08/22/2024 | Press release | Distributed by Public on 08/22/2024 10:01
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, 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: |
December 31 |
Date of reporting period: |
June 30, 2024 |
Item 1.
Reports to Stockholders
SEMI-ANNUAL SHAREHOLDER REPORT | AS OFJUNE 30, 2024
|
||
|
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class M: FGWMX
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 55
|
1.10%
|
KEY FACTS
|
||
Fund Size
|
$4,074,947,550
|
|
Number of Holdings
|
422
|
|
Portfolio Turnover
|
12%
|
QUALITY DIVERSIFICATION(% of Fund's net assets)
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
ASSET ALLOCATION(% of Fund's net assets)
|
GEOGRAPHIC DIVERSIFICATION(% of Fund's net assets)
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Dominican Republic
|
3.9
|
|
Republic of Turkiye/The
|
3.7
|
|
Petroleos Mexicanos
|
3.6
|
|
Colombian Republic
|
2.9
|
|
Arab Republic of Egypt
|
2.8
|
|
US Treasury Bonds
|
2.7
|
|
Republic of Nigeria
|
2.5
|
|
Indonesia Government
|
2.4
|
|
Panamanian Republic
|
2.2
|
|
Petroleos de Venezuela SA
|
2.2
|
|
28.9
|
||
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visitfundresearch.fidelity.com/prospectus/sec
1.9916002.100 3319-TSRS-0824
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OFJUNE 30, 2024
|
||
|
Fidelity® New Markets Income Fund
Fidelity® New Markets Income Fund: FNMIX
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® New Markets Income Fund
|
$ 40
|
0.80%
|
KEY FACTS
|
||
Fund Size
|
$4,074,947,550
|
|
Number of Holdings
|
422
|
|
Portfolio Turnover
|
12%
|
QUALITY DIVERSIFICATION(% of Fund's net assets)
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
ASSET ALLOCATION(% of Fund's net assets)
|
GEOGRAPHIC DIVERSIFICATION(% of Fund's net assets)
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Dominican Republic
|
3.9
|
|
Republic of Turkiye/The
|
3.7
|
|
Petroleos Mexicanos
|
3.6
|
|
Colombian Republic
|
2.9
|
|
Arab Republic of Egypt
|
2.8
|
|
US Treasury Bonds
|
2.7
|
|
Republic of Nigeria
|
2.5
|
|
Indonesia Government
|
2.4
|
|
Panamanian Republic
|
2.2
|
|
Petroleos de Venezuela SA
|
2.2
|
|
28.9
|
||
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visitfundresearch.fidelity.com/prospectus/sec
1.9916000.100 331-TSRS-0824
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OFJUNE 30, 2024
|
||
|
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class Z: FGBMX
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$ 37
|
0.73%
|
KEY FACTS
|
||
Fund Size
|
$4,074,947,550
|
|
Number of Holdings
|
422
|
|
Portfolio Turnover
|
12%
|
QUALITY DIVERSIFICATION(% of Fund's net assets)
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
ASSET ALLOCATION(% of Fund's net assets)
|
GEOGRAPHIC DIVERSIFICATION(% of Fund's net assets)
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Dominican Republic
|
3.9
|
|
Republic of Turkiye/The
|
3.7
|
|
Petroleos Mexicanos
|
3.6
|
|
Colombian Republic
|
2.9
|
|
Arab Republic of Egypt
|
2.8
|
|
US Treasury Bonds
|
2.7
|
|
Republic of Nigeria
|
2.5
|
|
Indonesia Government
|
2.4
|
|
Panamanian Republic
|
2.2
|
|
Petroleos de Venezuela SA
|
2.2
|
|
28.9
|
||
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visitfundresearch.fidelity.com/prospectus/sec
1.9916005.100 3323-TSRS-0824
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OFJUNE 30, 2024
|
||
|
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class C: FGYMX
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$ 92
|
1.83%
|
KEY FACTS
|
||
Fund Size
|
$4,074,947,550
|
|
Number of Holdings
|
422
|
|
Portfolio Turnover
|
12%
|
QUALITY DIVERSIFICATION(% of Fund's net assets)
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
ASSET ALLOCATION(% of Fund's net assets)
|
GEOGRAPHIC DIVERSIFICATION(% of Fund's net assets)
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Dominican Republic
|
3.9
|
|
Republic of Turkiye/The
|
3.7
|
|
Petroleos Mexicanos
|
3.6
|
|
Colombian Republic
|
2.9
|
|
Arab Republic of Egypt
|
2.8
|
|
US Treasury Bonds
|
2.7
|
|
Republic of Nigeria
|
2.5
|
|
Indonesia Government
|
2.4
|
|
Panamanian Republic
|
2.2
|
|
Petroleos de Venezuela SA
|
2.2
|
|
28.9
|
||
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visitfundresearch.fidelity.com/prospectus/sec
1.9916003.100 3320-TSRS-0824
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OFJUNE 30, 2024
|
||
|
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class A: FGVMX
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 55
|
1.09%
|
KEY FACTS
|
||
Fund Size
|
$4,074,947,550
|
|
Number of Holdings
|
422
|
|
Portfolio Turnover
|
12%
|
QUALITY DIVERSIFICATION(% of Fund's net assets)
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
ASSET ALLOCATION(% of Fund's net assets)
|
GEOGRAPHIC DIVERSIFICATION(% of Fund's net assets)
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Dominican Republic
|
3.9
|
|
Republic of Turkiye/The
|
3.7
|
|
Petroleos Mexicanos
|
3.6
|
|
Colombian Republic
|
2.9
|
|
Arab Republic of Egypt
|
2.8
|
|
US Treasury Bonds
|
2.7
|
|
Republic of Nigeria
|
2.5
|
|
Indonesia Government
|
2.4
|
|
Panamanian Republic
|
2.2
|
|
Petroleos de Venezuela SA
|
2.2
|
|
28.9
|
||
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visitfundresearch.fidelity.com/prospectus/sec
1.9916001.100 3317-TSRS-0824
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OFJUNE 30, 2024
|
||
|
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class I: FGZMX
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$ 42
|
0.83%
|
KEY FACTS
|
||
Fund Size
|
$4,074,947,550
|
|
Number of Holdings
|
422
|
|
Portfolio Turnover
|
12%
|
QUALITY DIVERSIFICATION(% of Fund's net assets)
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
ASSET ALLOCATION(% of Fund's net assets)
|
GEOGRAPHIC DIVERSIFICATION(% of Fund's net assets)
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Dominican Republic
|
3.9
|
|
Republic of Turkiye/The
|
3.7
|
|
Petroleos Mexicanos
|
3.6
|
|
Colombian Republic
|
2.9
|
|
Arab Republic of Egypt
|
2.8
|
|
US Treasury Bonds
|
2.7
|
|
Republic of Nigeria
|
2.5
|
|
Indonesia Government
|
2.4
|
|
Panamanian Republic
|
2.2
|
|
Petroleos de Venezuela SA
|
2.2
|
|
28.9
|
||
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
|
||
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visitfundresearch.fidelity.com/prospectus/sec
1.9916004.100 3322-TSRS-0824
|
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Contents
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report) |
Fidelity® New Markets Income Fund |
Notes to Financial Statements |
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
Item 9: Proxy Disclosures for Open-End Management Investment Companies |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
Nonconvertible Bonds - 30.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
Azerbaijan - 0.8%
|
|||
Southern Gas Corridor CJSC 6.875% 3/24/26 (b)
|
24,494,000
|
24,662,396
|
|
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S)
|
7,930,000
|
8,108,425
|
|
TOTAL AZERBAIJAN
|
32,770,821
|
||
Bahrain - 0.5%
|
|||
The Oil and Gas Holding Co. 7.5% 10/25/27 (b)
|
21,118,000
|
21,520,562
|
|
Brazil - 2.6%
|
|||
Adecoagro SA 6% 9/21/27 (b)
|
6,168,000
|
5,959,830
|
|
Aegea Finance SARL 9% 1/20/31 (b)
|
9,470,000
|
9,801,450
|
|
Azul Secured Finance LLP:
|
|||
11.5% 5/28/29 (b)
|
18,120,325
|
14,949,268
|
|
11.93% 8/28/28 (b)
|
5,755,000
|
5,584,148
|
|
Braskem Netherlands BV:
|
|||
5.875% 1/31/50 (b)
|
4,900,000
|
3,612,280
|
|
7.25% 2/13/33 (b)
|
5,090,000
|
4,797,325
|
|
Cosan Luxembourg SA 7.25% 6/27/31 (b)
|
5,815,000
|
5,867,335
|
|
CSN Resources SA 8.875% 12/5/30 (b)
|
4,840,000
|
4,809,750
|
|
Embraer Netherlands Finance BV:
|
|||
5.4% 2/1/27
|
2,285,000
|
2,263,578
|
|
6.95% 1/17/28 (b)
|
3,270,000
|
3,360,947
|
|
7% 7/28/30 (b)
|
8,995,000
|
9,385,720
|
|
MARB BondCo PLC 3.95% 1/29/31 (b)
|
3,045,000
|
2,523,544
|
|
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b)
|
12,549,019
|
11,109,019
|
|
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (b)
|
4,930,000
|
4,868,375
|
|
Nexa Resources SA:
|
|||
6.5% 1/18/28 (b)
|
3,331,000
|
3,353,901
|
|
6.75% 4/9/34 (b)
|
2,775,000
|
2,801,640
|
|
Samarco Mineracao SA 9% 6/30/31 pay-in-kind (b)(c)
|
10,990,855
|
10,203,635
|
|
TOTAL BRAZIL
|
105,251,745
|
||
Burkina Faso - 0.2%
|
|||
Endeavour Mining PLC 5% 10/14/26 (b)
|
6,890,000
|
6,532,581
|
|
Cambodia - 0.1%
|
|||
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S)
|
3,505,000
|
3,481,517
|
|
Chile - 1.9%
|
|||
Antofagasta PLC:
|
|||
2.375% 10/14/30 (b)
|
12,195,000
|
10,140,905
|
|
5.625% 5/13/32 (b)
|
5,445,000
|
5,429,686
|
|
Corporacion Nacional del Cobre de Chile (Codelco):
|
|||
3.15% 1/14/30 (b)
|
7,740,000
|
6,842,644
|
|
3.15% 1/15/51 (b)
|
8,130,000
|
5,055,844
|
|
3.7% 1/30/50 (b)
|
14,035,000
|
9,570,116
|
|
4.5% 8/1/47 (b)
|
6,855,000
|
5,406,881
|
|
5.125% 2/2/33 (b)
|
4,740,000
|
4,494,113
|
|
5.95% 1/8/34 (b)
|
3,995,000
|
3,977,023
|
|
6.3% 9/8/53 (b)
|
5,575,000
|
5,496,602
|
|
6.44% 1/26/36 (b)
|
3,905,000
|
4,014,828
|
|
VTR Comunicaciones SpA:
|
|||
4.375% 4/15/29 (b)
|
4,050,000
|
3,503,878
|
|
5.125% 1/15/28 (b)
|
16,142,000
|
14,643,821
|
|
TOTAL CHILE
|
78,576,341
|
||
China - 0.9%
|
|||
ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b)
|
8,545,000
|
8,147,123
|
|
ENN Energy Holdings Ltd. 4.625% 5/17/27 (b)
|
6,015,000
|
5,889,061
|
|
Meituan 3.05% 10/28/30 (b)
|
10,295,000
|
8,856,917
|
|
Prosus NV:
|
|||
3.832% 2/8/51 (b)
|
7,355,000
|
4,842,808
|
|
4.193% 1/19/32 (b)
|
11,350,000
|
10,034,109
|
|
TOTAL CHINA
|
37,770,018
|
||
Colombia - 0.9%
|
|||
Aris Mining Corp. 6.875% 8/9/26 (b)
|
6,330,000
|
5,962,069
|
|
Ecopetrol SA 8.875% 1/13/33
|
11,770,000
|
12,152,525
|
|
EnfraGen Energia Sur SA 5.375% 12/30/30 (b)
|
11,545,000
|
9,658,114
|
|
GeoPark Ltd. 5.5% 1/17/27 (b)
|
2,535,000
|
2,299,720
|
|
Termocandelaria Power Ltd. 7.875% 1/30/29 (b)
|
4,912,600
|
4,926,417
|
|
TOTAL COLOMBIA
|
34,998,845
|
||
Costa Rica - 0.1%
|
|||
Liberty Costa Rica SR SF 10.875% 1/15/31 (b)
|
4,280,000
|
4,539,475
|
|
Georgia - 0.2%
|
|||
JSC Georgian Railway 4% 6/17/28 (b)
|
6,755,000
|
5,952,844
|
|
Ghana - 1.1%
|
|||
Kosmos Energy Ltd.:
|
|||
7.125% 4/4/26 (b)
|
24,279,000
|
23,929,989
|
|
7.5% 3/1/28 (b)
|
1,750,000
|
1,669,609
|
|
Tullow Oil PLC 10.25% 5/15/26 (b)
|
20,935,000
|
19,842,455
|
|
TOTAL GHANA
|
45,442,053
|
||
Guatemala - 0.6%
|
|||
CT Trust 5.125% 2/3/32 (b)
|
8,720,000
|
7,704,120
|
|
Investment Energy Resources Ltd. 6.25% 4/26/29 (b)
|
6,260,000
|
5,894,181
|
|
Millicom International Cellular SA:
|
|||
4.5% 4/27/31 (b)
|
7,595,000
|
6,522,206
|
|
7.375% 4/2/32 (b)
|
5,070,000
|
5,054,790
|
|
TOTAL GUATEMALA
|
25,175,297
|
||
Hungary - 0.1%
|
|||
Magyar Export-Import Bank 6.125% 12/4/27 (b)
|
3,730,000
|
3,742,822
|
|
India - 0.2%
|
|||
CA Magnum Holdings 5.375% 10/31/26 (b)
|
7,295,000
|
6,978,123
|
|
Indonesia - 1.2%
|
|||
Medco Laurel Tree PTE Ltd. 6.95% 11/12/28 (b)
|
15,125,000
|
14,775,008
|
|
PT Adaro Indonesia 4.25% 10/31/24 (b)
|
3,105,000
|
3,074,167
|
|
PT Freeport Indonesia:
|
|||
4.763% 4/14/27 (b)
|
4,870,000
|
4,767,048
|
|
5.315% 4/14/32 (b)
|
7,260,000
|
7,025,865
|
|
6.2% 4/14/52 (b)
|
5,635,000
|
5,520,539
|
|
PT Indonesia Asahan Aluminium 5.45% 5/15/30 (b)
|
13,335,000
|
13,068,300
|
|
TOTAL INDONESIA
|
48,230,927
|
||
Israel - 0.7%
|
|||
Energean Israel Finance Ltd. 4.875% 3/30/26 (Reg. S) (b)
|
12,825,000
|
12,087,563
|
|
Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (b)
|
14,775,000
|
14,301,905
|
|
TOTAL ISRAEL
|
26,389,468
|
||
Kazakhstan - 0.5%
|
|||
KazMunaiGaz National Co.:
|
|||
3.5% 4/14/33 (b)
|
10,395,000
|
8,514,155
|
|
5.75% 4/19/47 (b)
|
5,240,000
|
4,571,900
|
|
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b)
|
7,000,000
|
5,779,375
|
|
TOTAL KAZAKHSTAN
|
18,865,430
|
||
Kuwait - 0.1%
|
|||
MEGlobal BV 4.25% 11/3/26 (b)
|
5,000,000
|
4,838,125
|
|
Malaysia - 0.9%
|
|||
GENM Capital Labuan Ltd. 3.882% 4/19/31 (b)
|
9,540,000
|
8,347,500
|
|
MISC Capital Two (Labuan) Ltd.:
|
|||
3.625% 4/6/25 (b)
|
3,770,000
|
3,712,639
|
|
3.75% 4/6/27 (b)
|
11,315,000
|
10,826,079
|
|
Petronas Capital Ltd.:
|
|||
3.404% 4/28/61 (b)
|
9,610,000
|
6,339,333
|
|
3.5% 4/21/30 (b)
|
8,990,000
|
8,241,942
|
|
TOTAL MALAYSIA
|
37,467,493
|
||
Mauritius - 0.1%
|
|||
AXIAN Telecom 7.375% 2/16/27 (b)
|
5,500,000
|
5,359,420
|
|
Mexico - 4.3%
|
|||
Bimbo Bakeries U.S.A., Inc.:
|
|||
5.375% 1/9/36 (b)
|
3,765,000
|
3,666,169
|
|
6.4% 1/15/34 (b)
|
7,665,000
|
8,093,761
|
|
Braskem Idesa SAPI:
|
|||
6.99% 2/20/32 (b)
|
1,565,000
|
1,190,965
|
|
7.45% 11/15/29 (b)
|
8,270,000
|
6,698,700
|
|
Petroleos Mexicanos:
|
|||
6.5% 3/13/27
|
9,810,000
|
9,343,044
|
|
6.5% 6/2/41
|
11,163,000
|
7,590,840
|
|
6.625% 6/15/35
|
58,924,000
|
44,708,585
|
|
6.7% 2/16/32
|
14,394,000
|
12,043,028
|
|
6.95% 1/28/60
|
35,910,000
|
23,583,893
|
|
7.69% 1/23/50
|
65,975,000
|
47,553,461
|
|
TV Azteca SA de CV 8.25% (Reg. S) (d)
|
27,098,000
|
10,533,264
|
|
TOTAL MEXICO
|
175,005,710
|
||
Morocco - 0.5%
|
|||
OCP SA:
|
|||
3.75% 6/23/31 (b)
|
10,060,000
|
8,695,613
|
|
5.125% 6/23/51 (b)
|
4,000,000
|
3,011,250
|
|
6.875% 4/25/44 (b)
|
5,295,000
|
5,069,963
|
|
7.5% 5/2/54 (b)
|
3,660,000
|
3,729,247
|
|
TOTAL MOROCCO
|
20,506,073
|
||
Nigeria - 0.3%
|
|||
Access Bank PLC 6.125% 9/21/26 (b)
|
5,825,000
|
5,542,852
|
|
IHS Holding Ltd. 5.625% 11/29/26 (b)
|
5,980,000
|
5,675,394
|
|
IHS Netherlands Holdco BV 8% 9/18/27 (b)
|
2,200,000
|
2,136,063
|
|
TOTAL NIGERIA
|
13,354,309
|
||
Oman - 0.2%
|
|||
Lamar Funding Ltd. 3.958% 5/7/25 (b)
|
6,200,000
|
6,045,000
|
|
Panama - 0.5%
|
|||
Aeropuerto Internacional de Tocumen SA 5.125% 8/11/61 (b)
|
5,020,000
|
3,702,250
|
|
C&W Senior Finance Ltd. 6.875% 9/15/27 (b)
|
5,000,000
|
4,797,344
|
|
Telecomunicaciones Digitales SA 4.5% 1/30/30 (b)
|
11,160,000
|
9,946,908
|
|
TOTAL PANAMA
|
18,446,502
|
||
Paraguay - 0.1%
|
|||
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b)
|
4,950,000
|
4,843,266
|
|
Peru - 0.2%
|
|||
Camposol SA 6% 2/3/27 (b)
|
4,435,000
|
3,747,575
|
|
Compania de Minas Buenaventura SAA 5.5% 7/23/26 (b)
|
2,135,000
|
2,062,277
|
|
Volcan Compania Minera SAA 4.375% 2/11/26 (b)
|
2,505,000
|
1,942,158
|
|
TOTAL PERU
|
7,752,010
|
||
Puerto Rico - 0.2%
|
|||
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b)
|
9,500,000
|
7,877,647
|
|
Qatar - 1.4%
|
|||
QatarEnergy:
|
|||
2.25% 7/12/31 (b)
|
28,970,000
|
24,189,950
|
|
3.125% 7/12/41 (b)
|
11,965,000
|
8,884,013
|
|
3.3% 7/12/51 (b)
|
36,535,000
|
25,528,831
|
|
TOTAL QATAR
|
58,602,794
|
||
Saudi Arabia - 2.9%
|
|||
EIG Pearl Holdings SARL 3.545% 8/31/36 (b)
|
23,470,000
|
20,169,531
|
|
Greensaif Pipelines Bidco SARL:
|
|||
6.129% 2/23/38 (b)
|
6,165,000
|
6,301,786
|
|
6.51% 2/23/42 (b)
|
6,145,000
|
6,436,888
|
|
Saudi Arabian Oil Co.:
|
|||
2.25% 11/24/30 (b)
|
18,280,000
|
15,412,325
|
|
3.25% 11/24/50 (b)
|
20,230,000
|
13,604,675
|
|
3.5% 4/16/29 (b)
|
25,376,000
|
23,599,680
|
|
4.25% 4/16/39 (b)
|
18,255,000
|
15,859,031
|
|
4.375% 4/16/49 (b)
|
16,534,000
|
13,594,048
|
|
TMS Issuer SARL 5.78% 8/23/32 (b)
|
5,860,000
|
5,934,715
|
|
TOTAL SAUDI ARABIA
|
120,912,679
|
||
South Africa - 1.8%
|
|||
Eskom Holdings SOC Ltd.:
|
|||
6.35% 8/10/28 (b)
|
12,265,000
|
11,879,143
|
|
7.125% 2/11/25 (b)
|
20,935,000
|
20,856,494
|
|
8.45% 8/10/28 (b)
|
8,165,000
|
8,208,377
|
|
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b)
|
11,930,000
|
7,560,638
|
|
Sasol Financing U.S.A. LLC 4.375% 9/18/26
|
23,115,000
|
21,764,217
|
|
Stillwater Mining Co. 4% 11/16/26 (b)
|
4,100,000
|
3,746,375
|
|
TOTAL SOUTH AFRICA
|
74,015,244
|
||
Turkey - 0.2%
|
|||
Sisecam UK PLC 8.625% 5/2/32 (b)
|
6,075,000
|
6,179,414
|
|
Ukraine - 0.4%
|
|||
NAK Naftogaz Ukraine:
|
|||
7.625% 11/8/28 (b)
|
7,055,000
|
5,291,250
|
|
7.65% (Reg. S) (d)
|
12,084,000
|
11,117,280
|
|
TOTAL UKRAINE
|
16,408,530
|
||
United Arab Emirates - 1.7%
|
|||
Abu Dhabi Developmental Holding Co. PJSC 5.5% 5/8/34 (b)
|
4,320,000
|
4,436,640
|
|
Abu Dhabi National Energy Co. PJSC:
|
|||
4% 10/3/49 (b)
|
3,435,000
|
2,776,983
|
|
4.696% 4/24/33 (b)
|
6,820,000
|
6,649,500
|
|
4.875% 4/23/30 (b)
|
1,990,000
|
1,986,891
|
|
DP World Crescent Ltd. 3.7495% 1/30/30 (b)
|
4,770,000
|
4,406,288
|
|
Galaxy Pipeline Assets BidCo Ltd.:
|
|||
2.16% 3/31/34 (b)
|
8,586,188
|
7,365,339
|
|
2.625% 3/31/36 (b)
|
10,620,000
|
8,651,981
|
|
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b)
|
6,960,000
|
6,916,500
|
|
MDGH GMTN RSC Ltd.:
|
|||
2.875% 11/7/29 (b)
|
5,705,000
|
5,134,500
|
|
3.375% 3/28/32 (Reg. S)
|
2,140,000
|
1,917,975
|
|
4.375% 11/22/33 (b)
|
4,955,000
|
4,670,088
|
|
5.084% 5/22/53 (b)
|
10,540,000
|
9,970,181
|
|
5.5% 4/28/33 (b)
|
5,925,000
|
6,082,383
|
|
TOTAL UNITED ARAB EMIRATES
|
70,965,249
|
||
Venezuela - 2.2%
|
|||
Petroleos de Venezuela SA:
|
|||
5.375% (d)
|
152,515,000
|
17,833,579
|
|
5.5% (d)
|
184,250,000
|
21,465,125
|
|
6% (b)(d)
|
105,540,000
|
12,506,490
|
|
6% (Reg. S) (d)
|
79,700,000
|
9,444,450
|
|
8.5% (Reg. S) (d)
|
20,540,000
|
15,661,750
|
|
9.75% (b)(d)
|
71,700,000
|
9,787,050
|
|
12.75% (b)(d)
|
30,000,000
|
4,290,000
|
|
TOTAL VENEZUELA
|
90,988,444
|
||
TOTAL NONCONVERTIBLE BONDS
(Cost $1,525,215,044)
|
1,245,786,778
|
||
Government Obligations - 65.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
Angola - 1.8%
|
|||
Angola Republic:
|
|||
8% 11/26/29 (b)
|
10,895,000
|
9,791,881
|
|
8.25% 5/9/28 (b)
|
21,005,000
|
19,718,444
|
|
8.75% 4/14/32 (b)
|
9,205,000
|
8,149,302
|
|
9.125% 11/26/49 (b)
|
7,695,000
|
6,312,305
|
|
9.375% 5/8/48 (b)
|
13,330,000
|
11,151,378
|
|
9.5% 11/12/25 (b)
|
16,180,000
|
16,407,531
|
|
TOTAL ANGOLA
|
71,530,841
|
||
Argentina - 2.1%
|
|||
Argentine Republic:
|
|||
0.75% 7/9/30 (e)
|
46,748,473
|
26,225,893
|
|
1% 7/9/29
|
17,436,997
|
9,966,334
|
|
3.625% 7/9/35 (e)
|
68,225,665
|
28,654,779
|
|
4.25% 1/9/38 (e)
|
46,294,088
|
21,248,986
|
|
TOTAL ARGENTINA
|
86,095,992
|
||
Armenia - 0.3%
|
|||
Republic of Armenia 3.6% 2/2/31 (b)
|
12,465,000
|
10,155,080
|
|
Bahrain - 0.4%
|
|||
Bahrain Kingdom:
|
|||
5.625% 5/18/34 (b)
|
11,770,000
|
10,548,863
|
|
7.5% 2/12/36 (b)
|
3,705,000
|
3,782,573
|
|
TOTAL BAHRAIN
|
14,331,436
|
||
Benin - 0.3%
|
|||
Republic of Benin:
|
|||
4.875% 1/19/32 (b)
|
EUR
|
7,255,000
|
6,502,303
|
7.96% 2/13/38 (b)
|
5,610,000
|
5,206,781
|
|
TOTAL BENIN
|
11,709,084
|
||
Bermuda - 0.3%
|
|||
Bermuda Government:
|
|||
2.375% 8/20/30 (b)
|
5,325,000
|
4,477,992
|
|
3.375% 8/20/50 (b)
|
5,015,000
|
3,414,902
|
|
5% 7/15/32 (b)
|
3,830,000
|
3,698,344
|
|
TOTAL BERMUDA
|
11,591,238
|
||
Brazil - 1.8%
|
|||
Brazilian Federative Republic:
|
|||
3.875% 6/12/30
|
9,340,000
|
8,242,550
|
|
4.75% 1/14/50
|
9,500,000
|
6,773,500
|
|
5% 1/27/45
|
14,450,000
|
11,061,475
|
|
5.625% 2/21/47
|
8,822,000
|
7,291,383
|
|
7.125% 1/20/37
|
8,510,000
|
8,892,950
|
|
7.125% 5/13/54
|
1,630,000
|
1,573,765
|
|
8.25% 1/20/34
|
11,336,000
|
12,877,696
|
|
12.25% 3/6/30
|
13,881,000
|
18,045,300
|
|
TOTAL BRAZIL
|
74,758,619
|
||
Chile - 1.4%
|
|||
Chilean Republic:
|
|||
2.45% 1/31/31
|
25,990,000
|
22,169,470
|
|
3.1% 1/22/61
|
20,165,000
|
12,483,395
|
|
3.5% 1/31/34
|
7,100,000
|
6,162,800
|
|
4% 1/31/52
|
3,960,000
|
3,061,575
|
|
4.34% 3/7/42
|
5,555,000
|
4,795,243
|
|
5.33% 1/5/54
|
9,740,000
|
9,204,300
|
|
TOTAL CHILE
|
57,876,783
|
||
Colombia - 3.0%
|
|||
Colombian Republic:
|
|||
3% 1/30/30
|
33,130,000
|
27,083,775
|
|
3.125% 4/15/31
|
19,000,000
|
14,972,000
|
|
3.875% 2/15/61
|
6,730,000
|
3,725,055
|
|
4.125% 5/15/51
|
6,805,000
|
4,086,403
|
|
5% 6/15/45
|
27,005,000
|
18,971,013
|
|
5.2% 5/15/49
|
16,120,000
|
11,364,600
|
|
5.625% 2/26/44
|
11,500,000
|
8,809,000
|
|
6.125% 1/18/41
|
6,410,000
|
5,387,605
|
|
7.375% 9/18/37
|
3,680,000
|
3,571,440
|
|
7.5% 2/2/34
|
4,055,000
|
4,057,028
|
|
8% 4/20/33
|
4,165,000
|
4,317,023
|
|
8% 11/14/35
|
5,970,000
|
6,131,190
|
|
8.75% 11/14/53
|
5,645,000
|
5,944,185
|
|
Ecopetrol SA 8.375% 1/19/36
|
5,695,000
|
5,589,643
|
|
TOTAL COLOMBIA
|
124,009,960
|
||
Costa Rica - 1.0%
|
|||
Costa Rican Republic:
|
|||
5.625% 4/30/43 (b)
|
17,578,000
|
15,671,886
|
|
6.125% 2/19/31 (b)
|
7,110,000
|
7,134,441
|
|
6.55% 4/3/34 (b)
|
5,420,000
|
5,543,644
|
|
7% 4/4/44 (b)
|
4,575,000
|
4,653,633
|
|
7.3% 11/13/54 (b)
|
8,200,000
|
8,543,375
|
|
TOTAL COSTA RICA
|
41,546,979
|
||
Dominican Republic - 3.8%
|
|||
Dominican Republic:
|
|||
4.5% 1/30/30 (b)
|
25,505,000
|
23,241,431
|
|
4.875% 9/23/32 (b)
|
10,930,000
|
9,802,844
|
|
5.3% 1/21/41 (b)
|
6,000,000
|
5,094,375
|
|
5.875% 1/30/60 (b)
|
18,130,000
|
15,421,831
|
|
5.95% 1/25/27 (b)
|
15,654,000
|
15,560,076
|
|
6% 7/19/28 (b)
|
14,101,000
|
13,974,091
|
|
6.4% 6/5/49 (b)
|
6,013,000
|
5,635,308
|
|
6.5% 2/15/48 (b)
|
17,655,000
|
16,750,181
|
|
6.6% 6/1/36 (b)
|
4,104,000
|
4,089,636
|
|
6.85% 1/27/45 (b)
|
16,129,000
|
15,830,614
|
|
7.05% 2/3/31 (b)
|
5,810,000
|
5,980,669
|
|
7.45% 4/30/44 (b)
|
20,824,000
|
21,865,200
|
|
TOTAL DOMINICAN REPUBLIC
|
153,246,256
|
||
Ecuador - 1.3%
|
|||
Ecuador Republic:
|
|||
2.5% 7/31/40 (b)(e)
|
10,200,000
|
4,618,688
|
|
3.5% 7/31/35 (b)(e)
|
48,400,000
|
24,124,375
|
|
6% 7/31/30 (b)(e)
|
39,150,000
|
24,774,609
|
|
TOTAL ECUADOR
|
53,517,672
|
||
Egypt - 2.8%
|
|||
Arab Republic of Egypt:
|
|||
, yield at date of purchase 25.8506% to 31.6253% 12/10/24 to 3/18/25
|
EGP
|
488,575,000
|
8,836,088
|
7.0529% 1/15/32 (b)
|
4,740,000
|
3,787,556
|
|
7.5% 1/31/27 (b)
|
17,344,000
|
16,655,660
|
|
7.5% 2/16/61 (b)
|
21,325,000
|
14,254,430
|
|
7.6003% 3/1/29 (b)
|
18,329,000
|
16,627,840
|
|
7.903% 2/21/48 (b)
|
12,840,000
|
9,012,075
|
|
8.5% 1/31/47 (b)
|
34,441,000
|
25,486,340
|
|
8.7002% 3/1/49 (b)
|
25,240,000
|
18,803,800
|
|
TOTAL EGYPT
|
113,463,789
|
||
El Salvador - 0.7%
|
|||
El Salvador Republic:
|
|||
0.25% 4/17/30 (b)
|
5,455,000
|
158,195
|
|
6.375% 1/18/27 (b)
|
2,515,000
|
2,230,805
|
|
7.1246% 1/20/50 (b)
|
8,578,000
|
5,433,627
|
|
7.625% 2/1/41 (b)
|
11,695,000
|
7,870,735
|
|
7.65% 6/15/35 (b)
|
11,205,000
|
8,064,098
|
|
9.25% 4/17/30 (b)
|
5,455,000
|
4,845,230
|
|
TOTAL EL SALVADOR
|
28,602,690
|
||
Gabon - 0.5%
|
|||
Gabonese Republic:
|
|||
6.625% 2/6/31 (b)
|
2,500,000
|
1,887,500
|
|
6.95% 6/16/25 (b)
|
9,000,000
|
8,217,000
|
|
7% 11/24/31 (b)
|
13,095,000
|
9,886,725
|
|
TOTAL GABON
|
19,991,225
|
||
Georgia - 0.2%
|
|||
Georgia Republic 2.75% 4/22/26 (b)
|
8,585,000
|
7,841,861
|
|
Ghana - 0.8%
|
|||
Ghana Republic:
|
|||
7.75% (b)(d)
|
12,265,000
|
6,216,822
|
|
8.125% (b)(d)
|
6,566,924
|
3,390,175
|
|
8.125% (b)(d)
|
14,445,000
|
7,385,006
|
|
8.627% (b)(d)
|
12,885,000
|
6,442,500
|
|
10.75% 10/14/30 (b)
|
15,335,000
|
10,341,541
|
|
TOTAL GHANA
|
33,776,044
|
||
Guatemala - 0.8%
|
|||
Guatemalan Republic:
|
|||
3.7% 10/7/33 (b)
|
2,500,000
|
2,032,813
|
|
4.9% 6/1/30 (b)
|
2,500,000
|
2,366,406
|
|
5.25% 8/10/29 (b)
|
9,000,000
|
8,640,000
|
|
5.375% 4/24/32 (b)
|
5,270,000
|
4,998,266
|
|
6.125% 6/1/50 (b)
|
5,650,000
|
5,100,891
|
|
6.6% 6/13/36 (b)
|
10,940,000
|
10,960,513
|
|
TOTAL GUATEMALA
|
34,098,889
|
||
Hungary - 1.8%
|
|||
Hungarian Republic:
|
|||
2.125% 9/22/31 (b)
|
11,240,000
|
8,890,840
|
|
3.125% 9/21/51 (b)
|
20,505,000
|
13,020,675
|
|
5.25% 6/16/29 (b)
|
6,100,000
|
5,985,625
|
|
5.5% 6/16/34 (b)
|
10,445,000
|
10,141,442
|
|
5.5% 3/26/36 (b)
|
10,340,000
|
9,939,325
|
|
6.25% 9/22/32 (b)
|
4,105,000
|
4,224,045
|
|
6.75% 9/25/52 (b)
|
12,980,000
|
13,919,428
|
|
7.625% 3/29/41
|
5,500,000
|
6,282,031
|
|
TOTAL HUNGARY
|
72,403,411
|
||
Indonesia - 2.4%
|
|||
Indonesian Republic:
|
|||
5.125% 1/15/45 (b)
|
20,042,000
|
19,447,003
|
|
5.95% 1/8/46 (b)
|
6,230,000
|
6,588,225
|
|
6.625% 2/17/37 (b)
|
15,086,000
|
16,835,033
|
|
6.75% 1/15/44 (b)
|
6,465,000
|
7,473,136
|
|
7.75% 1/17/38 (b)
|
17,722,000
|
21,792,522
|
|
8.5% 10/12/35 (b)
|
19,301,000
|
24,369,636
|
|
TOTAL INDONESIA
|
96,505,555
|
||
Ivory Coast - 1.0%
|
|||
Ivory Coast:
|
|||
5.875% 10/17/31 (b)
|
EUR
|
17,545,000
|
16,928,451
|
6.375% 3/3/28 (b)
|
18,040,000
|
17,431,150
|
|
8.25% 1/30/37 (b)
|
5,815,000
|
5,611,475
|
|
TOTAL IVORY COAST
|
39,971,076
|
||
Jamaica - 0.2%
|
|||
Jamaican Government 7.875% 7/28/45
|
7,490,000
|
8,704,784
|
|
Jordan - 0.6%
|
|||
Jordanian Kingdom:
|
|||
5.85% 7/7/30 (b)
|
8,860,000
|
7,929,700
|
|
7.375% 10/10/47 (b)
|
7,320,000
|
6,235,725
|
|
7.5% 1/13/29 (b)
|
5,010,000
|
4,884,750
|
|
7.75% 1/15/28 (b)
|
6,645,000
|
6,576,473
|
|
TOTAL JORDAN
|
25,626,648
|
||
Kenya - 0.7%
|
|||
Republic of Kenya:
|
|||
6.3% 1/23/34 (b)
|
15,455,000
|
11,538,123
|
|
7% 5/22/27 (b)
|
7,660,000
|
7,286,575
|
|
7.25% 2/28/28 (b)
|
1,965,000
|
1,783,852
|
|
8% 5/22/32 (b)
|
2,365,000
|
2,043,360
|
|
9.75% 2/16/31 (b)
|
6,695,000
|
6,376,988
|
|
TOTAL KENYA
|
29,028,898
|
||
Lebanon - 0.1%
|
|||
Lebanese Republic:
|
|||
5.8% (d)
|
8,540,000
|
587,125
|
|
6% (d)
|
5,256,000
|
354,780
|
|
6.1% (d)
|
22,896,000
|
1,545,480
|
|
6.2% (Reg. S) (d)
|
5,669,000
|
382,658
|
|
6.375% (d)
|
35,061,000
|
2,410,444
|
|
6.65% (Reg. S) (d)
|
3,000,000
|
202,500
|
|
6.75% (d)
|
3,000,000
|
202,500
|
|
TOTAL LEBANON
|
5,685,487
|
||
Mexico - 1.9%
|
|||
United Mexican States:
|
|||
3.25% 4/16/30
|
19,910,000
|
17,495,913
|
|
4.75% 4/27/32
|
5,375,000
|
4,968,516
|
|
5.75% 10/12/2110
|
10,595,000
|
8,764,052
|
|
6.05% 1/11/40
|
30,348,000
|
29,399,625
|
|
6.338% 5/4/53
|
5,935,000
|
5,584,835
|
|
6.35% 2/9/35
|
9,065,000
|
9,114,858
|
|
TOTAL MEXICO
|
75,327,799
|
||
Mongolia - 0.1%
|
|||
Mongolia Government:
|
|||
3.5% 7/7/27 (b)
|
2,675,000
|
2,410,008
|
|
5.125% 4/7/26 (b)
|
2,010,000
|
1,951,584
|
|
7.875% 6/5/29 (b)
|
1,620,000
|
1,652,578
|
|
TOTAL MONGOLIA
|
6,014,170
|
||
Montenegro - 0.2%
|
|||
Republic of Montenegro 7.25% 3/12/31 (b)
|
7,315,000
|
7,342,431
|
|
Morocco - 0.3%
|
|||
Moroccan Kingdom 6.5% 9/8/33 (b)
|
9,915,000
|
10,221,745
|
|
Nigeria - 2.5%
|
|||
Republic of Nigeria:
|
|||
, yield at date of purchase 25.6137% to 28.7481% 3/6/25 to 5/20/25
|
NGN
|
15,346,860,000
|
8,554,751
|
6.125% 9/28/28 (b)
|
13,115,000
|
11,500,216
|
|
6.5% 11/28/27 (b)
|
20,043,000
|
18,546,038
|
|
7.143% 2/23/30 (b)
|
11,415,000
|
9,898,945
|
|
7.625% 11/21/25 (b)
|
15,862,000
|
15,881,828
|
|
7.625% 11/28/47 (b)
|
18,415,000
|
13,396,913
|
|
7.696% 2/23/38 (b)
|
3,500,000
|
2,709,219
|
|
7.875% 2/16/32 (b)
|
12,065,000
|
10,436,225
|
|
8.375% 3/24/29 (b)
|
13,600,000
|
12,750,000
|
|
TOTAL NIGERIA
|
103,674,135
|
||
Oman - 2.2%
|
|||
Sultanate of Oman:
|
|||
6% 8/1/29 (b)
|
11,510,000
|
11,682,650
|
|
6.25% 1/25/31 (b)
|
15,885,000
|
16,351,622
|
|
6.5% 3/8/47 (b)
|
27,725,000
|
27,655,688
|
|
6.75% 1/17/48 (b)
|
30,140,000
|
30,695,706
|
|
7% 1/25/51 (b)
|
2,880,000
|
3,031,200
|
|
TOTAL OMAN
|
89,416,866
|
||
Pakistan - 1.2%
|
|||
Islamic Republic of Pakistan:
|
|||
6% 4/8/26 (b)
|
24,660,000
|
22,170,881
|
|
6.875% 12/5/27 (b)
|
22,905,000
|
19,762,720
|
|
7.375% 4/8/31 (b)
|
5,680,000
|
4,467,675
|
|
7.875% 3/31/36 (b)
|
1,293,000
|
956,962
|
|
TOTAL PAKISTAN
|
47,358,238
|
||
Panama - 2.2%
|
|||
Panamanian Republic:
|
|||
2.252% 9/29/32
|
22,155,000
|
15,940,523
|
|
3.16% 1/23/30
|
13,515,000
|
11,399,903
|
|
3.298% 1/19/33
|
16,210,000
|
12,611,380
|
|
3.87% 7/23/60
|
17,120,000
|
9,753,050
|
|
4.3% 4/29/53
|
7,000,000
|
4,487,000
|
|
4.5% 5/15/47
|
8,025,000
|
5,552,297
|
|
4.5% 4/16/50
|
10,760,000
|
7,249,550
|
|
6.4% 2/14/35
|
9,790,000
|
9,280,920
|
|
6.853% 3/28/54
|
3,685,000
|
3,382,830
|
|
7.875% 3/1/57
|
5,480,000
|
5,695,775
|
|
8% 3/1/38
|
5,795,000
|
6,107,930
|
|
TOTAL PANAMA
|
91,461,158
|
||
Paraguay - 1.0%
|
|||
Republic of Paraguay:
|
|||
2.739% 1/29/33 (b)
|
5,873,000
|
4,724,094
|
|
4.95% 4/28/31 (b)
|
17,130,000
|
16,343,091
|
|
5.4% 3/30/50 (b)
|
10,075,000
|
8,708,578
|
|
5.6% 3/13/48 (b)
|
7,470,000
|
6,618,420
|
|
6% 2/9/36 (b)
|
3,580,000
|
3,577,763
|
|
TOTAL PARAGUAY
|
39,971,946
|
||
Peru - 1.1%
|
|||
Peruvian Republic:
|
|||
2.783% 1/23/31
|
11,415,000
|
9,776,948
|
|
3% 1/15/34
|
21,165,000
|
17,229,633
|
|
3.3% 3/11/41
|
24,840,000
|
18,435,938
|
|
TOTAL PERU
|
45,442,519
|
||
Philippines - 0.9%
|
|||
Philippine Republic:
|
|||
2.65% 12/10/45
|
7,890,000
|
5,170,416
|
|
2.95% 5/5/45
|
3,200,000
|
2,215,000
|
|
5% 7/17/33
|
4,140,000
|
4,085,663
|
|
5.5% 1/17/48
|
3,675,000
|
3,717,492
|
|
5.6% 5/14/49
|
5,520,000
|
5,582,707
|
|
5.609% 4/13/33
|
6,190,000
|
6,364,094
|
|
5.95% 10/13/47
|
9,890,000
|
10,520,488
|
|
TOTAL PHILIPPINES
|
37,655,860
|
||
Poland - 0.5%
|
|||
Bank Gospodarstwa Krajowego:
|
|||
5.375% 5/22/33 (b)
|
6,800,000
|
6,734,720
|
|
6.25% 10/31/28 (b)
|
3,285,000
|
3,397,051
|
|
Polish Government:
|
|||
5.5% 4/4/53
|
6,960,000
|
6,812,309
|
|
5.5% 3/18/54
|
2,075,000
|
2,012,916
|
|
TOTAL POLAND
|
18,956,996
|
||
Qatar - 2.0%
|
|||
State of Qatar:
|
|||
4.4% 4/16/50 (b)
|
28,995,000
|
25,424,991
|
|
4.817% 3/14/49 (b)
|
38,811,000
|
36,300,413
|
|
5.103% 4/23/48 (b)
|
17,315,000
|
16,860,481
|
|
9.75% 6/15/30 (b)
|
3,827,000
|
4,825,608
|
|
TOTAL QATAR
|
83,411,493
|
||
Romania - 1.4%
|
|||
Romanian Republic:
|
|||
2% 4/14/33 (Reg. S)
|
EUR
|
7,840,000
|
6,299,810
|
3% 2/14/31 (b)
|
17,614,000
|
14,619,620
|
|
3.375% 1/28/50 (Reg. S)
|
EUR
|
12,680,000
|
9,017,734
|
3.625% 3/27/32 (b)
|
6,989,000
|
5,912,257
|
|
4% 2/14/51 (b)
|
10,990,000
|
7,589,969
|
|
7.125% 1/17/33 (b)
|
5,770,000
|
6,080,138
|
|
7.625% 1/17/53 (b)
|
4,154,000
|
4,494,109
|
|
8% 4/29/30
|
RON
|
21,300,000
|
4,842,498
|
TOTAL ROMANIA
|
58,856,135
|
||
Rwanda - 0.2%
|
|||
Rwanda Republic 5.5% 8/9/31 (b)
|
11,975,000
|
9,598,711
|
|
Saudi Arabia - 1.4%
|
|||
Kingdom of Saudi Arabia:
|
|||
2.25% 2/2/33 (b)
|
18,170,000
|
14,524,644
|
|
3.45% 2/2/61 (b)
|
9,925,000
|
6,476,063
|
|
3.75% 1/21/55 (b)
|
19,480,000
|
13,757,750
|
|
4.5% 10/26/46 (b)
|
14,169,000
|
12,012,655
|
|
4.5% 4/22/60 (b)
|
10,670,000
|
8,649,369
|
|
TOTAL SAUDI ARABIA
|
55,420,481
|
||
Senegal - 0.2%
|
|||
Republic of Senegal:
|
|||
6.25% 5/23/33 (b)
|
7,215,000
|
6,033,544
|
|
6.75% 3/13/48 (b)
|
5,110,000
|
3,668,980
|
|
TOTAL SENEGAL
|
9,702,524
|
||
Serbia - 0.9%
|
|||
Republic of Serbia:
|
|||
2.125% 12/1/30 (b)
|
18,590,000
|
14,813,906
|
|
6% 6/12/34 (b)
|
7,945,000
|
7,815,894
|
|
6.25% 5/26/28 (b)
|
3,140,000
|
3,177,288
|
|
6.5% 9/26/33 (b)
|
12,130,000
|
12,300,578
|
|
TOTAL SERBIA
|
38,107,666
|
||
South Africa - 1.1%
|
|||
South African Republic:
|
|||
5% 10/12/46
|
3,190,000
|
2,236,988
|
|
5.65% 9/27/47
|
22,135,000
|
16,684,256
|
|
5.75% 9/30/49
|
25,420,000
|
19,128,550
|
|
7.3% 4/20/52
|
7,475,000
|
6,755,531
|
|
TOTAL SOUTH AFRICA
|
44,805,325
|
||
Sri Lanka - 1.2%
|
|||
Democratic Socialist Republic of Sri Lanka:
|
|||
6.2% (b)(d)
|
14,360,000
|
8,414,063
|
|
6.825% (b)(d)
|
13,445,000
|
7,886,333
|
|
6.85% (b)(d)
|
14,285,000
|
8,423,686
|
|
7.55% (b)(d)
|
12,490,000
|
7,138,035
|
|
7.85% (b)(d)
|
26,015,000
|
15,275,683
|
|
TOTAL SRI LANKA
|
47,137,800
|
||
Turkey - 3.7%
|
|||
Export Credit Bank of Turkey 9% 1/28/27 (b)
|
5,785,000
|
6,010,977
|
|
Turkish Republic:
|
|||
4.75% 1/26/26
|
8,400,000
|
8,179,500
|
|
4.875% 4/16/43
|
23,555,000
|
16,672,523
|
|
5.125% 2/17/28
|
11,310,000
|
10,748,034
|
|
5.75% 5/11/47
|
13,175,000
|
10,124,164
|
|
6% 3/25/27
|
7,000,000
|
6,897,188
|
|
6% 1/14/41
|
29,698,000
|
24,649,340
|
|
6.375% 10/14/25
|
17,175,000
|
17,137,430
|
|
6.625% 2/17/45
|
530,000
|
457,291
|
|
7.625% 5/15/34
|
6,305,000
|
6,350,317
|
|
9.125% 7/13/30
|
8,800,000
|
9,592,000
|
|
9.375% 3/14/29
|
20,365,000
|
22,146,938
|
|
9.375% 1/19/33
|
2,175,000
|
2,431,242
|
|
26.2% 10/5/33
|
TRY
|
168,555,000
|
5,090,434
|
31.08% 11/8/28
|
TRY
|
77,265,000
|
2,446,566
|
37% 2/18/26
|
TRY
|
74,870,000
|
2,257,237
|
TOTAL TURKEY
|
151,191,181
|
||
Ukraine - 1.3%
|
|||
Ukraine Government:
|
|||
6.876% 5/21/31 (b)
|
7,670,000
|
2,185,950
|
|
7.253% 3/15/35 (b)
|
15,850,000
|
4,509,325
|
|
7.375% 9/25/34 (b)
|
11,640,000
|
3,317,400
|
|
7.75% 9/1/24 (b)
|
23,274,000
|
7,366,221
|
|
7.75% 9/1/25 (b)
|
37,296,000
|
11,766,888
|
|
7.75% 9/1/26 (b)
|
28,917,000
|
8,906,436
|
|
7.75% 9/1/27 (b)
|
7,275,000
|
2,211,600
|
|
7.75% 9/1/28 (b)
|
7,360,000
|
2,230,080
|
|
7.75% 9/1/29 (b)
|
10,846,000
|
3,280,915
|
|
7.75% 8/1/41 (b)(c)
|
8,905,000
|
4,345,640
|
|
9.75% 11/1/30 (b)
|
3,105,000
|
982,733
|
|
TOTAL UKRAINE
|
51,103,188
|
||
United Arab Emirates - 1.9%
|
|||
Abu Dhabi National Energy Co. PJSC 4.375% 1/24/29 (b)
|
6,105,000
|
5,954,283
|
|
Emirate of Abu Dhabi:
|
|||
3.125% 9/30/49 (b)
|
41,178,000
|
28,734,523
|
|
3.875% 4/16/50 (b)
|
29,465,000
|
23,498,338
|
|
5.5% 4/30/54 (b)
|
7,330,000
|
7,449,113
|
|
Emirate of Dubai 3.9% 9/9/50 (Reg. S)
|
15,155,000
|
11,129,453
|
|
TOTAL UNITED ARAB EMIRATES
|
76,765,710
|
||
United States of America - 2.9%
|
|||
U.S. Treasury Bonds:
|
|||
2.875% 5/15/52
|
130,074,000
|
95,335,066
|
|
3.625% 2/15/53
|
19,173,000
|
16,310,531
|
|
U.S. Treasury Notes 4.125% 3/31/31
|
6,342,000
|
6,258,514
|
|
TOTAL UNITED STATES OF AMERICA
|
117,904,111
|
||
Uruguay - 0.7%
|
|||
Uruguay Republic:
|
|||
5.1% 6/18/50
|
24,210,000
|
22,848,188
|
|
5.75% 10/28/34
|
5,850,000
|
6,095,700
|
|
TOTAL URUGUAY
|
28,943,888
|
||
Uzbekistan - 0.4%
|
|||
Republic of Uzbekistan:
|
|||
3.7% 11/25/30 (b)
|
2,895,000
|
2,381,138
|
|
3.9% 10/19/31 (b)
|
10,725,000
|
8,727,469
|
|
5.375% 2/20/29 (b)
|
4,250,000
|
3,968,438
|
|
TOTAL UZBEKISTAN
|
15,077,045
|
||
Venezuela - 1.8%
|
|||
Venezuelan Republic:
|
|||
9% (Reg. S) (d)
|
43,195,000
|
6,911,200
|
|
9.25% (d)
|
62,675,000
|
11,563,538
|
|
9.25% (Reg. S) (d)
|
70,265,000
|
11,593,725
|
|
9.375% (d)
|
46,005,000
|
8,602,935
|
|
11.75% (Reg. S) (d)
|
65,000,000
|
11,992,500
|
|
11.95% (Reg. S) (d)
|
87,250,000
|
15,879,500
|
|
12.75% (d)
|
42,425,000
|
7,721,350
|
|
TOTAL VENEZUELA
|
74,264,748
|
||
Zambia - 0.3%
|
|||
Republic of Zambia:
|
|||
0.5% 12/31/53 (b)
|
7,209,128
|
3,523,461
|
|
5.75% 6/30/33 (b)
|
8,677,633
|
7,633,605
|
|
TOTAL ZAMBIA
|
11,157,066
|
||
TOTAL GOVERNMENT OBLIGATIONS
(Cost $3,078,497,178)
|
2,672,361,232
|
||
Preferred Securities - 1.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
Chile - 0.2%
|
|||
Banco de Credito e Inversiones 8.75% (b)(c)(f)
|
5,600,000
|
6,082,134
|
|
Mexico - 0.5%
|
|||
Banco Mercantil del Norte SA 7.625% (b)(c)(f)
|
5,385,000
|
5,358,054
|
|
CEMEX S.A.B. de CV 5.125% (b)(c)(f)
|
15,320,000
|
14,969,364
|
|
TOTAL MEXICO
|
20,327,418
|
||
Russia - 0.0%
|
|||
Tinkoff Bank JSC 6% (b)(c)(d)(f)(g)
|
6,660,000
|
333,000
|
|
United Arab Emirates - 0.3%
|
|||
DP World Salaam 6% (Reg. S) (c)(f)
|
13,905,000
|
14,228,581
|
|
TOTAL PREFERRED SECURITIES
(Cost $48,383,550)
|
40,971,133
|
||
Money Market Funds - 0.6%
|
|||
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund 5.38% (h)
(Cost $25,058,994)
|
25,053,983
|
25,058,994
|
|
TOTAL INVESTMENT IN SECURITIES - 97.8%
(Cost $4,677,154,766)
|
3,984,178,137
|
NET OTHER ASSETS (LIABILITIES) - 2.2%
|
90,769,413
|
NET ASSETS - 100.0%
|
4,074,947,550
|
Futures Contracts
|
|||||
Number
of contracts
|
Expiration
Date
|
Notional
Amount ($)
|
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
Purchased
|
|||||
Treasury Contracts
|
|||||
CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States)
|
172
|
Sep 2024
|
21,559,125
|
139,621
|
139,621
|
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
|
EGP
|
-
|
Egyptian pound
|
EUR
|
-
|
European Monetary Unit
|
NGN
|
-
|
Nigerian naira
|
RON
|
-
|
Romanian leu
|
TRY
|
-
|
Turkish Lira
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,582,419,199 or 63.4% of net assets.
|
(c)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(d)
|
Non-income producing - Security is in default.
|
(e)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(f)
|
Security is perpetual in nature with no stated maturity date.
|
(g)
|
Level 3 security
|
(h)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
% ownership,
end
of period
|
Fidelity Cash Central Fund 5.38%
|
17,641,506
|
501,765,544
|
494,348,794
|
951,683
|
738
|
-
|
25,058,994
|
0.0%
|
Total
|
17,641,506
|
501,765,544
|
494,348,794
|
951,683
|
738
|
-
|
25,058,994
|
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Corporate Bonds
|
1,245,786,778
|
-
|
1,245,786,778
|
-
|
Government Obligations
|
2,672,361,232
|
-
|
2,672,361,232
|
-
|
Preferred Securities
|
40,971,133
|
-
|
40,638,133
|
333,000
|
Money Market Funds
|
25,058,994
|
25,058,994
|
-
|
-
|
Total Investments in Securities:
|
3,984,178,137
|
25,058,994
|
3,958,786,143
|
333,000
|
Derivative Instruments:
Assets
|
||||
Futures Contracts
|
139,621
|
139,621
|
-
|
-
|
Total Assets
|
139,621
|
139,621
|
-
|
-
|
Total Derivative Instruments:
|
139,621
|
139,621
|
-
|
-
|
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
|
Interest Rate Risk
|
||
Futures Contracts (a)
|
139,621
|
0
|
Total Interest Rate Risk
|
139,621
|
0
|
Total Value of Derivatives
|
139,621
|
0
|
Statement of Assets and Liabilities
|
||||
June 30, 2024
(Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $4,652,095,772)
|
$
|
3,959,119,143
|
||
Fidelity Central Funds (cost $25,058,994)
|
25,058,994
|
|||
Total Investment in Securities (cost $4,677,154,766)
|
$
|
3,984,178,137
|
||
Segregated cash with brokers for derivative instruments
|
1,041,250
|
|||
Cash
|
1,713,177
|
|||
Foreign currency held at value (cost $367,489)
|
366,983
|
|||
Receivable for investments sold
|
200,558
|
|||
Receivable for fund shares sold
|
2,869,816
|
|||
Dividends receivable
|
234,300
|
|||
Interest receivable
|
101,363,424
|
|||
Distributions receivable from Fidelity Central Funds
|
138,571
|
|||
Total assets
|
4,092,106,216
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
7,412,589
|
||
Payable for fund shares redeemed
|
4,668,759
|
|||
Distributions payable
|
2,121,491
|
|||
Accrued management fee
|
2,508,029
|
|||
Distribution and service plan fees payable
|
28,281
|
|||
Payable for daily variation margin on futures contracts
|
284,875
|
|||
Other payables and accrued expenses
|
134,642
|
|||
Total liabilities
|
17,158,666
|
|||
Net Assets
|
$
|
4,074,947,550
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
5,981,503,925
|
||
Total accumulated earnings (loss)
|
(1,906,556,375)
|
|||
Net Assets
|
$
|
4,074,947,550
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Valueand redemption price per share ($73,595,987 ÷ 5,880,592 shares)(a)
|
$
|
12.52
|
||
Maximum offering price per share (100/96.00 of $12.52)
|
$
|
13.04
|
||
Class M :
|
||||
Net Asset Valueand redemption price per share ($25,338,203 ÷ 2,023,368 shares)(a)
|
$
|
12.52
|
||
Maximum offering price per share (100/96.00 of $12.52)
|
$
|
13.04
|
||
Class C :
|
||||
Net Asset Valueand offering price per share ($8,905,637 ÷ 711,481 shares)(a)
|
$
|
12.52
|
||
Fidelity New Markets Income Fund :
|
||||
Net Asset Value, offering price and redemption price per share ($1,588,358,067 ÷ 126,869,494 shares)
|
$
|
12.52
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($748,642,530 ÷ 59,801,461 shares)
|
$
|
12.52
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($1,630,107,126 ÷ 130,213,133 shares)
|
$
|
12.52
|
||
(a)Redemption price per shareis equal to net asset value less any applicable contingent deferred sales charge.
|
Statement of Operations
|
||||
Six months ended
June 30, 2024
(Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
1,507,938
|
||
Interest
|
132,683,424
|
|||
Income from Fidelity Central Funds
|
951,683
|
|||
Total income
|
135,143,045
|
|||
Expenses
|
||||
Management fee
|
$
|
14,443,726
|
||
Transfer agent fees
|
723,186
|
|||
Distribution and service plan fees
|
171,535
|
|||
Accounting fees and expenses
|
190,271
|
|||
Custodian fees and expenses
|
26,717
|
|||
Independent trustees' fees and expenses
|
8,890
|
|||
Registration fees
|
74,426
|
|||
Audit
|
55,103
|
|||
Legal
|
359,559
|
|||
Miscellaneous
|
73,946
|
|||
Total expenses before reductions
|
16,127,359
|
|||
Expense reductions
|
(106,780)
|
|||
Total expenses after reductions
|
16,020,579
|
|||
Net Investment income (loss)
|
119,122,466
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(123,930,697)
|
|||
Fidelity Central Funds
|
738
|
|||
Foreign currency transactions
|
(153,095)
|
|||
Futures contracts
|
179,710
|
|||
Total net realized gain (loss)
|
(123,903,344)
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
145,766,233
|
|||
Assets and liabilities in foreign currencies
|
(42,149)
|
|||
Futures contracts
|
(2,064,533)
|
|||
Total change in net unrealized appreciation (depreciation)
|
143,659,551
|
|||
Net gain (loss)
|
19,756,207
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
138,878,673
|
Statement of Changes in Net Assets
|
||||
Six months ended
June 30, 2024
(Unaudited)
|
Year ended
December 31, 2023
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
119,122,466
|
$
|
255,893,545
|
Net realized gain (loss)
|
(123,903,344)
|
(189,140,296)
|
||
Change in net unrealized appreciation (depreciation)
|
143,659,551
|
463,812,953
|
||
Net increase (decrease) in net assets resulting from operations
|
138,878,673
|
530,566,202
|
||
Distributions to shareholders
|
(106,020,201)
|
(224,863,302)
|
||
Share transactions - net increase (decrease)
|
(157,020,936)
|
(338,842,752)
|
||
Total increase (decrease) in net assets
|
(124,162,464)
|
(33,139,852)
|
||
Net Assets
|
||||
Beginning of period
|
4,199,110,014
|
4,232,249,866
|
||
End of period
|
$
|
4,074,947,550
|
$
|
4,199,110,014
|
Fidelity Advisor® New Markets Income Fund Class A
|
Six months ended
(Unaudited) June 30, 2024
|
Years ended December 31, 2023
|
2022
|
2021
|
2020
|
2019
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.42
|
$
|
11.51
|
$
|
14.24
|
$
|
15.09
|
$
|
15.07
|
$
|
14.27
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.341
|
.690
|
.621
|
.575
|
.649
|
.748
|
||||||
Net realized and unrealized gain (loss)
|
.060
|
.823
|
(2.796)
|
(.888)
|
(.062)
|
.740
|
||||||
Total from investment operations
|
.401
|
1.513
|
(2.175)
|
(.313)
|
.587
|
1.488
|
||||||
Distributions from net investment income
|
(.301)
|
(.603)
|
(.555)
|
(.497)
|
(.556)
|
(.688)
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.040)
|
(.011)
|
-
|
||||||
Total distributions
|
(.301)
|
(.603)
|
(.555)
|
(.537)
|
(.567)
|
(.688)
|
||||||
Net asset value, end of period
|
$
|
12.52
|
$
|
12.42
|
$
|
11.51
|
$
|
14.24
|
$
|
15.09
|
$
|
15.07
|
Total Return C,D,E
|
3.28
%
|
13.61%
|
(15.30)%
|
(2.09)%
|
4.19%
|
10.56%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
1.10% H
|
1.16%
|
1.13%
|
1.12%
|
1.13%
|
1.12%
|
||||||
Expenses net of fee waivers, if any
|
1.09
% H
|
1.15%
|
1.13%
|
1.12%
|
1.13%
|
1.12%
|
||||||
Expenses net of all reductions
|
1.09% H
|
1.15%
|
1.13%
|
1.12%
|
1.13%
|
1.12%
|
||||||
Net investment income (loss)
|
5.53% H
|
5.95%
|
5.12%
|
3.93%
|
4.51%
|
5.01%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
73,596
|
$
|
75,901
|
$
|
78,302
|
$
|
118,896
|
$
|
136,626
|
$
|
193,262
|
Portfolio turnover rate I
|
12
% H
|
19%
|
26%
|
30%
|
91%
|
79% J
|
Fidelity Advisor® New Markets Income Fund Class M
|
Six months ended
(Unaudited) June 30, 2024
|
Years ended December 31, 2023
|
2022
|
2021
|
2020
|
2019
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.42
|
$
|
11.52
|
$
|
14.24
|
$
|
15.10
|
$
|
15.08
|
$
|
14.27
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.341
|
.690
|
.621
|
.576
|
.647
|
.749
|
||||||
Net realized and unrealized gain (loss)
|
.060
|
.813
|
(2.786)
|
(.898)
|
(.059)
|
.748
|
||||||
Total from investment operations
|
.401
|
1.503
|
(2.165)
|
(.322)
|
.588
|
1.497
|
||||||
Distributions from net investment income
|
(.301)
|
(.603)
|
(.555)
|
(.498)
|
(.557)
|
(.687)
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.040)
|
(.011)
|
-
|
||||||
Total distributions
|
(.301)
|
(.603)
|
(.555)
|
(.538)
|
(.568)
|
(.687)
|
||||||
Net asset value, end of period
|
$
|
12.52
|
$
|
12.42
|
$
|
11.52
|
$
|
14.24
|
$
|
15.10
|
$
|
15.08
|
Total Return C,D,E
|
3.28
%
|
13.51%
|
(15.23)%
|
(2.15)%
|
4.20%
|
10.63%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
1.10% H
|
1.16%
|
1.13%
|
1.12%
|
1.13%
|
1.13%
|
||||||
Expenses net of fee waivers, if any
|
1.10
% H
|
1.16%
|
1.13%
|
1.11%
|
1.13%
|
1.13%
|
||||||
Expenses net of all reductions
|
1.09% H
|
1.15%
|
1.13%
|
1.11%
|
1.12%
|
1.13%
|
||||||
Net investment income (loss)
|
5.53% H
|
5.95%
|
5.11%
|
3.94%
|
4.51%
|
5.01%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
25,338
|
$
|
25,507
|
$
|
25,747
|
$
|
38,589
|
$
|
44,941
|
$
|
53,609
|
Portfolio turnover rate I
|
12
% H
|
19%
|
26%
|
30%
|
91%
|
79% J
|
Fidelity Advisor® New Markets Income Fund Class C
|
Six months ended
(Unaudited) June 30, 2024
|
Years ended December 31, 2023
|
2022
|
2021
|
2020
|
2019
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.42
|
$
|
11.51
|
$
|
14.24
|
$
|
15.09
|
$
|
15.07
|
$
|
14.27
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.296
|
.609
|
.536
|
.471
|
.542
|
.641
|
||||||
Net realized and unrealized gain (loss)
|
.060
|
.823
|
(2.798)
|
(.891)
|
(.063)
|
.737
|
||||||
Total from investment operations
|
.356
|
1.432
|
(2.262)
|
(.420)
|
.479
|
1.378
|
||||||
Distributions from net investment income
|
(.256)
|
(.522)
|
(.468)
|
(.390)
|
(.448)
|
(.578)
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.040)
|
(.011)
|
-
|
||||||
Total distributions
|
(.256)
|
(.522)
|
(.468)
|
(.430)
|
(.459)
|
(.578)
|
||||||
Net asset value, end of period
|
$
|
12.52
|
$
|
12.42
|
$
|
11.51
|
$
|
14.24
|
$
|
15.09
|
$
|
15.07
|
Total Return C,D,E
|
2.90
%
|
12.83%
|
(15.91)%
|
(2.81)%
|
3.43%
|
9.75%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
1.83% H
|
1.86%
|
1.85%
|
1.86%
|
1.86%
|
1.86%
|
||||||
Expenses net of fee waivers, if any
|
1.83
% H
|
1.85%
|
1.85%
|
1.85%
|
1.86%
|
1.86%
|
||||||
Expenses net of all reductions
|
1.83% H
|
1.85%
|
1.85%
|
1.85%
|
1.86%
|
1.85%
|
||||||
Net investment income (loss)
|
4.79% H
|
5.25%
|
4.39%
|
3.20%
|
3.77%
|
4.28%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
8,906
|
$
|
9,961
|
$
|
12,908
|
$
|
23,000
|
$
|
44,401
|
$
|
64,290
|
Portfolio turnover rate I
|
12
% H
|
19%
|
26%
|
30%
|
91%
|
79% J
|
Fidelity® New Markets Income Fund
|
Six months ended
(Unaudited) June 30, 2024
|
Years ended December 31, 2023
|
2022
|
2021
|
2020
|
2019
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.42
|
$
|
11.51
|
$
|
14.24
|
$
|
15.10
|
$
|
15.07
|
$
|
14.27
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.359
|
.727
|
.658
|
.624
|
.693
|
.795
|
||||||
Net realized and unrealized gain (loss)
|
.061
|
.823
|
(2.796)
|
(.899)
|
(.050)
|
.738
|
||||||
Total from investment operations
|
.420
|
1.550
|
(2.138)
|
(.275)
|
.643
|
1.533
|
||||||
Distributions from net investment income
|
(.320)
|
(.640)
|
(.592)
|
(.545)
|
(.602)
|
(.733)
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.040)
|
(.011)
|
-
|
||||||
Total distributions
|
(.320)
|
(.640)
|
(.592)
|
(.585)
|
(.613)
|
(.733)
|
||||||
Net asset value, end of period
|
$
|
12.52
|
$
|
12.42
|
$
|
11.51
|
$
|
14.24
|
$
|
15.10
|
$
|
15.07
|
Total Return C,D
|
3.43
%
|
13.97%
|
(15.04)%
|
(1.84)%
|
4.60%
|
10.89%
|
||||||
Ratios to Average Net Assets B,E,F
|
||||||||||||
Expenses before reductions
|
.80% G
|
.84%
|
.82%
|
.80%
|
.81%
|
.82%
|
||||||
Expenses net of fee waivers, if any
|
.80
% G
|
.84%
|
.82%
|
.79%
|
.81%
|
.82%
|
||||||
Expenses net of all reductions
|
.80% G
|
.84%
|
.82%
|
.79%
|
.80%
|
.82%
|
||||||
Net investment income (loss)
|
5.82% G
|
6.27%
|
5.43%
|
4.26%
|
4.83%
|
5.32%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,588,358
|
$
|
1,634,400
|
$
|
1,613,198
|
$
|
2,313,928
|
$
|
3,430,477
|
$
|
4,227,156
|
Portfolio turnover rate H
|
12
% G
|
19%
|
26%
|
30%
|
91%
|
79% I
|
Fidelity Advisor® New Markets Income Fund Class I
|
Six months ended
(Unaudited) June 30, 2024
|
Years ended December 31, 2023
|
2022
|
2021
|
2020
|
2019
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.42
|
$
|
11.51
|
$
|
14.25
|
$
|
15.10
|
$
|
15.08
|
$
|
14.27
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.357
|
.726
|
.659
|
.620
|
.690
|
.798
|
||||||
Net realized and unrealized gain (loss)
|
.061
|
.822
|
(2.808)
|
(.890)
|
(.059)
|
.743
|
||||||
Total from investment operations
|
.418
|
1.548
|
(2.149)
|
(.270)
|
.631
|
1.541
|
||||||
Distributions from net investment income
|
(.318)
|
(.638)
|
(.591)
|
(.540)
|
(.600)
|
(.731)
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.040)
|
(.011)
|
-
|
||||||
Total distributions
|
(.318)
|
(.638)
|
(.591)
|
(.580)
|
(.611)
|
(.731)
|
||||||
Net asset value, end of period
|
$
|
12.52
|
$
|
12.42
|
$
|
11.51
|
$
|
14.25
|
$
|
15.10
|
$
|
15.08
|
Total Return C,D
|
3.41
%
|
13.95%
|
(15.11)%
|
(1.80)%
|
4.50%
|
10.95%
|
||||||
Ratios to Average Net Assets B,E,F
|
||||||||||||
Expenses before reductions
|
.83% G
|
.85%
|
.83%
|
.83%
|
.83%
|
.83%
|
||||||
Expenses net of fee waivers, if any
|
.83
% G
|
.85%
|
.83%
|
.83%
|
.83%
|
.82%
|
||||||
Expenses net of all reductions
|
.83% G
|
.85%
|
.83%
|
.83%
|
.83%
|
.82%
|
||||||
Net investment income (loss)
|
5.79% G
|
6.25%
|
5.42%
|
4.22%
|
4.80%
|
5.31%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
748,643
|
$
|
743,318
|
$
|
769,765
|
$
|
1,148,584
|
$
|
1,665,050
|
$
|
2,081,780
|
Portfolio turnover rate H
|
12
% G
|
19%
|
26%
|
30%
|
91%
|
79% I
|
Fidelity Advisor® New Markets Income Fund Class Z
|
Six months ended
(Unaudited) June 30, 2024
|
Years ended December 31, 2023
|
2022
|
2021
|
2020
|
2019
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.42
|
$
|
11.51
|
$
|
14.24
|
$
|
15.10
|
$
|
15.08
|
$
|
14.27
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.364
|
.737
|
.666
|
.628
|
.698
|
.800
|
||||||
Net realized and unrealized gain (loss)
|
.060
|
.823
|
(2.793)
|
(.893)
|
(.057)
|
.756
|
||||||
Total from investment operations
|
.424
|
1.560
|
(2.127)
|
(.265)
|
.641
|
1.556
|
||||||
Distributions from net investment income
|
(.324)
|
(.650)
|
(.603)
|
(.555)
|
(.610)
|
(.746)
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.040)
|
(.011)
|
-
|
||||||
Total distributions
|
(.324)
|
(.650)
|
(.603)
|
(.595)
|
(.621)
|
(.746)
|
||||||
Net asset value, end of period
|
$
|
12.52
|
$
|
12.42
|
$
|
11.51
|
$
|
14.24
|
$
|
15.10
|
$
|
15.08
|
Total Return C,D
|
3.46
%
|
14.07%
|
(14.96)%
|
(1.77)%
|
4.61%
|
11.06%
|
||||||
Ratios to Average Net Assets B,E,F
|
||||||||||||
Expenses before reductions
|
.73% G
|
.75%
|
.73%
|
.72%
|
.73%
|
.73%
|
||||||
Expenses net of fee waivers, if any
|
.73
% G
|
.75%
|
.73%
|
.72%
|
.73%
|
.73%
|
||||||
Expenses net of all reductions
|
.73% G
|
.75%
|
.73%
|
.72%
|
.73%
|
.73%
|
||||||
Net investment income (loss)
|
5.89% G
|
6.35%
|
5.52%
|
4.33%
|
4.91%
|
5.40%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,630,107
|
$
|
1,710,024
|
$
|
1,732,330
|
$
|
2,148,384
|
$
|
1,225,147
|
$
|
1,523,041
|
Portfolio turnover rate H
|
12
% G
|
19%
|
26%
|
30%
|
91%
|
79% I
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$146,117,150
|
Gross unrealized depreciation
|
(719,463,126)
|
Net unrealized appreciation (depreciation)
|
$(573,345,976)
|
Tax cost
|
$4,557,663,734
|
Short-term
|
$(260,925,071)
|
Long-term
|
(961,915,771)
|
Total capital loss carryforward
|
$(1,222,840,842)
|
|
|
Interest Rate Risk
|
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
|
|
Purchases ($)
|
Sales ($)
|
Fidelity New Markets Income Fund
|
241,560,635
|
384,781,178
|
|
Maximum Management Fee Rate %
|
Class A
|
.85
|
Class M
|
.85
|
Class C
|
.81
|
Fidelity New Markets Income Fund
|
.79
|
Class I
|
.81
|
Class Z
|
.70
|
|
Total Management Fee Rate %
|
Class A
|
.79
|
Class M
|
.79
|
Class C
|
.79
|
Fidelity New Markets Income Fund
|
.75
|
Class I
|
.79
|
Class Z
|
.69
|
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
Class A
|
- %
|
.25%
|
92,363
|
1,511
|
Class M
|
- %
|
.25%
|
31,469
|
210
|
Class C
|
.75%
|
.25%
|
47,703
|
908
|
|
|
|
171,535
|
2,629
|
|
Retained by FDC ($)
|
Class A
|
770
|
Class M
|
203
|
Class CA
|
43
|
|
1,016
|
|
Amount ($)
|
% of Class-Level Average Net Assets
|
|
Class A
|
24,704
|
.2000
|
|
Class M
|
8,355
|
.2000
|
|
Class C
|
2,472
|
.1525
|
|
Fidelity New Markets Income Fund
|
363,936
|
.1367
|
|
Class I
|
185,822
|
.1526
|
|
Class Z
|
137,897
|
.0500
|
|
|
723,186
|
|
|
|
% of Average Net Assets
|
Fidelity New Markets Income Fund
|
.0279
|
|
Amount ($)
|
Fidelity New Markets Income Fund
|
3,795
|
|
Expense reduction ($)
|
|
|
Class M
|
25
|
|
Six months ended
June 30, 2024
|
Year ended
December 31, 2023
|
Fidelity New Markets Income Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$1,795,126
|
$3,845,147
|
Class M
|
611,514
|
1,283,578
|
Class C
|
196,775
|
504,158
|
Fidelity New Markets Income Fund
|
41,224,067
|
86,500,335
|
Class I
|
18,953,556
|
39,010,669
|
Class Z
|
43,239,163
|
93,719,415
|
Total
|
$106,020,201
|
$224,863,302
|
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
June 30, 2024
|
Year ended
December 31, 2023
|
Six months ended
June 30, 2024
|
Year ended
December 31, 2023
|
Fidelity New Markets Income Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
237,104
|
435,966
|
$2,948,965
|
$5,092,144
|
Reinvestment of distributions
|
140,458
|
319,325
|
1,743,606
|
3,728,487
|
Shares redeemed
|
(609,445)
|
(1,446,001)
|
(7,547,658)
|
(16,742,584)
|
Net increase (decrease)
|
(231,883)
|
(690,710)
|
$(2,855,087)
|
$(7,921,953)
|
Class M
|
|
|
|
|
Shares sold
|
100,280
|
114,755
|
$1,247,323
|
$1,330,318
|
Reinvestment of distributions
|
48,165
|
107,712
|
598,101
|
1,258,124
|
Shares redeemed
|
(178,580)
|
(404,603)
|
(2,211,905)
|
(4,690,890)
|
Net increase (decrease)
|
(30,135)
|
(182,136)
|
$(366,481)
|
$(2,102,448)
|
Class C
|
|
|
|
|
Shares sold
|
4,994
|
28,421
|
$61,834
|
$335,668
|
Reinvestment of distributions
|
15,800
|
42,826
|
196,083
|
499,689
|
Shares redeemed
|
(111,603)
|
(390,310)
|
(1,388,794)
|
(4,540,499)
|
Net increase (decrease)
|
(90,809)
|
(319,063)
|
$(1,130,877)
|
$(3,705,142)
|
Fidelity New Markets Income Fund
|
|
|
|
|
Shares sold
|
6,639,984
|
9,890,925
|
$82,326,197
|
$115,616,068
|
Reinvestment of distributions
|
2,884,278
|
6,427,985
|
35,803,909
|
75,058,446
|
Shares redeemed
|
(14,267,290)
|
(24,817,467)
|
(175,973,239)
|
(288,735,100)
|
Net increase (decrease)
|
(4,743,028)
|
(8,498,557)
|
$(57,843,133)
|
$(98,060,586)
|
Class I
|
|
|
|
|
Shares sold
|
4,326,612
|
9,043,453
|
$53,632,899
|
$105,261,763
|
Reinvestment of distributions
|
1,480,934
|
3,275,909
|
18,385,069
|
38,259,483
|
Shares redeemed
|
(5,853,894)
|
(19,332,273)
|
(72,507,794)
|
(224,033,911)
|
Net increase (decrease)
|
(46,348)
|
(7,012,911)
|
$(489,826)
|
$(80,512,665)
|
Class Z
|
|
|
|
|
Shares sold
|
4,852,425
|
8,628,076
|
$59,229,452
|
$99,948,653
|
Reinvestment of distributions
|
2,949,747
|
6,752,380
|
36,615,463
|
78,827,686
|
Shares redeemed
|
(15,294,375)
|
(28,143,908)
|
(190,180,447)
|
(325,316,297)
|
Net increase (decrease)
|
(7,492,203)
|
(12,763,452)
|
$(94,335,532)
|
$(146,539,958)
|
|
Strategic Advisers Fidelity Core Income Fund
|
Fidelity New Markets Income Fund
|
27%
|
Fund
|
% of shares held
|
Fidelity New Markets Income Fund
|
27%
|
|
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Summer Street Trust's Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Summer Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) |
(1) |
Not applicable. |
(a) |
(2) |
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) |
(3) |
Not applicable. |
(b) |
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Summer Street Trust
By: |
/s/Stacie M. Smith |
Stacie M. Smith |
|
President and Treasurer (Principal Executive Officer) |
|
Date: |
August 22, 2024 |
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 (Principal Executive Officer) |
|
Date: |
August 22, 2024 |
By: |
/s/John J. Burke III |
John J. Burke III |
|
Chief Financial Officer (Principal Financial Officer) |
|
Date: |
August 22, 2024 |