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Fidelity Summer Street Trust
2026-06-30
Fidelity® New Markets Income Fund
Fidelity® New Markets Income Fund
FNMIX
This semi-annual shareholder report contains information about Fidelity® New Markets Income Fund for the period January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
fundresearch.fidelity.com/prospectus/sec
1-800-544-8544
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last six months?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
<span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Fidelity® New Markets Income Fund</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>38<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.75<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
38
0.0075
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of June 30, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>3,888,506,688</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">525</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
3888506688
525
0.19
U.S. Government and U.S. Government Agency Obligations
2.2
AA
7.2
A
2.7
BBB
22.6
BB
24.5
B
17.1
CCC,CC,C
9.9
D
0.8
Not Rated
4.7
Equities
0.6
Short-Term Investments and Net Other Assets (Liabilities)
7.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 2.2
AA - 7.2
A - 2.7
BBB - 22.6
BB - 24.5
B - 17.1
CCC,CC,C - 9.9
D - 0.8
Not Rated - 4.7
Equities - 0.6
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Foreign Government and Government Agency Obligations
60.2
Corporate Bonds
27.9
U.S. Treasury Obligations
2.2
Preferred Securities
1.4
Common Stocks
0.3
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
7.7
ASSET ALLOCATION (% of Fund's net assets)
Foreign Government and Government Agency Obligations - 60.2
Corporate Bonds - 27.9
U.S. Treasury Obligations - 2.2
Preferred Securities - 1.4
Common Stocks - 0.3
Preferred Stocks - 0.3
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
United States
10.0
Mexico
6.5
Brazil
4.7
Saudi Arabia
4.7
Colombia
4.1
Argentina
3.4
Venezuela
3.3
Turkey
3.2
Chile
3.1
Others
57.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
United States - 10.0
Mexico - 6.5
Brazil - 4.7
Saudi Arabia - 4.7
Colombia - 4.1
Argentina - 3.4
Venezuela - 3.3
Turkey - 3.2
Chile - 3.1
Others - 57.0
0.022
0.072
0.027
0.226
0.245
0.171
0.099
0.008
0.047
0.006
0.077
0.602
0.279
0.022
0.014
0.003
0.003
0.077
0.100
0.065
0.047
0.047
0.041
0.034
0.033
0.032
0.031
0.570
TOP HOLDINGS(% of Fund's net assets)
Argentine Republic
3.4
Arab Republic of Egypt
2.9
Dominican Republic
2.8
Turkish Republic
2.7
Colombian Republic
2.7
Republic of Nigeria
2.4
United Mexican States
2.3
Romanian Republic
2.3
Panamanian Republic
2.2
Hungary Government
2.2
25.9
0.034
0.029
0.028
0.027
0.027
0.024
0.023
0.023
0.022
0.022
2026-06-30
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class Z
FGBMX
This semi-annual shareholder report contains information about Fidelity® New Markets Income Fund for the period January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last six months?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
<span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class Z</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>35<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.69<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
35
0.0069
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of June 30, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>3,888,506,688</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">525</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
3888506688
525
0.19
U.S. Government and U.S. Government Agency Obligations
2.2
AA
7.2
A
2.7
BBB
22.6
BB
24.5
B
17.1
CCC,CC,C
9.9
D
0.8
Not Rated
4.7
Equities
0.6
Short-Term Investments and Net Other Assets (Liabilities)
7.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 2.2
AA - 7.2
A - 2.7
BBB - 22.6
BB - 24.5
B - 17.1
CCC,CC,C - 9.9
D - 0.8
Not Rated - 4.7
Equities - 0.6
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Foreign Government and Government Agency Obligations
60.2
Corporate Bonds
27.9
U.S. Treasury Obligations
2.2
Preferred Securities
1.4
Common Stocks
0.3
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
7.7
ASSET ALLOCATION (% of Fund's net assets)
Foreign Government and Government Agency Obligations - 60.2
Corporate Bonds - 27.9
U.S. Treasury Obligations - 2.2
Preferred Securities - 1.4
Common Stocks - 0.3
Preferred Stocks - 0.3
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
United States
10.0
Mexico
6.5
Brazil
4.7
Saudi Arabia
4.7
Colombia
4.1
Argentina
3.4
Venezuela
3.3
Turkey
3.2
Chile
3.1
Others
57.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
United States - 10.0
Mexico - 6.5
Brazil - 4.7
Saudi Arabia - 4.7
Colombia - 4.1
Argentina - 3.4
Venezuela - 3.3
Turkey - 3.2
Chile - 3.1
Others - 57.0
0.022
0.072
0.027
0.226
0.245
0.171
0.099
0.008
0.047
0.006
0.077
0.602
0.279
0.022
0.014
0.003
0.003
0.077
0.100
0.065
0.047
0.047
0.041
0.034
0.033
0.032
0.031
0.570
TOP HOLDINGS(% of Fund's net assets)
Argentine Republic
3.4
Arab Republic of Egypt
2.9
Dominican Republic
2.8
Turkish Republic
2.7
Colombian Republic
2.7
Republic of Nigeria
2.4
United Mexican States
2.3
Romanian Republic
2.3
Panamanian Republic
2.2
Hungary Government
2.2
25.9
0.034
0.029
0.028
0.027
0.027
0.024
0.023
0.023
0.022
0.022
2026-06-30
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class M
FGWMX
This semi-annual shareholder report contains information about Fidelity® New Markets Income Fund for the period January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last six months?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
<span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class M</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>53<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">1.04<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
53
0.0104
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of June 30, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>3,888,506,688</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">525</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
3888506688
525
0.19
U.S. Government and U.S. Government Agency Obligations
2.2
AA
7.2
A
2.7
BBB
22.6
BB
24.5
B
17.1
CCC,CC,C
9.9
D
0.8
Not Rated
4.7
Equities
0.6
Short-Term Investments and Net Other Assets (Liabilities)
7.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 2.2
AA - 7.2
A - 2.7
BBB - 22.6
BB - 24.5
B - 17.1
CCC,CC,C - 9.9
D - 0.8
Not Rated - 4.7
Equities - 0.6
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Foreign Government and Government Agency Obligations
60.2
Corporate Bonds
27.9
U.S. Treasury Obligations
2.2
Preferred Securities
1.4
Common Stocks
0.3
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
7.7
ASSET ALLOCATION (% of Fund's net assets)
Foreign Government and Government Agency Obligations - 60.2
Corporate Bonds - 27.9
U.S. Treasury Obligations - 2.2
Preferred Securities - 1.4
Common Stocks - 0.3
Preferred Stocks - 0.3
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
United States
10.0
Mexico
6.5
Brazil
4.7
Saudi Arabia
4.7
Colombia
4.1
Argentina
3.4
Venezuela
3.3
Turkey
3.2
Chile
3.1
Others
57.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
United States - 10.0
Mexico - 6.5
Brazil - 4.7
Saudi Arabia - 4.7
Colombia - 4.1
Argentina - 3.4
Venezuela - 3.3
Turkey - 3.2
Chile - 3.1
Others - 57.0
0.022
0.072
0.027
0.226
0.245
0.171
0.099
0.008
0.047
0.006
0.077
0.602
0.279
0.022
0.014
0.003
0.003
0.077
0.100
0.065
0.047
0.047
0.041
0.034
0.033
0.032
0.031
0.570
TOP HOLDINGS(% of Fund's net assets)
Argentine Republic
3.4
Arab Republic of Egypt
2.9
Dominican Republic
2.8
Turkish Republic
2.7
Colombian Republic
2.7
Republic of Nigeria
2.4
United Mexican States
2.3
Romanian Republic
2.3
Panamanian Republic
2.2
Hungary Government
2.2
25.9
0.034
0.029
0.028
0.027
0.027
0.024
0.023
0.023
0.022
0.022
2026-06-30
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class I
FGZMX
This semi-annual shareholder report contains information about Fidelity® New Markets Income Fund for the period January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last six months?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
<span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class I</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>40<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">0.79<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
40
0.0079
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of June 30, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>3,888,506,688</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">525</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
3888506688
525
0.19
U.S. Government and U.S. Government Agency Obligations
2.2
AA
7.2
A
2.7
BBB
22.6
BB
24.5
B
17.1
CCC,CC,C
9.9
D
0.8
Not Rated
4.7
Equities
0.6
Short-Term Investments and Net Other Assets (Liabilities)
7.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 2.2
AA - 7.2
A - 2.7
BBB - 22.6
BB - 24.5
B - 17.1
CCC,CC,C - 9.9
D - 0.8
Not Rated - 4.7
Equities - 0.6
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Foreign Government and Government Agency Obligations
60.2
Corporate Bonds
27.9
U.S. Treasury Obligations
2.2
Preferred Securities
1.4
Common Stocks
0.3
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
7.7
ASSET ALLOCATION (% of Fund's net assets)
Foreign Government and Government Agency Obligations - 60.2
Corporate Bonds - 27.9
U.S. Treasury Obligations - 2.2
Preferred Securities - 1.4
Common Stocks - 0.3
Preferred Stocks - 0.3
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
United States
10.0
Mexico
6.5
Brazil
4.7
Saudi Arabia
4.7
Colombia
4.1
Argentina
3.4
Venezuela
3.3
Turkey
3.2
Chile
3.1
Others
57.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
United States - 10.0
Mexico - 6.5
Brazil - 4.7
Saudi Arabia - 4.7
Colombia - 4.1
Argentina - 3.4
Venezuela - 3.3
Turkey - 3.2
Chile - 3.1
Others - 57.0
0.022
0.072
0.027
0.226
0.245
0.171
0.099
0.008
0.047
0.006
0.077
0.602
0.279
0.022
0.014
0.003
0.003
0.077
0.100
0.065
0.047
0.047
0.041
0.034
0.033
0.032
0.031
0.570
TOP HOLDINGS(% of Fund's net assets)
Argentine Republic
3.4
Arab Republic of Egypt
2.9
Dominican Republic
2.8
Turkish Republic
2.7
Colombian Republic
2.7
Republic of Nigeria
2.4
United Mexican States
2.3
Romanian Republic
2.3
Panamanian Republic
2.2
Hungary Government
2.2
25.9
0.034
0.029
0.028
0.027
0.027
0.024
0.023
0.023
0.022
0.022
2026-06-30
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class C
FGYMX
This semi-annual shareholder report contains information about Fidelity® New Markets Income Fund for the period January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last six months?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
<span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class C</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>91<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">1.80<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
91
0.0180
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of June 30, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>3,888,506,688</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">525</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
3888506688
525
0.19
U.S. Government and U.S. Government Agency Obligations
2.2
AA
7.2
A
2.7
BBB
22.6
BB
24.5
B
17.1
CCC,CC,C
9.9
D
0.8
Not Rated
4.7
Equities
0.6
Short-Term Investments and Net Other Assets (Liabilities)
7.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 2.2
AA - 7.2
A - 2.7
BBB - 22.6
BB - 24.5
B - 17.1
CCC,CC,C - 9.9
D - 0.8
Not Rated - 4.7
Equities - 0.6
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Foreign Government and Government Agency Obligations
60.2
Corporate Bonds
27.9
U.S. Treasury Obligations
2.2
Preferred Securities
1.4
Common Stocks
0.3
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
7.7
ASSET ALLOCATION (% of Fund's net assets)
Foreign Government and Government Agency Obligations - 60.2
Corporate Bonds - 27.9
U.S. Treasury Obligations - 2.2
Preferred Securities - 1.4
Common Stocks - 0.3
Preferred Stocks - 0.3
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
United States
10.0
Mexico
6.5
Brazil
4.7
Saudi Arabia
4.7
Colombia
4.1
Argentina
3.4
Venezuela
3.3
Turkey
3.2
Chile
3.1
Others
57.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
United States - 10.0
Mexico - 6.5
Brazil - 4.7
Saudi Arabia - 4.7
Colombia - 4.1
Argentina - 3.4
Venezuela - 3.3
Turkey - 3.2
Chile - 3.1
Others - 57.0
0.022
0.072
0.027
0.226
0.245
0.171
0.099
0.008
0.047
0.006
0.077
0.602
0.279
0.022
0.014
0.003
0.003
0.077
0.100
0.065
0.047
0.047
0.041
0.034
0.033
0.032
0.031
0.570
TOP HOLDINGS(% of Fund's net assets)
Argentine Republic
3.4
Arab Republic of Egypt
2.9
Dominican Republic
2.8
Turkish Republic
2.7
Colombian Republic
2.7
Republic of Nigeria
2.4
United Mexican States
2.3
Romanian Republic
2.3
Panamanian Republic
2.2
Hungary Government
2.2
25.9
0.034
0.029
0.028
0.027
0.027
0.024
0.023
0.023
0.022
0.022
2026-06-30
Fidelity® New Markets Income Fund
Fidelity Advisor® New Markets Income Fund Class A
FGVMX
This semi-annual shareholder report contains information about Fidelity® New Markets Income Fund for the period January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
fundresearch.fidelity.com/prospectus/sec
1-877-208-0098
fidfunddocuments@fidelity.com
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">What were your Fund costs for the last six months?</span>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(based on hypothetical $10,000 investment)</span></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
<span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-style:none;" width="100%"><tr><td style="width:51%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:21%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs of a $10,000 investment</span></div>
</td>
<td style="width:27%; background-color:#dfe0e4;border:1px solid #dfe0e4;padding:0px 0px 0px 0px;" valign="bottom"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;">Costs paid as a percentage of a $10,000 investment </span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:51%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;">Class A</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:21%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:normal;"> </span>53<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;"> </span></div>
</td>
<td style="width:27%; border-bottom:1px solid #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:center;text-align-last:auto;">1.04<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
</td>
<td style="width:1%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
53
0.0104
<span style="font-family:'Fidelity Sans';font-size:16px;color:#368627;font-style:normal;font-weight:bold;">Key Fund Statistics</span>
<div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">(as of June 30, 2026)</span></div>
<div><span style="font-size:11px;"> </span></div><div style="text-align:left;text-align-last:auto;"></div>
<div style="text-align:right;text-align-last:auto;"><table cellpadding="0" cellspacing="1" style="border-collapse:separate;border-style:none;margin:auto;" width="100%"><tr><td style="width:63%; " valign="top"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:12px;color:#000000;font-style:normal;font-weight:bold;">KEY FACTS</span><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:bold;"> </span></div>
</td>
<td style="width:32%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:12px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Fund Size</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">$</span>3,888,506,688</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Number of Holdings</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">525</div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
<tr><td style="width:63%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:left;text-align-last:auto;"><span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">Portfolio Turnover</span></div>
</td>
<td style="width:32%; border-bottom:1px dashed #000000;padding:0px 0px 0px 0px;" valign="middle"><div style="text-align:right;text-align-last:auto;">19<span style="font-family:'Fidelity Sans';font-size:11px;color:#000000;font-style:normal;font-weight:normal;">%</span></div>
<div style="text-align:right;text-align-last:auto;"></div>
</td>
<td style="width:5%; " valign="top"><span style="line-height:11px;"> </span><div style="text-align:left;text-align-last:auto;"></div>
</td>
</tr>
</table>
</div>
<div style="text-align:left;text-align-last:auto;"></div>
3888506688
525
0.19
U.S. Government and U.S. Government Agency Obligations
2.2
AA
7.2
A
2.7
BBB
22.6
BB
24.5
B
17.1
CCC,CC,C
9.9
D
0.8
Not Rated
4.7
Equities
0.6
Short-Term Investments and Net Other Assets (Liabilities)
7.7
QUALITY DIVERSIFICATION (% of Fund's net assets)
U.S. Government and U.S. Government Agency Obligations - 2.2
AA - 7.2
A - 2.7
BBB - 22.6
BB - 24.5
B - 17.1
CCC,CC,C - 9.9
D - 0.8
Not Rated - 4.7
Equities - 0.6
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Foreign Government and Government Agency Obligations
60.2
Corporate Bonds
27.9
U.S. Treasury Obligations
2.2
Preferred Securities
1.4
Common Stocks
0.3
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
7.7
ASSET ALLOCATION (% of Fund's net assets)
Foreign Government and Government Agency Obligations - 60.2
Corporate Bonds - 27.9
U.S. Treasury Obligations - 2.2
Preferred Securities - 1.4
Common Stocks - 0.3
Preferred Stocks - 0.3
Short-Term Investments and Net Other Assets (Liabilities) - 7.7
United States
10.0
Mexico
6.5
Brazil
4.7
Saudi Arabia
4.7
Colombia
4.1
Argentina
3.4
Venezuela
3.3
Turkey
3.2
Chile
3.1
Others
57.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
United States - 10.0
Mexico - 6.5
Brazil - 4.7
Saudi Arabia - 4.7
Colombia - 4.1
Argentina - 3.4
Venezuela - 3.3
Turkey - 3.2
Chile - 3.1
Others - 57.0
0.022
0.072
0.027
0.226
0.245
0.171
0.099
0.008
0.047
0.006
0.077
0.602
0.279
0.022
0.014
0.003
0.003
0.077
0.100
0.065
0.047
0.047
0.041
0.034
0.033
0.032
0.031
0.570
TOP HOLDINGS(% of Fund's net assets)
Argentine Republic
3.4
Arab Republic of Egypt
2.9
Dominican Republic
2.8
Turkish Republic
2.7
Colombian Republic
2.7
Republic of Nigeria
2.4
United Mexican States
2.3
Romanian Republic
2.3
Panamanian Republic
2.2
Hungary Government
2.2
25.9
0.034
0.029
0.028
0.027
0.027
0.024
0.023
0.023
0.022
0.022