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)
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: | December 31, 2023 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended December 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 4.00% sales charge) | 9.07% | 0.82% | 2.41% |
Class M (incl. 4.00% sales charge) | 8.97% | 0.82% | 2.41% |
Class C (incl. contingent deferred sales charge) | 11.83% | 0.92% | 2.45% |
Fidelity® New Markets Income Fund | 13.97% | 1.97% | 2.99% |
Class I | 13.95% | 1.95% | 2.98% |
Class Z | 14.07% | 2.05% | 3.03% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® New Markets Income Fund, a class of the fund, on December 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the J.P. Morgan Emerging Markets Bond Index Global Diversified Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
U.S. Treasury Obligations | 4.0 | |
Petroleos Mexicanos | 3.9 | |
Dominican Republic | 3.7 | |
Turkish Republic | 3.3 | |
Colombian Republic | 3.1 | |
Sultanate of Oman | 2.7 | |
Indonesian Republic | 2.7 | |
State of Qatar | 2.6 | |
Petroleos de Venezuela SA | 2.3 | |
Republic of Nigeria | 2.3 | |
30.6 | ||
Quality Diversification (% of Fund's net assets) |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Futures - 0.6% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Nonconvertible Bonds - 31.3% | |||
Principal Amount (a) | Value ($) | ||
Azerbaijan - 1.0% | |||
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) | 31,439,000 | 31,881,111 | |
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) | 7,930,000 | 8,328,978 | |
TOTAL AZERBAIJAN | 40,210,089 | ||
Bahrain - 0.7% | |||
The Oil and Gas Holding Co. 7.5% 10/25/27 (b) | 28,868,000 | 30,383,570 | |
Brazil - 1.9% | |||
Adecoagro SA 6% 9/21/27 (b) | 6,168,000 | 5,940,277 | |
Aegea Finance SARL 9% 1/20/31 (b) | 3,505,000 | 3,727,918 | |
Azul Secured Finance LLP: | |||
11.5% 5/28/29 (b) | 18,120,325 | 15,416,410 | |
11.93% 8/28/28 (b) | 5,755,000 | 5,942,038 | |
Braskem Netherlands BV: | |||
5.875% 1/31/50 (b) | 3,015,000 | 2,089,018 | |
7.25% 2/13/33 (b) | 5,090,000 | 4,237,425 | |
CSN Resources SA 8.875% 12/5/30 (b) | 4,840,000 | 5,023,436 | |
Embraer Netherlands Finance BV: | |||
5.4% 2/1/27 | 2,285,000 | 2,257,169 | |
6.95% 1/17/28 (b) | 3,270,000 | 3,358,094 | |
7% 7/28/30 (b) | 8,995,000 | 9,398,786 | |
MARB BondCo PLC 3.95% 1/29/31 (b) | 3,045,000 | 2,459,142 | |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b) | 12,846,131 | 9,955,751 | |
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (b) | 4,930,000 | 4,766,866 | |
Nexa Resources SA 6.5% 1/18/28 (b) | 4,920,000 | 4,920,984 | |
Samarco Mineracao SA 9.0494% 6/30/31 pay-in-kind (b)(c) | 2,320,000 | 1,936,620 | |
TOTAL BRAZIL | 81,429,934 | ||
Burkina Faso - 0.2% | |||
Endeavour Mining PLC 5% 10/14/26 (b) | 6,890,000 | 6,336,647 | |
Cambodia - 0.2% | |||
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | 7,185,000 | 6,946,745 | |
Chile - 1.6% | |||
Antofagasta PLC: | |||
2.375% 10/14/30 (b) | 15,695,000 | 12,825,758 | |
5.625% 5/13/32 (b) | 5,445,000 | 5,407,566 | |
Chile Electricity LUX MPC SARL 6.01% 1/20/33 (b) | 3,515,000 | 3,613,859 | |
Corporacion Nacional del Cobre de Chile (Codelco): | |||
3.15% 1/14/30 (b) | 7,740,000 | 6,893,438 | |
3.15% 1/15/51 (b) | 8,130,000 | 5,299,744 | |
3.7% 1/30/50 (b) | 14,035,000 | 10,092,042 | |
4.5% 8/1/47 (b) | 6,855,000 | 5,607,390 | |
5.125% 2/2/33 (b) | 5,740,000 | 5,540,822 | |
5.95% 1/8/34 (b) | 3,995,000 | 4,040,943 | |
VTR Comunicaciones SpA: | |||
4.375% 4/15/29 (b) | 4,050,000 | 1,918,688 | |
5.125% 1/15/28 (b) | 16,142,000 | 7,672,494 | |
TOTAL CHILE | 68,912,744 | ||
China - 1.4% | |||
ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b) | 12,435,000 | 11,623,865 | |
ENN Energy Holdings Ltd. 4.625% 5/17/27 (b) | 10,930,000 | 10,768,783 | |
Meituan: | |||
2.125% 10/28/25 (b) | 11,635,000 | 10,958,425 | |
3.05% 10/28/30 (b) | 10,295,000 | 8,676,420 | |
Prosus NV: | |||
3.061% 7/13/31 (b) | 3,025,000 | 2,431,344 | |
3.832% 2/8/51 (b) | 7,355,000 | 4,624,456 | |
4.193% 1/19/32 (b) | 11,350,000 | 9,746,813 | |
TOTAL CHINA | 58,830,106 | ||
Colombia - 0.8% | |||
Ecopetrol SA 8.875% 1/13/33 | 11,770,000 | 12,759,416 | |
EnfraGen Energia Sur SA 5.375% 12/30/30 (b) | 11,545,000 | 8,886,187 | |
Gcm Mining Corp. 6.875% 8/9/26 (b) | 6,330,000 | 5,491,275 | |
GeoPark Ltd. 5.5% 1/17/27 (b) | 2,535,000 | 2,233,056 | |
Termocandelaria Power Ltd. 7.875% 1/30/29 (b) | 5,438,950 | 5,299,577 | |
TOTAL COLOMBIA | 34,669,511 | ||
Costa Rica - 0.1% | |||
Liberty Costa Rica SR SF 10.875% 1/15/31 (b) | 4,280,000 | 4,389,012 | |
Georgia - 0.1% | |||
JSC Georgian Railway 4% 6/17/28 (b) | 6,755,000 | 6,187,158 | |
Ghana - 1.1% | |||
Kosmos Energy Ltd. 7.125% 4/4/26 (b) | 26,024,000 | 24,771,595 | |
Tullow Oil PLC 10.25% 5/15/26 (b) | 22,535,000 | 20,013,897 | |
TOTAL GHANA | 44,785,492 | ||
Guatemala - 0.5% | |||
CT Trust 5.125% 2/3/32 (b) | 8,720,000 | 7,572,710 | |
Investment Energy Resources Ltd. 6.25% 4/26/29 (b) | 6,260,000 | 5,867,623 | |
Millicom International Cellular SA 4.5% 4/27/31 (b) | 7,595,000 | 6,303,318 | |
TOTAL GUATEMALA | 19,743,651 | ||
Hungary - 0.1% | |||
Magyar Export-Import Bank 6.125% 12/4/27 (b) | 3,730,000 | 3,794,716 | |
India - 0.2% | |||
CA Magnum Holdings 5.375% 10/31/26 (b) | 8,295,000 | 7,714,350 | |
Indonesia - 1.4% | |||
Medco Laurel Tree PTE Ltd. 6.95% 11/12/28 (b) | 15,125,000 | 14,328,820 | |
PT Adaro Indonesia 4.25% 10/31/24 (b) | 12,520,000 | 12,175,700 | |
PT Freeport Indonesia: | |||
4.763% 4/14/27 (b) | 4,870,000 | 4,797,486 | |
5.315% 4/14/32 (b) | 8,260,000 | 8,079,313 | |
6.2% 4/14/52 (b) | 5,635,000 | 5,583,933 | |
PT Indonesia Asahan Aluminium 5.45% 5/15/30 (b) | 13,335,000 | 13,397,508 | |
TOTAL INDONESIA | 58,362,760 | ||
Israel - 0.8% | |||
Energean Israel Finance Ltd. 4.875% 3/30/26 (Reg. S) (b) | 15,080,000 | 13,873,600 | |
Leviathan Bond Ltd.: | |||
6.125% 6/30/25 (Reg. S) (b) | 16,920,000 | 16,370,100 | |
6.5% 6/30/27 (Reg. S) (b) | 2,365,000 | 2,219,231 | |
TOTAL ISRAEL | 32,462,931 | ||
Kazakhstan - 0.6% | |||
KazMunaiGaz National Co.: | |||
3.5% 4/14/33 (b) | 10,395,000 | 8,631,098 | |
5.75% 4/19/47 (b) | 5,240,000 | 4,589,913 | |
Nostrum Oil & Gas Finance BV: | |||
5% 6/30/26 (b) | 9,429,000 | 4,248,236 | |
14% 6/30/26 pay-in-kind (b)(c) | 2,938,257 | 617,034 | |
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b) | 7,000,000 | 5,740,000 | |
TOTAL KAZAKHSTAN | 23,826,281 | ||
Kuwait - 0.2% | |||
Meglobal BV 4.25% 11/3/26 (b) | 5,000,000 | 4,825,000 | |
MEGlobal Canada, Inc. 5% 5/18/25 (b) | 3,000,000 | 2,964,000 | |
TOTAL KUWAIT | 7,789,000 | ||
Luxembourg - 0.1% | |||
TMS Issuer SARL 5.78% 8/23/32 (b) | 5,860,000 | 6,109,050 | |
Malaysia - 1.0% | |||
GENM Capital Labuan Ltd. 3.882% 4/19/31 (b) | 15,305,000 | 13,033,164 | |
MISC Capital Two (Labuan) Ltd.: | |||
3.625% 4/6/25 (b) | 3,770,000 | 3,685,250 | |
3.75% 4/6/27 (b) | 12,315,000 | 11,844,198 | |
Petronas Capital Ltd.: | |||
3.404% 4/28/61 (b) | 9,610,000 | 6,830,788 | |
3.5% 4/21/30 (b) | 8,990,000 | 8,406,729 | |
TOTAL MALAYSIA | 43,800,129 | ||
Mauritius - 0.1% | |||
AXIAN Telecom 7.375% 2/16/27 (b) | 5,500,000 | 5,113,281 | |
Mexico - 4.7% | |||
Bimbo Bakeries U.S.A., Inc. 6.4% 1/15/34 (b) | 7,665,000 | 8,484,159 | |
Braskem Idesa SAPI: | |||
6.99% 2/20/32 (b) | 1,565,000 | 884,413 | |
7.45% 11/15/29 (b) | 8,270,000 | 5,083,569 | |
Comision Federal de Electricidad: | |||
3.348% 2/9/31 (b) | 2,970,000 | 2,457,675 | |
4.688% 5/15/29 (b) | 12,425,000 | 11,683,383 | |
Petroleos Mexicanos: | |||
6.5% 3/13/27 | 9,810,000 | 9,117,169 | |
6.5% 6/2/41 | 11,163,000 | 7,562,933 | |
6.625% 6/15/35 | 65,174,000 | 49,572,974 | |
6.7% 2/16/32 | 14,394,000 | 11,911,035 | |
6.875% 10/16/25 | 11,570,000 | 11,377,591 | |
6.95% 1/28/60 | 35,910,000 | 23,610,825 | |
7.69% 1/23/50 | 65,975,000 | 46,924,719 | |
TV Azteca SA de CV 8.25% (Reg. S) (d) | 27,098,000 | 10,493,971 | |
TOTAL MEXICO | 199,164,416 | ||
Morocco - 0.4% | |||
OCP SA: | |||
3.75% 6/23/31 (b) | 14,540,000 | 12,486,225 | |
5.125% 6/23/51 (b) | 4,000,000 | 3,026,250 | |
6.875% 4/25/44 (b) | 1,750,000 | 1,659,219 | |
TOTAL MOROCCO | 17,171,694 | ||
Nigeria - 0.3% | |||
Access Bank PLC 6.125% 9/21/26 (b) | 5,825,000 | 5,222,477 | |
IHS Holding Ltd. 5.625% 11/29/26 (b) | 5,980,000 | 5,165,225 | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | 2,200,000 | 1,950,438 | |
TOTAL NIGERIA | 12,338,140 | ||
Oman - 0.1% | |||
Lamar Funding Ltd. 3.958% 5/7/25 (b) | 6,200,000 | 6,027,578 | |
Panama - 0.4% | |||
Aeropuerto Internacional de Tocumen SA 5.125% 8/11/61 (b) | 5,020,000 | 3,765,351 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 5,000,000 | 4,650,300 | |
Cable Onda SA 4.5% 1/30/30 (b) | 11,160,000 | 9,653,400 | |
TOTAL PANAMA | 18,069,051 | ||
Paraguay - 0.1% | |||
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b) | 4,950,000 | 4,828,329 | |
Peru - 0.1% | |||
Camposol SA 6% 2/3/27 (b) | 4,435,000 | 2,945,771 | |
Qatar - 1.4% | |||
Qatar Petroleum: | |||
2.25% 7/12/31 (b) | 28,970,000 | 24,623,052 | |
3.125% 7/12/41 (b) | 11,965,000 | 9,184,334 | |
3.3% 7/12/51 (b) | 36,535,000 | 26,619,401 | |
TOTAL QATAR | 60,426,787 | ||
Saudi Arabia - 3.0% | |||
EIG Pearl Holdings SARL 3.545% 8/31/36 (b) | 23,470,000 | 20,396,897 | |
Greensaif Pipelines Bidco SARL: | |||
6.129% 2/23/38 (b) | 6,165,000 | 6,432,792 | |
6.51% 2/23/42 (b) | 6,145,000 | 6,465,692 | |
Saudi Arabian Oil Co.: | |||
2.25% 11/24/30 (b) | 18,280,000 | 15,635,113 | |
3.25% 11/24/50 (b) | 20,230,000 | 14,260,127 | |
3.5% 4/16/29 (b) | 34,376,000 | 32,474,578 | |
4.25% 4/16/39 (b) | 18,255,000 | 16,167,084 | |
4.375% 4/16/49 (b) | 16,534,000 | 14,095,235 | |
TOTAL SAUDI ARABIA | 125,927,518 | ||
South Africa - 1.9% | |||
Eskom Holdings SOC Ltd.: | |||
6.35% 8/10/28 (b) | 13,265,000 | 12,879,486 | |
7.125% 2/11/25 (b) | 24,935,000 | 24,911,623 | |
8.45% 8/10/28 (b) | 8,165,000 | 8,251,753 | |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) | 11,930,000 | 6,859,750 | |
Sasol Financing U.S.A. LLC 4.375% 9/18/26 | 23,115,000 | 21,496,950 | |
Stillwater Mining Co. 4% 11/16/26 (b) | 4,100,000 | 3,628,500 | |
TOTAL SOUTH AFRICA | 78,028,062 | ||
Tanzania - 0.1% | |||
HTA Group Ltd. 7% 12/18/25 (b) | 3,050,000 | 2,995,710 | |
Ukraine - 0.3% | |||
NAK Naftogaz Ukraine: | |||
7.625% 11/8/28 (b) | 7,055,000 | 3,245,300 | |
7.65% (Reg. S) (d) | 12,084,000 | 8,277,540 | |
TOTAL UKRAINE | 11,522,840 | ||
United Arab Emirates - 1.9% | |||
Abu Dhabi National Energy Co. PJSC: | |||
4% 10/3/49 (b) | 4,435,000 | 3,726,509 | |
4.696% 4/24/33 (b) | 6,820,000 | 6,885,949 | |
4.875% 4/23/30 (b) | 1,990,000 | 2,038,894 | |
DP World Crescent Ltd.: | |||
3.7495% 1/30/30 (b) | 4,770,000 | 4,477,599 | |
3.875% 7/18/29 (Reg. S) | 9,002,000 | 8,516,972 | |
Galaxy Pipeline Assets BidCo Ltd.: | |||
2.16% 3/31/34 (b) | 8,999,817 | 7,801,716 | |
2.625% 3/31/36 (b) | 10,620,000 | 8,748,225 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 6,960,000 | 6,820,800 | |
MDGH GMTN RSC Ltd.: | |||
2.875% 11/7/29 (b) | 5,705,000 | 5,190,067 | |
3.375% 3/28/32 (Reg. S) | 2,140,000 | 1,955,061 | |
4.375% 11/22/33 (b) | 5,955,000 | 5,793,381 | |
5.084% 5/22/53 (b) | 10,540,000 | 10,319,187 | |
5.5% 4/28/33 (b) | 5,925,000 | 6,269,954 | |
TOTAL UNITED ARAB EMIRATES | 78,544,314 | ||
United States of America - 0.2% | |||
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | 9,500,000 | 8,275,787 | |
Venezuela - 2.3% | |||
Petroleos de Venezuela SA: | |||
5.375% (d) | 152,515,000 | 16,242,848 | |
5.5% (d) | 184,250,000 | 19,806,875 | |
6% (b)(d) | 105,540,000 | 11,607,065 | |
6% (Reg. S) (d) | 89,700,000 | 10,091,250 | |
8.5% (Reg. S) (d) | 20,540,000 | 16,136,738 | |
9% (Reg. S) (d) | 45,700,000 | 5,012,719 | |
9.75% (b)(d) | 71,700,000 | 8,962,500 | |
12.75% (b)(d) | 53,000,000 | 6,890,000 | |
TOTAL VENEZUELA | 94,749,995 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $1,665,613,846) | 1,312,813,149 | ||
Government Obligations - 65.0% | |||
Principal Amount (a) | Value ($) | ||
Angola - 1.6% | |||
Angola Republic: | |||
8% 11/26/29 (b) | 10,895,000 | 9,669,313 | |
8.25% 5/9/28 (b) | 18,775,000 | 17,273,000 | |
8.75% 4/14/32 (b) | 9,205,000 | 8,111,906 | |
9.125% 11/26/49 (b) | 7,695,000 | 6,281,044 | |
9.375% 5/8/48 (b) | 13,330,000 | 11,097,225 | |
9.5% 11/12/25 (b) | 16,180,000 | 15,917,075 | |
TOTAL ANGOLA | 68,349,563 | ||
Argentina - 1.7% | |||
Argentine Republic: | |||
0.75% 7/9/30 (e) | 46,748,473 | 18,666,665 | |
1% 7/9/29 | 17,436,997 | 6,906,446 | |
3.625% 7/9/35 (e) | 65,085,665 | 22,030,196 | |
4.25% 1/9/38 (e) | 46,294,088 | 18,268,573 | |
Buenos Aires Province 6.375% 9/1/37 (b)(e) | 9,285,000 | 3,570,083 | |
Provincia de Cordoba 6.875% 12/10/25 (b) | 1,164,955 | 1,065,934 | |
TOTAL ARGENTINA | 70,507,897 | ||
Armenia - 0.2% | |||
Republic of Armenia 3.6% 2/2/31 (b) | 12,465,000 | 10,158,975 | |
Bahrain - 0.3% | |||
Bahrain Kingdom 5.625% 5/18/34 (b) | 11,770,000 | 10,637,138 | |
Barbados - 0.2% | |||
Barbados Government 6.5% 10/1/29 (b) | 10,230,000 | 9,611,801 | |
Benin - 0.2% | |||
Republic of Benin 4.875% 1/19/32 (b) | EUR | 7,255,000 | 6,519,955 |
Bermuda - 0.4% | |||
Bermuda Government: | |||
2.375% 8/20/30 (b) | 5,325,000 | 4,555,538 | |
3.375% 8/20/50 (b) | 5,015,000 | 3,495,756 | |
3.717% 1/25/27 (b) | 5,600,000 | 5,409,250 | |
5% 7/15/32 (b) | 3,830,000 | 3,772,550 | |
TOTAL BERMUDA | 17,233,094 | ||
Brazil - 1.8% | |||
Brazilian Federative Republic: | |||
3.875% 6/12/30 | 9,340,000 | 8,534,425 | |
4.75% 1/14/50 | 9,500,000 | 7,291,250 | |
5% 1/27/45 | 14,450,000 | 11,740,625 | |
5.625% 2/21/47 | 8,822,000 | 7,728,072 | |
7.125% 1/20/37 | 8,510,000 | 9,283,048 | |
8.25% 1/20/34 | 11,336,000 | 13,309,484 | |
12.25% 3/6/30 | 13,881,000 | 19,032,794 | |
TOTAL BRAZIL | 76,919,698 | ||
Chile - 1.5% | |||
Chilean Republic: | |||
2.45% 1/31/31 | 31,325,000 | 27,213,594 | |
3.1% 1/22/61 | 20,165,000 | 13,447,534 | |
3.5% 1/31/34 | 7,100,000 | 6,321,219 | |
4% 1/31/52 | 3,960,000 | 3,250,913 | |
4.34% 3/7/42 | 5,555,000 | 4,949,158 | |
5.33% 1/5/54 | 9,740,000 | 9,682,169 | |
TOTAL CHILE | 64,864,587 | ||
Colombia - 3.1% | |||
Colombian Republic: | |||
3% 1/30/30 | 39,095,000 | 32,876,452 | |
3.125% 4/15/31 | 19,000,000 | 15,443,438 | |
3.875% 2/15/61 | 6,730,000 | 4,178,909 | |
4.125% 5/15/51 | 6,805,000 | 4,510,439 | |
5% 6/15/45 | 27,005,000 | 20,844,484 | |
5.2% 5/15/49 | 16,120,000 | 12,573,600 | |
5.625% 2/26/44 | 11,500,000 | 9,638,438 | |
6.125% 1/18/41 | 6,410,000 | 5,815,072 | |
7.375% 9/18/37 | 3,680,000 | 3,812,250 | |
7.5% 2/2/34 | 4,055,000 | 4,271,689 | |
8% 4/20/33 | 4,165,000 | 4,546,358 | |
8% 11/14/35 | 5,970,000 | 6,524,091 | |
8.75% 11/14/53 | 5,645,000 | 6,482,930 | |
TOTAL COLOMBIA | 131,518,150 | ||
Costa Rica - 1.2% | |||
Costa Rican Republic: | |||
5.625% 4/30/43 (b) | 17,578,000 | 16,022,347 | |
6.125% 2/19/31 (b) | 11,155,000 | 11,402,502 | |
6.55% 4/3/34 (b) | 9,800,000 | 10,147,900 | |
7% 4/4/44 (b) | 4,575,000 | 4,769,438 | |
7.3% 11/13/54 (b) | 8,200,000 | 8,887,980 | |
TOTAL COSTA RICA | 51,230,167 | ||
Dominican Republic - 3.7% | |||
Dominican Republic: | |||
4.5% 1/30/30 (b) | 26,505,000 | 24,351,469 | |
4.875% 9/23/32 (b) | 10,930,000 | 9,936,900 | |
5.3% 1/21/41 (b) | 6,000,000 | 5,190,000 | |
5.875% 1/30/60 (b) | 18,130,000 | 15,664,320 | |
5.95% 1/25/27 (b) | 15,654,000 | 15,686,560 | |
6% 7/19/28 (b) | 18,101,000 | 18,101,000 | |
6.4% 6/5/49 (b) | 6,013,000 | 5,652,220 | |
6.5% 2/15/48 (b) | 17,655,000 | 16,807,560 | |
6.85% 1/27/45 (b) | 16,129,000 | 16,040,291 | |
7.05% 2/3/31 (b) | 4,425,000 | 4,641,604 | |
7.45% 4/30/44 (b) | 20,824,000 | 22,042,204 | |
TOTAL DOMINICAN REPUBLIC | 154,114,128 | ||
Ecuador - 0.9% | |||
Ecuador Republic: | |||
2.5% 7/31/40 (b)(e) | 10,200,000 | 3,213,000 | |
3.5% 7/31/35 (b)(e) | 48,400,000 | 17,157,800 | |
6% 7/31/30 (b)(e) | 39,150,000 | 18,126,450 | |
TOTAL ECUADOR | 38,497,250 | ||
Egypt - 2.1% | |||
Arab Republic of Egypt: | |||
7.0529% 1/15/32 (b) | 4,740,000 | 3,236,531 | |
7.5% 1/31/27 (b) | 17,344,000 | 14,568,960 | |
7.5% 2/16/61 (b) | 21,325,000 | 12,401,820 | |
7.6003% 3/1/29 (b) | 18,329,000 | 13,941,496 | |
7.903% 2/21/48 (b) | 12,840,000 | 7,708,013 | |
8.5% 1/31/47 (b) | 34,441,000 | 21,374,946 | |
8.7002% 3/1/49 (b) | 25,240,000 | 15,735,563 | |
TOTAL EGYPT | 88,967,329 | ||
El Salvador - 0.4% | |||
El Salvador Republic: | |||
6.375% 1/18/27 (b) | 2,515,000 | 2,208,484 | |
7.1246% 1/20/50 (b) | 8,578,000 | 6,055,532 | |
7.625% 2/1/41 (b) | 11,695,000 | 8,727,394 | |
TOTAL EL SALVADOR | 16,991,410 | ||
Gabon - 0.5% | |||
Gabonese Republic: | |||
6.95% 6/16/25 (b) | 9,000,000 | 8,541,563 | |
7% 11/24/31 (b) | 13,095,000 | 10,860,666 | |
TOTAL GABON | 19,402,229 | ||
Georgia - 0.3% | |||
Georgia Republic 2.75% 4/22/26 (b) | 15,425,000 | 14,422,375 | |
Ghana - 0.7% | |||
Ghana Republic: | |||
7.75% (b)(d) | 12,265,000 | 5,273,950 | |
8.125% (b)(d) | 14,445,000 | 6,283,575 | |
8.125% (b)(d) | 6,566,924 | 2,998,211 | |
8.627% (b)(d) | 12,885,000 | 5,443,913 | |
10.75% 10/14/30 (b) | 15,335,000 | 9,622,713 | |
TOTAL GHANA | 29,622,362 | ||
Guatemala - 0.8% | |||
Guatemalan Republic: | |||
3.7% 10/7/33 (b) | 2,500,000 | 2,080,000 | |
4.9% 6/1/30 (b) | 2,500,000 | 2,403,750 | |
5.25% 8/10/29 (b) | 9,000,000 | 8,811,000 | |
5.375% 4/24/32 (b) | 5,270,000 | 5,103,995 | |
6.125% 6/1/50 (b) | 5,650,000 | 5,344,900 | |
6.6% 6/13/36 (b) | 7,680,000 | 7,891,200 | |
TOTAL GUATEMALA | 31,634,845 | ||
Honduras - 0.1% | |||
Republic of Honduras 6.25% 1/19/27 (b) | 2,045,000 | 1,958,088 | |
Hungary - 1.6% | |||
Hungarian Republic: | |||
2.125% 9/22/31 (b) | 11,240,000 | 9,060,227 | |
3.125% 9/21/51 (b) | 20,505,000 | 13,853,793 | |
5.25% 6/16/29 (b) | 6,100,000 | 6,133,733 | |
5.5% 6/16/34 (b) | 10,445,000 | 10,581,830 | |
6.25% 9/22/32 (b) | 4,105,000 | 4,380,528 | |
6.75% 9/25/52 (b) | 12,980,000 | 14,527,605 | |
7.625% 3/29/41 | 5,500,000 | 6,576,075 | |
TOTAL HUNGARY | 65,113,791 | ||
Indonesia - 2.7% | |||
Indonesian Republic: | |||
3.85% 10/15/30 | 10,555,000 | 10,047,041 | |
5.125% 1/15/45 (b) | 20,042,000 | 20,712,154 | |
5.95% 1/8/46 (b) | 6,230,000 | 6,993,175 | |
6.625% 2/17/37 (b) | 15,086,000 | 17,641,191 | |
6.75% 1/15/44 (b) | 6,465,000 | 7,917,605 | |
7.75% 1/17/38 (b) | 17,722,000 | 22,711,851 | |
8.5% 10/12/35 (b) | 19,301,000 | 25,622,078 | |
TOTAL INDONESIA | 111,645,095 | ||
Ivory Coast - 0.8% | |||
Ivory Coast: | |||
5.875% 10/17/31 (b) | EUR | 17,545,000 | 17,322,973 |
6.375% 3/3/28 (b) | 18,040,000 | 17,684,838 | |
TOTAL IVORY COAST | 35,007,811 | ||
Jamaica - 0.2% | |||
Jamaican Government 7.875% 7/28/45 | 7,490,000 | 9,149,035 | |
Jordan - 0.7% | |||
Jordanian Kingdom: | |||
5.85% 7/7/30 (b) | 8,860,000 | 8,214,881 | |
6.125% 1/29/26 (b) | 4,385,000 | 4,364,445 | |
7.375% 10/10/47 (b) | 7,320,000 | 6,485,520 | |
7.5% 1/13/29 (b) | 5,010,000 | 5,066,363 | |
7.75% 1/15/28 (b) | 6,645,000 | 6,852,656 | |
TOTAL JORDAN | 30,983,865 | ||
Kenya - 0.9% | |||
Republic of Kenya: | |||
6.3% 1/23/34 (b) | 14,425,000 | 11,576,063 | |
6.875% 6/24/24 (b) | 8,460,000 | 8,200,913 | |
7% 5/22/27 (b) | 14,005,000 | 13,129,688 | |
7.25% 2/28/28 (b) | 1,965,000 | 1,797,975 | |
8% 5/22/32 (b) | 2,365,000 | 2,134,413 | |
TOTAL KENYA | 36,839,052 | ||
Lebanon - 0.1% | |||
Lebanese Republic: | |||
5.8% (d) | 8,540,000 | 492,826 | |
6% (d) | 5,256,000 | 307,148 | |
6.1% (d) | 22,896,000 | 1,321,282 | |
6.2% (Reg. S) (d) | 5,669,000 | 334,825 | |
6.375% (d) | 35,061,000 | 2,066,846 | |
6.65% (Reg. S) (d) | 3,000,000 | 178,125 | |
6.75% (d) | 3,000,000 | 179,063 | |
TOTAL LEBANON | 4,880,115 | ||
Mexico - 1.9% | |||
United Mexican States: | |||
3.25% 4/16/30 | 19,910,000 | 17,993,663 | |
4.75% 4/27/32 | 5,375,000 | 5,166,719 | |
5.75% 10/12/2110 | 10,595,000 | 9,452,727 | |
6.05% 1/11/40 | 30,348,000 | 30,604,061 | |
6.338% 5/4/53 | 5,935,000 | 6,042,572 | |
6.35% 2/9/35 | 9,065,000 | 9,481,423 | |
TOTAL MEXICO | 78,741,165 | ||
Mongolia - 0.1% | |||
Mongolia Government: | |||
3.5% 7/7/27 (b) | 2,675,000 | 2,389,109 | |
5.125% 4/7/26 (b) | 2,010,000 | 1,951,584 | |
7.875% 6/5/29 (b) | 1,620,000 | 1,656,628 | |
TOTAL MONGOLIA | 5,997,321 | ||
Morocco - 0.3% | |||
Moroccan Kingdom 6.5% 9/8/33 (b) | 9,915,000 | 10,451,030 | |
Nigeria - 2.3% | |||
Republic of Nigeria: | |||
6.125% 9/28/28 (b) | 13,115,000 | 11,606,775 | |
6.5% 11/28/27 (b) | 20,043,000 | 18,276,711 | |
7.143% 2/23/30 (b) | 11,415,000 | 10,262,798 | |
7.625% 11/21/25 (b) | 15,862,000 | 15,639,932 | |
7.625% 11/28/47 (b) | 18,415,000 | 14,562,766 | |
7.696% 2/23/38 (b) | 3,500,000 | 2,865,625 | |
7.875% 2/16/32 (b) | 9,000,000 | 8,069,063 | |
8.375% 3/24/29 (b) | 13,600,000 | 13,026,250 | |
TOTAL NIGERIA | 94,309,920 | ||
Oman - 2.7% | |||
Sultanate of Oman: | |||
5.625% 1/17/28 (b) | 21,625,000 | 22,003,438 | |
6% 8/1/29 (b) | 11,510,000 | 11,912,850 | |
6.25% 1/25/31 (b) | 15,885,000 | 16,684,214 | |
6.5% 3/8/47 (b) | 27,725,000 | 28,244,844 | |
6.75% 1/17/48 (b) | 30,140,000 | 31,468,044 | |
7% 1/25/51 (b) | 2,880,000 | 3,101,400 | |
TOTAL OMAN | 113,414,790 | ||
Pakistan - 0.8% | |||
Islamic Republic of Pakistan: | |||
6% 4/8/26 (b) | 24,660,000 | 17,346,769 | |
6.875% 12/5/27 (b) | 22,905,000 | 15,532,453 | |
7.875% 3/31/36 (b) | 1,293,000 | 809,883 | |
TOTAL PAKISTAN | 33,689,105 | ||
Panama - 2.0% | |||
Panamanian Republic: | |||
2.252% 9/29/32 | 22,155,000 | 16,166,227 | |
3.16% 1/23/30 | 14,515,000 | 12,351,358 | |
3.298% 1/19/33 | 16,210,000 | 12,816,031 | |
3.87% 7/23/60 | 17,120,000 | 10,223,850 | |
4.3% 4/29/53 | 7,000,000 | 4,674,688 | |
4.5% 5/15/47 | 8,025,000 | 5,685,211 | |
4.5% 4/16/50 | 10,760,000 | 7,451,300 | |
6.4% 2/14/35 | 9,790,000 | 9,545,250 | |
6.853% 3/28/54 | 3,685,000 | 3,440,869 | |
TOTAL PANAMA | 82,354,784 | ||
Paraguay - 0.9% | |||
Republic of Paraguay: | |||
2.739% 1/29/33 (b) | 5,873,000 | 4,815,860 | |
4.95% 4/28/31 (b) | 17,130,000 | 16,718,880 | |
5.4% 3/30/50 (b) | 10,075,000 | 8,981,863 | |
5.6% 3/13/48 (b) | 7,470,000 | 6,827,580 | |
TOTAL PARAGUAY | 37,344,183 | ||
Peru - 1.1% | |||
Peruvian Republic: | |||
2.783% 1/23/31 | 12,415,000 | 10,789,411 | |
3% 1/15/34 | 21,165,000 | 17,818,284 | |
3.3% 3/11/41 | 24,840,000 | 19,266,525 | |
TOTAL PERU | 47,874,220 | ||
Philippines - 0.8% | |||
Philippine Republic: | |||
2.65% 12/10/45 | 7,890,000 | 5,577,244 | |
2.95% 5/5/45 | 3,200,000 | 2,392,000 | |
5% 7/17/33 | 4,140,000 | 4,248,675 | |
5.5% 1/17/48 | 3,675,000 | 3,861,047 | |
5.609% 4/13/33 | 6,190,000 | 6,602,022 | |
5.95% 10/13/47 | 9,890,000 | 10,993,353 | |
TOTAL PHILIPPINES | 33,674,341 | ||
Poland - 0.4% | |||
Bank Gospodarstwa Krajowego: | |||
5.375% 5/22/33 (b) | 6,800,000 | 6,886,020 | |
6.25% 10/31/28 (b) | 3,285,000 | 3,465,018 | |
Polish Government 5.5% 4/4/53 | 6,960,000 | 7,241,254 | |
TOTAL POLAND | 17,592,292 | ||
Qatar - 2.6% | |||
State of Qatar: | |||
3.75% 4/16/30 (b) | 27,950,000 | 27,271,095 | |
4.4% 4/16/50 (b) | 28,995,000 | 26,749,917 | |
4.817% 3/14/49 (b) | 38,811,000 | 37,708,379 | |
5.103% 4/23/48 (b) | 11,510,000 | 11,633,157 | |
9.75% 6/15/30 (b) | 3,827,000 | 4,995,498 | |
TOTAL QATAR | 108,358,046 | ||
Romania - 1.7% | |||
Romanian Republic: | |||
2% 4/14/33 (Reg. S) | EUR | 7,840,000 | 6,435,401 |
3% 2/14/31 (b) | 22,614,000 | 19,225,744 | |
3.375% 1/28/50 (Reg. S) | EUR | 14,940,000 | 11,199,416 |
3.624% 5/26/30 (b) | EUR | 5,110,000 | 5,179,623 |
3.625% 3/27/32 (b) | 10,504,000 | 9,067,893 | |
4% 2/14/51 (b) | 10,990,000 | 7,917,636 | |
7.125% 1/17/33 (b) | 5,770,000 | 6,225,253 | |
7.625% 1/17/53 (b) | 4,154,000 | 4,641,347 | |
TOTAL ROMANIA | 69,892,313 | ||
Rwanda - 0.2% | |||
Rwanda Republic 5.5% 8/9/31 (b) | 11,975,000 | 9,553,805 | |
Saudi Arabia - 1.4% | |||
Kingdom of Saudi Arabia: | |||
2.25% 2/2/33 (b) | 18,170,000 | 15,018,641 | |
3.45% 2/2/61 (b) | 9,925,000 | 6,963,008 | |
3.75% 1/21/55 (b) | 19,480,000 | 14,780,450 | |
4.5% 10/26/46 (b) | 14,169,000 | 12,504,143 | |
4.5% 4/22/60 (b) | 10,670,000 | 9,212,878 | |
TOTAL SAUDI ARABIA | 58,479,120 | ||
Senegal - 0.3% | |||
Republic of Senegal: | |||
6.25% 5/23/33 (b) | 9,965,000 | 8,875,078 | |
6.75% 3/13/48 (b) | 5,110,000 | 4,009,753 | |
TOTAL SENEGAL | 12,884,831 | ||
Serbia - 0.6% | |||
Republic of Serbia: | |||
2.125% 12/1/30 (b) | 18,590,000 | 14,864,192 | |
6.25% 5/26/28 (b) | 3,140,000 | 3,209,739 | |
6.5% 9/26/33 (b) | 6,390,000 | 6,536,267 | |
TOTAL SERBIA | 24,610,198 | ||
South Africa - 1.1% | |||
South African Republic: | |||
5% 10/12/46 | 3,190,000 | 2,348,638 | |
5.65% 9/27/47 | 22,135,000 | 17,652,663 | |
5.75% 9/30/49 | 25,420,000 | 20,271,942 | |
7.3% 4/20/52 | 7,475,000 | 7,063,875 | |
TOTAL SOUTH AFRICA | 47,337,118 | ||
Sri Lanka - 1.0% | |||
Democratic Socialist Republic of Sri Lanka: | |||
6.2% (b)(d) | 14,360,000 | 7,197,950 | |
6.825% (b)(d) | 13,445,000 | 6,832,027 | |
6.85% (b)(d) | 14,285,000 | 7,280,886 | |
7.55% (b)(d) | 12,490,000 | 6,248,903 | |
7.85% (b)(d) | 26,015,000 | 13,007,500 | |
TOTAL SRI LANKA | 40,567,266 | ||
Turkey - 3.4% | |||
Export Credit Bank of Turkey 9% 1/28/27 (b) | 5,785,000 | 6,018,208 | |
Turkish Republic: | |||
4.75% 1/26/26 | 8,400,000 | 8,148,000 | |
4.875% 4/16/43 | 23,555,000 | 17,197,506 | |
5.125% 2/17/28 | 11,310,000 | 10,758,638 | |
5.75% 5/11/47 | 13,175,000 | 10,276,500 | |
6% 3/25/27 | 7,000,000 | 6,895,000 | |
6% 1/14/41 | 22,183,000 | 18,779,019 | |
6.125% 10/24/28 | 8,780,000 | 8,615,375 | |
6.375% 10/14/25 | 17,175,000 | 17,196,469 | |
6.625% 2/17/45 | 530,000 | 464,413 | |
9.125% 7/13/30 | 8,800,000 | 9,691,000 | |
9.375% 3/14/29 | 20,365,000 | 22,477,869 | |
9.375% 1/19/33 | 2,175,000 | 2,452,313 | |
26.2% 10/5/33 | TRY | 109,610,000 | 3,845,998 |
TOTAL TURKEY | 142,816,308 | ||
Ukraine - 1.2% | |||
Ukraine Government: | |||
6.876% 5/21/31 (b) | 7,670,000 | 1,737,734 | |
7.253% 3/15/35 (b) | 15,850,000 | 3,677,200 | |
7.375% 9/25/34 (b) | 11,640,000 | 2,706,300 | |
7.75% 9/1/24 (b) | 29,964,000 | 9,049,128 | |
7.75% 9/1/25 (b) | 43,671,000 | 12,839,274 | |
7.75% 9/1/26 (b) | 35,377,000 | 9,693,298 | |
7.75% 9/1/27 (b) | 7,275,000 | 1,942,425 | |
7.75% 9/1/28 (b) | 7,360,000 | 2,020,320 | |
7.75% 9/1/29 (b) | 10,846,000 | 2,941,978 | |
7.75% 8/1/41 (b)(c) | 8,905,000 | 3,960,944 | |
9.75% 11/1/30 (b) | 3,105,000 | 881,044 | |
TOTAL UKRAINE | 51,449,645 | ||
United Arab Emirates - 1.8% | |||
Abu Dhabi National Energy Co. PJSC 4.375% 1/24/29 (b) | 6,105,000 | 6,065,562 | |
Emirate of Abu Dhabi: | |||
3.125% 9/30/49 (b) | 42,178,000 | 30,910,569 | |
3.875% 4/16/50 (b) | 34,465,000 | 28,835,142 | |
Emirate of Dubai 3.9% 9/9/50 (Reg. S) | 15,155,000 | 11,342,570 | |
TOTAL UNITED ARAB EMIRATES | 77,153,843 | ||
United States of America - 4.0% | |||
U.S. Treasury Bonds: | |||
2.875% 5/15/52 | 130,074,000 | 103,561,230 | |
3.625% 2/15/53 | 19,173,000 | 17,705,067 | |
U.S. Treasury Notes: | |||
3.625% 3/31/30 | 6,132,000 | 6,036,906 | |
3.75% 5/31/30 | 14,574,000 | 14,444,770 | |
4% 2/28/30 | 9,933,000 | 9,979,949 | |
4.625% 9/30/28 (f) | 17,283,000 | 17,839,297 | |
TOTAL UNITED STATES OF AMERICA | 169,567,219 | ||
Uruguay - 0.7% | |||
Uruguay Republic: | |||
5.1% 6/18/50 | 24,210,000 | 24,262,959 | |
5.75% 10/28/34 | 5,850,000 | 6,332,625 | |
TOTAL URUGUAY | 30,595,584 | ||
Uzbekistan - 0.5% | |||
Republic of Uzbekistan: | |||
3.7% 11/25/30 (b) | 7,400,000 | 6,211,375 | |
3.9% 10/19/31 (b) | 13,255,000 | 11,101,063 | |
5.375% 2/20/29 (b) | 4,250,000 | 4,026,875 | |
TOTAL UZBEKISTAN | 21,339,313 | ||
Venezuela - 2.2% | |||
Venezuelan Republic: | |||
6% (d) | 17,250,000 | 2,288,806 | |
7% (d) | 18,925,000 | 2,753,261 | |
7.65% (d) | 34,825,000 | 5,223,068 | |
7.75% (Reg. S) (d) | 29,380,000 | 3,959,553 | |
8.25% (d) | 30,860,000 | 4,620,503 | |
9% (Reg. S) (d) | 43,195,000 | 6,502,928 | |
9.25% (d) | 62,675,000 | 11,680,113 | |
9.25% (Reg. S) (d) | 70,265,000 | 11,737,732 | |
9.375% (d) | 46,005,000 | 7,954,056 | |
11.75% (Reg. S) (d) | 65,000,000 | 12,187,500 | |
11.95% (Reg. S) (d) | 87,250,000 | 16,337,607 | |
12.75% (d) | 42,425,000 | 6,819,206 | |
TOTAL VENEZUELA | 92,064,333 | ||
Zambia - 0.3% | |||
Republic of Zambia: | |||
8.5% (b)(d) | 2,190,000 | 1,357,800 | |
8.97% (b)(d) | 15,380,000 | 9,477,925 | |
TOTAL ZAMBIA | 10,835,725 | ||
TOTAL GOVERNMENT OBLIGATIONS (Cost $3,207,420,672) | 2,729,727,623 | ||
Common Stocks - 0.0% | |||
Shares | Value ($) | ||
Kazakhstan - 0.0% | |||
Nostrum Oil & Gas LP warrants (g)(h) (Cost $0) | 709,143 | 7 | |
Preferred Securities - 1.3% | |||
Principal Amount (a) | Value ($) | ||
Brazil - 0.2% | |||
Cosan Overseas Ltd. 8.25% (i) | 7,030,000 | 7,067,108 | |
Mexico - 0.8% | |||
Banco Mercantil del Norte SA: | |||
6.75% (b)(c)(i) | 12,025,000 | 11,861,547 | |
7.625% (b)(c)(i) | 5,385,000 | 5,274,796 | |
CEMEX S.A.B. de CV 5.125% (b)(c)(i) | 16,320,000 | 15,685,342 | |
TOTAL MEXICO | 32,821,685 | ||
Russia - 0.0% | |||
Tinkoff Credit Systems 6% (b)(c)(d)(h)(i) | 6,660,000 | 333,000 | |
United Arab Emirates - 0.3% | |||
DP World Salaam 6% (Reg. S) (c)(i) | 13,905,000 | 14,257,218 | |
TOTAL PREFERRED SECURITIES (Cost $62,728,134) | 54,479,011 | ||
Money Market Funds - 0.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (j) (Cost $17,641,506) | 17,637,978 | 17,641,506 | |
TOTAL INVESTMENT IN SECURITIES - 98.0% (Cost $4,953,404,158) | 4,114,661,296 |
NET OTHER ASSETS (LIABILITIES) - 2.0% | 84,448,718 |
NET ASSETS - 100.0% | 4,199,110,014 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Treasury Contracts | |||||
CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States) | 183 | Mar 2024 | 24,447,656 | 2,204,154 | 2,204,154 |
The notional amount of futures purchased as a percentage of Net Assets is 0.6% |
EUR | - | European Monetary Unit |
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 $2,642,242,893 or 62.9% 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,267,926. |
(g) | Non-income producing |
(h) | Level 3 security |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 81,144,900 | 1,906,598,362 | 1,970,101,755 | 2,485,771 | 28,387 | (28,388) | 17,641,506 | 0.0% |
Total | 81,144,900 | 1,906,598,362 | 1,970,101,755 | 2,485,771 | 28,387 | (28,388) | 17,641,506 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 7 | - | - | 7 |
Corporate Bonds | 1,312,813,149 | - | 1,312,813,149 | - |
Government Obligations | 2,729,727,623 | - | 2,729,727,623 | - |
Preferred Securities | 54,479,011 | - | 54,146,011 | 333,000 |
Money Market Funds | 17,641,506 | 17,641,506 | - | - |
Total Investments in Securities: | 4,114,661,296 | 17,641,506 | 4,096,686,783 | 333,007 |
Derivative Instruments: Assets | ||||
Futures Contracts | 2,204,154 | 2,204,154 | - | - |
Total Assets | 2,204,154 | 2,204,154 | - | - |
Total Derivative Instruments: | 2,204,154 | 2,204,154 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Interest Rate Risk | ||
Futures Contracts (a) | 2,204,154 | 0 |
Total Interest Rate Risk | 2,204,154 | 0 |
Total Value of Derivatives | 2,204,154 | 0 |
Statement of Assets and Liabilities | ||||
December 31, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,935,762,652) | $ | 4,097,019,790 | ||
Fidelity Central Funds (cost $17,641,506) | 17,641,506 | |||
Total Investment in Securities (cost $4,953,404,158) | $ | 4,114,661,296 | ||
Foreign currency held at value (cost $502) | 501 | |||
Receivable for investments sold | 111,303 | |||
Receivable for fund shares sold | 1,324,713 | |||
Interest receivable | 94,070,190 | |||
Distributions receivable from Fidelity Central Funds | 115,819 | |||
Prepaid expenses | 4,170 | |||
Other receivables | 735 | |||
Total assets | 4,210,288,727 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 6,163,260 | ||
Distributions payable | 2,103,268 | |||
Accrued management fee | 2,227,713 | |||
Distribution and service plan fees payable | 29,228 | |||
Payable for daily variation margin on futures contracts | 97,219 | |||
Other affiliated payables | 460,992 | |||
Other payables and accrued expenses | 97,033 | |||
Total Liabilities | 11,178,713 | |||
Net Assets | $ | 4,199,110,014 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 6,138,524,861 | ||
Total accumulated earnings (loss) | (1,939,414,847) | |||
Net Assets | $ | 4,199,110,014 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($75,900,628 ÷ 6,112,475 shares)(a) | $ | 12.42 | ||
Maximum offering price per share (100/96.00 of $12.42) | $ | 12.94 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($25,506,777 ÷ 2,053,503 shares)(a) | $ | 12.42 | ||
Maximum offering price per share (100/96.00 of $12.42) | $ | 12.94 | ||
Class C : | ||||
Net Asset Value and offering price per share ($9,961,172 ÷ 802,290 shares)(a) | $ | 12.42 | ||
Fidelity New Markets Income Fund : | ||||
Net Asset Value, offering price and redemption price per share ($1,634,399,733 ÷ 131,612,522 shares) | $ | 12.42 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($743,317,859 ÷ 59,847,809 shares) | $ | 12.42 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($1,710,023,845 ÷ 137,705,336 shares) | $ | 12.42 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended December 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 3,445,617 | ||
Interest | 283,012,878 | |||
Income from Fidelity Central Funds | 2,485,771 | |||
Total Income | 288,944,266 | |||
Expenses | ||||
Management fee | $ | 26,311,890 | ||
Transfer agent fees | 4,315,338 | |||
Distribution and service plan fees | 360,726 | |||
Accounting fees and expenses | 1,135,373 | |||
Custodian fees and expenses | 16,114 | |||
Independent trustees' fees and expenses | 25,852 | |||
Registration fees | 103,662 | |||
Audit | 107,730 | |||
Legal | 792,063 | |||
Interest | 9,418 | |||
Miscellaneous | 19,878 | |||
Total expenses before reductions | 33,198,044 | |||
Expense reductions | (147,323) | |||
Total expenses after reductions | 33,050,721 | |||
Net Investment income (loss) | 255,893,545 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (187,510,502) | |||
Fidelity Central Funds | 28,387 | |||
Foreign currency transactions | 36,453 | |||
Futures contracts | (1,694,634) | |||
Total net realized gain (loss) | (189,140,296) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 461,655,195 | |||
Fidelity Central Funds | (28,388) | |||
Assets and liabilities in foreign currencies | (18,008) | |||
Futures contracts | 2,204,154 | |||
Total change in net unrealized appreciation (depreciation) | 463,812,953 | |||
Net gain (loss) | 274,672,657 | |||
Net increase (decrease) in net assets resulting from operations | $ | 530,566,202 |
Statement of Changes in Net Assets | ||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 255,893,545 | $ | 254,526,403 |
Net realized gain (loss) | (189,140,296) | (418,668,241) | ||
Change in net unrealized appreciation (depreciation) | 463,812,953 | (696,307,447) | ||
Net increase (decrease) in net assets resulting from operations | 530,566,202 | (860,449,285) | ||
Distributions to shareholders | (224,863,302) | (228,839,655) | ||
Share transactions - net increase (decrease) | (338,842,752) | (469,842,710) | ||
Total increase (decrease) in net assets | (33,139,852) | (1,559,131,650) | ||
Net Assets | ||||
Beginning of period | 4,232,249,866 | 5,791,381,516 | ||
End of period | $ | 4,199,110,014 | $ | 4,232,249,866 |
Fidelity Advisor® New Markets Income Fund Class A |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.51 | $ | 14.24 | $ | 15.09 | $ | 15.07 | $ | 14.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .690 | .621 | .575 | .649 | .748 | |||||
Net realized and unrealized gain (loss) | .823 | (2.796) | (.888) | (.062) | .740 | |||||
Total from investment operations | 1.513 | (2.175) | (.313) | .587 | 1.488 | |||||
Distributions from net investment income | (.603) | (.555) | (.497) | (.556) | (.688) | |||||
Distributions from net realized gain | - | - | (.040) | (.011) | - | |||||
Total distributions | (.603) | (.555) | (.537) | (.567) | (.688) | |||||
Net asset value, end of period | $ | 12.42 | $ | 11.51 | $ | 14.24 | $ | 15.09 | $ | 15.07 |
Total Return C,D | 13.61% | (15.30)% | (2.09)% | 4.19% | 10.56% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.16% | 1.13% | 1.12% | 1.13% | 1.12% | |||||
Expenses net of fee waivers, if any | 1.15% | 1.13% | 1.12% | 1.13% | 1.12% | |||||
Expenses net of all reductions | 1.15% | 1.13% | 1.12% | 1.13% | 1.12% | |||||
Net investment income (loss) | 5.95% | 5.12% | 3.93% | 4.51% | 5.01% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 75,901 | $ | 78,302 | $ | 118,896 | $ | 136,626 | $ | 193,262 |
Portfolio turnover rate G | 19% | 26% | 30% | 91% | 79% H |
Fidelity Advisor® New Markets Income Fund Class M |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.52 | $ | 14.24 | $ | 15.10 | $ | 15.08 | $ | 14.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .690 | .621 | .576 | .647 | .749 | |||||
Net realized and unrealized gain (loss) | .813 | (2.786) | (.898) | (.059) | .748 | |||||
Total from investment operations | 1.503 | (2.165) | (.322) | .588 | 1.497 | |||||
Distributions from net investment income | (.603) | (.555) | (.498) | (.557) | (.687) | |||||
Distributions from net realized gain | - | - | (.040) | (.011) | - | |||||
Total distributions | (.603) | (.555) | (.538) | (.568) | (.687) | |||||
Net asset value, end of period | $ | 12.42 | $ | 11.52 | $ | 14.24 | $ | 15.10 | $ | 15.08 |
Total Return C,D | 13.51% | (15.23)% | (2.15)% | 4.20% | 10.63% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.16% | 1.13% | 1.12% | 1.13% | 1.13% | |||||
Expenses net of fee waivers, if any | 1.16% | 1.13% | 1.11% | 1.13% | 1.13% | |||||
Expenses net of all reductions | 1.15% | 1.13% | 1.11% | 1.12% | 1.13% | |||||
Net investment income (loss) | 5.95% | 5.11% | 3.94% | 4.51% | 5.01% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 25,507 | $ | 25,747 | $ | 38,589 | $ | 44,941 | $ | 53,609 |
Portfolio turnover rate G | 19% | 26% | 30% | 91% | 79% H |
Fidelity Advisor® New Markets Income Fund Class C |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.51 | $ | 14.24 | $ | 15.09 | $ | 15.07 | $ | 14.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .609 | .536 | .471 | .542 | .641 | |||||
Net realized and unrealized gain (loss) | .823 | (2.798) | (.891) | (.063) | .737 | |||||
Total from investment operations | 1.432 | (2.262) | (.420) | .479 | 1.378 | |||||
Distributions from net investment income | (.522) | (.468) | (.390) | (.448) | (.578) | |||||
Distributions from net realized gain | - | - | (.040) | (.011) | - | |||||
Total distributions | (.522) | (.468) | (.430) | (.459) | (.578) | |||||
Net asset value, end of period | $ | 12.42 | $ | 11.51 | $ | 14.24 | $ | 15.09 | $ | 15.07 |
Total Return C,D | 12.83% | (15.91)% | (2.81)% | 3.43% | 9.75% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.86% | 1.85% | 1.86% | 1.86% | 1.86% | |||||
Expenses net of fee waivers, if any | 1.85% | 1.85% | 1.85% | 1.86% | 1.86% | |||||
Expenses net of all reductions | 1.85% | 1.85% | 1.85% | 1.86% | 1.85% | |||||
Net investment income (loss) | 5.25% | 4.39% | 3.20% | 3.77% | 4.28% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 9,961 | $ | 12,908 | $ | 23,000 | $ | 44,401 | $ | 64,290 |
Portfolio turnover rate G | 19% | 26% | 30% | 91% | 79% H |
Fidelity® New Markets Income Fund |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.51 | $ | 14.24 | $ | 15.10 | $ | 15.07 | $ | 14.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .727 | .658 | .624 | .693 | .795 | |||||
Net realized and unrealized gain (loss) | .823 | (2.796) | (.899) | (.050) | .738 | |||||
Total from investment operations | 1.550 | (2.138) | (.275) | .643 | 1.533 | |||||
Distributions from net investment income | (.640) | (.592) | (.545) | (.602) | (.733) | |||||
Distributions from net realized gain | - | - | (.040) | (.011) | - | |||||
Total distributions | (.640) | (.592) | (.585) | (.613) | (.733) | |||||
Net asset value, end of period | $ | 12.42 | $ | 11.51 | $ | 14.24 | $ | 15.10 | $ | 15.07 |
Total Return C | 13.97% | (15.04)% | (1.84)% | 4.60% | 10.89% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .84% | .82% | .80% | .81% | .82% | |||||
Expenses net of fee waivers, if any | .84% | .82% | .79% | .81% | .82% | |||||
Expenses net of all reductions | .84% | .82% | .79% | .80% | .82% | |||||
Net investment income (loss) | 6.27% | 5.43% | 4.26% | 4.83% | 5.32% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,634,400 | $ | 1,613,198 | $ | 2,313,928 | $ | 3,430,477 | $ | 4,227,156 |
Portfolio turnover rate F | 19% | 26% | 30% | 91% | 79% G |
Fidelity Advisor® New Markets Income Fund Class I |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.51 | $ | 14.25 | $ | 15.10 | $ | 15.08 | $ | 14.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .726 | .659 | .620 | .690 | .798 | |||||
Net realized and unrealized gain (loss) | .822 | (2.808) | (.890) | (.059) | .743 | |||||
Total from investment operations | 1.548 | (2.149) | (.270) | .631 | 1.541 | |||||
Distributions from net investment income | (.638) | (.591) | (.540) | (.600) | (.731) | |||||
Distributions from net realized gain | - | - | (.040) | (.011) | - | |||||
Total distributions | (.638) | (.591) | (.580) | (.611) | (.731) | |||||
Net asset value, end of period | $ | 12.42 | $ | 11.51 | $ | 14.25 | $ | 15.10 | $ | 15.08 |
Total Return C | 13.95% | (15.11)% | (1.80)% | 4.50% | 10.95% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .85% | .83% | .83% | .83% | .83% | |||||
Expenses net of fee waivers, if any | .85% | .83% | .83% | .83% | .82% | |||||
Expenses net of all reductions | .85% | .83% | .83% | .83% | .82% | |||||
Net investment income (loss) | 6.25% | 5.42% | 4.22% | 4.80% | 5.31% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 743,318 | $ | 769,765 | $ | 1,148,584 | $ | 1,665,050 | $ | 2,081,780 |
Portfolio turnover rate F | 19% | 26% | 30% | 91% | 79% G |
Fidelity Advisor® New Markets Income Fund Class Z |
Years ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.51 | $ | 14.24 | $ | 15.10 | $ | 15.08 | $ | 14.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .737 | .666 | .628 | .698 | .800 | |||||
Net realized and unrealized gain (loss) | .823 | (2.793) | (.893) | (.057) | .756 | |||||
Total from investment operations | 1.560 | (2.127) | (.265) | .641 | 1.556 | |||||
Distributions from net investment income | (.650) | (.603) | (.555) | (.610) | (.746) | |||||
Distributions from net realized gain | - | - | (.040) | (.011) | - | |||||
Total distributions | (.650) | (.603) | (.595) | (.621) | (.746) | |||||
Net asset value, end of period | $ | 12.42 | $ | 11.51 | $ | 14.24 | $ | 15.10 | $ | 15.08 |
Total Return C | 14.07% | (14.96)% | (1.77)% | 4.61% | 11.06% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .75% | .73% | .72% | .73% | .73% | |||||
Expenses net of fee waivers, if any | .75% | .73% | .72% | .73% | .73% | |||||
Expenses net of all reductions | .75% | .73% | .72% | .73% | .73% | |||||
Net investment income (loss) | 6.35% | 5.52% | 4.33% | 4.91% | 5.40% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,710,024 | $ | 1,732,330 | $ | 2,148,384 | $ | 1,225,147 | $ | 1,523,041 |
Portfolio turnover rate F | 19% | 26% | 30% | 91% | 79% G |
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 | $149,302,713 |
Gross unrealized depreciation | (865,847,679) |
Net unrealized appreciation (depreciation) | $(716,544,966) |
Tax Cost | $4,831,206,262 |
Capital loss carryforward | $(1,222,840,842) |
Net unrealized appreciation (depreciation) on securities and other investments | $(716,520,395) |
Short-term | $(260,925,071) |
Long-term | (961,915,771) |
Total capital loss carryforward | $(1,222,840,842) |
December 31, 2023 | December 31, 2022 | |
Ordinary Income | $224,863,302 | $228,839,655 |
Interest Rate Risk | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |
Purchases ($) | Sales ($) | |
Fidelity New Markets Income Fund | 692,587,588 | 1,044,794,391 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $185,406 | $1,747 |
Class M | - % | .25% | 61,885 | 83 |
Class C | .75% | .25% | 113,435 | 2,096 |
$360,726 | $3,926 |
Retained by FDC | |
Class A | $1,216 |
Class M | 478 |
Class C A | 69 |
$1,763 |
% of Class-Level Average Net Assets | |
Class A | .2000 |
Class M | .2000 |
Class C | .1525 |
Fidelity New Markets Income Fund | .1367 |
Class I | .1526 |
Amount | % of Class-Level Average Net Assets | |
Class A | $152,219 | .21 |
Class M | 51,425 | .21 |
Class C | 17,714 | .16 |
Fidelity New Markets Income Fund | 2,164,741 | .14 |
Class I | 1,090,403 | .15 |
Class Z | 838,836 | .05 |
$4,315,338 |
% of Average Net Assets | |
Fidelity New Markets Income Fund | .0279 |
% of Average Net Assets | |
Fidelity New Markets Income Fund | .03 |
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 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity New Markets Income Fund | Borrower | $6,947,111 | 5.32% | $9,231 |
Amount | |
Fidelity New Markets Income Fund | $7,502 |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity New Markets Income Fund | $602,000 | 5.58% | $187 |
Expense reduction | |
Class M | $778 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |
Fidelity New Markets Income Fund | ||
Distributions to shareholders | ||
Class A | $3,845,147 | $4,248,201 |
Class M | 1,283,578 | 1,339,887 |
Class C | 504,158 | 618,004 |
Fidelity New Markets Income Fund | 86,500,335 | 88,479,584 |
Class I | 39,010,669 | 41,747,477 |
Class Z | 93,719,415 | 92,406,502 |
Total | $224,863,302 | $228,839,655 |
Shares | Shares | Dollars | Dollars | |
Year ended December 31, 2023 | Year ended December 31, 2022 | Year ended December 31, 2023 | Year ended December 31, 2022 | |
Fidelity New Markets Income Fund | ||||
Class A | ||||
Shares sold | 435,966 | 591,073 | $5,092,144 | $7,300,290 |
Reinvestment of distributions | 319,325 | 345,079 | 3,728,487 | 4,099,396 |
Shares redeemed | (1,446,001) | (2,481,382) | (16,742,584) | (29,869,528) |
Net increase (decrease) | (690,710) | (1,545,230) | $(7,921,953) | $(18,469,842) |
Class M | ||||
Shares sold | 114,755 | 115,764 | $1,330,318 | $1,419,990 |
Reinvestment of distributions | 107,712 | 107,226 | 1,258,124 | 1,273,571 |
Shares redeemed | (404,603) | (696,377) | (4,690,890) | (8,560,601) |
Net increase (decrease) | (182,136) | (473,387) | $(2,102,448) | $(5,867,040) |
Class C | ||||
Shares sold | 28,421 | 29,717 | $335,668 | $352,288 |
Reinvestment of distributions | 42,826 | 51,370 | 499,689 | 611,425 |
Shares redeemed | (390,310) | (574,893) | (4,540,499) | (6,993,345) |
Net increase (decrease) | (319,063) | (493,806) | $(3,705,142) | $(6,029,632) |
Fidelity New Markets Income Fund | ||||
Shares sold | 9,890,925 | 10,866,723 | $115,616,068 | $130,733,436 |
Reinvestment of distributions | 6,427,985 | 6,458,932 | 75,058,446 | 76,787,954 |
Shares redeemed | (24,817,467) | (39,674,593) | (288,735,100) | (480,538,182) |
Net increase (decrease) | (8,498,557) | (22,348,938) | $(98,060,586) | $(273,016,792) |
Class I | ||||
Shares sold | 9,043,453 | 11,069,631 | $105,261,763 | $133,449,712 |
Reinvestment of distributions | 3,275,909 | 3,415,651 | 38,259,483 | 40,686,129 |
Shares redeemed | (19,332,273) | (28,254,755) | (224,033,911) | (347,139,307) |
Net increase (decrease) | (7,012,911) | (13,769,473) | $(80,512,665) | $(173,003,466) |
Class Z | ||||
Shares sold | 8,628,076 | 45,004,654 | $99,948,653 | $560,436,966 |
Reinvestment of distributions | 6,752,380 | 6,100,146 | 78,827,686 | 72,079,274 |
Shares redeemed | (28,143,908) | (51,477,102) | (325,316,297) | (625,972,178) |
Net increase (decrease) | (12,763,452) | (372,302) | $(146,539,958) | $6,544,062 |
Strategic Advisers Fidelity Core Income Fund | |
Fidelity New Markets Income Fund | 28% |
Fund | % of shares held |
Fidelity New Markets Income Fund | 28% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
Fidelity® New Markets Income Fund | ||||||||||
Class A ** | 1.16% | |||||||||
Actual | $ 1,000 | $ 1,098.90 | $ 6.14 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.36 | $ 5.90 | |||||||
Class M ** | 1.16% | |||||||||
Actual | $ 1,000 | $ 1,098.90 | $ 6.14 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.36 | $ 5.90 | |||||||
Class C | 1.85% | |||||||||
Actual | $ 1,000 | $ 1,095.10 | $ 9.77 | |||||||
Hypothetical-B | $ 1,000 | $ 1,015.88 | $ 9.40 | |||||||
Fidelity® New Markets Income Fund ** | .84% | |||||||||
Actual | $ 1,000 | $ 1,100.60 | $ 4.45 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.97 | $ 4.28 | |||||||
Class I | .86% | |||||||||
Actual | $ 1,000 | $ 1,100.60 | $ 4.55 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.87 | $ 4.38 | |||||||
Class Z | .76% | |||||||||
Actual | $ 1,000 | $ 1,101.10 | $ 4.02 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.87 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® New Markets Income Fund | ||||||
Class A | 1.07% | |||||
Actual | $ 5.66 | |||||
Hypothetical- B | $ 5.45 | |||||
Class M | 1.08% | |||||
Actual | $ 5.71 | |||||
Hypothetical- B | $ 5.50 | |||||
Fidelity® New Markets Income Fund | .79% | |||||
Actual | $ 4.18 | |||||
Hypothetical- B | $ 4.02 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Item 2.
Code of Ethics
As of the end of the period, December 31, 2023, 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 PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity New Markets Income Fund (the “Fund”):
Services Billed by PwC
December 31, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity New Markets Income Fund | $79,600 | $6,200 | $13,700 | $2,100 |
December 31, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity New Markets Income Fund | $75,600 | $6,300 | $9,300 | $2,200 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by 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 PwC
December 31, 2023A | December 31, 2022A | |
Audit-Related Fees | $8,284,200 | $7,914,600 |
Tax Fees | $1,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“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 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 | December 31, 2023A | December 31, 2022A |
PwC | $13,609,800 | $12,900,800 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into
account representations from 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).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable
to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
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 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
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) | |
(a) | (3) | Not applicable. |
(b) |
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: | February 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 | |
Date: | February 22, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | February 22, 2024 |