy, Inc. 7.25% 2/15/23 (b)(c)(d) 135,000 0 
Murphy Oil Corp. 5.75% 8/15/25 300,000 300,000 
Nabors Industries, Inc. 5.75% 2/1/25 250,000 238,943 
New Fortress Energy, Inc.:   
6.5% 9/30/26 (c) 215,000 208,081 
6.75% 9/15/25 (c) 650,000 639,041 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) 1,150,000 1,083,398 
NuStar Logistics LP 6% 6/1/26 400,000 399,056 
Oasis Petroleum, Inc. 6.375% 6/1/26 (c) 100,000 100,486 
Occidental Petroleum Corp.:   
3.2% 8/15/26 500,000 470,000 
3.4% 4/15/26 400,000 381,000 
5.875% 9/1/25 2,250,000 2,310,908 
6.95% 7/1/24 900,000 943,875 
PBF Holding Co. LLC/PBF Finance Corp.:   
7.25% 6/15/25 350,000 337,943 
9.25% 5/15/25 (c) 700,000 724,500 
PDC Energy, Inc. 5.75% 5/15/26 250,000 243,290 
Precision Drilling Corp. 7.125% 1/15/26 (c) 160,000 160,438 
Range Resources Corp. 4.875% 5/15/25 250,000 247,500 
SM Energy Co. 10% 1/15/25 (c) 1,000,000 1,080,220 
Southwestern Energy Co. 5.95% 1/23/25 (e) 28,000 28,403 
Sunnova Energy Corp. 5.875% 9/1/26 (c) 210,000 192,150 
Sunoco LP/Sunoco Finance Corp.:   
5.875% 3/15/28 60,000 59,100 
6% 4/15/27 10,000 10,075 
Transocean Proteus Ltd. 6.25% 12/1/24 (c) 317,500 311,944 
Western Gas Partners LP 4.65% 7/1/26 500,000 493,125 
  19,725,868 
Food & Drug Retail - 1.0%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 3.25% 3/15/26 (c) 1,350,000 1,231,875 
Food/Beverage/Tobacco - 0.9%   
Post Holdings, Inc.:   
5.625% 1/15/28 (c) 125,000 118,188 
5.75% 3/1/27 (c) 596,000 587,805 
Turning Point Brands, Inc. 5.625% 2/15/26 (c) 100,000 95,160 
U.S. Foods, Inc. 6.25% 4/15/25 (c) 275,000 282,510 
United Natural Foods, Inc. 6.75% 10/15/28 (c) 95,000 95,069 
  1,178,732 
Gaming - 6.2%   
Affinity Gaming LLC 6.875% 12/15/27 (c) 30,000 28,099 
Caesars Entertainment, Inc.:   
6.25% 7/1/25 (c) 750,000 758,153 
8.125% 7/1/27 (c) 500,000 522,500 
Caesars Resort Collection LLC 5.75% 7/1/25 (c) 495,000 505,519 
Golden Entertainment, Inc. 7.625% 4/15/26 (c) 500,000 511,250 
International Game Technology PLC:   
4.125% 4/15/26 (c) 200,000 187,902 
6.5% 2/15/25 (c) 250,000 254,375 
Melco Resorts Finance Ltd. 5.25% 4/26/26 (c) 1,000,000 875,500 
MGM Resorts International 6% 3/15/23 1,000,000 1,012,570 
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (c) 95,000 90,049 
Studio City Finance Ltd. 5% 1/15/29 (c) 225,000 153,394 
VICI Properties LP / VICI Note Co.:   
3.5% 2/15/25 (c) 715,000 686,414 
4.625% 6/15/25 (c) 300,000 298,500 
5.625% 5/1/24 (c) 1,000,000 1,010,000 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:   
4.25% 5/30/23 (c) 500,000 490,000 
5.5% 3/1/25 (c) 500,000 483,750 
  7,867,975 
Healthcare - 6.3%   
Community Health Systems, Inc.:   
5.625% 3/15/27 (c) 1,550,000 1,477,526 
6.875% 4/15/29 (c) 120,000 105,242 
HCA Holdings, Inc. 5.875% 2/15/26 1,750,000 1,812,125 
Owens & Minor, Inc. 4.5% 3/31/29 (c) 65,000 58,472 
RP Escrow Issuer LLC 5.25% 12/15/25 (c) 200,000 186,000 
Tenet Healthcare Corp.:   
4.625% 7/15/24 86,000 85,766 
5.125% 11/1/27 (c) 500,000 485,483 
6.75% 6/15/23 1,165,000 1,198,441 
Valeant Pharmaceuticals International, Inc. 9.25% 4/1/26 (c) 2,580,000 2,561,166 
Vizient, Inc. 6.25% 5/15/27 (c) 20,000 20,650 
  7,990,871 
Homebuilders/Real Estate - 1.3%   
Brookfield Property REIT, Inc./BPR Nimbus LLC/BPR Cumulus LLC/GGSI Sellco LLC 5.75% 5/15/26 (c) 250,000 242,033 
Kennedy-Wilson, Inc. 4.75% 2/1/30 185,000 166,963 
Railworks Holdings LP 8.25% 11/15/28 (c) 230,000 228,275 
Service Properties Trust:   
4.35% 10/1/24 400,000 370,576 
7.5% 9/15/25 700,000 698,691 
  1,706,538 
Insurance - 0.2%   
Acrisure LLC / Acrisure Finance, Inc. 7% 11/15/25 (c) 20,000 19,471 
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (c) 30,000 28,369 
Enact Holdings, Inc. 6.5% 8/15/25 (c) 200,000 198,976 
  246,816 
Leisure - 3.2%   
Carnival Corp. 7.625% 3/1/26 (c) 1,600,000 1,568,000 
NCL Corp. Ltd.:   
5.875% 3/15/26 (c) 400,000 369,524 
5.875% 2/15/27 (c) 175,000 166,817 
Royal Caribbean Cruises Ltd.:   
5.375% 7/15/27 (c) 120,000 110,273 
5.5% 8/31/26 (c) 885,000 824,639 
9.125% 6/15/23 (c) 750,000 774,251 
Viking Cruises Ltd. 13% 5/15/25 (c) 235,000 257,184 
  4,070,688 
Metals/Mining - 1.2%   
First Quantum Minerals Ltd.:   
6.875% 3/1/26 (c) 750,000 747,328 
7.25% 4/1/23 (c) 329,000 329,247 
Howmet Aerospace, Inc.:   
5.125% 10/1/24 250,000 254,375 
6.875% 5/1/25 8,000 8,460 
HudBay Minerals, Inc. 4.5% 4/1/26 (c) 55,000 50,851 
Novelis Corp. 3.25% 11/15/26 (c) 150,000 136,868 
  1,527,129 
Restaurants - 2.0%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
3.875% 1/15/28 (c) 300,000 276,000 
5.75% 4/15/25 (c) 1,000,000 1,021,425 
Yum! Brands, Inc. 3.875% 11/1/23 1,225,000 1,235,290 
  2,532,715 
Services - 3.3%   
Aramark Services, Inc. 5% 4/1/25 (c) 1,300,000 1,288,625 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (c) 1,106,000 987,105 
CoreCivic, Inc.:   
4.75% 10/15/27 35,000 31,142 
8.25% 4/15/26 250,000 256,805 
Diebold Nixdorf, Inc. 9.375% 7/15/25 (c) 100,000 88,500 
Life Time, Inc. 5.75% 1/15/26 (c) 125,000 121,288 
PowerTeam Services LLC 9.033% 12/4/25 (c) 120,000 113,573 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (c) 350,000 335,563 
Sabre GLBL, Inc. 7.375% 9/1/25 (c) 200,000 202,289 
Sotheby's 7.375% 10/15/27 (c) 500,000 493,025 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) 240,000 233,400 
  4,151,315 
Steel - 0.1%   
Infrabuild Australia Pty Ltd. 12% 10/1/24 (c) 150,000 151,500 
Super Retail - 2.0%   
At Home Group, Inc. 4.875% 7/15/28 (c) 60,000 49,575 
Bath & Body Works, Inc. 7.5% 6/15/29 115,000 118,889 
Carvana Co. 5.5% 4/15/27 (c) 200,000 160,050 
EG Global Finance PLC:   
6.75% 2/7/25 (c) 700,000 680,365 
8.5% 10/30/25 (c) 800,000 800,000 
Hanesbrands, Inc. 4.875% 5/15/26 (c) 400,000 391,000 
Rent-A-Center, Inc. 6.375% 2/15/29 (c) 30,000 25,879 
Staples, Inc. 7.5% 4/15/26 (c) 400,000 382,000 
  2,607,758 
Technology - 2.6%   
Camelot Finance SA 4.5% 11/1/26 (c) 600,000 564,000 
CommScope, Inc. 6% 3/1/26 (c) 600,000 565,920 
MicroStrategy, Inc. 6.125% 6/15/28 (c) 85,000 77,874 
MoneyGram International, Inc. 5.375% 8/1/26 (c) 250,000 255,015 
Sensata Technologies BV:   
4.875% 10/15/23 (c) 155,000 155,395 
5% 10/1/25 (c) 1,300,000 1,290,250 
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (c) 400,000 352,500 
Virtusa Corp. 7.125% 12/15/28 (c) 50,000 45,000 
  3,305,954 
Telecommunications - 8.9%   
Altice France SA 8.125% 2/1/27 (c) 160,000 161,200 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) 25,000 24,188 
Consolidated Communications, Inc. 5% 10/1/28 (c) 60,000 49,032 
Lumen Technologies, Inc.:   
4% 2/15/27 (c) 1,000,000 889,290 
5.625% 4/1/25 200,000 195,000 
6.75% 12/1/23 600,000 609,750 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (c) 95,000 86,420 
Sable International Finance Ltd. 5.75% 9/7/27 (c) 902,000 888,190 
Sabre GLBL, Inc. 9.25% 4/15/25 (c) 200,000 213,306 
SBA Communications Corp. 3.875% 2/15/27 700,000 664,440 
Sprint Corp. 7.875% 9/15/23 2,280,000 2,394,000 
T-Mobile U.S.A., Inc.:   
2.25% 2/15/26 (c) 810,000 743,175 
2.625% 4/15/26 320,000 297,600 
Telecom Italia SpA 5.303% 5/30/24 (c) 1,300,000 1,275,625 
Uniti Group, Inc. 7.875% 2/15/25 (c) 1,705,000 1,734,838 
Windstream Escrow LLC 7.75% 8/15/28 (c) 570,000 542,925 
Zayo Group Holdings, Inc. 4% 3/1/27 (c) 700,000 609,000 
  11,377,979 
Transportation Ex Air/Rail - 0.0%   
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (c) 70,000 65,450 
Utilities - 3.7%   
Global Partners LP/GLP Finance Corp. 7% 8/1/27 62,000 60,605 
InterGen NV 7% 6/30/23 (c) 200,000 195,000 
NextEra Energy Partners LP 4.25% 9/15/24 (c) 41,000 40,283 
NRG Energy, Inc. 5.25% 6/15/29 (c) 1,025,000 965,417 
PG&E Corp. 5% 7/1/28 1,210,000 1,113,430 
Solaris Midstream Holdings LLC 7.625% 4/1/26 (c) 120,000 123,000 
TerraForm Power Operating LLC 4.25% 1/31/23 (c) 1,350,000 1,351,688 
Vistra Operations Co. LLC:   
5% 7/31/27 (c) 225,000 214,313 
5.625% 2/15/27 (c) 705,000 694,425 
  4,758,161 
TOTAL NONCONVERTIBLE BONDS  106,078,369 
TOTAL CORPORATE BONDS   
(Cost $112,609,975)  107,352,858 
 Shares Value 
Common Stocks - 0.1%   
Diversified Financial Services - 0.0%   
Axis Energy Services, LLC Class A (b) 389 125 
Lime Tree Bay Cayman Ltd. (b) 80 2,698 
TOTAL DIVERSIFIED FINANCIAL SERVICES  2,823 
Energy - 0.1%   
California Resources Corp. warrants 10/27/24 (f) 2 24 
Forbes Energy Services Ltd. (b)(f) 6,468 1 
Mesquite Energy, Inc. (b)(f) 1,922 107,190 
TOTAL ENERGY  107,215 
TOTAL COMMON STOCKS   
(Cost $339,106)  110,038 
 Principal Amount Value 
Bank Loan Obligations - 10.0%   
Broadcasting - 0.2%   
Diamond Sports Group LLC:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (e)(g)(h) 89,095 90,418 
2LN, term loan 3 month U.S. LIBOR + 3.250% 3.6555% 8/24/26 (e)(g)(h) 198,485 65,748 
Univision Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 1/31/29 (e)(g)(h) 60,000 59,175 
TOTAL BROADCASTING  215,341 
Building Materials - 0.5%   
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (e)(g)(h) 183,613 152,398 
Oscar AcquisitionCo LLC 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.500% 4/29/29 (g)(h)(i) 500,000 478,750 
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0187% 6/4/28 (e)(g)(h) 54,588 52,540 
TOTAL BUILDING MATERIALS  683,688 
Chemicals - 0.3%   
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.0287% 5/7/25 (b)(e)(g)(h) 287,825 281,349 
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 11/9/28 (e)(g)(h) 29,925 29,304 
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/16/27 (e)(g)(h) 32,676 31,546 
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 9/22/28 (e)(g)(h) 24,938 24,694 
TOTAL CHEMICALS  366,893 
Consumer Products - 0.1%   
Conair Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.756% 5/17/28 (e)(g)(h) 24,875 24,328 
Diamond BC BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.989% 9/29/28 (e)(g)(h) 19,950 19,221 
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 4/15/28 (e)(g)(h) 39,700 36,115 
TOTAL CONSUMER PRODUCTS  79,664 
Diversified Financial Services - 0.3%   
Broadstreet Partners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.763% 1/27/27 (e)(g)(h) 346,465 340,755 
Hightower Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.0983% 4/21/28 (e)(g)(h) 9,950 9,801 
TOTAL DIVERSIFIED FINANCIAL SERVICES  350,556 
Energy - 0.0%   
DT Midstream, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.5% 6/12/28 (e)(g)(h) 15,973 15,943 
Forbes Energy Services LLC Tranche B, term loan 0% 12/31/49 (b)(d)(e)(h) 60,604 0 
Mesquite Energy, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(d)(g)(h) 35,876 0 
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(d)(g)(h) 15,000 0 
TOTAL ENERGY  15,943 
Environmental - 0.5%   
LRS Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.0137% 6/28/28 (e)(g)(h) 698,250 691,268 
Food & Drug Retail - 0.2%   
TKC Midco 1 LLC 1LN, term loan 12% 2/8/27 (e)(h) 200,000 198,000 
Food/Beverage/Tobacco - 0.0%   
Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 3/31/28 (e)(g)(h) 54,588 52,943 
Gaming - 0.4%   
Fertitta Entertainment LLC NV Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.7004% 1/27/29 (e)(g)(h) 324,078 322,364 
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.77% 10/20/24 (e)(g)(h) 246,355 245,278 
TOTAL GAMING  567,642 
Healthcare - 1.0%   
Confluent Health LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.7637% 11/30/28 (e)(g)(h) 12,345 12,237 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.0961% 11/30/28 (e)(g)(h)(j) 2,655 2,632 
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 5/4/28 (e)(g)(h) 19,850 19,817 
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 5/5/28 (e)(g)(h) 54,588 54,478 
Medical Solutions Holdings, Inc.:   
1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/1/28 (e)(g)(h) 336,000 332,724 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.500% 11/1/28 (g)(h)(i)(j) 64,000 63,376 
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 10/21/28 (e)(g)(h) 115,000 112,988 
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5625% 6/2/28 (e)(g)(h) 125,342 124,637 
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 11/30/27 (e)(g)(h) 14,925 14,831 
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/15/28 (e)(g)(h) 60,000 59,531 
RadNet Management, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 4/23/28 (e)(g)(h) 347,375 343,655 
U.S. Anesthesia Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 10/1/28 (e)(g)(h) 29,850 29,469 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.5% 6/13/26 (e)(g)(h) 166,866 147,259 
TOTAL HEALTHCARE  1,317,634 
Hotels - 0.0%   
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.7637% 8/2/28 (e)(g)(h) 49,750 49,492 
Insurance - 0.6%   
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 5/10/25 (e)(g)(h) 296,915 293,836 
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0513% 11/6/27 (e)(g)(h) 104,475 103,639 
AssuredPartners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 2/13/27 (e)(g)(h) 346,456 341,546 
TOTAL INSURANCE  739,021 
Leisure - 0.3%   
Hayward Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 5/28/28 (e)(g)(h) 397,000 392,204 
MajorDrive Holdings IV LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5625% 5/12/28 (e)(g)(h) 24,813 24,353 
TOTAL LEISURE  416,557 
Paper - 0.1%   
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 4.7834% 3/30/29 (e)(g)(h) 80,000 78,890 
Services - 0.8%   
ABG Intermediate Holdings 2 LLC:   
Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (e)(g)(h) 5,970 5,918 
Tranche B2 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 1/31/29 (e)(g)(h) 38,060 37,727 
Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (e)(g)(h) 5,970 5,918 
Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5137% 5/14/28 (e)(g)(h) 19,900 19,363 
Ascend Learning LLC:   
2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (e)(g)(h) 20,000 19,725 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/10/28 (e)(g)(h) 184,538 182,131 
CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.9985% 9/30/28 (e)(g)(h) 14,925 14,817 
CoreLogic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.3125% 6/2/28 (e)(g)(h) 49,750 46,641 
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (e)(g)(h) 643,500 640,122 
TOTAL SERVICES  972,362 
Super Retail - 1.1%   
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 3/5/28 (e)(g)(h) 892,515 882,474 
Empire Today LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 4/1/28 (e)(g)(h) 497,494 461,177 
TOTAL SUPER RETAIL  1,343,651 
Technology - 1.7%   
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.8004% 2/16/28 (e)(g)(h) 10,156 10,090 
Aptean, Inc. 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.7637% 4/23/27 (e)(g)(h) 200,000 197,416 
Athenahealth Group, Inc.:   
Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.009% 2/15/29 (e)(g)(h) 333,478 328,476 
Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 2/15/29 (g)(h)(i)(j) 56,522 55,674 
DG Investment Intermediate Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5137% 3/31/29 (e)(g)(h) 80,000 79,600 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 3/31/28 (e)(g)(h) 14,888 14,717 
Electro Rent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.0983% 1/31/24 (e)(g)(h) 395,822 395,427 
Maverick Bidco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.9889% 5/18/28 (e)(g)(h) 298,500 295,703 
Park Place Technologies LLC 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 11/10/27 (e)(g)(h) 346,500 345,263 
Rackspace Technology Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5% 2/15/28 (e)(g)(h) 396,000 386,266 
TOTAL TECHNOLOGY  2,108,632 
Telecommunications - 1.5%   
Cablevision Lightpath LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.8041% 11/30/27 (e)(g)(h) 345,614 342,158 
Consolidated Communications, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.3125% 10/2/27 (e)(g)(h) 700,000 648,025 
Intelsat Jackson Holdings SA 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 4.9195% 2/1/29 (e)(g)(h) 498,729 483,767 
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.3013% 4/30/27 (e)(g)(h) 153,450 150,829 
Windstream Services LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 9/21/27 (e)(g)(h) 346,427 344,840 
TOTAL TELECOMMUNICATIONS  1,969,619 
Textiles/Apparel - 0.2%   
Tory Burch LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 4/14/28 (e)(g)(h) 297,750 288,073 
Utilities - 0.2%   
Limetree Bay Terminals LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 2/15/24 (e)(g)(h) 458,862 298,260 
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.8125% 6/23/25 (e)(g)(h) 24,686 24,331 
TOTAL UTILITIES  322,591 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $13,360,683)  12,828,460 
 Shares Value 
Money Market Funds - 5.0%   
Fidelity Cash Central Fund 0.32% (k)   
(Cost $6,370,611) 6,369,376 6,370,650 
TOTAL INVESTMENT IN SECURITIES - 99.3%   
(Cost $132,680,375)  126,662,006 
NET OTHER ASSETS (LIABILITIES) - 0.7%  837,626 
NET ASSETS - 100%  $127,499,632 

Legend

 (a) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $200,194 or 0.2% of net assets.

 (b) Level 3 security

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $68,951,569 or 54.1% of net assets.

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

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

 (f) Non-income producing

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

 (h) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

 (i) The coupon rate will be determined upon settlement of the loan after 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 $123,004 and $121,805, respectively.

 (k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Mesquite Energy, Inc. 15% 7/15/23 7/10/20 - 1/18/22 $15,159 
Mesquite Energy, Inc. 15% 7/15/23 11/5/20 - 1/18/22 $26,231 

Affiliated Central Funds

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

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $8,444,980 $107,892,400 $109,966,730 $6,118 $-- $-- $6,370,650 0.0% 
Total $8,444,980 $107,892,400 $109,966,730 $6,118 $-- $-- $6,370,650  

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 April 30, 2022, 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 $107,215 $24 $-- $107,191 
Financials 2,823 -- -- 2,823 
Corporate Bonds 107,352,858 -- 107,152,664 200,194 
Bank Loan Obligations 12,828,460 -- 12,547,111 281,349 
Money Market Funds 6,370,650 6,370,650 -- -- 
Total Investments in Securities: $126,662,006 $6,370,674 $119,699,775 $591,557 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $126,309,764) 		$120,291,356  
Fidelity Central Funds (cost $6,370,611) 6,370,650  
Total Investment in Securities (cost $132,680,375)  $126,662,006 
Cash  30,956 
Receivable for investments sold  25,080 
Receivable for fund shares sold  172,449 
Interest receivable  1,614,158 
Distributions receivable from Fidelity Central Funds  1,520 
Prepaid expenses  39 
Receivable from investment adviser for expense reductions  9,871 
Total assets  128,516,079 
Liabilities   
Payable for investments purchased $605,504  
Payable for fund shares redeemed 267,664  
Distributions payable 48,692  
Accrued management fee 57,494  
Distribution and service plan fees payable 8,330  
Other affiliated payables 15,648  
Other payables and accrued expenses 13,115  
Total liabilities  1,016,447 
Net Assets  $127,499,632 
Net Assets consist of:   
Paid in capital  $141,452,607 
Total accumulated earnings (loss)  (13,952,975) 
Net Assets  $127,499,632 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($22,553,544 ÷ 2,511,942 shares)(a)  $8.98 
Maximum offering price per share (100/96.00 of $8.98)  $9.35 
Class M:   
Net Asset Value and redemption price per share ($2,811,911 ÷ 313,129 shares)(a)  $8.98 
Maximum offering price per share (100/96.00 of $8.98)  $9.35 
Class C:   
Net Asset Value and offering price per share ($3,883,916 ÷ 432,396 shares)(a)  $8.98 
Short Duration High Income:   
Net Asset Value, offering price and redemption price per share ($87,949,014 ÷ 9,795,666 shares)  $8.98 
Class I:   
Net Asset Value, offering price and redemption price per share ($5,054,841 ÷ 562,819 shares)  $8.98 
Class Z:   
Net Asset Value, offering price and redemption price per share ($5,246,406 ÷ 584,245 shares)  $8.98 

 (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

  Year ended April 30, 2022 
Investment Income   
Interest  $5,474,611 
Income from Fidelity Central Funds  6,118 
Total income  5,480,729 
Expenses   
Management fee $701,632  
Transfer agent fees 139,805  
Distribution and service plan fees 92,941  
Accounting fees and expenses 53,252  
Custodian fees and expenses 9,280  
Independent trustees' fees and expenses 435  
Registration fees 95,435  
Audit 72,033  
Legal 3,560  
Miscellaneous 534  
Total expenses before reductions 1,168,907  
Expense reductions (112,951)  
Total expenses after reductions  1,055,956 
Net investment income (loss)  4,424,773 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 118,598  
Total net realized gain (loss)  118,598 
Change in net unrealized appreciation (depreciation) on investment securities  (7,771,418) 
Net gain (loss)  (7,652,820) 
Net increase (decrease) in net assets resulting from operations  $(3,228,047) 

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


Statement of Changes in Net Assets

 Year ended April 30, 2022 Year ended April 30, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,424,773 $3,301,513 
Net realized gain (loss) 118,598 25,815 
Change in net unrealized appreciation (depreciation) (7,771,418) 6,495,414 
Net increase (decrease) in net assets resulting from operations (3,228,047) 9,822,742 
Distributions to shareholders (4,340,504) (3,306,762) 
Share transactions - net increase (decrease) 19,732,716 20,408,754 
Total increase (decrease) in net assets 12,164,165 26,924,734 
Net Assets   
Beginning of period 115,335,467 88,410,733 
End of period $127,499,632 $115,335,467 

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


Financial Highlights

Fidelity Short Duration High Income Fund Class A

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.52 $8.87 $9.44 $9.42 $9.57 
Income from Investment Operations      
Net investment income (loss)A,B .307 .300 .348 .409 .381 
Net realized and unrealized gain (loss) (.546) .651 (.571) .004 (.159) 
Total from investment operations (.239) .951 (.223) .413 .222 
Distributions from net investment income (.301) (.301) (.347) (.393) (.373) 
Total distributions (.301) (.301) (.347) (.393) (.373) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.98 $9.52 $8.87 $9.44 $9.42 
Total ReturnC,D (2.60)% 10.83% (2.47)% 4.52% 2.36% 
Ratios to Average Net AssetsB,E,F      
Expenses before reductions 1.13% 1.15% 1.15% 1.15% 1.16% 
Expenses net of fee waivers, if any 1.01% 1.05% 1.05% 1.05% 1.05% 
Expenses net of all reductions 1.01% 1.05% 1.05% 1.05% 1.05% 
Net investment income (loss) 3.27% 3.21% 3.74% 4.37% 4.00% 
Supplemental Data      
Net assets, end of period (000 omitted) $22,554 $17,126 $12,603 $15,050 $12,351 
Portfolio turnover rateG 42% 74% 77% 33% 65% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Fidelity Short Duration High Income Fund Class M

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.52 $8.86 $9.44 $9.42 $9.57 
Income from Investment Operations      
Net investment income (loss)A,B .307 .300 .348 .408 .382 
Net realized and unrealized gain (loss) (.546) .661 (.581) .005 (.160) 
Total from investment operations (.239) .961 (.233) .413 .222 
Distributions from net investment income (.301) (.301) (.347) (.393) (.373) 
Total distributions (.301) (.301) (.347) (.393) (.373) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.98 $9.52 $8.86 $9.44 $9.42 
Total ReturnC,D (2.60)% 10.96% (2.58)% 4.52% 2.36% 
Ratios to Average Net AssetsB,E,F      
Expenses before reductions 1.13% 1.17% 1.16% 1.16% 1.16% 
Expenses net of fee waivers, if any 1.01% 1.05% 1.05% 1.05% 1.05% 
Expenses net of all reductions 1.01% 1.05% 1.05% 1.05% 1.05% 
Net investment income (loss) 3.27% 3.21% 3.74% 4.37% 4.00% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,812 $2,289 $2,106 $2,537 $2,081 
Portfolio turnover rateG 42% 74% 77% 33% 65% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Fidelity Short Duration High Income Fund Class C

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.52 $8.87 $9.44 $9.42 $9.57 
Income from Investment Operations      
Net investment income (loss)A,B .237 .230 .278 .338 .310 
Net realized and unrealized gain (loss) (.546) .651 (.571) .005 (.159) 
Total from investment operations (.309) .881 (.293) .343 .151 
Distributions from net investment income (.231) (.231) (.277) (.323) (.302) 
Total distributions (.231) (.231) (.277) (.323) (.302) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.98 $9.52 $8.87 $9.44 $9.42 
Total ReturnC,D (3.33)% 10.01% (3.20)% 3.74% 1.59% 
Ratios to Average Net AssetsB,E,F      
Expenses before reductions 1.91% 1.94% 1.93% 1.92% 1.93% 
Expenses net of fee waivers, if any 1.76% 1.80% 1.80% 1.80% 1.80% 
Expenses net of all reductions 1.76% 1.80% 1.80% 1.80% 1.80% 
Net investment income (loss) 2.52% 2.46% 2.99% 3.61% 3.25% 
Supplemental Data      
Net assets, end of period (000 omitted) $3,884 $4,018 $4,017 $4,541 $5,146 
Portfolio turnover rateG 42% 74% 77% 33% 65% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Fidelity Short Duration High Income Fund

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.52 $8.87 $9.44 $9.42 $9.57 
Income from Investment Operations      
Net investment income (loss)A,B .331 .323 .372 .431 .405 
Net realized and unrealized gain (loss) (.546) .651 (.572) .006 (.159) 
Total from investment operations (.215) .974 (.200) .437 .246 
Distributions from net investment income (.325) (.324) (.370) (.417) (.397) 
Total distributions (.325) (.324) (.370) (.417) (.397) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.98 $9.52 $8.87 $9.44 $9.42 
Total ReturnC (2.35)% 11.11% (2.23)% 4.78% 2.61% 
Ratios to Average Net AssetsB,D,E      
Expenses before reductions .83% .87% .86% .86% .86% 
Expenses net of fee waivers, if any .75% .80% .80% .80% .80% 
Expenses net of all reductions .75% .80% .80% .80% .80% 
Net investment income (loss) 3.52% 3.46% 3.99% 4.61% 4.25% 
Supplemental Data      
Net assets, end of period (000 omitted) $87,949 $83,066 $63,703 $88,429 $83,652 
Portfolio turnover rateF 42% 74% 77% 33% 65% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Fidelity Short Duration High Income Fund Class I

Years ended April 30, 2022 2021 2020 2019 2018 
Selected Per–Share Data      
Net asset value, beginning of period $9.52 $8.87 $9.44 $9.42 $9.57 
Income from Investment Operations      
Net investment income (loss)A,B .331 .323 .372 .430 .406 
Net realized and unrealized gain (loss) (.546) .651 (.572) .007 (.160) 
Total from investment operations (.215) .974 (.200) .437 .246 
Distributions from net investment income (.325) (.324) (.370) (.417) (.397) 
Total distributions (.325) (.324) (.370) (.417) (.397) 
Redemption fees added to paid in capitalA – – – – .001 
Net asset value, end of period $8.98 $9.52 $8.87 $9.44 $9.42 
Total ReturnC (2.35)% 11.11% (2.23)% 4.78% 2.61% 
Ratios to Average Net AssetsB,D,E      
Expenses before reductions .88% .92% .89% .89% .91% 
Expenses net of fee waivers, if any .76% .80% .80% .80% .80% 
Expenses net of all reductions .76% .80% .80% .80% .80% 
Net investment income (loss) 3.52% 3.46% 3.99% 4.60% 4.25% 
Supplemental Data      
Net assets, end of period (000 omitted) $5,055 $5,023 $3,950 $4,060 $4,686 
Portfolio turnover rateF 42% 74% 77% 33% 65% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Fidelity Short Duration High Income Fund Class Z

Years ended April 30, 2022 2021 2020 2019 A 
Selected Per–Share Data     
Net asset value, beginning of period $9.52 $8.87 $9.45 $9.46 
Income from Investment Operations     
Net investment income (loss)B,C .339 .331 .378 .261 
Net realized and unrealized gain (loss) (.546) .652 (.579) (.016) 
Total from investment operations (.207) .983 (.201) .245 
Distributions from net investment income (.333) (.333) (.379) (.255) 
Total distributions (.333) (.333) (.379) (.255) 
Net asset value, end of period $8.98 $9.52 $8.87 $9.45 
Total ReturnD,E (2.27)% 11.21% (2.24)% 2.67% 
Ratios to Average Net AssetsC,F,G     
Expenses before reductions .78% .80% .80% .82%H 
Expenses net of fee waivers, if any .66% .71% .71% .71%H 
Expenses net of all reductions .66% .71% .71% .71%H 
Net investment income (loss) 3.61% 3.55% 4.08% 4.86%H 
Supplemental Data     
Net assets, end of period (000 omitted) $5,246 $3,815 $2,031 $425 
Portfolio turnover rateI 42% 74% 77% 33% 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

 H Annualized

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

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


Notes to Financial Statements

For the period ended April 30, 2022

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 June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted 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.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

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

Gross unrealized appreciation $865,441 
Gross unrealized depreciation (6,708,565) 
Net unrealized appreciation (depreciation) $(5,843,124) 
Tax Cost $132,505,130 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $69,520 
Capital loss carryforward $(8,179,371) 
Net unrealized appreciation (depreciation) on securities and other investments $(5,843,124) 

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

No expiration  
Short-term $(3,792,571) 
Long-term (4,386,800) 
Total capital loss carryforward $(8,179,371) 

The tax character of distributions paid was as follows:

 April 30, 2022 April 30,2021 
Ordinary Income $4,340,504 $ 3,306,762 

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

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Short Duration High Income Fund 71,250,913 50,683,956 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual 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 Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $47,902 $5,029 
Class M -% .25% 6,036 25 
Class C .75% .25% 39,003 11,024 
   $92,941 $16,078 

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 $3,415 
Class M 82 
Class C(a) 135 
 $3,632 

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

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

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

 Amount % of Class-Level Average Net Assets 
Class A $28,045 .15 
Class M 3,501 .15 
Class C 7,042 .18 
Short Duration High Income 91,175 .10 
Class I 7,849 .15 
Class Z 2,193 .05 
 $139,805  

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

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

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Short Duration High Income Fund $208 

7. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2023. 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%/1.00%(a) $22,756 
Class M 1.05%/1.00%(a) 2,847 
Class C 1.80%/1.75%(a) 5,971 
Short Duration High Income .80%/.75%(a) 67,835 
Class I .80%/.75%(a) 6,373 
Class Z .71%/.66%(a) 5,028 
  $110,810 

 (a) Expense limitation effective June 1, 2021.

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 $113.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,028.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
April 30, 2022 		Year ended
April 30, 2021 
Fidelity Short Duration High Income Fund   
Distributions to shareholders   
Class A $614,597 $454,814 
Class M 77,641 70,564 
Class C 95,717 89,941 
Short Duration High Income 3,213,389 2,434,521 
Class I 183,793 163,096 
Class Z 155,367 93,826 
Total $4,340,504 $3,306,762 

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended April 30, 2022 Year ended April 30, 2021 Year ended April 30, 2022 Year ended April 30, 2021 
Fidelity Short Duration High Income Fund     
Class A     
Shares sold 1,205,485 664,200 $11,197,038 $6,244,935 
Reinvestment of distributions 64,152 47,323 601,003 442,759 
Shares redeemed (557,369) (333,417) (5,198,452) (3,125,931) 
Net increase (decrease) 712,268 378,106 $6,599,589 $3,561,763 
Class M     
Shares sold 108,902 62,595 $1,014,540 $585,482 
Reinvestment of distributions 8,107 7,346 75,921 68,665 
Shares redeemed (44,415) (66,967) (417,836) (626,604) 
Net increase (decrease) 72,594 2,974 $672,625 $27,543 
Class C     
Shares sold 163,595 188,894 $1,533,455 $1,779,685 
Reinvestment of distributions 10,112 9,530 94,817 89,087 
Shares redeemed (163,460) (229,370) (1,537,583) (2,129,868) 
Net increase (decrease) 10,247 (30,946) $90,689 $(261,096) 
Short Duration High Income     
Shares sold 6,342,757 5,433,537 $59,798,674 $50,972,991 
Reinvestment of distributions 287,476 216,286 2,695,908 2,023,447 
Shares redeemed (5,563,233) (4,106,242) (52,159,083) (38,304,188) 
Net increase (decrease) 1,067,000 1,543,581 $10,335,499 $14,692,250 
Class I     
Shares sold 206,284 316,249 $1,943,410 $2,952,746 
Reinvestment of distributions 18,034 15,983 169,177 149,609 
Shares redeemed (189,184) (250,054) (1,770,381) (2,334,522) 
Net increase (decrease) 35,134 82,178 $342,206 $767,833 
Class Z     
Shares sold 448,784 354,223 $4,184,309 $3,332,491 
Reinvestment of distributions 14,784 9,701 138,688 90,878 
Shares redeemed (280,177) (192,066) (2,630,889) (1,802,908) 
Net increase (decrease) 183,391 171,858 $1,692,108 $1,620,461 

10. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Short Duration High Income Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Short Duration High Income Fund (the "Fund"), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 15, 2022


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 324 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Short Duration High Income Fund     
Class A 1.00%    
Actual  $1,000.00 $963.10 $4.87 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class M 1.00%    
Actual  $1,000.00 $963.10 $4.87 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class C 1.75%    
Actual  $1,000.00 $959.50 $8.50 
Hypothetical-C  $1,000.00 $1,016.12 $8.75 
Short Duration High Income .75%    
Actual  $1,000.00 $964.30 $3.65 
Hypothetical-C  $1,000.00 $1,021.08 $3.76 
Class I .75%    
Actual  $1,000.00 $964.30 $3.65 
Hypothetical-C  $1,000.00 $1,021.08 $3.76 
Class Z .66%    
Actual  $1,000.00 $964.70 $3.22 
Hypothetical-C  $1,000.00 $1,021.52 $3.31 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

A total of 0.01% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $3,130,629 of distributions paid in the calendar year 2021 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $3,952,187 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

SDH-ANN-0622
1.969434.108

Fidelity® Women's Leadership Fund



Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended April 30, 2022 Past 1 year Life of fundA 
Class A (incl. 5.75% sales charge) (16.55)% 8.53% 
Class M (incl. 3.50% sales charge) (14.76)% 9.10% 
Class C (incl. contingent deferred sales charge) (12.98)% 9.87% 
Fidelity® Women's Leadership Fund (11.25)% 10.95% 
Class I (11.20)% 10.99% 
Class Z (11.13)% 11.12% 

 A From May 1, 2019

 Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively. 

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Women's Leadership Fund, a class of the fund, on May 1, 2019, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period.


Period Ending Values
$13,657Fidelity® Women's Leadership Fund
$14,582Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 0.21% for the 12 months ending April 30, 2022. After posting a strong result in 2021, large-cap stocks retreated to begin the new year amid several notable headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve’s accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing stocks included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this backdrop, the S&P 500® index returned -5.17% in January and -2.99% in February, falling on mixed corporate earnings, particularly among some highflying tech firms. Volatility eased in March and the index gained 3.71% for the month. April saw a sharp reversal, with the index returning -8.72% amid clearer signals of the Fed’s intension to tighten monetary policy and angst about the economic toll of “zero-COVID” lockdowns in China. It was the largest monthly decline for the S&P 500® since March 2020. For the full 12 months, the growth-oriented communication services (-22%) and consumer discretionary (-11%) sectors lagged most. In contrast, energy (+61%) rode a surge in commodity prices and led the market by a wide margin, followed by the defensive consumer staples (+17%) sector.

Comments from Portfolio Manager Nicole Connolly:  For the fiscal year ending April 30, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -12% to -11%, trailing the -7.44% result of the MSCI USA Women's Leadership Index, as well as the broad-based Russell 3000® Index. Versus the MSCI index, security selection was the primary detractor. The retailing area of the consumer discretionary sector notably held back the fund’s relative result. Security selection and an underweighting in consumer staples and an underweighting in energy also detracted. Our non-index stake in Gap was the fund's biggest individual relative detractor, due to its roughly -62% result. Also holding back performance was our outsized stake in PayPal Holdings, which returned approximately -66%. The fund's non-index stake in Innovage Holding, a position not held at period end, returned -69%. In contrast, an underweighting in the communication services sector contributed significantly to performance versus the index, due primarily to underexposure in the media & entertainment industry. Strong picks in the financials sector, especially within diversified financials, also helped. Also boosting the fund's relative performance was an underweighting and stock selection in real estate. Not owning Zillow Group, an index component that returned -70%, was the fund’s biggest individual relative contributor. Also adding value was our overweighting in Anthem, which gained 34%. Anthem was among the fund's largest holdings. In the media & entertainment group, avoiding Roku, an index component that returned -73%, also helped relative performance. Lastly, the fund's foreign holdings modestly contributed overall despite the headwind of broad U.S.-dollar strength. Notable changes in positioning include a lower allocation to the communication services and consumer discretionary sectors.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Anthem, Inc. 3.3 
Microsoft Corp. 3.2 
Apple, Inc. 2.3 
Progressive Corp. 1.9 
CDW Corp. 1.9 
Cigna Corp. 1.8 
Accenture PLC Class A 1.7 
AMETEK, Inc. 1.7 
Hologic, Inc. 1.6 
Capgemini SA 1.6 
 21.0 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 24.2 
Health Care 16.1 
Financials 12.1 
Consumer Discretionary 11.5 
Industrials 11.5 
Communication Services 5.5 
Consumer Staples 4.7 
Utilities 3.8 
Materials 3.7 
Real Estate 3.2 
Energy 2.5 

Asset Allocation (% of fund's net assets)

As of April 30, 2022 * 
   Stocks 98.5% 
   Convertible Securities 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.2% 


 * Foreign investments – 14.8%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 85.2% 
   Ireland 3.3% 
   United Kingdom 2.5% 
   France 2.2% 
   Denmark 1.1% 
   Belgium 1.0% 
   Australia 1.0% 
   Germany 1.0% 
   Norway 1.0% 
   Other 1.7% 


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

Percentages are based on country or territory of incorporation and include the effect of futures, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 98.5%   
 Shares Value 
COMMUNICATION SERVICES - 5.5%   
Diversified Telecommunication Services - 0.7%   
Verizon Communications, Inc. 21,053 $974,754 
Entertainment - 0.9%   
The Walt Disney Co. (a) 10,081 1,125,342 
Interactive Media & Services - 1.7%   
Alphabet, Inc. Class A (a) 324 739,430 
Bumble, Inc. (a) 36,077 865,487 
Snap, Inc. Class A (a) 21,382 608,532 
  2,213,449 
Media - 2.2%   
Cable One, Inc. 498 580,768 
Future PLC 17,114 468,722 
Interpublic Group of Companies, Inc. 54,106 1,764,938 
  2,814,428 
TOTAL COMMUNICATION SERVICES  7,127,973 
CONSUMER DISCRETIONARY - 11.5%   
Automobiles - 0.7%   
General Motors Co. (a) 23,874 905,063 
Diversified Consumer Services - 1.1%   
Adtalem Global Education, Inc. (a) 25,208 738,846 
Bright Horizons Family Solutions, Inc. (a) 5,799 662,478 
  1,401,324 
Hotels, Restaurants & Leisure - 2.1%   
Marriott International, Inc. Class A 11,090 1,968,697 
Vail Resorts, Inc. 3,069 780,017 
  2,748,714 
Household Durables - 0.5%   
Taylor Morrison Home Corp. (a) 24,928 652,864 
Internet & Direct Marketing Retail - 1.9%   
Amazon.com, Inc. (a) 627 1,558,490 
Etsy, Inc. (a) 6,478 603,685 
FSN E-Commerce Ventures Private Ltd. 459 10,038 
The RealReal, Inc. (a) 42,413 229,878 
  2,402,091 
Multiline Retail - 0.3%   
Kohl's Corp. 6,699 387,738 
Specialty Retail - 3.3%   
Best Buy Co., Inc. 8,551 768,991 
Gap, Inc. 51,992 645,741 
Lowe's Companies, Inc. 6,289 1,243,524 
Ross Stores, Inc. 2,629 262,295 
Torrid Holdings, Inc. (b) 53,046 310,850 
Williams-Sonoma, Inc. (b) 7,735 1,009,263 
  4,240,664 
Textiles, Apparel & Luxury Goods - 1.6%   
LVMH Moet Hennessy Louis Vuitton SE 1,111 718,967 
PVH Corp. 6,855 498,907 
Tapestry, Inc. 23,702 780,270 
  1,998,144 
TOTAL CONSUMER DISCRETIONARY  14,736,602 
CONSUMER STAPLES - 4.7%   
Beverages - 1.0%   
The Coca-Cola Co. 20,060 1,296,077 
Food & Staples Retailing - 0.7%   
Albertsons Companies, Inc. 28,880 903,366 
Food Products - 1.2%   
The Hershey Co. 6,892 1,556,007 
Household Products - 0.7%   
The Clorox Co. 6,091 873,876 
Personal Products - 1.1%   
Estee Lauder Companies, Inc. Class A 3,065 809,344 
Olaplex Holdings, Inc. 2,700 39,690 
Shiseido Co. Ltd. 12,097 571,843 
  1,420,877 
TOTAL CONSUMER STAPLES  6,050,203 
ENERGY - 2.5%   
Energy Equipment & Services - 0.3%   
Tenaris SA 26,152 399,660 
Oil, Gas & Consumable Fuels - 2.2%   
Equinor ASA 22,955 775,869 
Occidental Petroleum Corp. 11,428 629,569 
Phillips 66 Co. 16,916 1,467,632 
  2,873,070 
TOTAL ENERGY  3,272,730 
FINANCIALS - 12.1%   
Banks - 3.5%   
Bank of America Corp. 56,147 2,003,325 
Citigroup, Inc. 15,881 765,623 
First Horizon National Corp. 29,136 652,064 
First United Corp. (b) 19,718 441,880 
JPMorgan Chase & Co. 4,922 587,490 
Starling Bank Ltd. Series D (a)(c)(d) 34,700 102,888 
  4,553,270 
Capital Markets - 4.4%   
Coinbase Global, Inc. (a)(b) 2,152 242,552 
Franklin Resources, Inc. 24,500 602,455 
Macquarie Group Ltd. 8,765 1,261,836 
Morningstar, Inc. 5,165 1,307,933 
MSCI, Inc. 1,076 453,265 
NASDAQ, Inc. 11,589 1,823,761 
  5,691,802 
Insurance - 4.2%   
Hartford Financial Services Group, Inc. 28,946 2,024,194 
Marsh & McLennan Companies, Inc. 5,587 903,418 
Progressive Corp. 22,834 2,451,458 
  5,379,070 
TOTAL FINANCIALS  15,624,142 
HEALTH CARE - 15.8%   
Biotechnology - 2.0%   
Alnylam Pharmaceuticals, Inc. (a) 4,731 631,257 
Vertex Pharmaceuticals, Inc. (a) 6,484 1,771,558 
Zai Lab Ltd. ADR (a) 5,558 222,098 
  2,624,913 
Health Care Equipment & Supplies - 2.4%   
Figs, Inc. Class A (a) 32,958 516,122 
Hologic, Inc. (a) 29,213 2,103,044 
Insulet Corp. (a) 1,131 270,298 
Outset Medical, Inc. (a) 5,606 195,537 
  3,085,001 
Health Care Providers & Services - 5.5%   
Anthem, Inc. 8,390 4,211,193 
Cigna Corp. 9,484 2,340,462 
Guardant Health, Inc. (a) 7,473 461,084 
  7,012,739 
Life Sciences Tools & Services - 0.5%   
ICON PLC (a) 2,762 624,792 
Pharmaceuticals - 5.4%   
Eli Lilly & Co. 5,515 1,611,097 
GlaxoSmithKline PLC 53,471 1,205,374 
Merck KGaA 6,613 1,226,893 
UCB SA 11,794 1,340,656 
Zoetis, Inc. Class A 8,763 1,553,242 
  6,937,262 
TOTAL HEALTH CARE  20,284,707 
INDUSTRIALS - 11.5%   
Air Freight & Logistics - 1.1%   
United Parcel Service, Inc. Class B 8,134 1,463,957 
Airlines - 0.3%   
JetBlue Airways Corp. (a) 39,221 431,823 
Commercial Services & Supplies - 0.5%   
Stericycle, Inc. (a) 3,071 154,133 
Tomra Systems ASA 11,060 434,939 
  589,072 
Electrical Equipment - 3.1%   
AMETEK, Inc. 17,708 2,235,812 
nVent Electric PLC 42,248 1,427,137 
Sunrun, Inc. (a) 15,194 303,576 
  3,966,525 
Machinery - 3.5%   
Deere & Co. 3,226 1,217,976 
Federal Signal Corp. 51,293 1,745,501 
Otis Worldwide Corp. 20,170 1,469,183 
  4,432,660 
Professional Services - 3.0%   
Leidos Holdings, Inc. 13,259 1,372,439 
Manpower, Inc. 14,376 1,296,715 
Science Applications International Corp. 14,201 1,181,949 
  3,851,103 
TOTAL INDUSTRIALS  14,735,140 
INFORMATION TECHNOLOGY - 24.2%   
Communications Equipment - 0.7%   
Arista Networks, Inc. (a) 7,490 865,619 
Electronic Equipment & Components - 2.7%   
CDW Corp. 14,741 2,405,436 
Insight Enterprises, Inc. (a) 10,520 1,045,372 
  3,450,808 
IT Services - 8.4%   
Accenture PLC Class A 7,475 2,245,191 
Capgemini SA 10,176 2,071,620 
Concentrix Corp. 4,533 713,857 
Genpact Ltd. 19,988 804,917 
MasterCard, Inc. Class A 5,492 1,995,683 
PayPal Holdings, Inc. (a) 8,760 770,267 
Twilio, Inc. Class A (a) 4,935 551,832 
WEX, Inc. (a) 10,410 1,730,558 
  10,883,925 
Semiconductors & Semiconductor Equipment - 1.7%   
Advanced Micro Devices, Inc. (a) 9,096 777,890 
NVIDIA Corp. 7,717 1,431,272 
  2,209,162 
Software - 8.4%   
Adobe, Inc. (a) 4,247 1,681,600 
Copperleaf Technologies, Inc. 32,733 261,935 
HubSpot, Inc. (a) 2,171 823,743 
Intuit, Inc. 3,812 1,596,275 
Microsoft Corp. 14,743 4,091,477 
Pagerduty, Inc. (a)(b) 16,683 476,633 
Salesforce.com, Inc. (a) 10,716 1,885,373 
  10,817,036 
Technology Hardware, Storage & Peripherals - 2.3%   
Apple, Inc. 18,984 2,992,828 
TOTAL INFORMATION TECHNOLOGY  31,219,378 
MATERIALS - 3.7%   
Chemicals - 1.5%   
Cabot Corp. 10,509 692,018 
Eastman Chemical Co. 6,488 666,123 
Valvoline, Inc. 21,563 651,849 
  2,009,990 
Construction Materials - 0.5%   
Summit Materials, Inc. (a) 21,792 605,818 
Metals & Mining - 1.7%   
Commercial Metals Co. 31,282 1,282,562 
Schnitzer Steel Industries, Inc. Class A 19,938 909,771 
  2,192,333 
TOTAL MATERIALS  4,808,141 
REAL ESTATE - 3.2%   
Equity Real Estate Investment Trusts (REITs) - 3.2%   
Equity Lifestyle Properties, Inc. 20,737 1,602,555 
Store Capital Corp. 52,627 1,496,186 
Ventas, Inc. 19,289 1,071,504 
  4,170,245 
UTILITIES - 3.8%   
Electric Utilities - 2.8%   
NextEra Energy, Inc. 11,166 793,009 
ORSTED A/S (e) 12,530 1,386,200 
SSE PLC 58,116 1,349,792 
  3,529,001 
Water Utilities - 1.0%   
American Water Works Co., Inc. 8,599 1,324,934 
TOTAL UTILITIES  4,853,935 
TOTAL COMMON STOCKS   
(Cost $123,428,137)  126,883,196 
Convertible Preferred Stocks - 0.3%   
HEALTH CARE - 0.3%   
Health Care Providers & Services - 0.3%   
Somatus, Inc. Series E (c)(d)   
(Cost $350,799) 402 350,799 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund 0.32% (f) 1,590,390 1,590,708 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 1,804,545 1,804,725 
TOTAL MONEY MARKET FUNDS   
(Cost $3,395,433)  3,395,433 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $127,174,369)  130,629,428 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (1,841,319) 
NET ASSETS - 100%  $128,788,109 

Legend

 (a) Non-income producing

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

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $453,687 or 0.4% of net assets.

 (d) Level 3 security

 (e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,386,200 or 1.1% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Somatus, Inc. Series E 1/31/22 $350,799 
Starling Bank Ltd. Series D 6/18/21 - 4/5/22 $68,001 

Affiliated Central Funds

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

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $2,784,468 $54,748,104 $55,941,864 $2,954 $-- $-- $1,590,708 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 2,443,525 30,061,972 30,700,772 19,189 -- -- 1,804,725 0.0% 
Total $5,227,993 $84,810,076 $86,642,636 $22,143 $-- $-- $3,395,433  

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 April 30, 2022, 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 $7,127,973 $6,659,251 $468,722 $-- 
Consumer Discretionary 14,736,602 14,007,597 729,005 -- 
Consumer Staples 6,050,203 5,478,360 571,843 -- 
Energy 3,272,730 2,097,201 1,175,529 -- 
Financials 15,624,142 14,259,418 1,261,836 102,888 
Health Care 20,635,506 16,511,784 3,772,923 350,799 
Industrials 14,735,140 14,300,201 434,939 -- 
Information Technology 31,219,378 29,147,758 2,071,620 -- 
Materials 4,808,141 4,808,141 -- -- 
Real Estate 4,170,245 4,170,245 -- -- 
Utilities 4,853,935 2,117,943 2,735,992 -- 
Money Market Funds 3,395,433 3,395,433 -- -- 
Total Investments in Securities: $130,629,428 $116,953,332 $13,222,409 $453,687 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 
Assets   
Investment in securities, at value (including securities loaned of $1,665,686) — See accompanying schedule:
Unaffiliated issuers (cost $123,778,936) 		$127,233,995  
Fidelity Central Funds (cost $3,395,433) 3,395,433  
Total Investment in Securities (cost $127,174,369)  $130,629,428 
Foreign currency held at value (cost $409,785)  410,258 
Receivable for fund shares sold  188,628 
Dividends receivable  97,071 
Distributions receivable from Fidelity Central Funds  1,201 
Prepaid expenses  41 
Receivable from investment adviser for expense reductions  21,773 
Other receivables  48 
Total assets  131,348,448 
Liabilities   
Payable for investments purchased $404,147  
Payable for fund shares redeemed 251,194  
Accrued management fee 54,125  
Distribution and service plan fees payable 2,974  
Other affiliated payables 32,291  
Other payables and accrued expenses 10,883  
Collateral on securities loaned 1,804,725  
Total liabilities  2,560,339 
Net Assets  $128,788,109 
Net Assets consist of:   
Paid in capital  $126,408,868 
Total accumulated earnings (loss)  2,379,241 
Net Assets  $128,788,109 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($5,171,388 ÷ 392,489 shares)(a)  $13.18 
Maximum offering price per share (100/94.25 of $13.18)  $13.98 
Class M:   
Net Asset Value and redemption price per share ($1,054,216 ÷ 80,253 shares)(a)  $13.14 
Maximum offering price per share (100/96.50 of $13.14)  $13.62 
Class C:   
Net Asset Value and offering price per share ($1,539,856 ÷ 118,481 shares)(a)  $13.00 
Fidelity Women's Leadership Fund:   
Net Asset Value, offering price and redemption price per share ($101,533,441 ÷ 7,682,817 shares)  $13.22 
Class I:   
Net Asset Value, offering price and redemption price per share ($11,273,185 ÷ 853,542 shares)  $13.21 
Class Z:   
Net Asset Value, offering price and redemption price per share ($8,216,023 ÷ 620,045 shares)  $13.25 

 (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

  Year ended April 30, 2022 
Investment Income   
Dividends  $1,489,544 
Income from Fidelity Central Funds (including $19,189 from security lending)  22,143 
Total income  1,511,687 
Expenses   
Management fee   
Basic fee $730,443  
Performance adjustment (31,550)  
Transfer agent fees 340,633  
Distribution and service plan fees 31,881  
Accounting fees 54,177  
Custodian fees and expenses 10,641  
Independent trustees' fees and expenses 461  
Registration fees 90,109  
Audit 52,585  
Legal 102  
Miscellaneous 531  
Total expenses before reductions 1,280,013  
Expense reductions (25,762)  
Total expenses after reductions  1,254,251 
Net investment income (loss)  257,436 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,453,728  
Foreign currency transactions (3,445)  
Total net realized gain (loss)  1,450,283 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $612) (19,544,954)  
Unfunded commitments 6,334  
Assets and liabilities in foreign currencies (1,093)  
Total change in net unrealized appreciation (depreciation)  (19,539,713) 
Net gain (loss)  (18,089,430) 
Net increase (decrease) in net assets resulting from operations  $(17,831,994) 

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


Statement of Changes in Net Assets

 Year ended April 30, 2022 Year ended April 30, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $257,436 $129,944 
Net realized gain (loss) 1,450,283 2,647,993 
Change in net unrealized appreciation (depreciation) (19,539,713) 23,240,710 
Net increase (decrease) in net assets resulting from operations (17,831,994) 26,018,647 
Distributions to shareholders (3,850,676) (112,730) 
Share transactions - net increase (decrease) 33,890,981 63,644,346 
Total increase (decrease) in net assets 12,208,311 89,550,263 
Net Assets   
Beginning of period 116,579,798 27,029,535 
End of period $128,788,109 $116,579,798 

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


Financial Highlights

Fidelity Women's Leadership Fund Class A

Years ended April 30, 2022 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $15.28 $9.80 $10.00 
Income from Investment Operations    
Net investment income (loss)B,C –D –D .04 
Net realized and unrealized gain (loss) (1.70) 5.49 (.22) 
Total from investment operations (1.70) 5.49 (.18) 
Distributions from net investment income –D (.01) (.02) 
Distributions from net realized gain (.40) – – 
Total distributions (.40) (.01) (.02) 
Net asset value, end of period $13.18 $15.28 $9.80 
Total ReturnE,F (11.46)% 56.03% (1.84)% 
Ratios to Average Net AssetsC,G,H    
Expenses before reductions 1.10% 1.28% 2.50% 
Expenses net of fee waivers, if any 1.10% 1.25% 1.25% 
Expenses net of all reductions 1.10% 1.24% 1.25% 
Net investment income (loss) (.01)% (.03)% .37% 
Supplemental Data    
Net assets, end of period (000 omitted) $5,171 $2,865 $769 
Portfolio turnover rateI 48% 35% 52% 

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

 B Calculated based on average shares outstanding during the period.

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

 D Amount represents less than $.005 per share.

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

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

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

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

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

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


Fidelity Women's Leadership Fund Class M

Years ended April 30, 2022 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $15.22 $9.78 $10.00 
Income from Investment Operations    
Net investment income (loss)B,C (.04) (.04) .01 
Net realized and unrealized gain (loss) (1.69) 5.48 (.22) 
Total from investment operations (1.73) 5.44 (.21) 
Distributions from net investment income – –D (.01) 
Distributions from net realized gain (.35) – – 
Total distributions (.35) –D (.01) 
Net asset value, end of period $13.14 $15.22 $9.78 
Total ReturnE,F (11.66)% 55.65% (2.12)% 
Ratios to Average Net AssetsC,G,H    
Expenses before reductions 1.35% 1.52% 2.86% 
Expenses net of fee waivers, if any 1.35% 1.50% 1.50% 
Expenses net of all reductions 1.35% 1.49% 1.50% 
Net investment income (loss) (.27)% (.28)% .12% 
Supplemental Data    
Net assets, end of period (000 omitted) $1,054 $974 $443 
Portfolio turnover rateI 48% 35% 52% 

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

 B Calculated based on average shares outstanding during the period.

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

 D Amount represents less than $.005 per share.

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

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

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

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

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

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


Fidelity Women's Leadership Fund Class C

Years ended April 30, 2022 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $15.09 $9.74 $10.00 
Income from Investment Operations    
Net investment income (loss)B,C (.11) (.10) (.04) 
Net realized and unrealized gain (loss) (1.68) 5.45 (.22) 
Total from investment operations (1.79) 5.35 (.26) 
Distributions from net investment income – – – 
Distributions from net realized gain (.30) – – 
Total distributions (.30) – – 
Net asset value, end of period $13.00 $15.09 $9.74 
Total ReturnD,E (12.12)% 54.93% (2.60)% 
Ratios to Average Net AssetsC,F,G    
Expenses before reductions 1.84% 1.99% 3.36% 
Expenses net of fee waivers, if any 1.84% 1.99% 2.00% 
Expenses net of all reductions 1.84% 1.98% 2.00% 
Net investment income (loss) (.75)% (.77)% (.38)% 
Supplemental Data    
Net assets, end of period (000 omitted) $1,540 $937 $468 
Portfolio turnover rateH 48% 35% 52% 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Fidelity Women's Leadership Fund

Years ended April 30, 2022 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $15.31 $9.81 $10.00 
Income from Investment Operations    
Net investment income (loss)B,C .03 .03 .06 
Net realized and unrealized gain (loss) (1.70) 5.50 (.22) 
Total from investment operations (1.67) 5.53 (.16) 
Distributions from net investment income (.02) (.03) (.03) 
Distributions from net realized gain (.40) – – 
Total distributions (.42) (.03) (.03) 
Net asset value, end of period $13.22 $15.31 $9.81 
Total ReturnD (11.25)% 56.44% (1.63)% 
Ratios to Average Net AssetsC,E,F    
Expenses before reductions .92% 1.10% 2.19% 
Expenses net of fee waivers, if any .90% 1.00% 1.00% 
Expenses net of all reductions .90% .99% 1.00% 
Net investment income (loss) .18% .22% .62% 
Supplemental Data    
Net assets, end of period (000 omitted) $101,533 $98,888 $22,272 
Portfolio turnover rateG 48% 35% 52% 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Fidelity Women's Leadership Fund Class I

Years ended April 30, 2022 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $15.31 $9.81 $10.00 
Income from Investment Operations    
Net investment income (loss)B,C .04 .03 .06 
Net realized and unrealized gain (loss) (1.70) 5.51 (.22) 
Total from investment operations (1.66) 5.54 (.16) 
Distributions from net investment income (.04) (.04) (.03) 
Distributions from net realized gain (.40) – – 
Total distributions (.44) (.04) (.03) 
Net asset value, end of period $13.21 $15.31 $9.81 
Total ReturnD (11.20)% 56.52% (1.63)% 
Ratios to Average Net AssetsC,E,F    
Expenses before reductions .81% .98% 2.22% 
Expenses net of fee waivers, if any .81% .98% 1.00% 
Expenses net of all reductions .81% .97% 1.00% 
Net investment income (loss) .28% .24% .62% 
Supplemental Data    
Net assets, end of period (000 omitted) $11,273 $3,874 $702 
Portfolio turnover rateG 48% 35% 52% 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Fidelity Women's Leadership Fund Class Z

Years ended April 30, 2022 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $15.35 $9.83 $10.00 
Income from Investment Operations    
Net investment income (loss)B,C .06 .05 .08 
Net realized and unrealized gain (loss) (1.71) 5.51 (.22) 
Total from investment operations (1.65) 5.56 (.14) 
Distributions from net investment income (.05) (.04) (.03) 
Distributions from net realized gain (.40) – – 
Total distributions (.45) (.04) (.03) 
Net asset value, end of period $13.25 $15.35 $9.83 
Total ReturnD (11.13)% 56.63% (1.43)% 
Ratios to Average Net AssetsC,E,F    
Expenses before reductions .69% .87% 1.88% 
Expenses net of fee waivers, if any .69% .85% .85% 
Expenses net of all reductions .69% .84% .85% 
Net investment income (loss) .40% .37% .76% 
Supplemental Data    
Net assets, end of period (000 omitted) $8,216 $9,043 $2,376 
Portfolio turnover rateG 48% 35% 52% 

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

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Notes to Financial Statements

For the period ended April 30, 2022

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 June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance depending on whether certain investments are in or out of favor. The criteria related to the Fund's ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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 April 30, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

Gross unrealized appreciation $18,070,403 
Gross unrealized depreciation (15,191,032) 
Net unrealized appreciation (depreciation) $2,879,371 
Tax Cost $127,750,057 

The tax-based components of distributable earnings as of period end were as follows:

Net unrealized appreciation (depreciation) on securities and other investments $2,878,405 

The Fund intends to elect to defer to its next fiscal year $498,552 of capital losses recognized during the period November 1, 2021 to April 30, 2022.

The tax character of distributions paid was as follows:

 April 30, 2022 April 30, 2021 
Ordinary Income $2,206,934 $ 112,731 
Long-term Capital Gains 1,643,743 – 
Total $3,850,677 $ 112,731 

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

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Women's Leadership Fund 96,484,295 65,464,091 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Women's Leadership Fund as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .50% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $11,446 $764 
Class M .25% .25% 5,596 84 
Class C .75% .25% 14,839 9,563 
   $31,881 $10,411 

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 $12,487 
Class M 765 
Class C(a) 18 
 $13,270 

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

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

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

 Amount % of Class-Level Average Net Assets 
Class A $9,194 .20 
Class M 2,261 .20 
Class C 2,802 .19 
Fidelity Women's Leadership Fund 307,369 .27 
Class I 15,034 .16 
Class Z 3,973 .04 
 $340,633  

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

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

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

 Amount 
Fidelity Women's Leadership Fund $1,626 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Women's Leadership Fund 1,726,255 2,612,721 (1,584,546) 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Women's Leadership Fund $222 

7. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Women's Leadership Fund $1,725 $255 $– 

8. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2023. 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%/1.15%(a) $– 
Class M 1.50%/1.40%(a) – 
Class C 2.00%/1.90%(a) – 
Fidelity Women's Leadership Fund 1.00%/.90%(a) 21,773 
Class I 1.00%/.90%(a) – 
Class Z .85%/.75%(a) – 
  $21,773 

 (a) Expense limitation effective June 1, 2021.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,989.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
April 30, 2022 		Year ended
April 30, 2021 
Fidelity Women's Leadership Fund   
Distributions to shareholders   
Class A $111,894 $624 
Class M 24,841 105 
Class C 28,323 – 
Fidelity Women's Leadership Fund 3,101,859 93,607 
Class I 293,915 3,961 
Class Z 289,844 14,433 
Total $3,850,676 $112,730 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Year ended April 30, 2022 Year ended April 30, 2021 Year ended April 30, 2022 Year ended April 30, 2021 
Fidelity Women's Leadership Fund     
Class A     
Shares sold 214,342 130,547 $3,271,433 $1,741,533 
Reinvestment of distributions 7,212 56 109,985 624 
Shares redeemed (16,599) (21,509) (254,825) (292,612) 
Net increase (decrease) 204,955 109,094 $3,126,593 $1,449,545 
Class M     
Shares sold 17,367 40,717 $265,289 $526,821 
Reinvestment of distributions 1,635 10 24,841 105 
Shares redeemed (2,733) (22,046) (41,893) (306,908) 
Net increase (decrease) 16,269 18,681 $248,237 $220,018 
Class C     
Shares sold 72,426 46,841 $1,099,839 $620,306 
Reinvestment of distributions 1,841 – 27,774 – 
Shares redeemed (17,878) (32,790) (249,596) (472,777) 
Net increase (decrease) 56,389 14,051 $878,017 $147,529 
Fidelity Women's Leadership Fund     
Shares sold 2,939,308 5,053,221 $45,268,708 $65,814,179 
Reinvestment of distributions 191,234 7,216 2,919,250 89,644 
Shares redeemed (1,906,544) (870,966) (28,945,460) (11,068,699) 
Net increase (decrease) 1,223,998 4,189,471 $19,242,498 $54,835,124 
Class I     
Shares sold 850,923 210,365 $13,354,621 $2,876,586 
Reinvestment of distributions 19,138 306 292,838 3,907 
Shares redeemed (269,624) (29,107) (3,716,366) (387,271) 
Net increase (decrease) 600,437 181,564 $9,931,093 $2,493,222 
Class Z     
Shares sold 298,679 448,196 $4,535,147 $5,772,349 
Reinvestment of distributions 16,552 1,011 253,122 12,846 
Shares redeemed (284,436) (101,683) (4,323,726) (1,286,287) 
Net increase (decrease) 30,795 347,524 $464,543 $4,498,908 

11. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Women's Leadership Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Women's Leadership Fund (the "Fund"), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from May 1, 2019 (commencement of operations) through April 30, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from May 1, 2019 (commencement of operations) through April 30, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 14, 2022


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 324 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Women's Leadership Fund     
Class A 1.10%    
Actual  $1,000.00 $824.00 $4.97 
Hypothetical-C  $1,000.00 $1,019.34 $5.51 
Class M 1.35%    
Actual  $1,000.00 $822.80 $6.10 
Hypothetical-C  $1,000.00 $1,018.10 $6.76 
Class C 1.83%    
Actual  $1,000.00 $820.70 $8.26 
Hypothetical-C  $1,000.00 $1,015.72 $9.15 
Fidelity Women's Leadership Fund .90%    
Actual  $1,000.00 $824.40 $4.07 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 
Class I .80%    
Actual  $1,000.00 $824.80 $3.62 
Hypothetical-C  $1,000.00 $1,020.83 $4.01 
Class Z .68%    
Actual  $1,000.00 $825.40 $3.08 
Hypothetical-C  $1,000.00 $1,021.42 $3.41 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30,2022, $1,135,633, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed in June and December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Class A designates 57%, and 58%; Class M designates 69%, and 80%; Class C designates 91%, and 100%; Fidelity Women's Leadership Fund designates 52%, and 54%; Class I designates 52%, and 47%; and Class Z designates 50%, and 46%; of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A designates 75%, and 65%; Class M designates 91%, and 90%; Class C designates 100% and 100%; Fidelity Women's Leadership Fund designates 68%, and 60%; Class I designates 68%, and 53%; and Class Z designates 65%, and 52%; of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 3%, and 5%; Class M designates 4%, and 6%; Fidelity Women's Leadership Fund designates 3%, and 4%; Class I designates 3%, and 4%; and Class Z designates 3%, and 4%; of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

WLF-ANN-0622
1.9893105.102

Fidelity® U.S. Low Volatility Equity Fund



Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended April 30, 2022 Past 1 year Life of fundA 
Fidelity® U.S. Low Volatility Equity Fund 0.12% 6.19% 

 A From November 5, 2019

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® U.S. Low Volatility Equity Fund on November 5, 2019, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period.


Period Ending Values
$11,609Fidelity® U.S. Low Volatility Equity Fund
$13,806Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 0.21% for the 12 months ending April 30, 2022. After posting a strong result in 2021, large-cap stocks retreated to begin the new year amid several notable headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve’s accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing stocks included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this backdrop, the S&P 500® index returned -5.17% in January and -2.99% in February, falling on mixed corporate earnings, particularly among some highflying tech firms. Volatility eased in March and the index gained 3.71% for the month. April saw a sharp reversal, with the index returning -8.72% amid clearer signals of the Fed’s intension to tighten monetary policy and angst about the economic toll of “zero-COVID” lockdowns in China. It was the largest monthly decline for the S&P 500® since March 2020. For the full 12 months, the growth-oriented communication services (-22%) and consumer discretionary (-11%) sectors lagged most. In contrast, energy (+61%) rode a surge in commodity prices and led the market by a wide margin, followed by the defensive consumer staples (+17%) sector.

Comments from Portfolio Manager Zach Dewhirst:  For the fiscal year ending April 30, 2022, the fund gained 0.12%, outperforming the -3.11% result of the benchmark, the Russell 3000® Index. The top contributor to performance versus the benchmark was an overweighting in consumer staples. Stock picks and an underweighting in consumer discretionary and security selection in health care also helped. The fund's biggest individual relative contributor was an underweighting in Amazon.com, which returned about -28% the past year. Our second-largest relative contributor this period was avoiding digital payments services company PayPal, a benchmark component that returned roughly -66%. In contrast, the biggest detractor from performance versus the benchmark was stock selection in information technology. An underweighting in energy and stock picks in consumer staples also hurt the fund’s relative performance. An underweighting in consumer electronics company Apple, a stake we established this period, detracted more than any other individual stock. It also hurt to hold a lighter-than-benchmark stake in Microsoft (+11%) in the fund. Lastly, it hurt to overweight software & services company Zoom Video Communications, which returned -63% for the fund. Zoom Video Communications was not held in the fund at period end. Notable changes in fund positioning for the 12 months included increased exposure to the utilities sector and a lower allocation to consumer discretionary.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Vertex Pharmaceuticals, Inc. 1.2 
BJ's Wholesale Club Holdings, Inc. 1.2 
UnitedHealth Group, Inc. 1.1 
Newmont Corp. 1.1 
Dollar Tree, Inc. 1.1 
Dollar General Corp. 1.1 
Eli Lilly & Co. 1.0 
Target Corp. 1.0 
Thermo Fisher Scientific, Inc. 1.0 
T-Mobile U.S., Inc. 1.0 
 10.8 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 16.1 
Consumer Staples 15.4 
Health Care 15.3 
Industrials 11.5 
Utilities 11.1 
Financials 8.4 
Communication Services 7.2 
Consumer Discretionary 5.4 
Materials 4.5 
Real Estate 3.4 
Energy 0.8 
Investment Companies 0.5 

Asset Allocation (% of fund's net assets)

As of April 30, 2022 * 
   Stocks 99.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.4% 


Foreign investments - 12.8%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 87.2% 
   Canada 3.0% 
   Ireland 1.7% 
   Bermuda 1.6% 
   Japan 1.6% 
   United Kingdom 1.5% 
   Switzerland 1.4% 
   Israel 0.7% 
   France 0.7% 
   Other 0.6% 


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

Percentages are based on country or territory of incorporation and include the effect of futures, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
COMMUNICATION SERVICES - 7.2%   
Diversified Telecommunication Services - 2.2%   
AT&T, Inc. 103,500 $1,952,010 
HKT Trust/HKT Ltd. unit 745,626 1,067,962 
Liberty Global PLC Class C (a) 106,800 2,531,160 
Verizon Communications, Inc. 50,600 2,342,780 
  7,893,912 
Entertainment - 1.5%   
Activision Blizzard, Inc. 33,497 2,532,373 
Electronic Arts, Inc. 19,454 2,296,545 
Warner Bros Discovery, Inc. (a) 25,038 454,440 
  5,283,358 
Interactive Media & Services - 0.9%   
Alphabet, Inc. Class A (a) 1,531 3,494,033 
Media - 1.6%   
Charter Communications, Inc. Class A (a) 4,300 1,842,507 
Comcast Corp. Class A 49,700 1,976,072 
Liberty Broadband Corp. Class C (a) 16,500 1,845,030 
  5,663,609 
Wireless Telecommunication Services - 1.0%   
T-Mobile U.S., Inc. (a) 28,676 3,531,163 
TOTAL COMMUNICATION SERVICES  25,866,075 
CONSUMER DISCRETIONARY - 5.4%   
Hotels, Restaurants & Leisure - 0.6%   
Domino's Pizza, Inc. 6,700 2,264,600 
Internet & Direct Marketing Retail - 0.7%   
Amazon.com, Inc. (a) 950 2,361,349 
Multiline Retail - 3.2%   
Dollar General Corp. 15,807 3,754,637 
Dollar Tree, Inc. (a) 23,620 3,837,069 
Target Corp. 16,200 3,704,130 
  11,295,836 
Specialty Retail - 0.9%   
Murphy U.S.A., Inc. 14,300 3,340,480 
TOTAL CONSUMER DISCRETIONARY  19,262,265 
CONSUMER STAPLES - 15.4%   
Beverages - 2.4%   
Keurig Dr. Pepper, Inc. 72,950 2,728,330 
Monster Beverage Corp. (a) 35,962 3,081,224 
The Coca-Cola Co. 43,253 2,794,576 
  8,604,130 
Food & Staples Retailing - 3.8%   
Albertsons Companies, Inc. 93,700 2,930,936 
BJ's Wholesale Club Holdings, Inc. (a) 63,842 4,108,233 
Grocery Outlet Holding Corp. (a)(b) 103,615 3,488,717 
Walmart, Inc. 18,700 2,860,913 
  13,388,799 
Food Products - 3.8%   
Bunge Ltd. 28,700 3,246,544 
McCormick & Co., Inc. (non-vtg.) 28,100 2,826,017 
Mondelez International, Inc. 45,013 2,902,438 
Nestle SA (Reg. S) 18,335 2,366,940 
TreeHouse Foods, Inc. (a) 72,100 2,271,150 
  13,613,089 
Household Products - 3.3%   
Kimberly-Clark Corp. 21,651 3,005,808 
Procter & Gamble Co. 19,286 3,096,367 
Reynolds Consumer Products, Inc. 99,700 2,950,123 
The Clorox Co. 19,400 2,783,318 
  11,835,616 
Personal Products - 0.4%   
Estee Lauder Companies, Inc. Class A 5,300 1,399,518 
Tobacco - 1.7%   
Altria Group, Inc. 53,300 2,961,881 
Philip Morris International, Inc. 30,100 3,010,000 
  5,971,881 
TOTAL CONSUMER STAPLES  54,813,033 
ENERGY - 0.8%   
Oil, Gas & Consumable Fuels - 0.8%   
Coterra Energy, Inc. 95,700 2,755,203 
FINANCIALS - 8.4%   
Capital Markets - 3.6%   
Cboe Global Markets, Inc. 26,100 2,948,778 
Intercontinental Exchange, Inc. 24,301 2,814,299 
Morningstar, Inc. 5,500 1,392,765 
NASDAQ, Inc. 17,160 2,700,469 
Virtu Financial, Inc. Class A 102,900 2,971,752 
  12,828,063 
Diversified Financial Services - 0.9%   
Berkshire Hathaway, Inc. Class B (a) 10,348 3,340,645 
Insurance - 3.9%   
Arthur J. Gallagher & Co. 10,100 1,701,749 
Assurant, Inc. 16,626 3,023,937 
Brown & Brown, Inc. 52,734 3,268,453 
Marsh & McLennan Companies, Inc. 18,716 3,026,377 
The Travelers Companies, Inc. 16,761 2,867,137 
  13,887,653 
TOTAL FINANCIALS  30,056,361 
HEALTH CARE - 15.3%   
Biotechnology - 4.9%   
Amgen, Inc. 12,817 2,988,796 
Horizon Therapeutics PLC (a) 24,000 2,365,440 
Incyte Corp. (a) 35,400 2,653,584 
Regeneron Pharmaceuticals, Inc. (a) 5,354 3,528,875 
Seagen, Inc. (a) 12,300 1,611,423 
Vertex Pharmaceuticals, Inc. (a) 15,472 4,227,263 
  17,375,381 
Health Care Equipment & Supplies - 0.7%   
Abbott Laboratories 21,000 2,383,500 
Health Care Providers & Services - 1.9%   
Humana, Inc. 6,376 2,834,515 
UnitedHealth Group, Inc. 7,591 3,860,403 
  6,694,918 
Life Sciences Tools & Services - 2.3%   
Danaher Corp. 11,346 2,849,321 
Thermo Fisher Scientific, Inc. 6,412 3,545,323 
West Pharmaceutical Services, Inc. 6,500 2,047,890 
  8,442,534 
Pharmaceuticals - 5.5%   
AstraZeneca PLC (United Kingdom) 21,231 2,833,091 
Bristol-Myers Squibb Co. 39,698 2,988,068 
Eli Lilly & Co. 12,756 3,726,410 
Merck & Co., Inc. 35,300 3,130,757 
Roche Holding AG (participation certificate) 6,768 2,509,669 
Sanofi SA sponsored ADR 45,300 2,366,925 
Zoetis, Inc. Class A 11,900 2,109,275 
  19,664,195 
TOTAL HEALTH CARE  54,560,528 
INDUSTRIALS - 11.5%   
Aerospace & Defense - 1.5%   
Lockheed Martin Corp. 5,861 2,532,655 
Northrop Grumman Corp. 6,378 2,802,493 
  5,335,148 
Air Freight & Logistics - 1.4%   
C.H. Robinson Worldwide, Inc. (b) 26,100 2,770,515 
United Parcel Service, Inc. Class B 13,200 2,375,736 
  5,146,251 
Commercial Services & Supplies - 1.8%   
Republic Services, Inc. 21,300 2,859,951 
Waste Connections, Inc. (United States) 25,450 3,511,337 
  6,371,288 
Industrial Conglomerates - 0.9%   
Roper Technologies, Inc. 6,700 3,148,464 
Machinery - 0.7%   
IDEX Corp. 13,797 2,618,947 
Professional Services - 2.5%   
Booz Allen Hamilton Holding Corp. Class A 31,288 2,554,039 
FTI Consulting, Inc. (a) 21,900 3,453,849 
Verisk Analytics, Inc. 14,364 2,930,974 
  8,938,862 
Road & Rail - 2.7%   
J.B. Hunt Transport Services, Inc. 10,900 1,862,265 
Knight-Swift Transportation Holdings, Inc. Class A 51,800 2,480,702 
Landstar System, Inc. 20,168 3,124,023 
Old Dominion Freight Lines, Inc. 7,100 1,988,852 
  9,455,842 
TOTAL INDUSTRIALS  41,014,802 
INFORMATION TECHNOLOGY - 16.1%   
Communications Equipment - 1.4%   
Cisco Systems, Inc. 54,600 2,674,308 
Motorola Solutions, Inc. 10,800 2,307,852 
  4,982,160 
Electronic Equipment & Components - 0.6%   
Keyence Corp. 5,167 2,071,967 
IT Services - 7.0%   
Accenture PLC Class A 11,637 3,495,289 
Akamai Technologies, Inc. (a) 25,811 2,898,059 
Cognizant Technology Solutions Corp. Class A 32,500 2,629,250 
Fidelity National Information Services, Inc. 15,968 1,583,227 
Genpact Ltd. 63,800 2,569,226 
MasterCard, Inc. Class A 7,531 2,736,615 
Maximus, Inc. 29,957 2,183,266 
OBIC Co. Ltd. 14,700 2,171,768 
VeriSign, Inc. (a) 12,600 2,251,494 
Visa, Inc. Class A 12,194 2,598,907 
  25,117,101 
Software - 5.9%   
Adobe, Inc. (a) 4,408 1,745,348 
Black Knight, Inc. (a) 35,293 2,321,926 
Check Point Software Technologies Ltd. (a) 19,700 2,487,913 
Citrix Systems, Inc. 23,300 2,332,330 
Intuit, Inc. 4,500 1,884,375 
Microsoft Corp. 12,495 3,467,612 
NortonLifeLock, Inc. 107,200 2,684,288 
Salesforce.com, Inc. (a) 8,943 1,573,431 
SAP SE sponsored ADR 12,100 1,219,680 
VMware, Inc. Class A 11,900 1,285,676 
  21,002,579 
Technology Hardware, Storage & Peripherals - 1.2%   
Apple, Inc. 19,200 3,026,880 
FUJIFILM Holdings Corp. ADR (b) 24,200 1,341,164 
  4,368,044 
TOTAL INFORMATION TECHNOLOGY  57,541,851 
MATERIALS - 4.5%   
Containers & Packaging - 0.7%   
Ball Corp. 31,500 2,556,540 
Metals & Mining - 3.8%   
Agnico Eagle Mines Ltd. (United States) (b) 45,000 2,620,350 
Barrick Gold Corp. (Canada) 119,776 2,671,220 
Newmont Corp. 52,872 3,851,725 
Royal Gold, Inc. 19,900 2,596,552 
Wheaton Precious Metals Corp. (b) 36,100 1,619,446 
  13,359,293 
TOTAL MATERIALS  15,915,833 
REAL ESTATE - 3.4%   
Equity Real Estate Investment Trusts (REITs) - 3.4%   
Alexandria Real Estate Equities, Inc. 14,033 2,556,251 
American Tower Corp. 10,884 2,623,262 
CubeSmart 67,444 3,204,264 
Digital Realty Trust, Inc. 17,600 2,571,712 
SBA Communications Corp. Class A 3,900 1,353,729 
  12,309,218 
UTILITIES - 11.1%   
Electric Utilities - 6.3%   
Entergy Corp. 24,200 2,876,170 
Evergy, Inc. 35,581 2,414,171 
FirstEnergy Corp. 74,500 3,226,595 
IDACORP, Inc. 24,600 2,587,428 
NextEra Energy, Inc. 37,088 2,633,990 
PNM Resources, Inc. 59,900 2,794,934 
Southern Co. 43,100 3,163,109 
Xcel Energy, Inc. 39,400 2,886,444 
  22,582,841 
Multi-Utilities - 3.4%   
Dominion Energy, Inc. 37,389 3,052,438 
NiSource, Inc. 110,500 3,217,760 
Public Service Enterprise Group, Inc. 44,400 3,092,904 
Sempra Energy 17,200 2,775,392 
  12,138,494 
Water Utilities - 1.4%   
American States Water Co. (b) 31,100 2,446,326 
American Water Works Co., Inc. 16,000 2,465,280 
  4,911,606 
TOTAL UTILITIES  39,632,941 
TOTAL COMMON STOCKS   
(Cost $319,842,547)  353,728,110 
Money Market Funds - 2.8%   
Fidelity Cash Central Fund 0.32% (c) 1,011,078 1,011,280 
Fidelity Securities Lending Cash Central Fund 0.32% (c)(d) 8,839,773 8,840,657 
TOTAL MONEY MARKET FUNDS   
(Cost $9,851,937)  9,851,937 
Equity Funds - 0.5%   
Domestic Equity Funds - 0.5%   
iShares MSCI USA Minimum Volatility ETF   
(Cost $1,989,506) 24,900 1,828,407 
TOTAL INVESTMENT IN SECURITIES - 102.4%   
(Cost $331,683,990)  365,408,454 
NET OTHER ASSETS (LIABILITIES) - (2.4)%  (8,577,200) 
NET ASSETS - 100%  $356,831,254 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

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

 (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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $854,004 $32,218,913 $32,061,637 $829 $-- $-- $1,011,280 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 1,665,825 70,667,447 63,492,615 3,727 -- -- 8,840,657 0.0% 
Total $2,519,829 $102,886,360 $95,554,252 $4,556 $-- $-- $9,851,937  

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 April 30, 2022, 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 $25,866,075 $24,798,113 $1,067,962 $-- 
Consumer Discretionary 19,262,265 19,262,265 -- -- 
Consumer Staples 54,813,033 52,446,093 2,366,940 -- 
Energy 2,755,203 2,755,203 -- -- 
Financials 30,056,361 30,056,361 -- -- 
Health Care 54,560,528 49,217,768 5,342,760 -- 
Industrials 41,014,802 41,014,802 -- -- 
Information Technology 57,541,851 55,370,083 2,171,768 -- 
Materials 15,915,833 15,915,833 -- -- 
Real Estate 12,309,218 12,309,218 -- -- 
Utilities 39,632,941 39,632,941 -- -- 
Money Market Funds 9,851,937 9,851,937 -- -- 
Equity Funds 1,828,407 1,828,407 -- -- 
Total Investments in Securities: $365,408,454 $354,459,024 $10,949,430 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 
Assets   
Investment in securities, at value (including securities loaned of $8,598,465) — See accompanying schedule:
Unaffiliated issuers (cost $321,832,053) 		$355,556,517  
Fidelity Central Funds (cost $9,851,937) 9,851,937  
Total Investment in Securities (cost $331,683,990)  $365,408,454 
Receivable for fund shares sold  228,346 
Dividends receivable  313,658 
Distributions receivable from Fidelity Central Funds  818 
Prepaid expenses  119 
Total assets  365,951,395 
Liabilities   
Payable for fund shares redeemed $54,010  
Accrued management fee 132,717  
Other affiliated payables 62,816  
Other payables and accrued expenses 29,941  
Collateral on securities loaned 8,840,657  
Total liabilities  9,120,141 
Net Assets  $356,831,254 
Net Assets consist of:   
Paid in capital  $310,416,654 
Total accumulated earnings (loss)  46,414,600 
Net Assets  $356,831,254 
Net Asset Value, offering price and redemption price per share ($356,831,254 ÷ 32,746,290 shares)  $10.90 

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


Statement of Operations

  Year ended April 30, 2022 
Investment Income   
Dividends  $5,315,254 
Income from Fidelity Central Funds (including $3,727 from security lending)  4,556 
Total income  5,319,810 
Expenses   
Management fee $1,852,633  
Transfer agent fees 620,188  
Accounting fees 144,195  
Custodian fees and expenses 9,440  
Independent trustees' fees and expenses 1,277  
Registration fees 26,816  
Audit 40,471  
Legal 727  
Interest 67  
Miscellaneous 1,393  
Total expenses before reductions 2,697,207  
Expense reductions (10,786)  
Total expenses after reductions  2,686,421 
Net investment income (loss)  2,633,389 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 28,999,984  
Foreign currency transactions 2,530  
Total net realized gain (loss)  29,002,514 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (31,323,412)  
Assets and liabilities in foreign currencies (3,937)  
Total change in net unrealized appreciation (depreciation)  (31,327,349) 
Net gain (loss)  (2,324,835) 
Net increase (decrease) in net assets resulting from operations  $308,554 

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


Statement of Changes in Net Assets

 Year ended April 30, 2022 Year ended April 30, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,633,389 $2,538,894 
Net realized gain (loss) 29,002,514 1,889,556 
Change in net unrealized appreciation (depreciation) (31,327,349) 68,104,868 
Net increase (decrease) in net assets resulting from operations 308,554 72,533,318 
Distributions to shareholders (19,895,445) (2,028,140) 
Share transactions   
Proceeds from sales of shares 30,830,702 35,089,962 
Reinvestment of distributions 19,794,049 2,019,281 
Cost of shares redeemed (35,905,930) (40,605,178) 
Net increase (decrease) in net assets resulting from share transactions 14,718,821 (3,495,935) 
Total increase (decrease) in net assets (4,868,070) 67,009,243 
Net Assets   
Beginning of period 361,699,324 294,690,081 
End of period $356,831,254 $361,699,324 
Other Information   
Shares   
Sold 2,648,227 3,335,657 
Issued in reinvestment of distributions 1,709,270 193,786 
Redeemed (3,086,354) (3,985,178) 
Net increase (decrease) 1,271,143 (455,735) 

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


Financial Highlights

Fidelity U.S. Low Volatility Equity Fund

    
Years ended April 30, 2022 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $11.49 $9.23 $10.00 
Income from Investment Operations    
Net investment income (loss)B,C .08 .08 .05 
Net realized and unrealized gain (loss) (.03) 2.25 (.79) 
Total from investment operations .05 2.33 (.74) 
Distributions from net investment income (.08) (.07) (.03) 
Distributions from net realized gain (.56) – – 
Total distributions (.64) (.07) (.03) 
Net asset value, end of period $10.90 $11.49 $9.23 
Total ReturnD,E .12% 25.27% (7.44)% 
Ratios to Average Net AssetsC,F,G    
Expenses before reductions .73% .77% 2.28%H 
Expenses net of fee waivers, if any .72% .77% .95%H 
Expenses net of all reductions .72% .77% .95%H 
Net investment income (loss) .71% .79% 1.46%H 
Supplemental Data    
Net assets, end of period (000 omitted) $356,831 $361,699 $294,690 
Portfolio turnover rateI 46% 39% 101%J,K 

 A For the period November 5, 2019 (commencement of operations) through April 30, 2020.

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

 H Annualized

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

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

 K Amount not annualized.

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


Notes to Financial Statements

For the period ended April 30, 2022

1. Organization.

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

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, 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.

ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to foreign currency transactions, 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 $52,108,605 
Gross unrealized depreciation (18,763,826) 
Net unrealized appreciation (depreciation) $33,344,779 
Tax Cost $332,063,675 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $959,494 
Undistributed long-term capital gain $12,254,206 
Net unrealized appreciation (depreciation) on securities and other investments $33,341,358 

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

No expiration  
Short-term $(140,458) 

The tax character of distributions paid was as follows:

 April 30, 2022 April 30, 2021 
Ordinary Income $5,227,274 $ 2,028,140 
Long-term Capital Gains 14,668,171 – 
Total $19,895,445 $ 2,028,140 

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity U.S. Low Volatility Equity Fund 170,203,913 169,235,876 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. During January 2022 the Board approved a change in the individual fund fee rate from .30% to .20% effective February 1, 2022. For the reporting period, the total annual management fee rate was .50% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (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 annual rate of .17% 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 the following annual rates:

 % of Average Net Assets 
Fidelity U.S. Low Volatility Equity Fund .04 

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

 Amount 
Fidelity U.S. Low Volatility Equity Fund $1,652 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity U.S. Low Volatility Equity Fund Borrower $3,727,000 .32% $67 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity U.S. Low Volatility Equity Fund 9,737,628 8,842,003 (766,516) 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity U.S. Low Volatility Equity Fund $603 

7. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity U.S. Low Volatility Equity Fund $383 $– $– 

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 $86.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $10,700.

9. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 VIP FundsManager 50% Portfolio VIP FundsManager 60% Portfolio VIP FundsManager 70% Portfolio 
Fidelity U.S. Low Volatility Equity Fund 29% 42% 14% 

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund % of shares held 
Fidelity U.S. Low Volatility Equity Fund 94% 

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity U.S. Low Volatility Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity U.S. Low Volatility Equity Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the “Fund”) as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the two years in the period ended April 30, 2022 and for the period November 5, 2019 (commencement of operations) through April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the two years in the period ended April 30, 2022 and for the period November 5, 2019 (commencement of operations) through April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2022



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 324 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity U.S. Low Volatility Equity Fund .69%    
Actual  $1,000.00 $952.50 $3.34 
Hypothetical-C  $1,000.00 $1,021.37 $3.46 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30th, 2022, $26,820,776, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 95.13%, and 100% of the short-term capital gain dividends distributed in June and December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates 99% and 59% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% and 71% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1%, and 5% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity U.S. Low Volatility Equity Fund

At its January 2022 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) for the fund to take effect February 1, 2022 (the Amended Contract) that lowered the management fee rate to be paid. 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 noted that it previously received and

considered materials relating to the nature, extent and quality of services provided by FMR and the fund's sub-advisers to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract and sub-advisory agreements (Advisory Contracts). At its January 2022 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing Advisory Contracts should benefit the fund's shareholders. The Board noted that approval of the Amended Contract would not change the fund's portfolio manager, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the fund under the Amended Contract will continue to benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that it received and reviewed information regarding the fund's current management fee and total expense ratio compared to "mapped groups" of competitive funds and classes in connection with the annual renewal of the Advisory Contracts. Based on its review, the Board concluded at its January 2022 meeting that the fund's current management fee and total expenses are fair and reasonable in light of the services that the fund receives and the other factors considered. In its review of the proposed management fee rate under the Amended Contract, the Board considered that the proposed management fee rate would be lower than the current management fee rate. The Board also considered that the proposed management fee rate would not result in any changes in the relationships of the fund's management fee rate and total expense ratio to the competitive medians of its total mapped groups of competitor funds provided to the Board in connection with the annual renewal of the existing Advisory Contracts.The Board also noted that, in conjunction with the approval of the lower management fee rate under the Amended Contract, the fund's existing expense cap would also be lowered by the same amount as the management fee reduction.

Based on its review, the Board concluded that the management fee and the total expenses continue to be fair and reasonable in light of the services that the fund receives and the other factors considered.

Costs of the Services and  Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its January 2022 meeting, the Board concluded that it was satisfied that FMR's profitability in connection with the operation of the fund was not excessive under the circumstances. Because the Board was approving an arrangement that would reduce the management fee rate, the Board did not consider the costs of the services provided by and the profits realized by FMR to be significant factors in its decision to approve the Amended Contract.

Economies of Scale.  The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale and that it concluded, at its January 2022 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board did not consider economies of scale to be a significant factor in its decision to approve the Amended Contract because the proposed management fee rate is lower than the current management fee rate.

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

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

USL-ANN-0622
1.9896228.102

Fidelity® SAI High Income Fund

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (SAI) - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with SAI.



Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program


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

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average annual total returns for Fidelity SAI High Income Fund will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI High Income Fund on May 13, 2021, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period.


Period Ending Values
$9,490Fidelity® SAI High Income Fund
$9,513ICE® BofA® US High Yield Constrained Index

Management's Discussion of Fund Performance

Market Recap:  The ICE BofA® US High Yield Constrained Index returned -4.96% for the 12 months ending April 30, 2022. After posting a solid gain in 2021, high-yield bonds retreated to begin the new year amid several major headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve’s accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing high yield included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this dynamic backdrop, the index returned -2.74% in January and -0.90% in February amid an intensifying flight from risk. Volatility eased in March and credit fundamentals remained healthy, but high yield still lost ground (-0.92%) for the month. April saw the downtrend continue, with the index returning -3.63% amid clearer signals of the Fed’s intension to tighten monetary policy and angst about the economic toll of “zero-COVID” lockdowns in China. For the full 12 months, higher-duration BB-rated bonds slightly trailed lower-quality credits. By sector, energy rode a surge in commodity prices and led the way with a modest gain. All other groups declined. Notable laggards included cable/satellite TV, telecommunications, health care, utilities and food/beverage/tobacco.

Comments from Co-Managers Benjamin Harrison, Alexandre Karam, and Michael Weaver:  From its inception on May 13, 2021, through April 30, 2022, the fund returned -5.10%, lagging the -4.87% result of the benchmark ICE BofA® US High Yield/US High Yield Constrained Blend Index. The fund's core allocation to high-yield bonds returned -5.61% and detracted from performance versus the benchmark. By industry, the primary contributors to performance versus the benchmark were security selection and an overweighting in energy. Security selection in the food & drug retail and services industries also bolstered the fund's relative result. Our top individual relative contributor was a non-benchmark stake in Mesquite Energy (+53%). Also lifting performance was our overweighting in Bi-Lo, which gained about 46%. Another key contributor was our non-benchmark position in Jonah Energy (+44%). Conversely, the biggest detractor from performance versus the benchmark was security selection in technology. Security selection in gaming and homebuilders/real estate also hurt the fund's relative result. The biggest individual relative detractor was an overweight position in Rackspace Hosting (-14%). Also holding back performance was our outsized stake in Altice Financial, which returned -10%. Overweighting CenturyLink Group (-12%), another large holding in the fund, also hurt performance. By quality, positioning and picks among bonds rated BB added the most value versus the benchmark, whereas security choices among CCC-rated bonds hurt the most.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to shareholders:  On January 3, 2022, Benjamin Harrison assumed co-management responsibilities for the fund.

Investment Summary (Unaudited)

Top Bond Issuers as of April 30, 2022

(by issuer, excluding cash equivalents) % of fund's net assets 
Ishares Broad Usd High Yield C 2.5 
Uniti Group LP / Uniti Group Finance, Inc. 2.1 
New Fortress Energy, Inc. 2.1 
Community Health Systems, Inc. 1.6 
Bombardier, Inc. 1.6 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 1.6 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 1.5 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 1.4 
Carnival Corp. 1.4 
Tenet Healthcare Corp. 1.3 
 17.1 

Top Five Market Sectors as of April 30, 2022

 % of fund's net assets 
Energy 16.5 
Telecommunications 9.5 
Healthcare 8.0 
Technology 6.0 
Services 5.2 

Quality Diversification (% of fund's net assets)

As of April 30, 2022 
   BBB 0.8% 
   BB 25.9% 
   B 45.7% 
   CCC,CC,C 14.7% 
   Not Rated 2.0% 
   Equities 5.4% 
   Short-Term Investments and Net Other Assets 5.5% 


Asset Allocation (% of fund's net assets)

As of April 30, 2022 * 
   Nonconvertible Bonds 83.8% 
   Convertible Bonds, Preferred Stocks 1.6% 
   Common Stocks and Investment Companies 5.2% 
   Bank Loan Obligations 3.7% 
   Other 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.5% 


* Foreign investments - 19.2%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 80.8% 
   Canada 4.1% 
   Luxembourg 2.5% 
   Netherlands 1.9% 
   Ireland 1.8% 
   United Kingdom 1.8% 
   Panama 1.4% 
   France 1.1% 
   Cayman Islands 0.9% 
   Other 3.7% 


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

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022

Showing Percentage of Net Assets

Corporate Bonds - 85.4%   
 Principal Amount Value 
Convertible Bonds - 1.6%   
Broadcasting - 0.7%   
DISH Network Corp.:   
2.375% 3/15/24 $7,442,000 $6,917,339 
3.375% 8/15/26 11,663,000 10,001,023 
  16,918,362 
Energy - 0.9%   
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 1,610,553 8,310,453 
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 2,784,113 12,946,125 
  21,256,578 
TOTAL CONVERTIBLE BONDS  38,174,940 
Nonconvertible Bonds - 83.8%   
Aerospace - 4.2%   
Allegheny Technologies, Inc.:   
4.875% 10/1/29 4,780,000 4,349,370 
5.875% 12/1/27 11,783,000 11,370,595 
Bombardier, Inc.:   
6% 2/15/28 (c) 6,625,000 5,730,625 
7.125% 6/15/26 (c) 9,910,000 9,117,200 
7.5% 3/15/25 (c) 10,262,000 9,954,140 
7.875% 4/15/27 (c) 15,635,000 14,565,097 
BWX Technologies, Inc. 4.125% 6/30/28 (c) 8,790,000 8,152,725 
Kaiser Aluminum Corp.:   
4.5% 6/1/31 (c) 3,870,000 3,337,875 
4.625% 3/1/28 (c) 6,820,000 6,257,350 
Moog, Inc. 4.25% 12/15/27 (c) 3,530,000 3,287,313 
Science Applications International Corp. 4.875% 4/1/28 (c) 875,000 835,625 
TransDigm, Inc.:   
4.625% 1/15/29 4,390,000 3,820,090 
5.5% 11/15/27 21,520,000 19,690,800 
7.5% 3/15/27 2,425,000 2,443,188 
  102,911,993 
Automotive & Auto Parts - 0.3%   
Ford Motor Credit Co. LLC:   
2.9% 2/10/29 5,810,000 4,836,825 
3.815% 11/2/27 3,500,000 3,185,000 
  8,021,825 
Banks & Thrifts - 0.1%   
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (c) 2,015,000 1,865,930 
Broadcasting - 1.5%   
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c) 20,590,000 7,618,300 
Sinclair Television Group, Inc.:   
5.125% 2/15/27 (c) 6,080,000 5,326,262 
5.5% 3/1/30 (c) 335,000 273,919 
Sirius XM Radio, Inc.:   
4% 7/15/28 (c) 6,990,000 6,317,213 
4.125% 7/1/30 (c) 1,555,000 1,365,430 
5.5% 7/1/29 (c) 5,120,000 4,923,699 
TEGNA, Inc.:   
4.625% 3/15/28 3,285,000 3,160,827 
5% 9/15/29 1,395,000 1,353,150 
Univision Communications, Inc.:   
4.5% 5/1/29 (c) 3,735,000 3,352,163 
6.625% 6/1/27 (c) 4,685,000 4,696,713 
  38,387,676 
Building Materials - 0.6%   
Advanced Drain Systems, Inc. 5% 9/30/27 (c) 6,730,000 6,502,863 
Builders FirstSource, Inc. 4.25% 2/1/32 (c) 3,750,000 3,201,563 
SRS Distribution, Inc.:   
4.625% 7/1/28 (c) 2,715,000 2,485,610 
6% 12/1/29 (c) 2,595,000 2,277,113 
  14,467,149 
Cable/Satellite TV - 3.2%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.25% 2/1/31 (c) 6,760,000 5,697,328 
4.5% 8/15/30 (c) 5,705,000 4,977,613 
4.5% 5/1/32 6,844,000 5,756,865 
4.5% 6/1/33 (c) 6,515,000 5,330,052 
4.75% 3/1/30 (c) 4,700,000 4,200,625 
CSC Holdings LLC:   
4.125% 12/1/30 (c) 3,395,000 2,800,875 
4.625% 12/1/30 (c) 10,030,000 7,672,950 
5.375% 2/1/28 (c) 6,840,000 6,280,043 
5.75% 1/15/30 (c) 2,120,000 1,759,600 
7.5% 4/1/28 (c) 2,580,000 2,378,373 
Dolya Holdco 18 DAC 5% 7/15/28 (c) 3,585,000 3,256,829 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
4.5% 9/15/26 (c) 6,520,000 6,004,203 
6.5% 9/15/28 (c) 9,930,000 8,738,400 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (c) 6,000,000 5,730,000 
Ziggo Bond Co. BV 5.125% 2/28/30 (c) 3,720,000 3,227,100 
Ziggo BV 4.875% 1/15/30 (c) 5,980,000 5,299,775 
  79,110,631 
Capital Goods - 0.5%   
Mueller Water Products, Inc. 4% 6/15/29 (c) 3,785,000 3,387,575 
Vertical Holdco GmbH 7.625% 7/15/28 (c) 1,870,000 1,799,875 
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (c) 8,595,000 8,051,968 
  13,239,418 
Chemicals - 3.7%   
Axalta Coating Systems LLC 3.375% 2/15/29 (c) 2,325,000 2,011,660 
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (c) 1,900,000 1,805,000 
CVR Partners LP 6.125% 6/15/28 (c) 4,955,000 4,855,900 
Element Solutions, Inc. 3.875% 9/1/28 (c) 5,615,000 5,018,406 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.:   
5% 12/31/26 (c) 7,050,000 6,239,250 
7% 12/31/27 (c) 1,040,000 821,600 
LSB Industries, Inc. 6.25% 10/15/28 (c) 7,090,000 6,947,775 
Methanex Corp.:   
5.125% 10/15/27 5,455,000 5,236,800 
5.65% 12/1/44 4,010,000 3,508,750 
NOVA Chemicals Corp.:   
4.25% 5/15/29 (c) 3,365,000 2,910,725 
5% 5/1/25 (c) 1,250,000 1,237,500 
5.25% 6/1/27 (c) 6,930,000 6,566,175 
Nufarm Australia Ltd. 5% 1/27/30 (c) 5,245,000 4,956,525 
Olympus Water U.S. Holding Corp.:   
4.25% 10/1/28 (c) 4,620,000 4,082,509 
6.25% 10/1/29 (c) 4,505,000 3,739,150 
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (c) 3,235,000 2,951,938 
The Chemours Co. LLC:   
4.625% 11/15/29 (c) 6,160,000 5,336,100 
5.375% 5/15/27 1,415,000 1,365,475 
5.75% 11/15/28 (c) 14,725,000 13,804,688 
Valvoline, Inc. 4.25% 2/15/30 (c) 3,515,000 3,049,263 
W.R. Grace Holding LLC 5.625% 8/15/29 (c) 6,430,000 5,477,717 
  91,922,906 
Consumer Products - 0.6%   
Central Garden & Pet Co. 4.125% 10/15/30 175,000 151,275 
Diamond BC BV 4.625% 10/1/29 (c) 6,280,000 5,402,244 
Michaels Companies, Inc.:   
5.25% 5/1/28 (c) 3,010,000 2,586,854 
7.875% 5/1/29 (c) 2,315,000 1,823,063 
Nordstrom, Inc.:   
4.25% 8/1/31 3,440,000 2,915,697 
4.375% 4/1/30 2,295,000 1,997,270 
  14,876,403 
Containers - 0.8%   
Graphic Packaging International, Inc. 3.75% 2/1/30 (c) 1,825,000 1,600,032 
OI European Group BV 4.75% 2/15/30 (c) 1,580,000 1,390,400 
Sealed Air Corp. 5% 4/15/29 (c) 3,940,000 3,910,450 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (c) 5,900,000 5,700,875 
8.5% 8/15/27 (c) 6,345,000 6,265,688 
  18,867,445 
Diversified Financial Services - 3.1%   
Coinbase Global, Inc. 3.375% 10/1/28 (c) 7,405,000 5,749,464 
Hightower Holding LLC 6.75% 4/15/29 (c) 4,525,000 4,168,883 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.375% 2/1/29 5,640,000 4,865,797 
5.25% 5/15/27 29,865,000 27,774,450 
6.25% 5/15/26 6,530,000 6,473,973 
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.:   
4.25% 2/1/27 (c) 1,160,000 1,066,272 
4.75% 6/15/29 (c) 5,290,000 4,745,553 
OneMain Finance Corp.:   
3.5% 1/15/27 5,870,000 5,156,912 
3.875% 9/15/28 8,468,000 7,197,800 
7.125% 3/15/26 8,425,000 8,530,313 
  75,729,417 
Diversified Media - 0.8%   
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (c) 10,015,000 9,101,131 
Nielsen Finance LLC/Nielsen Finance Co.:   
4.5% 7/15/29 (c) 2,095,000 1,979,880 
5.625% 10/1/28 (c) 4,408,000 4,271,484 
5.875% 10/1/30 (c) 330,000 316,483 
Terrier Media Buyer, Inc. 8.875% 12/15/27 (c) 5,475,000 5,351,210 
  21,020,188 
Energy - 13.9%   
Apache Corp. 4.25% 1/15/30 1,575,000 1,463,270 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) 5,700,000 5,187,000 
Cheniere Energy, Inc. 4.625% 10/15/28 5,635,000 5,451,863 
Citgo Petroleum Corp.:   
6.375% 6/15/26 (c) 9,630,000 9,570,294 
7% 6/15/25 (c) 10,535,000 10,462,625 
Colgate Energy Partners III LLC 5.875% 7/1/29 (c) 5,775,000 5,717,250 
Comstock Resources, Inc.:   
5.875% 1/15/30 (c) 5,625,000 5,412,994 
6.75% 3/1/29 (c) 5,765,000 5,829,453 
7.5% 5/15/25 (c) 1,530,000 1,561,365 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.625% 5/1/27 (c) 16,735,000 16,295,706 
5.75% 4/1/25 6,230,000 6,155,676 
6% 2/1/29 (c) 12,745,000 12,396,552 
CrownRock LP/CrownRock Finance, Inc.:   
5% 5/1/29 (c) 2,495,000 2,441,633 
5.625% 10/15/25 (c) 395,000 395,000 
CVR Energy, Inc.:   
5.25% 2/15/25 (c) 7,615,000 7,366,751 
5.75% 2/15/28 (c) 9,980,000 9,354,054 
Delek Logistics Partners LP 7.125% 6/1/28 (c) 6,695,000 6,399,483 
DT Midstream, Inc. 4.125% 6/15/29 (c) 3,490,000 3,175,900 
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) 95,000 95,245 
EnLink Midstream LLC 5.625% 1/15/28 (c) 1,365,000 1,352,578 
EQM Midstream Partners LP 6.5% 7/1/27 (c) 3,000,000 3,030,000 
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 3,605,000 3,515,100 
Harvest Midstream I LP 7.5% 9/1/28 (c) 6,200,000 6,290,892 
Hess Midstream Partners LP:   
4.25% 2/15/30 (c) 1,330,000 1,219,996 
5.125% 6/15/28 (c) 3,150,000 3,047,625 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5.75% 2/1/29 (c) 1,575,000 1,543,500 
6.25% 11/1/28 (c) 1,575,000 1,568,149 
Holly Energy Partners LP/Holly Energy Finance Corp.:   
5% 2/1/28 (c) 5,170,000 4,918,790 
6.375% 4/15/27 (c) 2,290,000 2,335,800 
MEG Energy Corp.:   
5.875% 2/1/29 (c) 1,730,000 1,693,445 
7.125% 2/1/27 (c) 2,115,000 2,147,783 
New Fortress Energy, Inc.:   
6.5% 9/30/26 (c) 27,595,000 26,706,993 
6.75% 9/15/25 (c) 21,725,000 21,358,717 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) 12,845,000 12,101,082 
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 11/1/23 4,635,000 4,298,963 
Occidental Petroleum Corp.:   
6.125% 1/1/31 6,450,000 6,779,337 
6.45% 9/15/36 2,805,000 3,043,425 
6.625% 9/1/30 4,400,000 4,768,500 
7.5% 5/1/31 8,755,000 9,980,700 
7.875% 9/15/31 945,000 1,104,875 
8.875% 7/15/30 3,970,000 4,768,327 
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (c) 17,900,000 18,526,500 
Rockies Express Pipeline LLC:   
4.8% 5/15/30 (c) 2,185,000 2,001,340 
4.95% 7/15/29 (c) 3,620,000 3,388,429 
6.875% 4/15/40 (c) 1,330,000 1,263,500 
SM Energy Co.:   
5.625% 6/1/25 4,245,000 4,149,488 
6.5% 7/15/28 4,095,000 4,037,056 
6.75% 9/15/26 1,235,000 1,228,776 
Southwestern Energy Co. 4.75% 2/1/32 3,505,000 3,314,433 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 2,835,000 2,549,317 
5.875% 3/15/28 2,780,000 2,738,300 
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (c) 2,010,000 1,836,638 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:   
5.5% 1/15/28 (c) 6,980,000 6,506,477 
6% 3/1/27 (c) 17,974,000 17,255,040 
6% 12/31/30 (c) 7,565,000 6,997,625 
6% 9/1/31 (c) 5,465,000 4,986,813 
7.5% 10/1/25 (c) 905,000 923,571 
Transocean Guardian Ltd. 5.875% 1/15/24 (c) 2,874,323 2,751,187 
Transocean Phoenix 2 Ltd. 7.75% 10/15/24 (c) 530,999 534,982 
Transocean Pontus Ltd. 6.125% 8/1/25 (c) 1,457,550 1,431,970 
Transocean Poseidon Ltd. 6.875% 2/1/27 (c) 2,221,875 2,137,933 
Transocean Proteus Ltd. 6.25% 12/1/24 (c) 655,000 643,538 
Transocean Sentry Ltd. 5.375% 5/15/23 (c) 3,411,785 3,309,432 
Venture Global Calcasieu Pass LLC:   
3.875% 8/15/29 (c) 5,495,000 5,014,188 
4.125% 8/15/31 (c) 5,440,000 4,936,800 
  344,770,024 
Environmental - 0.8%   
Madison IAQ LLC:   
4.125% 6/30/28 (c) 6,950,000 6,098,625 
5.875% 6/30/29 (c) 12,150,000 9,902,250 
Stericycle, Inc.:   
3.875% 1/15/29 (c) 4,405,000 3,884,549 
5.375% 7/15/24 (c) 990,000 986,594 
  20,872,018 
Food & Drug Retail - 0.9%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
3.5% 3/15/29 (c) 13,250,000 11,161,800 
4.875% 2/15/30 (c) 5,310,000 4,805,842 
Emergent BioSolutions, Inc. 3.875% 8/15/28 (c) 5,975,000 5,071,281 
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) 1,170,000 1,027,693 
  22,066,616 
Food/Beverage/Tobacco - 2.2%   
C&S Group Enterprises LLC 5% 12/15/28 (c) 9,850,000 8,384,813 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (c) 3,255,000 3,214,313 
6.5% 4/15/29 (c) 2,260,000 2,339,100 
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (c) 6,895,000 6,152,960 
Performance Food Group, Inc. 5.5% 10/15/27 (c) 4,540,000 4,405,730 
Post Holdings, Inc.:   
4.625% 4/15/30 (c) 3,035,000 2,594,925 
5.5% 12/15/29 (c) 4,555,000 4,145,050 
Primo Water Holdings, Inc. 4.375% 4/30/29 (c) 6,145,000 5,348,700 
TreeHouse Foods, Inc. 4% 9/1/28 3,405,000 2,774,462 
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) 12,745,000 10,549,546 
U.S. Foods, Inc.:   
4.625% 6/1/30 (c) 1,725,000 1,543,875 
4.75% 2/15/29 (c) 3,695,000 3,413,072 
  54,866,546 
Gaming - 2.6%   
Affinity Gaming LLC 6.875% 12/15/27 (c) 6,430,000 6,022,595 
Caesars Entertainment, Inc.:   
4.625% 10/15/29 (c) 4,920,000 4,218,900 
8.125% 7/1/27 (c) 14,480,000 15,131,600 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (c) 6,725,000 5,817,932 
Golden Entertainment, Inc. 7.625% 4/15/26 (c) 6,865,000 7,019,463 
Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) 2,000,000 1,959,400 
Melco Resorts Finance Ltd.:   
5.375% 12/4/29 (c) 2,645,000 2,116,555 
5.75% 7/21/28 (c) 4,030,000 3,346,915 
MGM Resorts International:   
4.75% 10/15/28 175,000 160,746 
5.5% 4/15/27 175,000 169,157 
Premier Entertainment Sub LLC:   
5.625% 9/1/29 (c) 5,710,000 4,568,000 
5.875% 9/1/31 (c) 2,720,000 2,142,000 
Station Casinos LLC 4.5% 2/15/28 (c) 390,000 353,993 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (c) 4,020,000 3,697,073 
Wynn Macau Ltd.:   
4.875% 10/1/24 (c) 3,890,000 3,476,688 
5.5% 10/1/27 (c) 3,425,000 2,791,375 
5.625% 8/26/28 (c) 2,425,000 1,949,094 
  64,941,486 
Healthcare - 7.9%   
180 Medical, Inc. 3.875% 10/15/29 (c) 5,380,000 4,788,200 
AMN Healthcare 4% 4/15/29 (c) 6,270,000 5,674,350 
Avantor Funding, Inc.:   
3.875% 11/1/29 (c) 6,810,000 6,110,136 
4.625% 7/15/28 (c) 775,000 737,250 
Bausch Health Companies, Inc.:   
5% 1/30/28 (c) 6,840,000 5,045,663 
7% 1/15/28 (c) 6,510,000 5,370,750 
Cano Health, Inc. 6.25% 10/1/28 (c) 5,760,000 5,313,600 
Catalent Pharma Solutions 3.5% 4/1/30 (c) 6,945,000 6,040,830 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (c) 2,300,000 2,081,500 
4.25% 5/1/28 (c) 635,000 606,127 
Community Health Systems, Inc.:   
4.75% 2/15/31 (c) 5,180,000 4,390,050 
5.25% 5/15/30 (c) 6,585,000 5,772,740 
5.625% 3/15/27 (c) 10,440,000 9,951,852 
6% 1/15/29 (c) 5,620,000 5,311,968 
6.125% 4/1/30 (c) 5,790,000 4,762,275 
6.875% 4/15/29 (c) 5,670,000 4,972,703 
8% 3/15/26 (c) 5,185,000 5,360,253 
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (c) 3,610,000 3,267,050 
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (c) 6,520,000 5,672,400 
Embecta Corp. 5% 2/15/30 (c) 2,280,000 2,057,700 
Grifols Escrow Issuer SA 4.75% 10/15/28 (c) 6,530,000 5,958,625 
HealthEquity, Inc. 4.5% 10/1/29 (c) 2,200,000 2,010,250 
Hologic, Inc.:   
3.25% 2/15/29 (c) 3,095,000 2,757,227 
4.625% 2/1/28 (c) 125,000 122,265 
Jazz Securities DAC 4.375% 1/15/29 (c) 9,310,000 8,576,838 
MEDNAX, Inc. 5.375% 2/15/30 (c) 3,755,000 3,498,721 
Minerva Merger Sub, Inc. 6.5% 2/15/30 (c) 9,645,000 8,877,644 
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (c) 1,910,000 1,671,250 
Molina Healthcare, Inc. 3.875% 11/15/30 (c) 2,385,000 2,151,246 
Option Care Health, Inc. 4.375% 10/31/29 (c) 5,750,000 5,169,078 
Organon & Co. / Organon Foreign Debt Co-Issuer BV:   
4.125% 4/30/28 (c) 10,940,000 10,177,482 
5.125% 4/30/31 (c) 795,000 718,481 
Owens & Minor, Inc. 4.5% 3/31/29 (c) 215,000 193,408 
Radiology Partners, Inc. 9.25% 2/1/28 (c) 5,510,000 5,234,500 
RP Escrow Issuer LLC 5.25% 12/15/25 (c) 6,140,000 5,710,200 
Teleflex, Inc. 4.25% 6/1/28 (c) 1,275,000 1,201,688 
Tenet Healthcare Corp.:   
4.25% 6/1/29 (c) 6,525,000 5,895,272 
4.375% 1/15/30 (c) 3,835,000 3,489,351 
4.625% 6/15/28 (c) 13,120,000 12,365,600 
6.125% 10/1/28 (c) 10,070,000 9,666,697 
6.25% 2/1/27 (c) 2,405,000 2,386,963 
Valeant Pharmaceuticals International, Inc. 8.5% 1/31/27 (c) 4,940,000 4,674,574 
Vizient, Inc. 6.25% 5/15/27 (c) 665,000 686,613 
  196,481,370 
Homebuilders/Real Estate - 3.7%   
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (c) 2,060,000 1,733,377 
Howard Hughes Corp.:   
4.125% 2/1/29 (c) 2,570,000 2,313,986 
4.375% 2/1/31 (c) 2,570,000 2,285,809 
Kennedy-Wilson, Inc. 4.75% 2/1/30 6,055,000 5,464,638 
MPT Operating Partnership LP/MPT Finance Corp. 5% 10/15/27 9,640,000 9,249,676 
Railworks Holdings LP 8.25% 11/15/28 (c) 6,020,000 5,974,850 
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (c) 7,635,000 6,384,769 
TopBuild Corp. 4.125% 2/15/32 (c) 5,805,000 5,001,336 
Uniti Group LP / Uniti Group Finance, Inc.:   
4.75% 4/15/28 (c) 15,260,000 13,619,550 
6.5% 2/15/29 (c) 45,165,000 38,973,330 
  91,001,321 
Hotels - 0.5%   
Hilton Domestic Operating Co., Inc.:   
3.625% 2/15/32 (c) 5,720,000 4,844,096 
3.75% 5/1/29 (c) 1,010,000 915,080 
4% 5/1/31 (c) 3,390,000 3,031,847 
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (c) 2,965,000 2,763,499 
  11,554,522 
Insurance - 1.1%   
Alliant Holdings Intermediate LLC:   
4.25% 10/15/27 (c) 6,690,000 6,178,550 
6.75% 10/15/27 (c) 14,510,000 13,721,091 
AmWINS Group, Inc. 4.875% 6/30/29 (c) 6,035,000 5,524,017 
AssuredPartners, Inc. 5.625% 1/15/29 (c) 2,915,000 2,563,626 
  27,987,284 
Leisure - 2.9%   
Carnival Corp.:   
4% 8/1/28 (c) 6,005,000 5,412,006 
5.75% 3/1/27 (c) 10,035,000 9,086,843 
6% 5/1/29 (c) 7,340,000 6,587,650 
6.65% 1/15/28 720,000 666,000 
7.625% 3/1/26 (c) 12,780,000 12,524,400 
MajorDrive Holdings IV LLC 6.375% 6/1/29 (c) 295,000 233,788 
NCL Corp. Ltd.:   
3.625% 12/15/24 (c) 6,645,000 6,179,850 
5.875% 3/15/26 (c) 1,585,000 1,464,239 
7.75% 2/15/29 (c) 4,040,000 3,918,800 
NCL Finance Ltd. 6.125% 3/15/28 (c) 1,390,000 1,251,000 
Royal Caribbean Cruises Ltd.:   
4.25% 7/1/26 (c) 5,935,000 5,363,756 
5.375% 7/15/27 (c) 2,775,000 2,550,072 
5.5% 8/31/26 (c) 6,970,000 6,494,611 
5.5% 4/1/28 (c) 7,685,000 7,012,563 
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (c) 1,545,000 1,363,463 
Voc Escrow Ltd. 5% 2/15/28 (c) 3,205,000 2,892,513 
  73,001,554 
Metals/Mining - 0.9%   
Eldorado Gold Corp. 6.25% 9/1/29 (c) 125,000 120,000 
ERO Copper Corp. 6.5% 2/15/30 (c) 9,020,000 8,093,736 
First Quantum Minerals Ltd. 6.875% 10/15/27 (c) 5,885,000 5,860,357 
HudBay Minerals, Inc. 4.5% 4/1/26 (c) 1,485,000 1,372,964 
Mineral Resources Ltd. 8.5% 5/1/30 (c) 2,310,000 2,281,125 
PMHC II, Inc. 9% 2/15/30 (c) 4,255,000 3,425,275 
  21,153,457 
Paper - 0.7%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 4% 9/1/29 (c) 2,040,000 1,748,341 
Clydesdale Acquisition Holdings, Inc. 6.625% 4/15/29 (c) 1,405,000 1,401,488 
Glatfelter Corp. 4.75% 11/15/29 (c) 2,885,000 2,308,000 
Intertape Polymer Group, Inc. 4.375% 6/15/29 (c) 5,980,000 6,152,702 
SPA Holdings 3 OY 4.875% 2/4/28 (c) 7,020,000 6,192,334 
  17,802,865 
Publishing/Printing - 0.1%   
News Corp. 5.125% 2/15/32 (c) 3,130,000 2,989,150 
Railroad - 0.3%   
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (c) 8,360,000 7,482,200 
Restaurants - 0.4%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (c) 4,170,000 3,564,725 
Yum! Brands, Inc. 4.625% 1/31/32 6,005,000 5,457,044 
  9,021,769 
Services - 4.9%   
ADT Corp. 4.125% 8/1/29 (c) 865,000 734,411 
Adtalem Global Education, Inc. 5.5% 3/1/28 (c) 8,649,000 7,940,863 
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) 4,135,000 3,421,713 
APX Group, Inc. 6.75% 2/15/27 (c) 2,660,000 2,636,725 
Aramark Services, Inc. 5% 2/1/28 (c) 760,000 708,738 
ASGN, Inc. 4.625% 5/15/28 (c) 3,260,000 3,028,540 
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (c) 4,860,000 4,264,650 
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (c) 6,105,000 5,623,682 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (c) 12,680,000 11,316,900 
CoreCivic, Inc.:   
4.75% 10/15/27 5,490,000 4,884,813 
8.25% 4/15/26 19,598,000 20,131,458 
Fair Isaac Corp. 4% 6/15/28 (c) 4,295,000 3,923,998 
Gartner, Inc.:   
3.625% 6/15/29 (c) 2,145,000 1,919,775 
3.75% 10/1/30 (c) 2,845,000 2,537,171 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) 9,310,000 9,284,863 
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (c) 6,135,000 5,757,391 
PowerTeam Services LLC 9.033% 12/4/25 (c) 1,215,000 1,149,931 
Prime Securities Services Borrower LLC/Prime Finance, Inc.:   
3.375% 8/31/27 (c) 175,000 149,361 
5.75% 4/15/26 (c) 175,000 167,781 
Service Corp. International:   
4% 5/15/31 4,375,000 3,937,500 
5.125% 6/1/29 4,160,000 4,103,540 
Sotheby's 7.375% 10/15/27 (c) 8,105,000 7,991,935 
The GEO Group, Inc. 6% 4/15/26 3,300,000 2,663,100 
TriNet Group, Inc. 3.5% 3/1/29 (c) 6,635,000 6,012,969 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) 8,220,000 7,993,950 
  122,285,758 
Steel - 0.4%   
Commercial Metals Co. 4.125% 1/15/30 3,495,000 3,180,450 
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) 6,370,000 5,733,000 
  8,913,450 
Super Retail - 1.6%   
Bath & Body Works, Inc.:   
5.25% 2/1/28 825,000 792,000 
6.625% 10/1/30 (c) 475,000 472,437 
6.694% 1/15/27 2,550,000 2,626,704 
Carvana Co.:   
4.875% 9/1/29 (c) 2,755,000 2,010,599 
5.5% 4/15/27 (c) 4,650,000 3,721,163 
5.625% 10/1/25 (c) 5,105,000 4,421,236 
5.875% 10/1/28 (c) 1,165,000 925,925 
EG Global Finance PLC:   
6.75% 2/7/25 (c) 5,980,000 5,812,261 
8.5% 10/30/25 (c) 5,425,000 5,425,000 
LBM Acquisition LLC 6.25% 1/15/29 (c) 2,405,000 1,957,069 
Levi Strauss & Co. 3.5% 3/1/31 (c) 4,995,000 4,320,675 
The William Carter Co. 5.625% 3/15/27 (c) 2,315,000 2,306,782 
Wolverine World Wide, Inc. 4% 8/15/29 (c) 6,606,000 5,614,043 
  40,405,894 
Technology - 5.9%   
Acuris Finance U.S. 5% 5/1/28 (c) 10,565,000 9,666,975 
Arches Buyer, Inc.:   
4.25% 6/1/28 (c) 6,120,000 5,439,028 
6.125% 12/1/28 (c) 6,360,000 5,533,200 
Black Knight InfoServ LLC 3.625% 9/1/28 (c) 5,665,000 5,254,004 
Clarivate Science Holdings Corp.:   
3.875% 7/1/28 (c) 3,040,000 2,705,600 
4.875% 7/1/29 (c) 2,880,000 2,538,086 
CommScope, Inc.:   
4.75% 9/1/29 (c) 2,985,000 2,495,729 
6% 3/1/26 (c) 6,745,000 6,361,884 
7.125% 7/1/28 (c) 5,270,000 4,202,825 
8.25% 3/1/27 (c) 1,610,000 1,368,500 
Elastic NV 4.125% 7/15/29 (c) 6,818,000 6,102,110 
Entegris Escrow Corp. 4.75% 4/15/29 (c) 4,020,000 3,874,315 
Gartner, Inc. 4.5% 7/1/28 (c) 3,750,000 3,594,058 
II-VI, Inc. 5% 12/15/29 (c) 7,865,000 7,373,438 
ION Trading Technologies Ltd. 5.75% 5/15/28 (c) 6,795,000 6,361,819 
MicroStrategy, Inc. 6.125% 6/15/28 (c) 4,965,000 4,548,784 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) 6,515,000 6,677,875 
onsemi 3.875% 9/1/28 (c) 305,000 282,950 
Open Text Corp.:   
3.875% 2/15/28 (c) 3,350,000 3,051,125 
3.875% 12/1/29 (c) 905,000 804,237 
Rackspace Hosting, Inc.:   
3.5% 2/15/28 (c) 5,935,000 5,133,003 
5.375% 12/1/28 (c) 32,245,000 26,270,969 
Roblox Corp. 3.875% 5/1/30 (c) 3,335,000 2,868,100 
Sensata Technologies BV 4% 4/15/29 (c) 3,060,000 2,727,883 
TTM Technologies, Inc. 4% 3/1/29 (c) 11,365,000 9,944,375 
Twilio, Inc. 3.875% 3/15/31 2,550,000 2,191,649 
Uber Technologies, Inc. 8% 11/1/26 (c) 7,615,000 7,976,713 
  145,349,234 
Telecommunications - 8.9%   
Altice Financing SA:   
5% 1/15/28 (c) 11,615,000 9,695,389 
5.75% 8/15/29 (c) 16,870,000 14,213,144 
Altice France Holding SA 6% 2/15/28 (c) 10,695,000 8,836,744 
Altice France SA:   
5.125% 1/15/29 (c) 10,120,000 8,587,680 
5.125% 7/15/29 (c) 8,025,000 6,793,644 
5.5% 1/15/28 (c) 7,575,000 6,675,469 
5.5% 10/15/29 (c) 6,650,000 5,669,125 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) 34,547,000 33,424,223 
Cablevision Lightpath LLC:   
3.875% 9/15/27 (c) 2,555,000 2,246,816 
5.625% 9/15/28 (c) 5,730,000 4,909,922 
Consolidated Communications, Inc. 5% 10/1/28 (c) 2,005,000 1,638,486 
Frontier Communications Holdings LLC:   
5% 5/1/28 (c) 8,745,000 7,980,206 
5.875% 10/15/27 (c) 8,250,000 7,899,375 
5.875% 11/1/29 6,275,000 5,447,484 
6% 1/15/30 (c) 4,935,000 4,293,894 
6.75% 5/1/29 (c) 6,110,000 5,505,721 
Intelsat Jackson Holdings SA 6.5% 3/15/30 (c) 5,565,000 5,239,392 
Level 3 Financing, Inc.:   
3.625% 1/15/29 (c) 4,705,000 3,818,390 
4.25% 7/1/28 (c) 7,640,000 6,455,800 
4.625% 9/15/27 (c) 5,620,000 5,050,975 
Lumen Technologies, Inc.:   
4.5% 1/15/29 (c) 12,120,000 9,576,618 
5.125% 12/15/26 (c) 6,460,000 5,814,000 
Millicom International Cellular SA:   
4.5% 4/27/31 (c) 455,000 392,153 
5.125% 1/15/28 (c) 247,500 234,011 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 6% 2/15/28 (c) 1,235,000 1,033,325 
Sable International Finance Ltd. 5.75% 9/7/27 (c) 130,000 128,010 
SBA Communications Corp. 3.125% 2/1/29 3,520,000 3,019,280 
Telecom Italia Capital SA:   
6% 9/30/34 2,740,000 2,393,280 
7.2% 7/18/36 3,910,000 3,527,070 
7.721% 6/4/38 850,000 797,938 
Uniti Group, Inc. 6% 1/15/30 (c) 9,245,000 7,709,822 
Virgin Media Secured Finance PLC 4.5% 8/15/30 (c) 7,435,000 6,452,539 
VMED O2 UK Financing I PLC 4.25% 1/31/31 (c) 6,595,000 5,572,313 
Windstream Escrow LLC 7.75% 8/15/28 (c) 14,415,000 13,730,288 
Zayo Group Holdings, Inc.:   
4% 3/1/27 (c) 3,320,000 2,888,400 
6.125% 3/1/28 (c) 3,695,000 3,094,563 
  220,745,489 
Textiles/Apparel - 0.3%   
Foot Locker, Inc. 4% 10/1/29 (c) 8,585,000 7,147,013 
Kontoor Brands, Inc. 4.125% 11/15/29 (c) 1,230,000 1,067,025 
  8,214,038 
Transportation Ex Air/Rail - 0.5%   
Golar LNG Ltd. 7% 10/20/25 (c) 2,910,000 2,906,908 
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (c) 2,085,000 1,949,475 
Seaspan Corp. 5.5% 8/1/29 (c) 8,800,000 7,766,000 
  12,622,383 
Utilities - 3.0%   
Clearway Energy Operating LLC:   
3.75% 2/15/31 (c) 2,655,000 2,283,300 
4.75% 3/15/28 (c) 1,280,000 1,209,600 
Global Partners LP/GLP Finance Corp. 7% 8/1/27 3,770,000 3,685,175 
InterGen NV 7% 6/30/23 (c) 13,335,000 13,001,625 
NRG Energy, Inc.:   
3.375% 2/15/29 (c) 2,565,000 2,173,838 
3.625% 2/15/31 (c) 120,000 99,900 
5.25% 6/15/29 (c) 2,640,000 2,486,537 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (c) 4,806,382 4,914,525 
PG&E Corp.:   
5% 7/1/28 8,410,000 7,738,798 
5.25% 7/1/30 11,955,000 10,864,584 
Pike Corp. 5.5% 9/1/28 (c) 18,085,000 16,412,138 
Vistra Operations Co. LLC:   
5% 7/31/27 (c) 5,895,000 5,614,988 
5.625% 2/15/27 (c) 4,450,000 4,383,250 
  74,868,258 
TOTAL NONCONVERTIBLE BONDS  2,079,817,667 
TOTAL CORPORATE BONDS   
(Cost $2,333,580,420)  2,117,992,607 
 Shares Value 
Common Stocks - 2.7%   
Cable/Satellite TV - 0.1%   
Altice U.S.A., Inc. Class A (d) 224,406 2,082,488 
Energy - 1.3%   
California Resources Corp. warrants 10/27/24 (d) 4,491 53,780 
Jonah Energy Parent LLC (b)(d) 203,925 13,750,663 
Mesquite Energy, Inc. (b)(d) 204,784 11,418,756 
New Fortress Energy, Inc. 107,605 4,172,922 
Pioneer Natural Resources Co. 9,600 2,231,712 
TOTAL ENERGY  31,627,833 
Food & Drug Retail - 1.1%   
Southeastern Grocers, Inc. (a)(b)(d) 1,184,833 27,867,272 
Gaming - 0.1%   
Caesars Entertainment, Inc. (d) 45,314 3,003,412 
Telecommunications - 0.0%   
GTT Communications, Inc. rights (b)(d) 366,387 366,387 
Utilities - 0.1%   
EQT Corp. 67,100 2,667,225 
TOTAL COMMON STOCKS   
(Cost $55,981,755)  67,614,617 
Investment Companies - 2.5%   
iShares Broad USD High Yield Corporate Bond ETF (e)   
(Cost $62,803,711) 1,651,000 61,153,012 
 Principal Amount Value 
Bank Loan Obligations - 3.7%   
Broadcasting - 0.3%   
Diamond Sports Group LLC:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (f)(g)(h) 4,625,350 4,693,991 
2LN, term loan 3 month U.S. LIBOR + 3.250% 3.6555% 8/24/26 (f)(g)(h) 11,003,290 3,644,840 
TOTAL BROADCASTING  8,338,831 
Building Materials - 0.2%   
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (f)(g)(h) 4,658,822 3,866,822 
Chemicals - 0.4%   
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.0287% 5/7/25 (b)(f)(g)(h) 5,481,167 5,357,841 
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 11/9/28 (f)(g)(h) 4,719,263 4,621,338 
TOTAL CHEMICALS  9,979,179 
Consumer Products - 0.1%   
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 4/15/28 (f)(g)(h) 3,454,286 3,142,329 
Energy - 0.4%   
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 2/6/25 (f)(g)(h) 5,794,879 5,664,494 
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.006% 2/6/25 (f)(g)(h) 3,977,165 3,887,679 
Mesquite Energy, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(g)(h)(i) 3,800,000 0 
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(g)(h)(i) 1,620,000 0 
TOTAL ENERGY  9,552,173 
Gaming - 0.0%   
Fertitta Entertainment LLC NV Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.7004% 1/27/29 (f)(g)(h) 630,000 626,667 
Healthcare - 0.1%   
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 12/13/26 (f)(g)(h) 243,759 242,999 
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 10/1/27 (f)(g)(h) 715,000 711,875 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.5% 6/13/26 (f)(g)(h) 3,257,586 2,874,820 
TOTAL HEALTHCARE  3,829,694 
Insurance - 0.3%   
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.2132% 4/25/25 (f)(g)(h) 7,045,941 6,949,059 
Leisure - 0.5%   
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.5983% 7/21/28 (f)(g)(h) 13,229,588 12,857,572 
Paper - 0.1%   
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 4.7834% 3/30/29 (f)(g)(h) 1,770,000 1,745,450 
Services - 0.3%   
Ascend Learning LLC:   
2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (f)(g)(h) 425,000 419,156 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/10/28 (f)(g)(h) 4,749,263 4,687,332 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.3964% 6/21/24 (f)(g)(h) 1,632,693 1,548,087 
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (f)(g)(h) 551,537 546,479 
TOTAL SERVICES  7,201,054 
Super Retail - 0.2%   
LBM Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (f)(g)(h) 5,240,109 4,934,453 
Technology - 0.1%   
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 4/4/26 (f)(g)(h) 3,419,209 3,283,296 
Telecommunications - 0.6%   
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.25% 5/31/25 (f)(g)(h) 13,526,933 10,967,232 
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.3013% 4/30/27 (f)(g)(h) 3,393,750 3,335,785 
TOTAL TELECOMMUNICATIONS  14,303,017 
Utilities - 0.1%   
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.8125% 6/23/25 (f)(g)(h) 1,708,213 1,683,666 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $97,644,247)  92,293,262 
 Shares Value 
Other - 0.2%   
Other - 0.2%   
Fidelity Direct Lending Fund, LP (a)(j)   
(Cost $5,432,650) 543,233 5,437,758 
Money Market Funds - 7.3%   
Fidelity Cash Central Fund 0.32%(k) 119,241,557 119,265,405 
Fidelity Securities Lending Cash Central Fund 0.32% (k)(l) 63,222,228 63,228,550 
TOTAL MONEY MARKET FUNDS   
(Cost $182,493,955)  182,493,955 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $2,737,936,738)  2,526,985,211 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (45,619,802) 
NET ASSETS - 100%  $2,481,365,409 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $54,561,608 or 2.2% of net assets.

 (b) Level 3 security

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,769,402,493 or 71.3% of net assets.

 (d) Non-income producing

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

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

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

 (h) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

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

 (j) Affiliated Fund

 (k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Fidelity Direct Lending Fund, LP 12/9/21 - 4/29/22 $5,432,650 
Mesquite Energy, Inc. 15% 7/15/23 6/25/21 - 4/1/22 $6,243,973 
Mesquite Energy, Inc. 15% 7/15/23 6/25/21 - 4/1/22 $9,777,984 
Southeastern Grocers, Inc. 6/25/21 - 4/1/22 $22,540,546 

Affiliated Central Funds

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

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $-- $2,269,924,883 $2,150,659,478 $91,620 $-- $-- $119,265,405 0.2% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 249,964,016 186,735,466 107,372 -- -- 63,228,550 0.2% 
Total $-- $2,519,888,899 $2,337,394,944 $198,992 $-- $-- $182,493,955  

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.

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur, and are excluded from purchases and sales below if applicable. If an underlying Fund changes its name, the name presented below is the name in effect at period end.

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Fidelity Direct Lending Fund, LP $-- $5,432,650 $-- $90,984 $-- $5,108 $5,437,758 
Total $-- $5,432,650 $-- $90,984 $-- $5,108 $5,437,758 

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 April 30, 2022, 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.

Amounts in this Investment Valuation section exclude the value of Fidelity Direct Lending Fund, LP as presented in the Schedule of Investments. Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $2,082,488 $2,082,488 $-- $-- 
Consumer Discretionary 3,003,412 3,003,412 -- -- 
Consumer Staples 27,867,272 -- -- 27,867,272 
Energy 34,295,058 9,125,639 -- 25,169,419 
Information Technology 366,387 -- -- 366,387 
Corporate Bonds 2,117,992,607 -- 2,096,736,029 21,256,578 
Investment Companies 61,153,012 61,153,012 -- -- 
Bank Loan Obligations 92,293,262 -- 86,935,421 5,357,841 
Money Market Funds 182,493,955 182,493,955 -- -- 
Total Investments in Securities: $2,521,547,453 $257,858,506 $2,183,671,450 $80,017,497 

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

Investments in Securities:  
Equities - Consumer Staples  
Beginning Balance $-- 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 5,326,726 
Cost of Purchases 22,540,546 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $27,867,272 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $5,326,726 
Equities - Energy  
Beginning Balance $-- 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 7,712,099 
Cost of Purchases 17,457,320 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $25,169,419 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $7,712,099 
Other Investments in Securities  
Beginning Balance $-- 
Net Realized Gain (Loss) on Investment Securities 27,252 
Net Unrealized Gain (Loss) on Investment Securities 5,241,489 
Cost of Purchases 25,978,740 
Proceeds of Sales (4,316,933) 
Amortization/Accretion 50,258 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $26,980,806 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $5,241,489 

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. Cost of purchases and proceeds of sales may include securities received and/or delivered through 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.

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 
Assets   
Investment in securities, at value (including securities loaned of $60,830,792) — See accompanying schedule:
Unaffiliated issuers (cost $2,550,010,133) 		$2,339,053,498  
Fidelity Central Funds (cost $182,493,955) 182,493,955  
Other affiliated issuers (cost $5,432,650) 5,437,758  
Total Investment in Securities (cost $2,737,936,738)  $2,526,985,211 
Cash  4,583 
Receivable for investments sold  3,358,885 
Receivable for fund shares sold  2,162,518 
Dividends receivable  22,304 
Interest receivable  34,135,720 
Distributions receivable from Fidelity Central Funds  42,107 
Prepaid expenses  180 
Total assets  2,566,711,508 
Liabilities   
Payable for investments purchased $19,546,328  
Payable for fund shares redeemed 1,322,612  
Distributions payable 16,456  
Accrued management fee 1,159,988  
Other payables and accrued expenses 72,165  
Collateral on securities loaned 63,228,550  
Total liabilities  85,346,099 
Net Assets  $2,481,365,409 
Net Assets consist of:   
Paid in capital  $2,750,608,609 
Total accumulated earnings (loss)  (269,243,200) 
Net Assets  $2,481,365,409 
Net Asset Value, offering price and redemption price per share ($2,481,365,409 ÷ 271,079,229 shares)  $9.15 

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


Statement of Operations

  For the period
May 13, 2021 (commencement of operations) through
April 30, 2022 
Investment Income   
Dividends (including $90,984 earned from other affiliated issuers)  $3,348,162 
Interest  124,433,189 
Income from Fidelity Central Funds (including $107,372 from security lending)  198,992 
Total income  127,980,343 
Expenses   
Management fee $14,994,993  
Custodian fees and expenses 20,622  
Independent trustees' fees and expenses 7,909  
Registration fees 952,059  
Audit 82,421  
Legal 413,705  
Interest 829  
Miscellaneous 4,971  
Total expenses before reductions 16,477,509  
Expense reductions (28,415)  
Total expenses after reductions  16,449,094 
Net investment income (loss)  111,531,249 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (57,116,764)  
Total net realized gain (loss)  (57,116,764) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (210,956,635)  
Affiliated issuers 5,108  
Total change in net unrealized appreciation (depreciation)  (210,951,527) 
Net gain (loss)  (268,068,291) 
Net increase (decrease) in net assets resulting from operations  $(156,537,042) 

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


Statement of Changes in Net Assets

 For the period
May 13, 2021 (commencement of operations) through
April 30, 2022 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $111,531,249 
Net realized gain (loss) (57,116,764) 
Change in net unrealized appreciation (depreciation) (210,951,527) 
Net increase (decrease) in net assets resulting from operations (156,537,042) 
Distributions to shareholders (112,706,158) 
Share transactions  
Proceeds from sales of shares 5,413,238,176 
Reinvestment of distributions 112,444,143 
Cost of shares redeemed (2,775,073,710) 
Net increase (decrease) in net assets resulting from share transactions 2,750,608,609 
Total increase (decrease) in net assets 2,481,365,409 
Net Assets  
Beginning of period – 
End of period $2,481,365,409 
Other Information  
Shares  
Sold 543,016,881 
Issued in reinvestment of distributions 11,438,350 
Redeemed (283,376,002) 
Net increase (decrease) 271,079,229 

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


Financial Highlights

Fidelity SAI High Income Fund

  
Years ended April 30, 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C .388 
Net realized and unrealized gain (loss) (.879) 
Total from investment operations (.491) 
Distributions from net investment income (.345) 
Distributions from net realized gain (.014) 
Total distributions (.359) 
Net asset value, end of period $9.15 
Total ReturnD,E (5.10)% 
Ratios to Average Net AssetsC,F,G  
Expenses before reductions .60%H 
Expenses net of fee waivers, if any .60%H 
Expenses net of all reductions .60%H 
Net investment income (loss) 4.06%H 
Supplemental Data  
Net assets, end of period (000 omitted) $2,481,365 
Portfolio turnover rateI 59%H,J 

 A For the period May 13, 2021 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

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

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

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

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

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

 H Annualized

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

 J 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

For the period ended April 30, 2022

1. Organization.

Fidelity SAI High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

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

3. Investment in Fidelity Direct Lending Fund, LP.

The Fund invests in Fidelity Direct Lending Fund, LP, which is a limited partnership available only to certain investment companies managed by the investment adviser and its affiliates. The Fund's limited partnership interest is not registered under the Securities Act of 1933, and is subject to substantial restrictions on transfer. The Fund has no redemption rights under the partnership agreement. There will be no trading market for the partnership interest, and the Fund most likely will hold its shares until Fidelity Direct Lending Fund, LP converts by operation of law to a Delaware corporation, trust, or other limited liability entity and (i) registers as a closed-end management investment company under the 1940 Act or (ii) elects to be treated as a business development company under the 1940 Act.

Based on its investment objective, Fidelity Direct Lending Fund, LP may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Direct Lending Fund, LP and thus a decline in the value of the Fund. The Fidelity Direct Lending Fund, LP intends to invest primarily in direct loans made to private U.S. companies, specifically small- and middle-market companies.

The Schedule of Investments lists Fidelity Direct Lending Fund, LP as an investment as of period end, but does not include the underlying holdings of Fidelity Direct Lending Fund, LP. Fidelity Direct Lending Fund, LP represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Direct Lending Fund, LP, which commenced operations on December 8, 2021. The annual expense ratio for Fidelity Direct Lending Fund, LP is estimated to be a maximum of .20%.

4. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 – unadjusted quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies.

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $53,403,078 Market approach Liquidation preference $1.00 Increase 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 - 3.8 / 3.2 Increase 
   Book value multiple 1.0  Increase 
   Discount rate 10.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Comparable sales - land ($/Acre) $5,500.00 - $6,000.00 / $5,773.16 Increase 
   Daily production multiple ($/Million cubic feet per day) $2,500.00 Increase 
   Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
  Discounted cash flow Weighted average cost of capital (WACC) 8.9% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Growth rate 1.5% Increase 
Corporate Bonds  $21,256,578 Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 Increase 
   Book value multiple 1.0 Increase 
    Discount rate 10.0% Decrease 
    Discount for lack of marketability 10.0% Decrease 
    Comparable sales - land ($/Acre) $5,500.00 Increase 
    Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
Bank Loan Obligations  $5,357,841 Indicative market price  Evaluated bid $97.75 Increase 
  Recovery value Recovery value $0.00 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 April 30, 2022, 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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 and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $20,962,279 
Gross unrealized depreciation (229,578,129) 
Net unrealized appreciation (depreciation) $(208,615,850) 
Tax Cost $2,735,601,061 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $1,003,231 
Net unrealized appreciation (depreciation) on securities and other investments $(208,615,850) 

The Fund intends to elect to defer to its next fiscal year $61,630,581 of capital losses recognized during the period November 1, 2021 to April 30, 2022.

The tax character of distributions paid was as follows:

 April 30, 2022(a) 
Ordinary Income $112,706,158 

 (a) For the period May 13, 2021 (commencement of operations) through April 30th, 2022.

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

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

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.

 Investment to be Acquired Commitment Amount 
Fidelity SAI High Income Fund Fidelity Direct Lending Fund, LP $14,567,350 

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity SAI High Income Fund 1,419,607,739 2,845,432,631 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The 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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.

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

 Amount 
Fidelity SAI High Income Fund $103 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI High Income Fund Borrower $6,702,929 .32% $829 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity SAI High Income Fund 7,495 – – 

Affiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

 Shares Total Proceeds
($) 
Fidelity SAI High Income Fund 418,596,053 4,188,784,329 

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity SAI High Income Fund $151 

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity SAI High Income Fund $11,735 $– $– 

9. 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 $443.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $27,972.

10. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity Core Income Fund 
Fidelity SAI High Income Fund 18% 

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity SAI High Income Fund

Opinion on the Financial Statement

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI High Income Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the “Fund”) as of April 30, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period May 13, 2021 (commencement of operations) through April 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations, changes in its net assets, and the financial highlights for the period May 13, 2021 (commencement of operations) through April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 14, 2022



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 324 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University’s Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2021 to April 30, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity SAI High Income Fund .58%    
Actual  $1,000.00 $935.10 $2.78 
Hypothetical-C  $1,000.00 $1,021.92 $2.91 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund designates $67,660,356 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

SAH-ANN-0622
1.9901441.100

Item 2.

Code of Ethics


As of the end of the period, April 30, 2022, Fidelity Summer Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Series High Income Fund, Fidelity Short Duration High Income Fund and Fidelity Women’s Leadership Fund (the “Funds”):



Services Billed by Deloitte Entities


April 30, 2022 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Series High Income Fund

$52,300

 $-

$9,300

$1,200

Fidelity Short Duration High Income Fund

$54,900

 $-

$9,300

$1,300

Fidelity Women’s Leadership Fund

$39,200

 $-

$7,100

$900



April 30, 2021 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Series High Income Fund

$51,000

 $-

$10,500

$1,300

Fidelity Short Duration High Income Fund

$53,400

 $-

$8,800

$1,300

Fidelity Women’s Leadership Fund

$38,200

 $-

$6,900

$900



A Amounts may reflect rounding.



The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Capital & Income Fund, Fidelity Focused High Income Fund, Fidelity Global High Income Fund, Fidelity High Income Fund, Fidelity SAI High Income Fund and Fidelity U.S. Low Volatility Equity Fund (the “Funds”):




Services Billed by PwC


April 30, 2022 FeesA,B

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Capital & Income Fund

$96,000

$8,800

$12,100

$2,900

Fidelity Focused High Income Fund

$60,400

$5,700

$8,300

$1,900

Fidelity Global High Income Fund

$77,900

$5,800

$9,600

$1,900

Fidelity High Income Fund

$76,500

$8,000

$15,500

$2,600

Fidelity SAI High Income Fund

$62,400

$5,400

$11,600

$1,800

Fidelity U.S. Low Volatility Equity Fund

$24,400

$2,600

$12,100

$900



April 30, 2021 FeesA,B

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Capital & Income Fund

$100,600

$8,800

$11,200

$3,300

Fidelity Focused High Income Fund

$63,300

$5,700

$8,100

$2,200

Fidelity Global High Income Fund

$59,000

$5,400

$8,700

$2,000

Fidelity High Income Fund

$93,200

$8,300

$13,900

$3,100

Fidelity SAI High Income Fund

$-

$-

$-

$-

Fidelity U.S. Low Volatility Equity Fund

$28,000

$2,700

$10,800

$1,000



A Amounts may reflect rounding.
B Fidelity SAI High Income Fund commenced operations on May 13, 2021.




The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):




Services Billed by Deloitte Entities

April 30, 2022A

April 30, 2021A


Audit-Related Fees

$-

$-

Tax Fees

$-

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.





Services Billed by PwC




April 30, 2022A,B

April 30, 2021A,B

Audit-Related Fees

$7,914,600

 $9,015,700

Tax Fees

$353,200

$14,300

All Other Fees

$-

$-




A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity SAI High Income Fund’s commencement of operations.





“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:



Billed By

April 30, 2022A,B

April 30, 2021A,B

Deloitte Entities

$$486,700

$551,300

PwC

$13,534,700

$14,245,900




A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity SAI High Income Fund’s commencement of operations.



The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s



review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).



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 trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(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:

June 21, 2022


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:

June 21, 2022



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

June 21, 2022